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2015-12-31 0000729528 ck0000729528:doc_Class_4_Shares_ProspectusMember ck0000729528:S000048971Member ck0000729528:C000154335Member 2015-12-31 2015-12-31 0000729528 ck0000729528:doc_Class_P2_Shares_ProspectusMember ck0000729528:S000048973Member 2015-12-31 2015-12-31 0000729528 ck0000729528:doc_Class_P2_Shares_ProspectusMember ck0000729528:S000048973Member ck0000729528:C000154338Member 2015-12-31 2015-12-31 0000729528 ck0000729528:doc_Class_P2_Shares_ProspectusMember ck0000729528:S000048974Member 2015-12-31 2015-12-31 0000729528 ck0000729528:doc_Class_P2_Shares_ProspectusMember ck0000729528:S000048974Member ck0000729528:C000154341Member 2015-12-31 2015-12-31 0000729528 ck0000729528:doc_Class_P2_Shares_ProspectusMember ck0000729528:S000048972Member 2015-12-31 2015-12-31 0000729528 ck0000729528:doc_Class_P2_Shares_ProspectusMember ck0000729528:S000048972Member ck0000729528:C000154337Member 2015-12-31 2015-12-31 xbrli:pure iso4217:USD Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 2 shares were first offered on April 30, 1997; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .25% annual expense that applies to Class 2 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Lifetime results are from May 1, 1990, the date the fund began investment operations. Class 2 shares were first offered on April 30, 1997; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .25% annual expense that applies to Class 2 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Based on estimated amounts for the current fiscal year. Lifetime results are from August 1, 1989, the date the fund began investment operations. Class 2 shares were first offered on April 30, 1997; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .25% annual expense that applies to Class 2 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Lifetime results are from January 2, 1996, the date the fund began investment operations. Class 2 shares were first offered on April 30, 1997; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .25% annual expense that applies to Class 2 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Lifetime results are from October 4, 2006, the date the fund began investment operations. Class 2 shares were first offered on November 6, 2006; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .25% annual expense that applies to Class 2 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Lifetime results are from December 2, 1985, the date the fund began investment operations. Class 2 shares were first offered on April 30, 1997; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .25% annual expense that applies to Class 2 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Lifetime results are from May 1, 1990, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Lifetime results are from August 1, 1989, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Lifetime results are from December 2, 1985, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the "Plan of distribution" section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Lifetime results are from April 30, 1997, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from April 30, 1998, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from May 1, 1990, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from June 17, 1999, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from July 5, 2001, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from May 1, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from November 18, 2008, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from August 1, 1989, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from May 2, 2011, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from January 2, 1996, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from October 4, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from December 2, 1985, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plan of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund's net assets. In addition, the investment adviser is currently reimbursing a portion of the other expenses. This waiver and reimbursement will be in effect through at least May 1, 2017, unless modified or terminated by the fund's board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. The investment adviser is currently reimbursing a portion of other expenses. This reimbursement will be in effect through at least May 1, 2017, unless modified or terminated by the fund's board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund's net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2017, unless modified or terminated by the fund's board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. AMERICAN FUNDS INSURANCE SERIES 485BPOS false 0000729528 2015-12-31 2016-04-28 2016-05-01 2016-05-01 Global Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies around the world that the investment adviser believes have the potential for growth. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 29% of the average value of its portfolio.</font> </p> 0.29 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 56 176 307 689 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20002 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0052 0.0003 0.0055 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20001 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.2073 0.1516 -0.3823 0.4258 0.1204 -0.0866 0.2289 0.2951 0.0252 0.0724 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023903Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2227 2009-06-30 Lowest -0.2004 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 22.27% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -20.04% (quarter ended December 31, 2008)<br/></font></p> 0.0724 0.0983 0.0817 0.0958 Global Growth Fund -0.0236 0.0609 0.0476 0.0547 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0116 0.0614 0.0480 0.0581 Lipper Global Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1997-04-30 1997-04-30 1997-04-30 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Small Capitalization Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in small companies</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its net assets in growth-oriented common stocks and other equity type securities of companies with small market capitalizations, measured at the time of purchase. However, the fund&#8217;s holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The investment adviser currently defines &#8220;small market capitalization&#8221; companies as companies with market capitalizations of $4.0&#160;billion or less. The investment adviser has periodically re-evaluated and adjusted this definition and may continue to do so in the future. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.</font> </p> 0.36 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 75 233 406 906 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20008 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0069 0.0004 0.0073 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20007 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Small-/Mid-Cap Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.2435 0.2173 -0.5339 0.6163 0.2276 -0.1894 0.1851 0.2860 0.0236 0.0050 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023914Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2927 2009-06-30 Lowest -0.3120 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 29.27% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -31.20% (quarter ended December 31, 2008)<br/></font></p> 0.0050 0.0491 0.0593 0.0937 Global Small Capitalization Fund -0.0104 0.0630 0.0651 0.0729 MSCI All Country World Small Cap Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0187 0.0550 0.0552 0.0717 Lipper Global Small-/Mid-Cap Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1998-04-30 1998-04-30 1998-04-30 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Small-/Mid-Cap Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font> </p> 0.20 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 36 113 197 443 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20014 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0033 0.0002 0.0035 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20013 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1048 0.1264 -0.4383 0.3974 0.1901 -0.0406 0.1819 0.3043 0.0878 0.0712 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20015 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023916Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1855 2009-06-30 Lowest -0.2601 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 18.55% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -26.01% (quarter ended December 31, 2008)<br/></font></p> 0.0712 0.1150 0.0720 0.1247 Growth Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0215 0.1155 0.0648 0.0936 Lipper Growth Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0074 0.1022 0.0728 0.0948 Lipper Capital Appreciation Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20016 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. International Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio.</font> </p> 0.37 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 55 173 302 677 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20020 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0050 0.0004 0.0054 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20019 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1933 0.2030 -0.4201 0.4350 0.0752 -0.1376 0.1821 0.2191 -0.0241 -0.0425 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023919Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2452 2009-06-30 Lowest -0.2180 2011-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 24.52% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.80% (quarter ended September 30, 2011)<br/></font></p> -0.0425 0.0303 0.0408 0.0790 International Fund -0.0566 0.0106 0.0292 0.0542 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0323 0.0363 0.0618 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1990-05-01 1990-05-01 1990-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. New World Fund&#174; Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in developing countries</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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 may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in small companies</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Thinly traded securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets and that the investment adviser believes have potential of providing capital appreciation. The fund may also invest in debt securities of issuers, including issuers of lower rated bonds (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Under normal market conditions, the fund invests at least 35% of its assets in equity and debt securities of issuers primarily based in qualified countries that have developing economies and/or markets. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">In determining whether a country is qualified, the fund&#8217;s investment adviser considers such factors as the country&#8217;s per capita gross domestic product, the percentage of the country&#8217;s economy that is industrialized, market capital as a percentage of gross domestic product, the overall regulatory environment, the presence of government regulation limiting or banning foreign ownership, and restrictions on repatriation of initial capital, dividends, interest and/or capital gains. The fund&#8217;s investment adviser maintains a list of qualified countries and securities in which the fund may invest. </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in equity securities of any company, regardless of where it is based, if the fund&#8217;s investment adviser determines that a significant portion of the company&#8217;s assets or revenues (generally 20% or more) is attributable to developing countries. In addition, the fund may invest up to 25% of its assets in nonconvertible debt securities of issuers, including issuers of lower rated bonds and government bonds, that are primarily based in qualified countries or that have a significant portion of their assets or revenues attributable to developing countries. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio.</font> </p> 0.39 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 81 252 439 978 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20026 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is long-term capital appreciation.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0072 0.0007 0.0079 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20025 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The MSCI Emerging Markets Index reflects the market sectors and securities in which the fund primarily invests. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.3288 0.3253 -0.4220 0.4995 0.1820 -0.1375 0.1813 0.1166 -0.0763 -0.0296 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023922Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2400 2009-06-30 Lowest -0.2222 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 24.00% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -22.22% (quarter ended December 31, 2008)<br/></font></p> -0.0296 0.0039 0.0629 0.0784 New World Fund -0.0236 0.0609 0.0476 0.0372 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.1492 -0.0481 0.0361 0.0647 MSCI Emerging Markets Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 1999-06-17 1999-06-17 1999-06-17 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The MSCI Emerging Markets Index reflects the market sectors and securities in which the fund primarily invests. Blue Chip Income and Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations greater than $4.0 billion. The fund&#8217;s investment adviser considers these types of investments to be &#8220;blue chip&#8221; stocks. In seeking to produce a level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index. The fund also ordinarily invests at least 90% of its equity assets in the stock of companies whose debt securities are rated at least investment grade by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund may invest up to 10% of its assets in equity securities of larger companies domiciled outside the United States, so long as they are listed or traded in the United States. The fund invests, under normal market conditions, at least 90% of its assets in equity securities. The fund is designed for investors seeking both income and capital appreciation.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 26% of the average value of its portfolio.</font> </p> 0.26 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 42 132 230 518 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20032 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are 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.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0040 0.0001 0.0041 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20031 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1773 0.0225 -0.3630 0.2818 0.1261 -0.0063 0.1418 0.3326 0.1569 -0.0272 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20033 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023924Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1700 2009-06-30 Lowest -0.2119 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 17.00% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.19% (quarter ended December 31, 2008)<br/></font></p> -0.0272 0.1122 0.0653 0.0537 Blue Chip Income and Growth Fund 0.0138 0.1257 0.0731 0.0572 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0900 0.0550 0.0503 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2001-07-05 2001-07-05 2001-07-05 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20034 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Growth and Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of well-established companies around the world, which the investment adviser believes have the potential for growth and/or to pay dividends. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking both capital appreciation and income. In pursuing its objective, the fund tends to invest in stocks that the investment adviser believes to be relatively resilient to market declines.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio.</font> </p> 0.37 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 65 205 357 798 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20038 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while providing current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0060 0.0004 0.0064 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20037 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1304 -0.4106 0.4011 0.1202 -0.0468 0.1793 0.2281 0.0600 -0.0114 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member column rr_ProspectusShareClassAxis compact ck0000729528_C000037623Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1943 2009-09-30 Lowest -0.2037 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 19.43% (quarter ended September 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -20.37% (quarter ended December 31, 2008)<br/></font></p> -0.0114 0.0766 0.0546 Global Growth and Income Fund -0.0236 0.0609 0.0382 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0116 0.0614 0.0395 Lipper Global Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2006-05-01 2006-05-01 2006-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Growth-Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. The fund is designed for investors seeking both capital appreciation and income. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio.</font></p> 0.25 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 30 93 163 368 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20044 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are to achieve long-term growth of capital and income.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0027 0.0002 0.0029 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20043 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1551 0.0532 -0.3768 0.3154 0.1172 -0.0160 0.1779 0.3382 0.1091 0.0172 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20045 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023926Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1611 2009-06-30 Lowest -0.2191 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 16.11% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.91% (quarter ended December 31, 2008)<br/></font></p> 0.0172 0.1184 0.0690 0.1111 Growth-Income Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0900 0.0550 0.0953 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20046 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. International Growth and Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in stocks of larger, well-established companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth and/or to pay dividends. The fund currently intends to invest at least 90% of its assets in securities of issuers domiciled outside the United States and whose securities are primarily listed or traded on exchanges outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking both capital appreciation and income. In pursuing its objective, the fund focuses on stocks of companies with strong earnings that pay dividends. The fund&#8217;s investment adviser believes that these stocks may be more resistant to market declines than stocks of companies that do not pay dividends.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 35% of the average value of its portfolio.</font> </p> 0.35 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 69 218 379 847 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20050 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while providing current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0064 0.0004 0.0068 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20049 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.4038 0.0724 -0.0851 0.1684 0.1939 -0.0293 -0.0534 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20051 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member column rr_ProspectusShareClassAxis compact ck0000729528_C000068980Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2263 2009-06-30 Lowest -0.1746 2011-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 22.63% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -17.46% (quarter ended September 30, 2011)<br/></font></p> -0.0534 0.0324 0.0967 International Growth and Income Fund -0.0566 0.0106 0.0871 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0323 0.0979 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2008-11-18 2008-11-18 2008-11-18 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20052 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Capital Income Builder&#174; Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font> </p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund normally will invest at least 90% of its assets in income-producing securities (with at least 50% of its assets in common stocks and other equity securities). The fund invests primarily in a broad range of income-producing securities, including common stocks and bonds. In seeking to provide you with a level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index. The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 128% of the average value of its portfolio.</font> </p> 1.28 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 57 179 313 701 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20056 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund has two primary investment objectives. It seeks (1) to provide you with a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide you with a growing stream of income over the years.</font></p> <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s secondary objective is to provide you with growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0050 0.0006 0.0056 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20055 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows the fund&#8217;s investment results of the Class 1 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. This information provides some indication of the risks of investing in the fund. The 70%/30% MSCI ACWI/Barclays Index is a composite blend of 70% of the MSCI All Country World Index (ACWI) and 30% of the Barclays U.S. Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Global Equity Income Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns -0.0123 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20057 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member column rr_ProspectusShareClassAxis compact ck0000729528_C000140604Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows the fund&#8217;s investment results of the Class 1 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. </font></p> <br/> Highest 0.0279 2015-12-31 Lowest -0.0488 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 2.79% (quarter ended December 31, 2015)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.88% (quarter ended September 30, 2015)<br/></font></p> -0.0123 -0.0067 Capital Income Builder -0.0236 -0.0029 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0209 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0130 0.0055 70%/30% MSCI ACWI/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0348 -0.0257 Lipper Global Equity Income Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2014-05-01 2014-05-01 2014-05-01 2014-05-01 2014-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20058 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows the fund&#8217;s investment results of the Class 1 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 70%/30% MSCI ACWI/Barclays Index is a composite blend of 70% of the MSCI All Country World Index (ACWI) and 30% of the Barclays U.S. Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Global Equity Income Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Asset Allocation Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Asset allocation</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund&#8217;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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">In seeking to pursue its investment objective, the fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2015, the fund was approximately 66% invested in equity securities, 24% invested in debt securities and 10% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the fund varies with market conditions and the investment adviser&#8217;s assessment of their relative attractiveness as investment opportunities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its assets in debt securities of issuers domiciled outside the United States. In addition, the fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio.</font> </p> 0.76 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 31 97 169 381 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20062 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with high total return (including income and capital gains) consistent with preservation of capital over the long term.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0028 0.0002 0.0030 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20061 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% S&amp;P/Barclays Index is a composite blend of 60% of the S&amp;P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1496 0.0682 -0.2930 0.2427 0.1275 0.0156 0.1644 0.2404 0.0566 0.0164 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20063 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023929Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1165 2009-09-30 Lowest -0.1630 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 11.65% (quarter ended September 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.30% (quarter ended December 31, 2008)<br/></font></p> 0.0164 0.0952 0.0672 0.0837 Asset Allocation Fund 0.0138 0.1257 0.0731 0.0931 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0325 0.0451 0.0625 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0128 0.0895 0.0648 0.0836 60%/40% S&P/Barclays Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) 1989-08-01 1989-08-01 1989-08-01 1989-08-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20064 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% S&P/Barclays Index is a composite blend of 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. Global Balanced Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Currency </i></font>&#8212; The prices of, and the income generated by, most debt securities held by the 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 the fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Thinly traded securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">As a balanced fund with global scope, the fund seeks to invest in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The fund will allocate its assets among securities of companies domiciled in various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States).</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investments in issuers domiciled outside the United States may include securities of issuers domiciled in developing countries.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund will maintain at least 45% of the value of its assets in common stocks and other equity investments. The fund will also normally invest at least 30% of the value of its assets in bonds and other debt securities (including money market instruments). These will consist of investment-grade securities (rated Baa3 or better or BBB&#8211; or better by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser).</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in bonds and other debt securities, including securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets. The fund may also invest in securities of governments, agencies, corporations and other entities domiciled outside the United States. These investments will typically be denominated in currencies other than U.S. dollars.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio.</font> </p> 0.76 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 74 230 401 894 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20068 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This fund seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0066 0.0006 0.0072 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20067 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% MSCI ACWI/Barclays Index is a composite blend of 60% of the MSCI All Country World Index and 40% of the Barclays Global Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Flexible Portfolio Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1258 0.1256 0.0187 -0.0069 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20069 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member column rr_ProspectusShareClassAxis compact ck0000729528_C000099201Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0610 2012-03-31 Lowest -0.0475 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 6.10% (quarter ended March 31, 2012)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.75% (quarter ended September 30, 2015)<br/></font></p> -0.0069 0.0411 Global Balanced Fund -0.0236 0.0459 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0315 0.0000 Barclays Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0247 0.0292 60%/40% MSCI ACWI/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0253 0.0444 Lipper Flexible Portfolio Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2011-05-02 2011-05-02 2011-05-02 2011-05-02 2011-05-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20070 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% MSCI ACWI/Barclays Index is a composite blend of 60% of the MSCI All Country World Index and 40% of the Barclays Global Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Flexible Portfolio Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in inflation linked bonds</i></font> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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. </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by other investment instruments, including derivatives. The fund invests at least 65% of its assets in investment-grade debt securities (rated Baa3 or better or BBB&#8211; or better by Nationally Recognized Statistical Rating Organizations, or NRSROs, designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser), including cash and cash equivalents, securities issued and guaranteed by the U.S. and other governments, and securities backed by mortgages and other assets. The fund may invest up to 35% of its assets in debt securities rated Ba1 or below and BB+ or below by NRSROs designated by the fund&#8217;s investment adviser or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Such securities are sometimes referred to as &#8220;junk bonds.&#8221; The fund may invest in debt securities of issuers domiciled outside the United States, including in emerging markets. The fund may also invest up to 20% of its assets in preferred stocks, including convertible and nonconvertible preferred stocks. In addition, the fund may invest, subject to the restrictions above, in contracts for future delivery of mortgage-backed securities, such as to-be-announced contracts and mortgage rolls. These contracts are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio, resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. The fund is designed for investors seeking income and more price stability than stocks, and capital preservation over the long term. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental research, which may include analysis of credit quality, general economic conditions and various quantitative measures and, in the case of corporate obligations, meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 434% of the average value of its portfolio.</font> </p> 4.34 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 39 122 213 480 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20074 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide as high a level of current income as is consistent with the preservation of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0036 0.0002 0.0038 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20073 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Core Bond Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.0731 0.0366 -0.0916 0.1283 0.0673 0.0641 0.0558 -0.0189 0.0559 0.0045 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20075 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023932Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0605 2009-06-30 Lowest -0.0547 2008-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 6.05% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -5.47% (quarter ended September 30, 2008)<br/></font></p> 0.0045 0.0317 0.0359 0.0486 Bond Fund 0.0055 0.0325 0.0451 0.0534 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0007 0.0315 0.0404 0.0481 Lipper Core Bond Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1996-01-02 1996-01-02 1996-01-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20076 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Core Bond Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Currency </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The prices of, and the income generated by, most debt securities held by the 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 the fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Although the fund does not intend to limit its investments to the securities of a small number of issuers, if it were to do so, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Although the fund does not intend to limit its investments to the securities of a small number of issuers, if it were to do so, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Under normal market circumstances, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by other investment instruments, including derivatives. The fund invests primarily in debt securities, including asset-backed and mortgage-backed securities and securities of governmental, supranational and corporate issuers denominated in various currencies, including U.S. dollars. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). Normally, the fund&#8217;s debt obligations consist substantially of investment-grade bonds (rated Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations, or NRSROs, designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). The fund may also invest up to 35% of its assets in lower quality, higher yielding debt securities (rated Ba1 or below and BB+ or below by NRSROs designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; The total return of the fund will be the result of interest income, changes in the market value of the fund&#8217;s investments and changes in the values of other currencies relative to the U.S. dollar. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, the fund intends to limit its investments in the securities of any single issuer.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with government officials, central banks and company executives. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 159% of the average value of its portfolio.</font> </p> 1.59 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 58 183 318 714 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20080 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0053 0.0004 0.0057 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20079 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Income Funds Index includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.0954 0.0360 0.1004 0.0544 0.0486 0.0643 -0.0240 0.0171 -0.0375 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20081 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member column rr_ProspectusShareClassAxis compact ck0000729528_C000037827Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0796 2010-09-30 Lowest -0.0419 2008-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 7.96% (quarter ended September 30, 2010)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.19% (quarter ended September 30, 2008)<br/></font></p> -0.0375 0.0129 0.0402 Global Bond Fund -0.0315 0.0090 0.0353 Barclays Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0290 0.0196 0.0392 Lipper Global Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2006-10-04 2006-10-04 2006-10-04 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20082 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Income Funds Index includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. High-Income Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 or below or BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as &#8220;junk bonds&#8221; and may be represented by other investment instruments, including derivatives. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objectives and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking a high level of current income and who are able to tolerate greater credit risk and price fluctuations than those that exist in funds investing in higher quality debt securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio.</font> </p> 0.66 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 49 154 269 604 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20086 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s primary investment objective is to provide you with a high level of current income.</font></p> <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Its secondary investment objective is capital appreciation.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0046 0.0002 0.0048 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20085 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1089 0.0162 -0.2374 0.3945 0.1538 0.0218 0.1390 0.0689 0.0080 -0.0694 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20087 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023905Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1606 2009-06-30 Lowest -0.1606 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 16.06% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.06% (quarter ended December 31, 2008)<br/></font></p> -0.0694 0.0314 0.0490 0.0866 High-Income Bond Fund -0.0443 0.0503 0.0695 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0486 0.0445 0.0551 0.0722 Lipper High Yield Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20088 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Mortgage Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in inflation linked bonds</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">It is important to note that neither your investment in the fund nor the fund&#8217;s yield is guaranteed by the U.S. government. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Normally, at least 80% of the fund&#8217;s assets is invested in mortgage-related securities, including securities collateralized by mortgage loans and contracts for future delivery of such securities (such as to-be-announced contracts and mortgage dollar rolls). The contracts for future delivery are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio, resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. The fund invests primarily in mortgage-related securities that are sponsored or guaranteed by the U.S. government, such as securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government, and non-government mortgage-related securities that are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser) or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund may also invest in debt issued by federal agencies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 1103% of the average value of its portfolio.</font> </p> 11.03 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 46 144 252 567 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20092 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide current income and preservation of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0042 0.0003 0.0045 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20091 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Intermediate U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Lipper GNMA Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.0257 -0.0141 0.0554 0.0209 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20093 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member column rr_ProspectusShareClassAxis compact ck0000729528_C000099203Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0222 2014-06-30 Lowest -0.0172 2013-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 2.22% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -1.72% (quarter ended June 30, 2013)<br/></font></p> 0.0209 0.0288 Mortgage Fund 0.0151 0.0281 Barclays U.S. Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0057 0.0203 Lipper Intermediate U.S. Government Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0065 0.0215 Lipper GNMA Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2011-05-02 2011-05-02 2011-05-02 2011-05-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20094 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Intermediate U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Lipper GNMA Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Ultra-Short Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Interest rate risk</i></font> &#8212; The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The fund may invest in variable and floating rate securities. Although such securities are generally less sensitive to interest rate changes, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, given the current historically low interest rate environment, risks associated with rising rates are currently heightened.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in securities backed by the U.S. government</i></font> &#8212; 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. Securities issued by 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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in repurchase agreements</i></font> &#8212; Upon entering into a repurchase agreement, the fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund&#8217;s cost with interest. The security purchased by the fund constitutes collateral for the seller&#8217;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 has fallen below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Credit and liquidity support</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the fund could cause the values of these securities to decline.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Management </i></font>&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in bonds and other debt securities. The fund invests substantially in short-term government securities and high-quality money market instruments, such as commercial paper, commercial bank obligations and ultra-short-term debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may enter into repurchase agreements that are fully collateralized by cash or government securities. When it enters into a repurchase agreement, the fund purchases a security from a bank or broker-dealer and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased by the fund constitutes collateral for the seller&#8217;s repurchase obligation, a repurchase agreement is effectively a loan by the fund that is collateralized by the security purchased. The fund will only enter into repurchase agreements involving securities of the type (excluding any maturity limitations) in which it could otherwise invest.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in securities issued by entities domiciled outside the United States and securities with credit and liquidity support features provided by entities domiciled outside the United States. The fund may also invest in securities of U.S. issuers with substantial operations outside the United States.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity. The investment adviser believes that an important way to accomplish this is by analyzing various factors, including the credit strength of the issuer, prices of similar securities issued by comparable issuers, current and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund was a cash management fund and was not required to disclose its portfolio turnover rate.</font> </p> Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 35 109 191 431 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20098 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the fund is to provide you with current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </font> </p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0032 0.0002 0.0034 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20097 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. The results for the years shown reflect the operation of the fund as a cash management fund prior to its conversion to an ultra-short-term bond fund on May 1, 2016. Accordingly, results for such periods may not be representative of the fund's results had the fund been operated as an ultra-short-term bond fund during the entire period. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0481 0.0495 0.0215 -0.0010 -0.0009 -0.0026 -0.0018 -0.0027 -0.0027 -0.0018 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20099 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023911Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. </font></font></p> <br/> Highest 0.0131 2006-12-31 Lowest -0.0009 2015-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 1.31% (quarter ended December 31, 2006)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -0.09% (quarter ended June 30, 2015)<br/></font></p> -0.0018 -0.0023 0.0104 0.0369 Ultra-Short Bond Fund 0.0026 0.0028 0.0174 Barclays Short-Term Government/Corporate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0013 0.0066 0.0182 Lipper Ultra Short Obligation Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0001 0.0001 0.0112 Lipper Money Market Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20100 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. U.S. Government/AAA-Rated Securities Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation linked bonds</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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 </font> <font style="font-family: Arial, Helvetica, Sans-Serif">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&#8217;s inflation measure.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">It is important to note that neither your investment in the fund nor the fund&#8217;s yield is guaranteed by the U.S. government. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font> </p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in debt securities (which may be represented by other investment instruments, including derivatives) that are guaranteed or sponsored by the U.S. government or that are otherwise rated Aaa or AAA by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund is designed for investors seeking income, long-term capital preservation and more price stability than investments in stocks and lower quality debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest a significant portion of its assets in mortgage-backed securities, including contracts for future delivery of such securities, such as to-be-announced contracts and mortgage dollar rolls. The contracts for future delivery are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. Certain of these securities may not be backed by the full faith and credit of the U.S. government and may be supported only by the credit of the issuer.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in inflation linked bonds issued by U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Inflation linked bonds are structured to protect against inflation by linking the bond&#8217;s principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Additionally, the fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 901% of the average value of its portfolio.</font> </p> 9.01 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 36 113 197 443 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20104 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide a high level of current income consistent with preservation of capital. </font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0034 0.0001 0.0035 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20103 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis . </font></p> Calendar year total returns 0.0395 0.0683 0.0784 0.0279 0.0594 0.0785 0.0222 -0.0287 0.0524 0.0193 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20105 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023908Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0523 2008-12-31 Lowest -0.0216 2013-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.23% (quarter ended <font style="font-family: Arial, Helvetica, Sans-Serif;">December 31, 2008</font>)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -2.16% (quarter ended June 30, 2013)<br/></font></p> 0.0193 0.0281 0.0412 0.0615 U.S. Government/AAA-Rated Securities Fund 0.0113 0.0283 0.0435 0.0667 Barclays U.S. Government/Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0005 0.0242 0.0352 0.0580 Lipper General U.S. Government Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0073 0.0153 0.0186 0.0261 Consumer Price Index (CPI) 1985-12-02 1985-12-02 1985-12-02 1985-12-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20106 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Global Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies around the world that the investment adviser believes have the potential for growth. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 29% of the average value of its portfolio.</font> </p> 0.29 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 82 255 444 990 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20110 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0052 0.0025 0.0003 0.0080 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20109 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.2043 0.1485 -0.3839 0.4230 0.1175 -0.0889 0.2256 0.2918 0.0231 0.0694 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20111 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023904Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2211 2009-06-30 Lowest -0.2015 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 22.11% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -20.15% (quarter ended December 31, 2008)<br/></font></p> 0.0694 0.0956 0.0790 0.0931 Global Growth Fund -0.0236 0.0609 0.0476 0.0547 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0116 0.0614 0.0480 0.0581 Lipper Global Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1997-04-30 1997-04-30 1997-04-30 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20112 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Small Capitalization Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in small companies</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its net assets in growth-oriented common stocks and other equity type securities of companies with small market capitalizations, measured at the time of purchase. However, the fund&#8217;s holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The investment adviser currently defines &#8220;small market capitalization&#8221; companies as companies with market capitalizations of $4.0&#160;billion or less. The investment adviser has periodically re-evaluated and adjusted this definition and may continue to do so in the future. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.</font> </p> 0.36 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 100 312 542 1201 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20116 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0069 0.0025 0.0004 0.0098 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20115 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Small-/Mid-Cap Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.2405 0.2143 -0.5352 0.6130 0.2241 -0.1914 0.1818 0.2828 0.0212 0.0027 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20117 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023915Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2912 2009-06-30 Lowest -0.3128 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 29.12% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -31.28% (quarter ended December 31, 2008)<br/></font></p> 0.0027 0.0465 0.0567 0.0910 Global Small Capitalization Fund -0.0104 0.0630 0.0651 0.0729 MSCI All Country World Small Cap Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0187 0.0550 0.0552 0.0717 Lipper Global Small-/Mid-Cap Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1998-04-30 1998-04-30 1998-04-30 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20118 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Small-/Mid-Cap Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font> </p> 0.20 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 61 192 335 750 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20122 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0033 0.0025 0.0002 0.0060 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20121 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1022 0.1235 -0.4397 0.3941 0.1868 -0.0427 0.1789 0.3011 0.0851 0.0686 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20123 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023917Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1850 2009-06-30 Lowest -0.2605 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 18.50% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -26.05% (quarter ended December 31, 2008)<br/></font></p> 0.0686 0.1123 0.0693 0.1217 Growth Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0215 0.1155 0.0648 0.0936 Lipper Growth Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0074 0.1022 0.0728 0.0948 Lipper Capital Appreciation Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20124 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. International Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio.</font> </p> 0.37 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 81 252 439 978 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20128 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0050 0.0025 0.0004 0.0079 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20127 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1898 0.2002 -0.4212 0.4307 0.0723 -0.1396 0.1791 0.2164 -0.0265 -0.0453 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20129 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023920Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2447 2009-06-30 Lowest -0.2189 2011-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 24.47% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.89% (quarter ended September 30, 2011)<br/></font></p> -0.0453 0.0278 0.0381 0.0763 International Fund -0.0566 0.0106 0.0292 0.0542 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0323 0.0363 0.0618 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1990-05-01 1990-05-01 1990-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20130 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. New World Fund&#174; Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in developing countries</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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 may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in small companies</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Thinly traded securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets and that the investment adviser believes have potential of providing capital appreciation. The fund may also invest in debt securities of issuers, including issuers of lower rated bonds (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Under normal market conditions, the fund invests at least 35% of its assets in equity and debt securities of issuers primarily based in qualified countries that have developing economies and/or markets. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">In determining whether a country is qualified, the fund&#8217;s investment adviser considers such factors as the country&#8217;s per capita gross domestic product, the percentage of the country&#8217;s economy that is industrialized, market capital as a percentage of gross domestic product, the overall regulatory environment, the presence of government regulation limiting or banning foreign ownership, and restrictions on repatriation of initial capital, dividends, interest and/or capital gains. The fund&#8217;s investment adviser maintains a list of qualified countries and securities in which the fund may invest. </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in equity securities of any company, regardless of where it is based, if the fund&#8217;s investment adviser determines that a significant portion of the company&#8217;s assets or revenues (generally 20% or more) is attributable to developing countries. In addition, the fund may invest up to 25% of its assets in nonconvertible debt securities of issuers, including issuers of lower rated bonds and government bonds, that are primarily based in qualified countries or that have a significant portion of their assets or revenues attributable to developing countries. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio.</font> </p> 0.39 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 106 331 574 1271 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20134 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is long-term capital appreciation.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0072 0.0025 0.0007 0.0104 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20133 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The MSCI Emerging Markets Index reflects the market sectors and securities in which the fund primarily invests. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.3259 0.3221 -0.4237 0.4965 0.1787 -0.1395 0.1782 0.1138 -0.0787 -0.0314 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20135 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023923Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2392 2009-06-30 Lowest -0.2230 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 23.92% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -22.30% (quarter ended December 31, 2008)<br/></font></p> -0.0314 0.0015 0.0603 0.0758 New World Fund -0.0236 0.0609 0.0476 0.0372 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.1492 -0.0481 0.0361 0.0647 MSCI Emerging Markets Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 1999-06-17 1999-06-17 1999-06-17 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20136 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The MSCI Emerging Markets Index reflects the market sectors and securities in which the fund primarily invests. Blue Chip Income and Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations greater than $4.0 billion. The fund&#8217;s investment adviser considers these types of investments to be &#8220;blue chip&#8221; stocks. In seeking to produce a level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index. The fund also ordinarily invests at least 90% of its equity assets in the stock of companies whose debt securities are rated at least investment grade by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund may invest up to 10% of its assets in equity securities of larger companies domiciled outside the United States, so long as they are listed or traded in the United States. The fund invests, under normal market conditions, at least 90% of its assets in equity securities. The fund is designed for investors seeking both income and capital appreciation.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 26% of the average value of its portfolio.</font> </p> 0.26 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 67 211 368 822 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20140 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are 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.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0040 0.0025 0.0001 0.0066 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20139 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1742 0.0203 -0.3650 0.2797 0.1233 -0.0090 0.1388 0.3300 0.1536 -0.0293 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20141 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023925Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1709 2009-06-30 Lowest -0.2127 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 17.09% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.27% (quarter ended December 31, 2008)<br/></font></p> -0.0293 0.1094 0.0627 0.0511 Blue Chip Income and Growth Fund 0.0138 0.1257 0.0731 0.0572 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0900 0.0550 0.0503 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2001-07-05 2001-07-05 2001-07-05 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20142 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Growth and Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of well-established companies around the world, which the investment adviser believes have the potential for growth and/or to pay dividends. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking both capital appreciation and income. In pursuing its objective, the fund tends to invest in stocks that the investment adviser believes to be relatively resilient to market declines.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio.</font> </p> 0.37 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 91 284 493 1096 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20146 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while providing current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0060 0.0025 0.0004 0.0089 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20145 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1267 -0.4117 0.3972 0.1178 -0.0485 0.1756 0.2254 0.0564 -0.0134 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20147 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member column rr_ProspectusShareClassAxis compact ck0000729528_C000037624Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1948 2009-09-30 Lowest -0.2043 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 19.48% (quarter ended September 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -20.43% (quarter ended December 31, 2008)<br/></font></p> -0.0134 0.0739 0.0519 Global Growth and Income Fund -0.0236 0.0609 0.0382 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0116 0.0614 0.0395 Lipper Global Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2006-05-01 2006-05-01 2006-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20148 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Growth-Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. The fund is designed for investors seeking both capital appreciation and income. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio.</font></p> 0.25 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 55 173 302 677 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20152 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are to achieve long-term growth of capital and income.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0027 0.0025 0.0002 0.0054 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20151 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1520 0.0504 -0.3785 0.3124 0.1143 -0.0183 0.1748 0.3350 0.1063 0.0145 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20153 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023927Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1607 2009-06-30 Lowest -0.2198 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 16.07% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.98% (quarter ended December 31, 2008)<br/></font></p> 0.0145 0.1156 0.0663 0.1080 Growth-Income Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0900 0.0550 0.0953 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20154 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. International Growth and Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in stocks of larger, well-established companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth and/or to pay dividends. The fund currently intends to invest at least 90% of its assets in securities of issuers domiciled outside the United States and whose securities are primarily listed or traded on exchanges outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking both capital appreciation and income. In pursuing its objective, the fund focuses on stocks of companies with strong earnings that pay dividends. The fund&#8217;s investment adviser believes that these stocks may be more resistant to market declines than stocks of companies that do not pay dividends.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 35% of the average value of its portfolio.</font> </p> 0.35 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 95 296 515 1143 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20158 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while providing current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0064 0.0025 0.0004 0.0093 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20157 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.4004 0.0692 -0.0871 0.1650 0.1909 -0.0315 -0.0560 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20159 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member column rr_ProspectusShareClassAxis compact ck0000729528_C000068981Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2256 2009-06-30 Lowest -0.1747 2011-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 22.56% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -17.47% (quarter ended September 30, 2011)<br/></font></p> -0.0560 0.0298 0.0939 International Growth and Income Fund -0.0566 0.0106 0.0871 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0323 0.0979 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2008-11-18 2008-11-18 2008-11-18 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20160 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Capital Income Builder&#174; Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font> </p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund normally will invest at least 90% of its assets in income-producing securities (with at least 50% of its assets in common stocks and other equity securities). The fund invests primarily in a broad range of income-producing securities, including common stocks and bonds. In seeking to provide you with a level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index. The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 128% of the average value of its portfolio.</font> </p> 1.28 Example <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 83 259 450 1002 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20164 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund has two primary investment objectives. It seeks (1) to provide you with a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide you with a growing stream of income over the years.</font></p> <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s secondary objective is to provide you with growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0050 0.0025 0.0006 0.0081 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20163 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member row primary compact * ~ Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows the fund&#8217;s investment results of the Class 2 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. This information provides some indication of the risks of investing in the fund. The 70%/30% MSCI ACWI/Barclays Index is a composite blend of 70% of the MSCI All Country World Index (ACWI) and 30% of the Barclays U.S. Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Global Equity Income Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns -0.0123 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20165 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member column rr_ProspectusShareClassAxis compact ck0000729528_C000140605Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows the fund&#8217;s investment results of the Class 2 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. </font></p> <br/> Highest 0.0279 2015-12-31 Lowest -0.0497 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 2.79% (quarter ended December 31, 2015)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.97% (quarter ended September 30, 2015)<br/></font></p> -0.0123 -0.0067 Capital Income Builder -0.0236 -0.0029 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0209 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0130 0.0055 70%/30% MSCI ACWI/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0348 -0.0257 Lipper Global Equity Income Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2014-05-01 2014-05-01 2014-05-01 2014-05-01 2014-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20166 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows the fund&#8217;s investment results of the Class 2 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 70%/30% MSCI ACWI/Barclays Index is a composite blend of 70% of the MSCI All Country World Index (ACWI) and 30% of the Barclays U.S. Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Global Equity Income Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Asset Allocation Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Asset allocation</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">In seeking to pursue its investment objective, the fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2015, the fund was approximately 66% invested in equity securities, 24% invested in debt securities and 10% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the fund varies with market conditions and the investment adviser&#8217;s assessment of their relative attractiveness as investment opportunities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its assets in debt securities of issuers domiciled outside the United States. In addition, the fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio.</font> </p> 0.76 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 55 173 302 677 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20170 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with high total return (including income and capital gains) consistent with preservation of capital over the long term.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0028 0.0025 0.0001 0.0054 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20169 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% S&amp;P/Barclays Index is a composite blend of 60% of the S&amp;P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1466 0.0655 -0.2951 0.2398 0.1250 0.0130 0.1619 0.2369 0.0540 0.0140 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20171 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023930Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1157 2009-09-30 Lowest -0.1635 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 11.57% (quarter ended September 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.35% (quarter ended December 31, 2008)<br/></font></p> 0.0140 0.0924 0.0645 0.0808 Asset Allocation Fund 0.0138 0.1257 0.0731 0.0931 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0325 0.0451 0.0625 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0128 0.0895 0.0648 0.0836 60%/40% S&P/Barclays Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) 1989-08-01 1989-08-01 1989-08-01 1989-08-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20172 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% S&P/Barclays Index is a composite blend of 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. Global Balanced Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Currency </i></font>&#8212; The prices of, and the income generated by, most debt securities held by the 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 the fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Thinly traded securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">As a balanced fund with global scope, the fund seeks to invest in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The fund will allocate its assets among securities of companies domiciled in various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States).</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investments in issuers domiciled outside the United States may include securities of issuers domiciled in developing countries.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund will maintain at least 45% of the value of its assets in common stocks and other equity investments. The fund will also normally invest at least 30% of the value of its assets in bonds and other debt securities (including money market instruments). These will consist of investment-grade securities (rated Baa3 or better or BBB&#8211; or better by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser).</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in bonds and other debt securities, including securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets. The fund may also invest in securities of governments, agencies, corporations and other entities domiciled outside the United States. These investments will typically be denominated in currencies other than U.S. dollars.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio.</font> </p> 0.76 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 99 309 536 1190 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20176 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This fund seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0066 0.0025 0.0006 0.0097 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20175 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% MSCI ACWI/Barclays Index is a composite blend of 60% of the MSCI All Country World Index and 40% of the Barclays Global Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Flexible Portfolio Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1224 0.1223 0.0163 -0.0095 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20177 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member column rr_ProspectusShareClassAxis compact ck0000729528_C000099202Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0599 2012-03-31 Lowest -0.0468 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.99% (quarter ended March 31, 2012)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.68% (quarter ended September 30, 2015)<br/></font></p> -0.0095 0.0384 Global Balanced Fund -0.0236 0.0459 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0315 0.0000 Barclays Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0247 0.0292 60%/40% MSCI ACWI/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0253 0.0444 Lipper Flexible Portfolio Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2011-05-02 2011-05-02 2011-05-02 2011-05-02 2011-05-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20178 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% MSCI ACWI/Barclays Index is a composite blend of 60% of the MSCI All Country World Index and 40% of the Barclays Global Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Flexible Portfolio Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in inflation linked bonds</i></font> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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. </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by other investment instruments, including derivatives. The fund invests at least 65% of its assets in investment-grade debt securities (rated Baa3 or better or BBB&#8211; or better by Nationally Recognized Statistical Rating Organizations, or NRSROs, designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser), including cash and cash equivalents, securities issued and guaranteed by the U.S. and other governments, and securities backed by mortgages and other assets. The fund may invest up to 35% of its assets in debt securities rated Ba1 or below and BB+ or below by NRSROs designated by the fund&#8217;s investment adviser or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Such securities are sometimes referred to as &#8220;junk bonds.&#8221; The fund may invest in debt securities of issuers domiciled outside the United States, including in emerging markets. The fund may also invest up to 20% of its assets in preferred stocks, including convertible and nonconvertible preferred stocks. In addition, the fund may invest, subject to the restrictions above, in contracts for future delivery of mortgage-backed securities, such as to-be-announced contracts and mortgage rolls. These contracts are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio, resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. The fund is designed for investors seeking income and more price stability than stocks, and capital preservation over the long term. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental research, which may include analysis of credit quality, general economic conditions and various quantitative measures and, in the case of corporate obligations, meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 434% of the average value of its portfolio.</font> </p> 4.34 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 64 202 351 786 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20182 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide as high a level of current income as is consistent with the preservation of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0036 0.0025 0.0002 0.0063 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20181 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Core Bond Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.0699 0.0333 -0.0935 0.1261 0.0644 0.0610 0.0537 -0.0216 0.0528 0.0028 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20183 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023933Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0596 2009-06-30 Lowest -0.0552 2008-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.96% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -5.52% (quarter ended September 30, 2008)<br/></font></p> 0.0028 0.0292 0.0333 0.0460 Bond Fund 0.0055 0.0325 0.0451 0.0534 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0007 0.0315 0.0404 0.0481 Lipper Core Bond Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1996-01-02 1996-01-02 1996-01-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20184 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Core Bond Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult</font><font style="font-family: Arial, Helvetica, Sans-Serif">to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Currency </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The prices of, and the income generated by, most debt securities held by the 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 the fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Although the fund does not intend to limit its investments to the securities of a small number of issuers, if it were to do so, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Although the fund does not intend to limit its investments to the securities of a small number of issuers, if it were to do so, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Under normal market circumstances, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by other investment instruments, including derivatives. The fund invests primarily in debt securities, including asset-backed and mortgage-backed securities and securities of governmental, supranational and corporate issuers denominated in various currencies, including U.S. dollars. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). Normally, the fund&#8217;s debt obligations consist substantially of investment-grade bonds (rated Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations, or NRSROs, designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). The fund may also invest up to 35% of its assets in lower quality, higher yielding debt securities (rated Ba1 or below and BB+ or below by NRSROs designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; The total return of the fund will be the result of interest income, changes in the market value of the fund&#8217;s investments and changes in the values of other currencies relative to the U.S. dollar. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, the fund intends to limit its investments in the securities of any single issuer.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion,</font><font style="font-family: Arial, Helvetica, Sans-Serif">represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with government officials, central banks and company executives. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 159% of the average value of its portfolio.</font> </p> 1.59 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 84 262 455 1014 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20188 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0053 0.0025 0.0004 0.0082 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20187 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Income Funds Index includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.0923 0.0348 0.0969 0.0523 0.0454 0.0619 -0.0258 0.0139 -0.0407 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20189 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member column rr_ProspectusShareClassAxis compact ck0000729528_C000037828Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0790 2010-09-30 Lowest -0.0420 2008-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 7.90% (quarter ended September 30, 2010)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.20% (quarter ended September 30, 2008)<br/></font></p> -0.0407 0.0102 0.0375 Global Bond Fund -0.0315 0.0090 0.0353 Barclays Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0290 0.0196 0.0392 Lipper Global Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2006-10-04 2006-10-04 2006-10-04 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20190 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Income Funds Index includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. High-Income Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 or below or BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as &#8220;junk bonds&#8221; and may be represented by other investment instruments, including derivatives. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objectives and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking a high level of current income and who are able to tolerate greater credit risk and price fluctuations than those that exist in funds investing in higher quality debt securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio.</font> </p> 0.66 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 75 233 406 906 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20194 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s primary investment objective is to provide you with a high level of current income.</font></p> <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Its secondary investment objective is capital appreciation.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0046 0.0025 0.0002 0.0073 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20193 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1059 0.0133 -0.2384 0.3894 0.1507 0.0192 0.1370 0.0660 0.0063 -0.0730 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20195 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023906Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1618 2009-06-30 Lowest -0.1605 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 16.18% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.05% (quarter ended December 31, 2008)<br/></font></p> -0.0730 0.0288 0.0463 0.0833 High-Income Bond Fund -0.0443 0.0503 0.0695 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0486 0.0445 0.0551 0.0722 Lipper High Yield Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20196 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Mortgage Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in inflation linked bonds</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">It is important to note that neither your investment in the fund nor the fund&#8217;s yield is guaranteed by the U.S. government. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Normally, at least 80% of the fund&#8217;s assets is invested in mortgage-related securities, including securities collateralized by mortgage loans and contracts for future delivery of such securities (such as to-be-announced contracts and mortgage dollar rolls). The contracts for future delivery are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio, resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. The fund invests primarily in mortgage-related securities that are sponsored or guaranteed by the U.S. government, such as securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government, and non-government mortgage-related securities that are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser) or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund may also invest in debt issued by federal agencies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 1103% of the average value of its portfolio.</font> </p> 11.03 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 72 224 390 871 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20200 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide current income and preservation of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0042 0.0025 0.0003 0.0070 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20199 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Intermediate U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Lipper GNMA Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.0238 -0.0168 0.0523 0.0186 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20201 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member column rr_ProspectusShareClassAxis compact ck0000729528_C000099204Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0212 2014-06-30 Lowest -0.0174 2013-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 2.12% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -1.74% (quarter ended June 30, 2013)<br/></font></p> 0.0186 0.0263 Mortgage Fund 0.0151 0.0281 Barclays U.S. Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0057 0.0203 Lipper Intermediate U.S. Government Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0065 0.0215 Lipper GNMA Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2011-05-02 2011-05-02 2011-05-02 2011-05-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20202 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Intermediate U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Lipper GNMA Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Ultra-Short Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Interest rate risk</i></font> &#8212; The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The fund may invest in variable and floating rate securities. Although such securities are generally less sensitive to interest rate changes, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, given the current historically low interest rate environment, risks associated with rising rates are currently heightened.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in securities backed by the U.S. government</i></font> &#8212; 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. Securities issued by 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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in repurchase agreements</i></font> &#8212; Upon entering into a repurchase agreement, the fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund&#8217;s cost with interest. The security purchased by the fund constitutes collateral for the seller&#8217;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 has fallen below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Credit and liquidity support</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the fund could cause the values of these securities to decline.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Management </i></font>&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in bonds and other debt securities. The fund invests substantially in short-term government securities and high-quality money market instruments, such as commercial paper, commercial bank obligations and ultra-short-term debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may enter into repurchase agreements that are fully collateralized by cash or government securities. When it enters into a repurchase agreement, the fund purchases a security from a bank or broker-dealer and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased by the fund constitutes collateral for the seller&#8217;s repurchase obligation, a repurchase agreement is effectively a loan by the fund that is collateralized by the security purchased. The fund will only enter into repurchase agreements involving securities of the type (excluding any maturity limitations) in which it could otherwise invest.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in securities issued by entities domiciled outside the United States and securities with credit and liquidity support features provided by entities domiciled outside the United States. The fund may also invest in securities of U.S. issuers with substantial operations outside the United States.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity. The investment adviser believes that an important way to accomplish this is by analyzing various factors, including the credit strength of the issuer, prices of similar securities issued by comparable issuers, current and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund was a cash management fund and was not required to disclose its portfolio turnover rate.</font> </p> Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 60 189 329 738 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20206 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the fund is to provide you with current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </font> </p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0032 0.0025 0.0002 0.0059 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20205 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. The results for the years shown reflect the operation of the fund as a cash management fund prior to its conversion to an ultra-short-term bond fund on May 1, 2016. Accordingly, results for such periods may not be representative of the fund's results had the fund been operated as an ultra-short-term bond fund during the entire period. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0459 0.0473 0.0190 -0.0033 -0.0035 -0.0053 -0.0045 -0.0045 -0.0054 -0.0045 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20207 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023912Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. </font></font></p> <br/> Highest 0.0123 2006-12-31 Lowest -0.0018 2015-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 1.23% (quarter ended December 31, 2006)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -0.18% (quarter ended June 30, 2015)<br/></font></p> -0.0045 -0.0048 0.0079 0.0340 Ultra-Short Bond Fund 0.0026 0.0028 0.0174 Barclays Short-Term Government/Corporate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0013 0.0066 0.0182 Lipper Ultra Short Obligation Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0001 0.0001 0.0112 Lipper Money Market Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20208 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. U.S. Government/AAA-Rated Securities Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation linked bonds</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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. </font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">It is important to note that neither your investment in the fund nor the fund&#8217;s yield is guaranteed by the U.S. government. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font> </p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in debt securities (which may be represented by other investment instruments, including derivatives) that are guaranteed or sponsored by the U.S. government or that are otherwise rated Aaa or AAA by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund is designed for investors seeking income, long-term capital preservation and more price stability than investments in stocks and lower quality debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest a significant portion of its assets in mortgage-backed securities, including contracts for future delivery of such securities, such as to-be-announced contracts and mortgage dollar rolls. The contracts for future delivery are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. Certain of these securities may not be backed by the full faith and credit of the U.S. government and may be supported only by the credit of the issuer.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in inflation linked bonds issued by U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Inflation linked bonds are structured to protect against inflation by linking the bond&#8217;s principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Additionally, the fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 901% of the average value of its portfolio.</font> </p> 9.01 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 61 192 335 750 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20212 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide a high level of current income consistent with preservation of capital. </font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0034 0.0025 0.0001 0.0060 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20211 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.0375 0.0649 0.0763 0.0250 0.0575 0.0758 0.0191 -0.0308 0.0501 0.0159 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20213 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023909Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0512 2008-12-31 Lowest -0.0222 2013-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.12% (quarter ended December 31, 2008)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -2.22% (quarter ended June 30, 2013)<br/></font></p> 0.0159 0.0254 0.0386 0.0585 U.S. Government/AAA-Rated Securities Fund 0.0113 0.0283 0.0435 0.0667 Barclays U.S. Government/Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0005 0.0242 0.0352 0.0563 Lipper General U.S. Government Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0073 0.0153 0.0186 0.0261 Consumer Price Index (CPI) 1985-12-02 1985-12-02 1985-12-02 1985-12-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20214 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio. </p> 0.20 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 3 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 54 170 296 665 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20218 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 3 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0033 0.0018 0.0002 0.0053 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20217 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1029 0.1244 -0.4393 0.3951 0.1876 -0.0421 0.1797 0.3020 0.0858 0.0692 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20219 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023918Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1855 2009-06-30 Lowest -0.2604 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 18.55% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -26.04% (quarter ended December 31, 2008)<br/></font></p> <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">*<font style="font-size: 10pt; font-weight: normal;">&#160;</font>Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the &#8220;Plan of distribution&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities.</font></font></p> 0.0692 0.1131 0.0700 0.1226 Growth Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0215 0.1155 0.0648 0.0936 Lipper Growth Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0074 0.1022 0.0728 0.0948 Lipper Capital Appreciation Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20220 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. International Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio. </p> 0.37 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 3 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 74 230 401 894 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20224 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 3 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0050 0.0018 0.0004 0.0072 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20223 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1907 0.2010 -0.4210 0.4325 0.0726 -0.1385 0.1797 0.2167 -0.0256 -0.0444 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20225 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023921Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2448 2009-06-30 Lowest -0.2185 2011-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 24.48% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.85% (quarter ended September 30, 2011)<br/></font></p> <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">*<font style="font-size: 10pt; font-weight: normal;">&#160;</font>Lifetime results are from May 1, 1990, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the &#8220;Plan of distribution&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities.</font></font></p> -0.0444 0.0286 0.0389 0.0771 International Fund -0.0566 0.0106 0.0292 0.0542 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0323 0.0363 0.0618 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1990-05-01 1990-05-01 1990-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20226 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Growth-Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. The fund is designed for investors seeking both capital appreciation and income. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio.</font></p> 0.25 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 3 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 48 151 263 591 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20230 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are to achieve long-term growth of capital and income.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 3 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0027 0.0018 0.0002 0.0047 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20229 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1530 0.0512 -0.3778 0.3130 0.1150 -0.0177 0.1759 0.3358 0.1071 0.0153 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20231 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023928Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1606 2009-06-30 Lowest -0.2196 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 16.06% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.96% (quarter ended December 31, 2008)<br/></font></p> <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">*<font style="font-size: 10pt; font-weight: normal;">&#160;</font>Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the &#8220;Plan of distribution&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities.</font></font></p> 0.0153 0.1164 0.0671 0.1091 Growth-Income Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0900 0.0550 0.0953 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20232 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Asset Allocation Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Asset allocation</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">In seeking to pursue its investment objective, the fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2015, the fund was approximately 66% invested in equity securities, 24% invested in debt securities and 10% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the fund varies with market conditions and the investment adviser&#8217;s assessment of their relative attractiveness as investment opportunities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its assets in debt securities of issuers domiciled outside the United States. In addition, the fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio. </p> 0.76 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 3 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 48 151 263 591 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20236 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with high total return (including income and capital gains) consistent with preservation of capital over the long term.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 3 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0028 0.0018 0.0001 0.0047 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20235 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% S&amp;P/Barclays Index is a composite blend of 60% of the S&amp;P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1475 0.0656 -0.2939 0.2395 0.1262 0.0136 0.1628 0.2381 0.0547 0.0146 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20237 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023931Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1165 2009-09-30 Lowest -0.1631 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 11.65% (quarter ended September 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.31% (quarter ended December 31, 2008)<br/></font></p> <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">*<font style="font-size: 10pt; font-weight: normal;">&#160;</font>Lifetime results are from August 1, 1989, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the &#8220;Plan of distribution&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities.</font></font></p> 0.0146 0.0932 0.0653 0.0817 Asset Allocation Fund 0.0138 0.1257 0.0731 0.0931 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0325 0.0451 0.0625 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0128 0.0895 0.0648 0.0836 60%/40% S&P/Barclays Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) 1989-08-01 1989-08-01 1989-08-01 1989-08-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20238 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% S&P/Barclays Index is a composite blend of 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. High-Income Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 or below or BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as &#8220;junk bonds&#8221; and may be represented by other investment instruments, including derivatives. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objectives and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking a high level of current income and who are able to tolerate greater credit risk and price fluctuations than those that exist in funds investing in higher quality debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio. </p> 0.66 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 3 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 67 211 368 822 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20242 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s primary investment objective is to provide you with a high level of current income.</font></p> <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Its secondary investment objective is capital appreciation.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 3 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0046 0.0018 0.0002 0.0066 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20241 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.1066 0.0140 -0.2376 0.3914 0.1514 0.0197 0.1367 0.0677 0.0059 -0.0713 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20243 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023907Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1616 2009-06-30 Lowest -0.1605 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 16.16% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.05% (quarter ended December 31, 2008)<br/></font></p> <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">*<font style="font-size: 10pt; font-weight: normal;">&#160;</font>Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the &#8220;Plan of distribution&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities.</font></font></p> -0.0713 0.0295 0.0471 0.0847 High-Income Bond Fund -0.0443 0.0503 0.0695 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0486 0.0445 0.0551 0.0722 Lipper High Yield Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20244 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Ultra-Short Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Interest rate risk</i></font> &#8212; The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The fund may invest in variable and floating rate securities. Although such securities are generally less sensitive to interest rate changes, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, given the current historically low interest rate environment, risks associated with rising rates are currently heightened.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in securities backed by the U.S. government</i></font> &#8212; 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. Securities issued by 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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in repurchase agreements</i></font> &#8212; Upon entering into a repurchase agreement, the fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund&#8217;s cost with interest. The security purchased by the fund constitutes collateral for the seller&#8217;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 has fallen below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Credit and liquidity support</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the fund could cause the values of these securities to decline.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font> </p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in bonds and other debt securities. The fund invests substantially in short-term government securities and high-quality money market instruments, such as commercial paper, commercial bank obligations and ultra-short-term debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may enter into repurchase agreements that are fully collateralized by cash or government securities. When it enters into a repurchase agreement, the fund purchases a security from a bank or broker-dealer and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased by the fund constitutes collateral for the seller&#8217;s repurchase obligation, a repurchase agreement is effectively a loan by the fund that is collateralized by the security purchased. The fund will only enter into repurchase agreements involving securities of the type (excluding any maturity limitations) in which it could otherwise invest.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in securities issued by entities domiciled outside the United States and securities with credit and liquidity support features provided by entities domiciled outside the United States. The fund may also invest in securities of U.S. issuers with substantial operations outside the United States.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity. The investment adviser believes that an important way to accomplish this is by analyzing various factors, including the credit strength of the issuer, prices of similar securities issued by comparable issuers, current and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund was a cash management fund and was not required to disclose its portfolio turnover rate. </p> Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 3 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 53 167 291 653 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20248 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the fund is to provide you with current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </font> </p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 3 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0032 0.0018 0.0002 0.0052 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20247 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. The results for the years shown reflect the operation of the fund as a cash management fund prior to its conversion to an ultra-short-term bond fund on May 1, 2016. Accordingly, results for such periods may not be representative of the fund's results had the fund been operated as an ultra-short-term bond fund during the entire period. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0464 0.0483 0.0199 -0.0031 -0.0035 -0.0035 -0.0035 -0.0044 -0.0045 -0.0045 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20249 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023913Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. </font></font></p> <br/> Highest 0.0124 2007-06-30 Lowest -0.0018 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 1.24% (quarter ended June 30, 2007)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -0.18% (quarter ended September 30, 2015)<br/></font></p> <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">*<font style="font-size: 10pt; font-weight: normal;">&#160;</font>Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the &#8220;Plan of distribution&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities.</font></font></p> -0.0045 -0.0041 0.0085 0.0350 Ultra-Short Bond Fund 0.0026 0.0028 0.0174 Barclays Short-Term Government/Corporate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0013 0.0066 0.0182 Lipper Ultra Short Obligation Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0001 0.0001 0.0112 Lipper Money Market Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20250 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. U.S. Government/AAA-Rated Securities Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation linked bonds</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">It is important to note that neither your investment in the fund nor the fund&#8217;s yield is guaranteed by the U.S. government. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in debt securities (which may be represented by other investment instruments, including derivatives) that are guaranteed or sponsored by the U.S. government or that are otherwise rated Aaa or AAA by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund is designed for investors seeking income, long-term capital preservation and more price stability than investments in stocks and lower quality debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest a significant portion of its assets in mortgage-backed securities, including contracts for future delivery of such securities, such as to-be-announced contracts and mortgage dollar rolls. The contracts for future delivery are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. Certain of these securities may not be backed by the full faith and credit of the U.S. government and may be supported only by the credit of the issuer.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in inflation linked bonds issued by U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Inflation linked bonds are structured to protect against inflation by linking the bond&#8217;s principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Additionally, the fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable </font> <font style="font-family: Arial, Helvetica, Sans-Serif">issuers and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 901% of the average value of its portfolio. </p> 9.01 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class 3 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 54 170 296 665 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20254 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide a high level of current income consistent with preservation of capital. </font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 3 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0034 0.0018 0.0001 0.0053 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20253 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis . </font></p> Calendar year total returns 0.0380 0.0663 0.0766 0.0258 0.0582 0.0756 0.0202 -0.0300 0.0511 0.0164 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20255 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_ProspectusShareClassAxis compact ck0000729528_C000023910Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0517 2008-12-31 Lowest -0.0219 2013-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.17% (quarter ended December 31, 2008)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -2.19% (quarter ended June 30, 2013)<br/></font></p> <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">*<font style="font-size: 10pt; font-weight: normal;">&#160;</font>Lifetime results are from December 2, 1985, the date the fund began investment operations. Class 3 shares were first offered on January 16, 2004; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .18% annual expense that applies to Class 3 shares and is described in the &#8220;Plan of distribution&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities.</font></font></p> 0.0164 0.0260 0.0393 0.0596 U.S. Government/AAA-Rated Securities Fund 0.0113 0.0283 0.0435 0.0667 Barclays U.S. Government/Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0005 0.0242 0.0352 0.0563 Lipper General U.S. Government Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0073 0.0153 0.0186 0.0261 Consumer Price Index (CPI) 1985-12-02 1985-12-02 1985-12-02 1985-12-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20256 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_3_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 3 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Global Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies around the world that the investment adviser believes have the potential for growth. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 29% of the average value of its portfolio.</font> </p> 0.29 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 107 334 579 1283 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20260 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0052 0.0025 0.0028 0.0105 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20259 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.2013 0.1458 -0.3854 0.4187 0.1148 -0.0911 0.2231 0.2936 0.0201 0.0669 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20261 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121502Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2211 2009-06-30 Lowest -0.2014 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 22.11% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -20.14% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">* </font><font style="font-family: Arial, Helvetica, Sans-Serif;">&#160;Lifetime results are from April 30, 1997, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> 0.0669 0.0937 0.0767 0.0905 Global Growth Fund -0.0236 0.0609 0.0476 0.0547 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0116 0.0614 0.0480 0.0581 Lipper Global Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1997-04-30 1997-04-30 1997-04-30 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20262 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Small Capitalization Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in small companies</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its net assets in growth-oriented common stocks and other equity type securities of companies with small market capitalizations, measured at the time of purchase. However, the fund&#8217;s holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The investment adviser currently defines &#8220;small market capitalization&#8221; companies as companies with market capitalizations of $4.0&#160;billion or less. The investment adviser has periodically re-evaluated and adjusted this definition and may continue to do so in the future. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.</font> </p> 0.36 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 125 390 676 1489 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20266 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0069 0.0025 0.0029 0.0123 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20265 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Small-/Mid-Cap Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.2373 0.2112 -0.5362 0.6083 0.2214 -0.1935 0.1794 0.2801 0.0188 -0.0002 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20267 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121506Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2911 2009-06-30 Lowest -0.3129 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 29.11% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -31.29% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from April 30, 1998, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0002 0.0440 0.0541 0.0883 Global Small Capitalization Fund -0.0104 0.0630 0.0651 0.0729 MSCI All Country World Small Cap Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0187 0.0550 0.0552 0.0717 Lipper Global Small-/Mid-Cap Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1998-04-30 1998-04-30 1998-04-30 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20268 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Small-/Mid-Cap Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font> </p> 0.20 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 87 271 471 1049 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20272 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0033 0.0025 0.0027 0.0085 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20271 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.0992 0.1207 -0.4411 0.3904 0.1841 -0.0453 0.1763 0.2996 0.0825 0.0659 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20273 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121507Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1841 2009-06-30 Lowest -0.2611 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 18.41% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -26.11% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> 0.0659 0.1099 0.0668 0.1191 Growth Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0215 0.1155 0.0648 0.0936 Lipper Growth Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0074 0.1022 0.0728 0.0948 Lipper Capital Appreciation Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20274 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. International Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio.</font> </p> 0.37 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 106 331 574 1271 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20278 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0050 0.0025 0.0029 0.0104 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20277 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.1874 0.1970 -0.4230 0.4279 0.0698 -0.1419 0.1765 0.2148 -0.0288 -0.0475 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20279 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121508Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2436 2009-06-30 Lowest -0.2190 2011-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 24.36% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.90% (quarter ended September 30, 2011)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from May 1, 1990, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0475 0.0256 0.0358 0.0737 International Fund -0.0566 0.0106 0.0292 0.0542 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0323 0.0363 0.0618 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1990-05-01 1990-05-01 1990-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20280 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. New World Fund&#174; Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in developing countries</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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 may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in small companies</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Thinly traded securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets and that the investment adviser believes have potential of providing capital appreciation. The fund may also invest in debt securities of issuers, including issuers of lower rated bonds (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Under normal market conditions, the fund invests at least 35% of its assets in equity and debt securities of issuers primarily based in qualified countries that have developing economies and/or markets. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">In determining whether a country is qualified, the fund&#8217;s investment adviser considers such factors as the country&#8217;s per capita gross domestic product, the percentage of the country&#8217;s economy that is industrialized, market capital as a percentage of gross domestic product, the overall regulatory environment, the presence of government regulation limiting or banning foreign ownership, and restrictions on repatriation of initial capital, dividends, interest and/or capital gains. The fund&#8217;s investment adviser maintains a list of qualified countries and securities in which the fund may invest. </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in equity securities of any company, regardless of where it is based, if the fund&#8217;s investment adviser determines that a significant portion of the company&#8217;s assets or revenues (generally 20% or more) is attributable to developing countries. In addition, the fund may invest up to 25% of its assets in nonconvertible debt securities of issuers, including issuers of lower rated bonds and government bonds, that are primarily based in qualified countries or that have a significant portion of their assets or revenues attributable to developing countries. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio.</font> </p> 0.39 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 131 409 708 1556 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20284 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is long-term capital appreciation.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0072 0.0025 0.0032 0.0129 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20283 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The MSCI Emerging Markets Index reflects the market sectors and securities in which the fund primarily invests. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.3222 0.3186 -0.4249 0.4920 0.1761 -0.1418 0.1758 0.1120 -0.0813 -0.0337 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20285 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121509Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2385 2009-06-30 Lowest -0.2232 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 23.85% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -22.32% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from June 17, 1999, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0337 -0.0008 0.0577 0.0732 New World Fund -0.0236 0.0609 0.0476 0.0372 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.1492 -0.0481 0.0361 0.0647 MSCI Emerging Markets Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 1999-06-17 1999-06-17 1999-06-17 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20286 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008793Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The MSCI Emerging Markets Index reflects the market sectors and securities in which the fund primarily invests. Blue Chip Income and Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations greater than $4.0 billion. The fund&#8217;s investment adviser considers these types of investments to be &#8220;blue chip&#8221; stocks. In seeking to produce a level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index. The fund also ordinarily invests at least 90% of its equity assets in the stock of companies whose debt securities are rated at least investment grade by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund may invest up to 10% of its assets in equity securities of larger companies domiciled outside the United States, so long as they are listed or traded in the United States. The fund invests, under normal market conditions, at least 90% of its assets in equity securities. The fund is designed for investors seeking both income and capital appreciation.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 26% of the average value of its portfolio.</font> </p> 0.26 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 93 290 504 1120 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20290 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are 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.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0040 0.0025 0.0026 0.0091 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20289 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.1714 0.0173 -0.3662 0.2754 0.1205 -0.0112 0.1364 0.3327 0.1513 -0.0321 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20291 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121510Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1685 2009-06-30 Lowest -0.2129 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 16.85% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -21.29% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from July 5, 2001, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0321 0.1078 0.0606 0.0489 Blue Chip Income and Growth Fund 0.0138 0.1257 0.0731 0.0572 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0900 0.0550 0.0503 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2001-07-05 2001-07-05 2001-07-05 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20292 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008794Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Growth and Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks of well-established companies around the world, which the investment adviser believes have the potential for growth and/or to pay dividends. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking both capital appreciation and income. In pursuing its objective, the fund tends to invest in stocks that the investment adviser believes to be relatively resilient to market declines.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37% of the average value of its portfolio.</font> </p> 0.37 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 116 362 628 1386 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20296 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while providing current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0060 0.0025 0.0029 0.0114 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20295 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.1248 -0.4136 0.3941 0.1146 -0.0515 0.1727 0.2260 0.0541 -0.0160 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20297 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121514Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1928 2009-09-30 Lowest -0.2047 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 19.28% (quarter ended September 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -20.47% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from May 1, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0160 0.0718 0.0496 Global Growth and Income Fund -0.0236 0.0609 0.0382 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0116 0.0614 0.0395 Lipper Global Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2006-05-01 2006-05-01 2006-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20298 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Growth-Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. The fund is designed for investors seeking both capital appreciation and income. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio.</font></p> 0.25 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 81 252 439 978 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20302 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are to achieve long-term growth of capital and income.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0027 0.0025 0.0027 0.0079 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20301 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.1493 0.0480 -0.3799 0.3089 0.1116 -0.0209 0.1721 0.3332 0.1034 0.0121 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20303 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121511Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1596 2009-06-30 Lowest -0.2201 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 15.96% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -22.01% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> 0.0121 0.1131 0.0638 0.1056 Growth-Income Fund 0.0138 0.1257 0.0731 0.1108 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0900 0.0550 0.0953 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20304 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. International Growth and Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in stocks of larger, well-established companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth and/or to pay dividends. The fund currently intends to invest at least 90% of its assets in securities of issuers domiciled outside the United States and whose securities are primarily listed or traded on exchanges outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking both capital appreciation and income. In pursuing its objective, the fund focuses on stocks of companies with strong earnings that pay dividends. The fund&#8217;s investment adviser believes that these stocks may be more resistant to market declines than stocks of companies that do not pay dividends.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 35% of the average value of its portfolio.</font> </p> 0.35 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 120 375 649 1432 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20308 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while providing current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0064 0.0025 0.0029 0.0118 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20307 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.3968 0.0670 -0.0896 0.1628 0.1916 -0.0339 -0.0582 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20309 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121516Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.2248 2009-06-30 Lowest -0.1757 2011-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 22.48% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -17.57% (quarter ended September 30, 2011)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from November 18, 2008, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0582 0.0279 0.0918 International Growth and Income Fund -0.0566 0.0106 0.0871 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0323 0.0979 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2008-11-18 2008-11-18 2008-11-18 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20310 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Capital Income Builder&#174; Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font> </p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund normally will invest at least 90% of its assets in income-producing securities (with at least 50% of its assets in common stocks and other equity securities). The fund invests primarily in a broad range of income-producing securities, including common stocks and bonds. In seeking to provide you with a level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index. The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 128% of the average value of its portfolio.</font> </p> 1.28 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 107 334 579 1283 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20314 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund has two primary investment objectives. It seeks (1) to provide you with a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide you with a growing stream of income over the years.</font></p> <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s secondary objective is to provide you with growth of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0050 0.0025 0.0030 0.0105 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20313 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows the fund&#8217;s investment results of the Class 4 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. This information provides some indication of the risks of investing in the fund. The 70%/30% MSCI ACWI/Barclays Index is a composite blend of 70% of the MSCI All Country World Index (ACWI) and 30% of the Barclays U.S. Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Global Equity Income Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns -0.0179 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20315 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member column rr_ProspectusShareClassAxis compact ck0000729528_C000140606Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows the fund&#8217;s investment results of the Class 4 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. </font></p> <br/> Highest 0.0268 2015-12-31 Lowest -0.0509 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 2.68% (quarter ended December 31, 2015)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -5.09% (quarter ended September 30, 2015)<br/></font></p> -0.0179 -0.0121 Capital Income Builder -0.0236 -0.0029 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0209 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0130 0.0055 70%/30% MSCI ACWI/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0348 -0.0257 Lipper Global Equity Income Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2014-05-01 2014-05-01 2014-05-01 2014-05-01 2014-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20316 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000045163Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows the fund&#8217;s investment results of the Class 4 shares of the fund for its first full calendar year of operations, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 70%/30% MSCI ACWI/Barclays Index is a composite blend of 70% of the MSCI All Country World Index (ACWI) and 30% of the Barclays U.S. Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Global Equity Income Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Asset Allocation Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Asset allocation</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">In seeking to pursue its investment objective, the fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2015, the fund was approximately 66% invested in equity securities, 24% invested in debt securities and 10% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the fund varies with market conditions and the investment adviser&#8217;s assessment of their relative attractiveness as investment opportunities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its assets in debt securities of issuers domiciled outside the United States. In addition, the fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio.</font> </p> 0.76 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 81 252 439 978 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20320 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with high total return (including income and capital gains) consistent with preservation of capital over the long term.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0028 0.0025 0.0026 0.0079 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20319 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% S&amp;P/Barclays Index is a composite blend of 60% of the S&amp;P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.1438 0.0628 -0.2966 0.2364 0.1219 0.0106 0.1589 0.2389 0.0516 0.0114 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20321 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121512Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1151 2009-09-30 Lowest -0.1640 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 11.51% (quarter ended September 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.40% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from August 1, 1989, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> 0.0114 0.0907 0.0623 0.0785 Asset Allocation Fund 0.0138 0.1257 0.0731 0.0931 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0325 0.0451 0.0625 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0128 0.0895 0.0648 0.0836 60%/40% S&P/Barclays Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) 1989-08-01 1989-08-01 1989-08-01 1989-08-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20322 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008796Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% S&P/Barclays Index is a composite blend of 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the fund may invest. Global Balanced Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.</b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Currency </i></font>&#8212; The prices of, and the income generated by, most debt securities held by the 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 the fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; 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 </font> <font style="font-family: Arial, Helvetica, Sans-Serif">assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Thinly traded securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">As a balanced fund with global scope, the fund seeks to invest in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The fund will allocate its assets among securities of companies domiciled in various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States).</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investments in issuers domiciled outside the United States may include securities of issuers domiciled in developing countries.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund will maintain at least 45% of the value of its assets in common stocks and other equity investments. The fund will also normally invest at least 30% of the value of its assets in bonds and other debt securities (including money market instruments). These will consist of investment-grade securities (rated Baa3 or better or BBB&#8211; or better by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser).</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in bonds and other debt securities, including securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets. The fund may also invest in securities of governments, agencies, corporations and other entities domiciled outside the United States. These investments will typically be denominated in currencies other than U.S. dollars.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio.</font> </p> 0.76 Example <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 124 387 670 1477 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20326 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This fund seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0066 0.0025 0.0031 0.0122 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20325 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member row primary compact * ~ Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% MSCI ACWI/Barclays Index is a composite blend of 60% of the MSCI All Country World Index and 40% of the Barclays Global Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Flexible Portfolio Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.1195 0.1249 0.0188 -0.0100 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20327 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121517Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0596 2012-03-31 Lowest -0.0468 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.96% (quarter ended March 31, 2012)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.68% (quarter ended September 30, 2015)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*</font><font style="font-family: Arial, Helvetica, Sans-Serif;">&#160;Lifetime results are from May 2, 2011, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0100 0.0383 Global Balanced Fund -0.0236 0.0459 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0315 0.0000 Barclays Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0247 0.0292 60%/40% MSCI ACWI/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0253 0.0444 Lipper Flexible Portfolio Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2011-05-02 2011-05-02 2011-05-02 2011-05-02 2011-05-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20328 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031859Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% MSCI ACWI/Barclays Index is a composite blend of 60% of the MSCI All Country World Index and 40% of the Barclays Global Aggregate Index and represents a broad measure of the global stock and bond markets, including market sectors in which the fund may invest. The Lipper Flexible Portfolio Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-weight: normal;"><em>Investing in inflation linked bonds</em></font> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure. Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by other investment instruments, including derivatives. The fund invests at least 65% of its assets in investment-grade debt securities (rated Baa3 or better or BBB&#8211; or better by Nationally Recognized Statistical Rating Organizations, or NRSROs, designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser), including cash and cash equivalents, securities issued and guaranteed by the U.S. and other governments, and securities backed by mortgages and other assets. The fund may invest up to 35% of its assets in debt securities rated Ba1 or below and BB+ or below by NRSROs designated by the fund&#8217;s investment adviser or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Such securities are sometimes referred to as &#8220;junk bonds.&#8221; The fund may invest in debt securities of issuers domiciled outside the United States, including in emerging markets. The fund may also invest up to 20% of its assets in preferred stocks, including convertible and nonconvertible preferred stocks. In addition, the fund may invest, subject to the restrictions above, in contracts for future delivery of mortgage-backed securities, such as to-be-announced contracts and mortgage rolls. These contracts are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio, resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. The fund is designed for investors seeking income and more price stability than stocks, and capital preservation over the long term. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental research, which may include analysis of credit quality, general economic conditions and various quantitative measures and, in the case of corporate obligations, meeting with company executives and employees, suppliers, customers and </font><font style="font-family: Arial, Helvetica, Sans-Serif;">competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 434% of the average value of its portfolio.</font> </p> 4.34 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 90 281 488 1084 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20332 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide as high a level of current income as is consistent with the preservation of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0036 0.0025 0.0027 0.0088 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20331 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Core Bond Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.0678 0.0314 -0.0962 0.1226 0.0620 0.0588 0.0509 -0.0234 0.0515 -0.0008 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20333 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121513Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0592 2009-06-30 Lowest -0.0559 2008-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.92% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -5.59% (quarter ended September 30, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from January 2, 1996, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0008 0.0269 0.0308 0.0435 Bond Fund 0.0055 0.0325 0.0451 0.0534 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0007 0.0315 0.0404 0.0481 Lipper Core Bond Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1996-01-02 1996-01-02 1996-01-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20334 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008797Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Core Bond Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Global Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Currency </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The prices of, and the income generated by, most debt securities held by the 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 the fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Although the fund does not intend to limit its investments to the securities of a small number of issuers, if it were to do so, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Although the fund does not intend to limit its investments to the securities of a small number of issuers, if it were to do so, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Under normal market circumstances, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by other investment instruments, including derivatives. The fund invests primarily in debt securities, including asset-backed and mortgage-backed securities and securities of governmental, supranational and corporate issuers denominated in various currencies, including U.S. dollars. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers domiciled outside the United States (i.e., at least 40% of its net assets, unless market conditions are not deemed favorable by the fund&#8217;s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). Normally, the fund&#8217;s debt obligations consist substantially of investment-grade bonds (rated Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations, or NRSROs, designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). The fund may also invest up to 35% of its assets in lower quality, higher yielding debt securities (rated Ba1 or below and BB+ or below by NRSROs designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; The total return of the fund will be the result of interest income, changes in the market value of the fund&#8217;s investments and changes in the values of other currencies relative to the U.S. dollar. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, the fund intends to limit its investments in the securities of any single issuer.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with government officials, central banks and company executives. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 159% of the average value of its portfolio.</font> </p> 1.59 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 109 340 590 1306 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20338 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0053 0.0025 0.0029 0.0107 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20337 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Income Funds Index includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.0899 0.0309 0.0949 0.0492 0.0434 0.0585 -0.0241 0.0116 -0.0427 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20339 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121515Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0782 2010-09-30 Lowest -0.0431 2008-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 7.82% (quarter ended September 30, 2010)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.31% (quarter ended September 30, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from October 4, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0427 0.0086 0.0354 Global Bond Fund -0.0315 0.0090 0.0353 Barclays Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0290 0.0196 0.0392 Lipper Global Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2006-10-04 2006-10-04 2006-10-04 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20340 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013796Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Global Income Funds Index includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. High-Income Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 or below or BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as &#8220;junk bonds&#8221; and may be represented by other investment instruments, including derivatives. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objectives and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors seeking a high level of current income and who are able to tolerate greater credit risk and price fluctuations than those that exist in funds investing in higher quality debt securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio.</font> </p> 0.66 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 100 312 542 1201 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20344 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s primary investment objective is to provide you with a high level of current income.</font></p> <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Its secondary investment objective is capital appreciation.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0046 0.0025 0.0027 0.0098 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20343 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.1034 0.0111 -0.2413 0.3876 0.1481 0.0167 0.1337 0.0681 0.0035 -0.0742 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20345 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121503Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.1592 2009-06-30 Lowest -0.1617 2008-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 15.92% (quarter ended June 30, 2009)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -16.17% (quarter ended December 31, 2008)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0742 0.0272 0.0443 0.0814 High-Income Bond Fund -0.0443 0.0503 0.0695 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0486 0.0445 0.0551 0.0722 Lipper High Yield Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20346 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008787Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Mortgage Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in inflation linked bonds</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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&#8217;s inflation measure.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">It is important to note that neither your investment in the fund nor the fund&#8217;s yield is guaranteed by the U.S. government. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Normally, at least 80% of the fund&#8217;s assets is invested in mortgage-related securities, including securities collateralized by mortgage loans and contracts for future delivery of such securities (such as to-be-announced contracts and mortgage dollar rolls). The contracts for future delivery are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio, resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. The fund invests primarily in mortgage-related securities that are sponsored or guaranteed by the U.S. government, such as securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government, and non-government mortgage-related securities that are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser) or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund may also invest in debt issued by federal agencies.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 1103% of the average value of its portfolio.</font> </p> 11.03 Example <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 99 309 536 1190 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20350 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide current income and preservation of capital.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0042 0.0025 0.0030 0.0097 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20349 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member row primary compact * ~ Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Intermediate U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Lipper GNMA Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.0209 -0.0141 0.0498 0.0162 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20351 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121518Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0212 2014-06-30 Lowest -0.0162 2013-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 2.12% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -1.62% (quarter ended June 30, 2013)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from May 2, 2011, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> 0.0162 0.0249 Mortgage Fund 0.0151 0.0281 Barclays U.S. Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0057 0.0203 Lipper Intermediate U.S. Government Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0065 0.0215 Lipper GNMA Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2011-05-02 2011-05-02 2011-05-02 2011-05-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20352 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000031860Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Intermediate U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Lipper GNMA Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Ultra-Short Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. </font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Interest rate risk</i></font> &#8212; The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The fund may invest in variable and floating rate securities. Although such securities are generally less sensitive to interest rate changes, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, given the current historically low interest rate environment, risks associated with rising rates are currently heightened.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in securities backed by the U.S. government</i></font> &#8212; 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. Securities issued by 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.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in repurchase agreements</i></font> &#8212; Upon entering into a repurchase agreement, the fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund&#8217;s cost with interest. The security purchased by the fund constitutes collateral for the seller&#8217;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 has fallen below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Credit and liquidity support</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the fund could cause the values of these securities to decline.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Management </i></font>&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in bonds and other debt securities. The fund invests substantially in short-term government securities and high-quality money market instruments, such as commercial paper, commercial bank obligations and ultra-short-term debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may enter into repurchase agreements that are fully collateralized by cash or government securities. When it enters into a repurchase agreement, the fund purchases a security from a bank or broker-dealer and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased by the fund constitutes collateral for the seller&#8217;s repurchase obligation, a repurchase agreement is effectively a loan by the fund that is collateralized by the security purchased. The fund will only enter into repurchase agreements involving securities of the type (excluding any maturity limitations) in which it could otherwise invest.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in securities issued by entities domiciled outside the United States and securities with credit and liquidity support features provided by entities domiciled outside the United States. The fund may also invest in securities of U.S. issuers with substantial operations outside the United States. </font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity. The investment adviser believes that an important way to accomplish this is by analyzing various factors, including the credit strength of the issuer, prices of similar securities issued by comparable issuers, current and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund was a cash management fund and was not required to disclose its portfolio turnover rate.</font> </p> Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 87 271 471 1049 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20356 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the fund is to provide you with current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </font> </p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0032 0.0025 0.0028 0.0085 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20355 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. The results for the years shown reflect the operation of the fund as a cash management fund prior to its conversion to an ultra-short-term bond fund on May 1, 2016. Accordingly, results for such periods may not be representative of the fund's results had the fund been operated as an ultra-short-term bond fund during the entire period. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns* 0.0429 0.0443 0.0164 -0.0060 -0.0059 -0.0076 -0.0065 -0.0035 -0.0044 -0.0071 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20357 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121505Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results.</font></font></p> <br/> Highest 0.0118 2006-12-31 Lowest -0.0027 2014-12-31 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 1.18% (quarter ended December 31, 2006)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -0.27% (quarter ended December 31, 2014)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font-size: 10pt; font-weight: normal;">*&#160;</font>Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> -0.0071 -0.0058 0.0061 0.0320 Ultra-Short Bond Fund 0.0026 0.0028 0.0174 Barclays Short-Term Government/Corporate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0013 0.0066 0.0182 Lipper Ultra Short Obligation Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0001 0.0001 0.0112 Lipper Money Market Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 1984-02-08 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20358 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008789Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with a broad measure of market results and other applicable measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Ultra Short Obligation Funds Average and the Lipper Money Market Funds Average include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. U.S. Government/AAA-Rated Securities Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the bonds and other securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund&#8217;s cash available for reinvestment in higher yielding securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in future delivery contracts</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the fund&#8217;s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While the fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000;"><em>Investing in inflation linked bonds</em></font><font style="font-family: Arial, Helvetica, Sans-Serif;"> &#8212; The values of inflation linked bonds generally fluctuate in response to changes in real interest rates &#8212; 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 </font><font style="font-family: Arial, Helvetica, Sans-Serif;">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&#8217;s inflation measure.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation linked bonds may also reduce the fund&#8217;s distributable income during periods of extreme 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in derivatives</i></font> &#8212; The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash 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 expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund&#8217;s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund&#8217;s returns and increase the fund&#8217;s price volatility. The fund&#8217;s counterparty to a derivative transaction (including, if applicable, the fund&#8217;s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. A description of the derivative instruments in which the fund may invest and the various risks associated with those derivatives is included in the fund&#8217;s statement of additional information under &#8220;Description of certain securities, investment techniques and risks.&#8221;</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">It is important to note that neither your investment in the fund nor the fund&#8217;s yield is guaranteed by the U.S. government. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font> </p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Normally, the fund invests at least 80% of its assets in debt securities (which may be represented by other investment instruments, including derivatives) that are guaranteed or sponsored by the U.S. government or that are otherwise rated Aaa or AAA by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The fund is designed for investors seeking income, long-term capital preservation and more price stability than investments in stocks and lower quality debt securities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest a significant portion of its assets in mortgage-backed securities, including contracts for future delivery of such securities, such as to-be-announced contracts and mortgage dollar rolls. The contracts for future delivery are normally of short duration and may be replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund&#8217;s portfolio resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy. Certain of these securities may not be backed by the full faith and credit of the U.S. government and may be supported only by the credit of the issuer.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in inflation linked bonds issued by U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Inflation linked bonds are structured to protect against inflation by linking the bond&#8217;s principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index.</font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">Additionally, the fund may invest in certain derivative instruments, such as futures contracts and swaps. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The fund may invest in a derivative only if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund as disclosed in this prospectus and in the fund&#8217;s statement of additional information.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers and anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 901% of the average value of its portfolio.</font> </p> 9.01 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 87 271 471 1049 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20362 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide a high level of current income consistent with preservation of capital. </font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0034 0.0025 0.0026 0.0085 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20361 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member row primary compact * ~ Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns* 0.0343 0.0629 0.0731 0.0227 0.0541 0.0732 0.0174 -0.0295 0.0476 0.0129 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20363 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_ProspectusShareClassAxis compact ck0000729528_C000121504Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0510 2008-12-31 Lowest -0.0216 2013-06-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 5.10% (quarter ended December 31, 2008)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -2.16% (quarter ended June 30, 2013)<br/></font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal;">*&#160;</font><font style="font-family: Arial, Helvetica, Sans-Serif;">Lifetime results are from December 2, 1985, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the &#8220;Plan of distribution&#8221; section of this prospectus and .25% of which is described in the &#8220;Fund expenses&#8221; section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</font></p> 0.0129 0.0237 0.0364 0.0564 U.S. Government/AAA-Rated Securities Fund 0.0113 0.0283 0.0435 0.0667 Barclays U.S. Government/Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0005 0.0242 0.0352 0.0563 Lipper General U.S. Government Funds Average (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0073 0.0153 0.0186 0.0261 Consumer Price Index (CPI) 1985-12-02 1985-12-02 1985-12-02 1985-12-02 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20364 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008788Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ americanfunds.com/afis The following bar chart shows how the investment results of the Class 4 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper General U.S. Government Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund&#8217;s results to inflation. Corporate Bond Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the 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&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font> &#8212; 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. Securities issued by 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund actively manages the fund&#8217;s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund seeks to provide, over the long term, a high level of total return largely comprised of current income by investing primarily in investment-grade corporate debt securities. Normally, at least 80% of the fund&#8217;s assets will be invested in corporate debt securities. The fund will also normally invest at least 90% of its assets in debt securities with quality ratings of Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations, or NRSROs, designated by the fund&#8217;s investment adviser or in debt securities that are unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. However, the fund may invest in debt securities guaranteed or sponsored by the U.S. government, as well as debt 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, without regard to the quality rating assigned to the U.S. government by a NRSRO. The fund invests in debt securities with a wide range of maturities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund may also invest significantly in debt securities issued by companies domiciled outside the U.S., including issuers domiciled in developing countries. All securities held by the fund will be denominated in U.S. dollars.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The investment adviser uses a system of multiple portfolio managers in managing the fund&#8217;s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund relies on the professional judgment of its investment adviser to make decisions about the fund&#8217;s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental research, which may include analysis of credit quality, general economic conditions and various quantitative measures and, in the case of corporate obligations, meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results.</p> Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 50 157 274 616 76 237 411 918 101 315 547 1213 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20368 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_2_and_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040664Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide, over the long term, a high level of total return largely comprised of current income.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0046 0.0046 0.0046 0.0025 0.0025 0.0003 0.0003 0.0028 0.0049 0.0074 0.0099 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20367 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_2_and_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040664Member row primary compact * ~ Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Because the fund has not yet begun investment operations, information regarding investment results is not available as of the date of this prospectus.</p> Because the fund has not yet begun investment operations, information regarding investment results is not available as of the date of this prospectus. Managed Risk Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; "><i>Investing in futures contracts</i></font> <font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series Growth Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the underlying fund is to provide investors with growth of capital. The underlying fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The underlying fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 16% of the average value of its portfolio.</font> </p> 0.16 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 72 258 461 1046 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20372 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with growth of capital while seeking to manage volatility and provide downside protection.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0000 0.0039 0.0032 0.0086 -0.0016 0.0070 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20371 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0218 0.0106 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20373 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126054Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0397 2014-06-30 Lowest -0.0512 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 3.97% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -5.12% (quarter ended September 30, 2015)<br/></font></p> 0.0106 0.0667 Managed Risk Growth Fund 0.0138 0.1240 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0215 0.1278 Lipper Growth Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0074 0.1196 Lipper Capital Appreciation Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20374 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk International Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; "><i>Investing in futures contracts</i></font> <font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in emerging markets</i></font> <font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series International Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the underlying fund is to provide investors with long-term growth of capital. The underlying fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio.</font> </p> 0.15 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 91 320 568 1278 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20378 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while seeking to manage volatility and provide downside protection.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0000 0.0041 0.0050 0.0106 -0.0017 0.0089 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20377 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns -0.0531 -0.0612 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20379 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126056Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0337 2015-03-31 Lowest -0.0813 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 3.37% (quarter ended March 31, 2015)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -8.13% (quarter ended September 30, 2015)<br/></font></p> -0.0612 -0.0115 Managed Risk International Fund -0.0566 -0.0075 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0250 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20380 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. americanfunds.com/afis Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk Blue Chip Income and Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objectives by investing in shares of an underlying fund, the American Funds Insurance Series Blue Chip Income and Growth Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. Under normal market conditions, the fund invests at least 80% of its assets in the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment objectives of the underlying fund, which is designed for investors seeking both income and capital appreciation, are (1) to produce income exceeding the average yield on U.S. stocks generally and (2) to provide an opportunity for growth of principal consistent with sound common stock investing. Under normal market conditions, the underlying fund invests at least 90% of its assets in equity securities, and the underlying fund ordinarily invests at least 90% of its equity assets in the stocks of companies whose debt securities are rated at least investment grade by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The underlying fund invests primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations greater than $4.0&#160;billion. The underlying fund&#8217;s investment adviser considers these types of investments to be &#8220;blue chip&#8221; stocks. However, the underlying fund may also invest up to 10% of its assets in equity securities of larger companies domiciled outside the United States, so long as they are listed or traded in the United States. In seeking to provide investors with a level of current income that exceeds the average yield on U.S. stocks, the underlying fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These <font style="font-family: Arial, Helvetica, Sans-Serif;">instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font><br/></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font> </p> 0.20 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 79 280 499 1128 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20384 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are 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.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0000 0.0039 0.0039 0.0093 -0.0016 0.0077 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20383 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0858 -0.0707 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20385 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126058Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0438 2014-06-30 Lowest -0.0639 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 4.38% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -6.39% (quarter ended September 30, 2015)<br/></font></p> -0.0707 0.0475 Managed Risk Blue Chip Income and Growth Fund 0.0138 0.1240 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0800 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20386 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk Growth-Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objectives by investing in shares of an underlying fund, the American Funds Insurance Series Growth-Income Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objectives of the underlying fund, which is designed for investors seeking both capital appreciation and income, are to achieve long-term growth of capital and income. The underlying fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The underlying fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio.</font> </p> 0.11 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 66 243 434 987 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20390 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0000 0.0039 0.0027 0.0081 -0.0016 0.0065 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20389 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0485 -0.0327 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20391 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126060Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0451 2014-06-30 Lowest -0.0631 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 4.51% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -6.31% (quarter ended September 30, 2015)<br/></font></p> -0.0327 0.0633 Managed Risk Growth-Income Fund 0.0138 0.1240 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0800 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20392 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk Asset Allocation Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; "><i>Investing in futures contracts</i></font> <font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; "><i>Thinly traded securities</i></font> <font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Asset allocation</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The underlying fund&#8217;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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series Asset Allocation Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the underlying fund is to provide investors with high total returns (including income and capital gains) consistent with preservation of capital over the long term. The underlying fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The underlying fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the underlying fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2015, the fund was approximately 66% invested in equity securities, 24% invested in debt securities and 10% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the underlying fund varies with market conditions and the investment adviser&#8217;s assessment of their relative attractiveness as investment opportunities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The underlying fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its assets in debt securities of issuers domiciled outside the United States. In addition, the underlying fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 3% of the average value of its portfolio.</font></p> 0.03 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 67 221 389 877 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20396 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with 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.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0000 0.0029 0.0027 0.0071 -0.0006 0.0065 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20395 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member row primary compact * ~ 2017-05-01 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% S&amp;P/Barclays Index is a composite blend of 60% of the S&amp;P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the underlying fund may invest. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.2082 0.0324 -0.0083 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20397 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member column rr_ProspectusShareClassAxis compact ck0000729528_C000117906Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0681 2013-03-31 Lowest -0.0419 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 6.81% (quarter ended March 31, 2013)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.19% (quarter ended September 30, 2015)<br/></font></p> -0.0083 0.0715 Managed Risk Asset Allocation Fund 0.0138 0.1372 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0139 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0128 0.0878 60%/40% S&P/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 2012-09-28 2012-09-28 2012-09-28 2012-09-28 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20398 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P1 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% S&P/Barclays Index is a composite blend of 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the underlying fund may invest. Managed Risk Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series Growth Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the underlying fund is to provide investors with growth of capital. The underlying fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The underlying fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 16% of the average value of its portfolio.</font> </p> 0.16 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 97 337 596 1337 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20402 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with growth of capital while seeking to manage volatility and provide downside protection.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0025 0.0039 0.0032 0.0111 -0.0016 0.0095 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20401 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member row primary compact * ~ 2017-05-01 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0177 0.0071 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20403 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126055Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0380 2014-06-30 Lowest -0.0523 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 3.80% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -5.23% (quarter ended September 30, 2015)<br/></font></p> 0.0071 0.0633 Managed Risk Growth Fund 0.0138 0.1240 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0215 0.1278 Lipper Growth Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 0.0074 0.1196 Lipper Capital Appreciation Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20404 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth Funds Index and the Lipper Capital Appreciation Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk International Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series International Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the underlying fund is to provide investors with long-term growth of capital. The underlying fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser believes have the potential for growth. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio.</font> </p> 0.15 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 115 395 696 1553 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20408 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with long-term growth of capital while seeking to manage volatility and provide downside protection.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0025 0.0040 0.0050 0.0130 -0.0017 0.0113 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20407 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member row primary compact * ~ 2017-05-01 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns -0.0568 -0.0652 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20409 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126057Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0327 2015-03-31 Lowest -0.0826 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 3.27% (quarter ended March 31, 2015)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -8.26% (quarter ended September 30, 2015)<br/></font></p> -0.0652 -0.0148 Managed Risk International Fund -0.0566 -0.0075 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0134 0.0250 Lipper International Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20410 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk Blue Chip Income and Growth Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objectives by investing in shares of an underlying fund, the American Funds Insurance Series Blue Chip Income and Growth Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. Under normal market conditions, the fund invests at least 80% of its assets in the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The investment objectives of the underlying fund, which is designed for investors seeking both income and capital appreciation, are (1) to produce income exceeding the average yield on U.S. stocks generally and (2) to provide an opportunity for growth of principal consistent with sound common stock investing. Under normal market conditions, the underlying fund invests at least 90% of its assets in equity securities, and the underlying fund ordinarily invests at least 90% of its equity assets in the stocks of companies whose debt securities are rated at least investment grade by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser. The underlying fund invests primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations greater than $4.0&#160;billion. The underlying fund&#8217;s investment adviser considers these types of investments to be &#8220;blue chip&#8221; stocks. However, the underlying fund may also invest up to 10% of its assets in equity securities of larger companies domiciled outside the United States, so long as they are listed or traded in the United States. In seeking to provide investors with a level of current income that exceeds the average yield on U.S. stocks, the underlying fund generally looks to the average yield on stocks of companies listed on the S&amp;P 500 Index.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s <font style="font-family: Arial, Helvetica, Sans-Serif;">portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font><br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font> </p> 0.20 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 104 359 634 1418 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20414 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are 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.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0025 0.0039 0.0039 0.0118 -0.0016 0.0102 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20413 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member row primary compact * ~ 2017-05-01 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0810 -0.0743 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20415 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126059Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0430 2014-06-30 Lowest -0.0651 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 4.307% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -6.51% (quarter ended September 30, 2015)<br/></font></p> -0.0743 0.0438 Managed Risk Blue Chip Income and Growth Fund 0.0138 0.1240 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0800 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20416 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk Growth-Income Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objectives by investing in shares of an underlying fund, the American Funds Insurance Series Growth-Income Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objectives of the underlying fund, which is designed for investors seeking both capital appreciation and income, are to achieve long-term growth of capital and income. The underlying fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The underlying fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. </font> </p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio.</font> </p> 0.11 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 92 321 569 1280 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20420 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objectives <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objectives are to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.</font></p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0025 0.0039 0.0027 0.0106 -0.0016 0.0090 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20419 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member row primary compact * ~ 2017-05-01 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font> </p> Calendar year total returns 0.0442 -0.0364 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20421 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member column rr_ProspectusShareClassAxis compact ck0000729528_C000126061Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0443 2014-06-30 Lowest -0.0642 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 4.43% (quarter ended June 30, 2014)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -6.42% (quarter ended September 30, 2015)<br/></font></p> -0.0364 0.0598 Managed Risk Growth-Income Fund 0.0138 0.1240 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) -0.0161 0.0800 Lipper Growth and Income Funds Index (reflects no deduction for sales charges, account fees or U.S. federal income taxes) 2013-05-01 2013-05-01 2013-05-01 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20422 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The Lipper Growth and Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Managed Risk Asset Allocation Fund Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying fund. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Fund structure</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The fund invests in an underlying fund and incurs expenses related to the underlying fund. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Underlying fund risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Because the fund&#8217;s investments consist of an underlying fund, the fund&#8217;s risks are directly related to the risks of the underlying fund. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying fund.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Hedging </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Short positions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Market conditions</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, the securities held by the underlying fund may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Issuer risks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, securities held by the underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Income provided by the underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The prices of, and the income generated by, bonds and other debt securities held by the underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. 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 the underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund&#8217;s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; 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. Securities issued by 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.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif"><font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell.</font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Investing outside the United States</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Asset allocation</i></font><font style="font-family: Arial, Helvetica, Sans-Serif"> &#8212; The underlying fund&#8217;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.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Nondiversification risk </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: #000000"><i>Management </i></font><font style="font-family: Arial, Helvetica, Sans-Serif">&#8212; The investment adviser to the fund and to the underlying fund actively manages the underlying fund&#8217;s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</font></p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series Asset Allocation Fund<font style="font-weight: normal; color: #000000">^SM</font>, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The investment objective of the underlying fund is to provide investors with high total returns (including income and capital gains) consistent with preservation of capital over the long term. The underlying fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The underlying fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the underlying fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2015, the fund was approximately 66% invested in equity securities, 24% invested in debt securities and 10% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the underlying fund varies with market conditions and the investment adviser&#8217;s assessment of their relative attractiveness as investment opportunities. </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-family: Arial, Helvetica, Sans-Serif">The underlying fund may invest up to 15% of its assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its assets in debt securities of issuers domiciled outside the United States. In addition, the underlying fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser or unrated but determined to be of equivalent quality by the fund&#8217;s investment adviser). Such securities are sometimes referred to as &#8220;junk bonds.&#8221; </font> </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying fund&#8217;s equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying fund&#8217;s portfolio. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying fund, the fund owns a diversified mix of securities.</font></p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 3% of the average value of its portfolio.</font></p> 0.03 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</font></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</font></p> 92 300 525 1172 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20426 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The fund&#8217;s investment objective is to provide you with 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.</font></p> Fees and expenses of the fund <p style="color: #000000; font-size: 10pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</font></p> 0.0015 0.0025 0.0029 0.0027 0.0096 -0.0006 0.0090 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20425 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member row primary compact * ~ 2017-05-01 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The 60%/40% S&amp;P/Barclays Index is a composite blend of 60% of the S&amp;P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the underlying fund may invest. Past investment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower. Updated information on the fund&#8217;s investment results can be obtained by visiting americanfunds.com/afis.</font></p> Calendar year total returns 0.2058 0.0291 -0.0107 ~ http://americanfunds.com/20160428/role/ScheduleAnnualTotalReturnsBarChart20427 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member column rr_ProspectusShareClassAxis compact ck0000729528_C000117907Member row primary compact * ~ <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results.</font></p> <br/> Highest 0.0681 2013-03-31 Lowest -0.0428 2015-09-30 <p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#160;&#160; 6.81% (quarter ended March 31, 2013)<br/></font></p> <br/><p style="color: #000000; font-size: 10pt; text-align: left;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#160;&#160; -4.28% (quarter ended September 30, 2015)<br/></font></p> -0.0107 0.0689 Managed Risk Asset Allocation Fund 0.0138 0.1372 S&P 500 Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0055 0.0139 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 0.0128 0.0878 60%/40% S&P/Barclays Index (reflects no deduction for sales charges, account fees, expenses or U.S. federal income taxes) 2012-09-28 2012-09-28 2012-09-28 2012-09-28 ~ http://americanfunds.com/20160428/role/ScheduleAverageAnnualReturnsTransposed20428 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 6pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein.</font></p> americanfunds.com/afis The following bar chart shows how the investment results of the Class P2 shares of the fund have varied from year to year, and the following table shows how the fund&#8217;s average annual total returns for various periods compare with different broad measures of market results. Past investment results (before and after taxes) are not predictive of future investment results. Average annual total returns For the periods ended December 31, 2015: The 60%/40% S&P/Barclays Index is a composite blend of 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Index and represents a broad measure of the U.S. stock and bond markets, including market sectors in which the underlying fund may invest. Portfolio Series - American Funds Global Growth Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><font style="font-weight: normal; color: #000000;"><em>Investing in small companies</em></font> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will invest primarily in global and international funds that invest significantly in issuers domiciled outside the United States. Through the underlying funds in which it invests, the fund will have significant exposure to issuers domiciled outside the United States, including exposure to issuers domiciled in at least three different countries. The fund may also have exposure to issuers domiciled in emerging markets, including small capitalization issuers. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking long-term growth of capital. The fund may also invest in underlying funds that hold debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221;</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 32% of the average value of its portfolio. </p> 0.32 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class 1 and Class 2 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 70 234 411 925 96 312 547 1219 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20432 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_and_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 or Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0000 0.0000 0.0000 0.0025 0.0013 0.0013 0.0062 0.0062 0.0075 0.0100 -0.0006 -0.0006 0.0069 0.0094 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20431 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_and_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Growth and Income Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. The fund may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. Poor performance by a single large holding in a non-diversified underlying fund would adversely affect the fund&#8217;s investment results more than if the underlying fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks. The fund will seek to generate some of its income from exposure to dividend paying stocks. The fund will seek exposure to issuers domiciled outside the United States, including those domiciled in emerging markets. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking current income and long-term growth of capital.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221; Exposure to lower rated securities may help the fund achieve its objective of providing current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The underlying funds may hold securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets. The underlying funds may also invest in the debt securities of governments, agencies, corporations and other entities domiciled outside the United States.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 10% of the average value of its portfolio. </p> 0.10 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class 1 and Class 2 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 55 186 329 744 81 265 465 1043 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20436 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_and_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital while providing current income.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 or Class 2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0000 0.0000 0.0000 0.0025 0.0013 0.0013 0.0047 0.0047 0.0060 0.0085 -0.0006 -0.0006 0.0054 0.0079 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20435 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_and_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Managed Risk Growth Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying funds. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund, including the managed risk strategy.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Hedging </i></font>&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Short positions</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in small companies</i></font> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund&#8217;s cash available for reinvestment in higher yielding securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in future delivery contracts</i></font> &#8212; The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund&#8217;s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the underlying fund. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font> &#8212; 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. Securities issued by 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Nondiversification risk </i></font>&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings, while seeking to manage portfolio volatility and to provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income and fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks. The fund will typically have significant exposure to issuers domiciled outside the United States. The fund may also have exposure to smaller capitalization issuers and issuers domiciled in emerging markets. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking long-term growth of capital.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221;</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying funds&#8217; equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying funds&#8217; portfolios, taking into consideration each underlying fund&#8217;s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying funds, the fund owns a diversified mix of securities.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 4% of the average value of its portfolio. </p> 0.04 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 79 276 490 1107 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20440 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0015 0.0000 0.0038 0.0038 0.0091 -0.0014 0.0077 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20439 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Managed Risk Growth and Income Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying funds. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. The fund may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. Poor performance by a single large holding in a non-diversified underlying fund would adversely affect the fund&#8217;s investment results more than if the underlying fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund, including the managed risk strategy.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Hedging </i></font>&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Short positions</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Nondiversification risk </i></font>&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings, while seeking to manage portfolio volatility and to provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks. The fund will seek to generate some of its income from exposure to dividend paying stocks. The fund will seek exposure to issuers domiciled outside the United States, including those domiciled in emerging markets. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking current income and long-term growth of capital.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221; Exposure to lower rated securities may help the fund achieve its objective of providing current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The underlying funds may hold securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets. The underlying funds may also invest in the debt securities of governments, agencies, corporations and other entities domiciled outside the United States.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying funds&#8217; equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying funds&#8217; portfolios, taking into consideration each underlying fund&#8217;s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying funds, the fund owns a diversified mix of securities.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 4% of the average value of its portfolio. </p> 0.04 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 85 295 523 1177 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20444 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0015 0.0000 0.0038 0.0044 0.0097 -0.0014 0.0083 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20443 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Managed Risk Global Allocation Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying funds. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. The fund may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. Poor performance by a single large holding in a non-diversified underlying fund would adversely affect the fund&#8217;s investment results more than if the underlying fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund, including the managed risk strategy.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Hedging </i></font>&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Short positions</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Asset allocation</i></font> &#8212; The fund&#8217;s percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Currency </i></font>&#8212; The prices of, and the income generated by, most debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund&#8217;s cash available for reinvestment in higher yielding securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Nondiversification risk </i></font>&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings, while seeking to manage portfolio volatility and to provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> In seeking to pursue its investment objective, the fund, through its investments in the underlying funds, varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. The proportion of equities, debt securities and money market instruments held by the fund through its investments in the underlying funds will vary with market conditions and the investment adviser&#8217;s assessment of the relative attractiveness of each asset type as an investment opportunity. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">As an asset allocation fund with a global scope, the fund seeks to invest, through its investments in the underlying funds, in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The fund will invest primarily in global and international funds that invest significantly in issuers domiciled outside the United States. Through the underlying funds in which it invests, the fund will have significant exposure to issuers domiciled outside the United States, including exposure to issuers domiciled in at least three different countries. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking high total return, including capital gains and current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented and income-oriented common stocks. The fund will seek to generate some of its income from exposure to dividend paying stocks. With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221; Exposure to lower rated securities may help the fund achieve its objective of providing current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing high total return (including income and capital gains) consistent with preservation of capital over the long term. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying funds&#8217; equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying funds&#8217; portfolios, taking into consideration each underlying fund&#8217;s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying funds, the fund owns a diversified mix of securities.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 15% of the average value of its portfolio. </p> 0.15 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class P1 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 96 330 582 1305 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20448 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is 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.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P1 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0015 0.0000 0.0038 0.0055 0.0108 -0.0014 0.0094 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20447 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Global Growth Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><font style="font-weight: normal; color: #000000;"><em>Investing in small companies</em></font> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will invest primarily in global and international funds that invest significantly in issuers domiciled outside the United States. Through the underlying funds in which it invests, the fund will have significant exposure to issuers domiciled outside the United States, including exposure to issuers domiciled in at least three different countries. The fund may also have exposure to issuers domiciled in emerging markets, including small capitalization issuers. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking long-term growth of capital. The fund may also invest in underlying funds that hold debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221;</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 32% of the average value of its portfolio. </p> 0.32 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 121 391 681 1506 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20452 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0000 0.0025 0.0038 0.0062 0.0125 -0.0006 0.0119 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20451 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Growth and Income Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. The fund may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. Poor performance by a single large holding in a non-diversified underlying fund would adversely affect the fund&#8217;s investment results more than if the underlying fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks. The fund will seek to generate some of its income from exposure to dividend paying stocks. The fund will seek exposure to issuers domiciled outside the United States, including those domiciled in emerging markets. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking current income and long-term growth of capital.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221; Exposure to lower rated securities may help the fund achieve its objective of providing current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The underlying funds may hold securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets. The underlying funds may also invest in the debt securities of governments, agencies, corporations and other entities domiciled outside the United States.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 10% of the average value of its portfolio. </p> 0.10 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class 4 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 106 344 600 1335 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20456 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital while providing current income.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class 4 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0000 0.0025 0.0038 0.0047 0.0110 -0.0006 0.0104 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20455 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Managed Risk Growth Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying funds. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund, including the managed risk strategy.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Hedging </i></font>&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Short positions</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in small companies</i></font> &#8212; Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund&#8217;s cash available for reinvestment in higher yielding securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in future delivery contracts</i></font> &#8212; The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund&#8217;s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the underlying fund. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in securities backed by the U.S. government</i></font> &#8212; 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. Securities issued by 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Nondiversification risk </i></font>&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings, while seeking to manage portfolio volatility and to provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income and fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks. The fund will typically have significant exposure to issuers domiciled outside the United States. The fund may also have exposure to smaller capitalization issuers and issuers domiciled in emerging markets. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking long-term growth of capital.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221;</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying funds&#8217; equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying funds&#8217; portfolios, taking into consideration each underlying fund&#8217;s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying funds, the fund owns a diversified mix of securities.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 4% of the average value of its portfolio. </p> 0.04 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 104 355 625 1397 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20460 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0015 0.0025 0.0038 0.0038 0.0116 -0.0014 0.0102 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20459 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Managed Risk Growth and Income Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying funds. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. The fund may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. Poor performance by a single large holding in a non-diversified underlying fund would adversely affect the fund&#8217;s investment results more than if the underlying fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund, including the managed risk strategy.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Hedging </i></font>&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Short positions</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Nondiversification risk </i></font>&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings, while seeking to manage portfolio volatility and to provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks. The fund will seek to generate some of its income from exposure to dividend paying stocks. The fund will seek exposure to issuers domiciled outside the United States, including those domiciled in emerging markets. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking current income and long-term growth of capital.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated but determined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221; Exposure to lower rated securities may help the fund achieve its objective of providing current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The underlying funds may hold securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets. The underlying funds may also invest in the debt securities of governments, agencies, corporations and other entities domiciled outside the United States.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying funds&#8217; equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying funds&#8217; portfolios, taking into consideration each underlying fund&#8217;s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying funds, the fund owns a diversified mix of securities.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 4% of the average value of its portfolio. </p> 0.04 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 110 373 657 1465 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20464 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0015 0.0025 0.0038 0.0044 0.0122 -0.0014 0.0108 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20463 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Portfolio Series - American Funds Managed Risk Global Allocation Portfolio Principal risks <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><b>This section describes the principal risks associated with the fund&#8217;s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Investors in the fund should also understand that the fund&#8217;s objective of protecting against downside losses may result in the fund not realizing the full gains of the underlying funds. In addition, the managed risk strategy may not effectively protect the fund from all market declines. </b></p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Allocation risk</i></font> &#8212; Investments in the fund are subject to risks related to the investment adviser&#8217;s allocation choices. The selection of the underlying funds and the allocation of the fund&#8217;s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. The fund may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. Poor performance by a single large holding in a non-diversified underlying fund would adversely affect the fund&#8217;s investment results more than if the underlying fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Fund structure</i></font> &#8212; The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund, including the managed risk strategy.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Underlying fund risks</i></font> &#8212; Because the fund&#8217;s investments consist of underlying funds, the fund&#8217;s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in futures contracts</i></font> &#8212; In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions, futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund&#8217;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 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 futures in which it invests, the fund could be exposed to the risk of loss. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Hedging </i></font>&#8212; There may be imperfect or even negative correlation between the prices of the futures contracts and the prices of the underlying securities. For example, futures contracts may not provide an effective hedge because changes in 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 and futures markets 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 futures, including technical influences in 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&#8217;s investment in exchange-traded futures and their resulting costs could limit the fund&#8217;s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Short positions</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Market conditions</i></font> &#8212; The prices of, and the income generated by, the securities held by the underlying funds may decline &#8211; sometimes rapidly or unpredictably &#8211; due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Issuer risks</i></font> &#8212; The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer&#8217;s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Asset allocation</i></font> &#8212; The fund&#8217;s percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in growth-oriented stocks</i></font> &#8212; 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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in income-oriented stocks</i></font> &#8212; Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing outside the United States</i></font> &#8212; Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in emerging markets</i></font> &#8212; 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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 an underlying fund&#8217;s net asset value and, accordingly, in calculating the underlying fund&#8217;s net asset value. Additionally, there may be increased settlement risks for transactions in local securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Currency </i></font>&#8212; The prices of, and the income generated by, most debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund&#8217;s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in debt instruments</i></font> &#8212; The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken 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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds&#8217; investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Investing in lower rated debt instruments</i></font> &#8212; Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer&#8217;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.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i></font> &#8212; Mortgage-related securities, such as mortgage-backed securities and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund&#8217;s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund&#8217;s cash available for reinvestment in higher yielding securities. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <font style="font-weight: normal"><i>Thinly traded securities</i></font> &#8212; There may be little trading in the secondary market for particular bonds, other debt securities or derivatives, which may make them more difficult to value, acquire or sell. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Nondiversification risk </i></font>&#8212; As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-weight: normal; color: #000000"><i>Management </i></font>&#8212; The investment adviser to the fund and to the underlying funds actively manages each underlying fund&#8217;s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. In addition, the fund is subject to the risk that the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.</p> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Therefore, poor performance by a single large holding could adversely impact the fund&#8217;s investment results more than if the fund were invested in a larger number of issuers. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You may lose money by investing in the fund. Principal investment strategies <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) funds in different combinations and weightings, while seeking to manage portfolio volatility and to provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed-income funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> In seeking to pursue its investment objective, the fund, through its investments in the underlying funds, varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the fund&#8217;s investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. The proportion of equities, debt securities and money market instruments held by the fund through its investments in the underlying funds will vary with market conditions and the investment adviser&#8217;s assessment of the relative attractiveness of each asset type as an investment opportunity. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">As an asset allocation fund with a global scope, the fund seeks to invest, through its investments in the underlying funds, in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The fund will invest primarily in global and international funds that invest significantly in issuers domiciled outside the United States. Through the underlying funds in which it invests, the fund will have significant exposure to issuers domiciled outside the United States, including exposure to issuers domiciled in at least three different countries. The investment adviser believes that exposure to issuers domiciled outside the United States can help provide diversification when seeking high total return, including capital gains and current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented and income-oriented common stocks. The fund will seek to generate some of its income from exposure to dividend paying stocks. With respect to its fixed-income investments, the underlying funds in which the fund invests may hold debt securities with a wide range of quality and maturities. The fund may invest in underlying funds with significant exposure to debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the fund&#8217;s investment adviser, or unrated butdetermined by the fund&#8217;s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as &#8220;junk bonds.&#8221; Exposure to lower rated securities may help the fund achieve its objective of providing current income.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> The fund&#8217;s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund&#8217;s investment objective of providing high total return (including income and capital gains) consistent with preservation of capital over the long term. In making this determination, the fund&#8217;s investment adviser considers the historical volatility and returns of the underlying funds and how various combinations would have behaved in past market environments. It also considers, among other topics, current market conditions and the investment positions of the underlying funds. </p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund employs a risk-management overlay referred to in this prospectus as the managed risk strategy. The managed risk strategy consists of using hedge instruments &#8212; primarily short positions in exchange-traded futures contracts &#8212; to attempt to stabilize the volatility of the fund around a target volatility level and reduce the downside exposure of the fund during periods of significant market declines. The fund employs a subadviser to select individual futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the underlying funds&#8217; equity exposure. These instruments are selected based on the subadviser&#8217;s analysis of the relation of various equity indexes to the underlying funds&#8217; portfolios, taking into consideration each underlying fund&#8217;s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the fund&#8217;s currency risk related to its exposure to equity index futures denominated in currencies other than the U.S. dollar.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash linked to the value of the index at the close of the last trading day of the contract. A futures contract is considered a derivative because it derives its value from the price of the underlying index. A short position in an index futures contract gains in value when the underlying index declines and loses value when the underlying index rises.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds. The investment adviser will also consider whether overall market conditions and the effect of the managed risk strategy would favor a change in the exposure of the fund to various asset types or geographic regions. Based on these considerations, the investment adviser may make adjustments to underlying fund holdings by adjusting the percentage of individual underlying funds within the fund, or adding or removing underlying funds. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund&#8217;s investment objective.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The subadviser will regularly adjust the level of exchange-traded futures contracts to seek to manage the overall net risk level of the fund. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index futures more heavily, as the exchange-traded futures could significantly reduce the fund&#8217;s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to use the hedging techniques (although, presumably, to a lesser degree) to seek to preserve gains after favorable market conditions and reduce losses in adverse market conditions.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. However, through the underlying funds, the fund owns a diversified mix of securities.</p> Portfolio turnover <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s investment results. During the period ended December 31, 2015, the fund's portfolio turnover rate was 15% of the average value of its portfolio. </p> 0.15 Example <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This example is intended to help you compare the cost of investing in Class P2 shares of the fund with the cost of investing in other mutual funds.</p> <br/><p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses were reflected, expenses shown would be higher.</p> 121 408 715 1589 ~ http://americanfunds.com/20160428/role/ScheduleExpenseExampleTransposed20468 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment objective <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The fund&#8217;s investment objective is 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.</p> Fees and expenses of the fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">This table describes the fees and expenses that you may pay if you buy and hold an interest in Class P2 shares of the fund. It does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.</p> 0.0015 0.0025 0.0038 0.0055 0.0133 -0.0014 0.0119 ~ http://americanfunds.com/20160428/role/ScheduleAnnualFundOperatingExpenses20467 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ 2017-05-01 Based on estimated amounts for the current fiscal year. Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Investment results <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus. Additionally, because no funds, private accounts or commodity pools that are managed by the fund&#8217;s investment adviser have investment objectives, policies and strategies substantially similar to those of the fund, information regarding investment results of any such other funds, accounts or pools is not provided herein. </p> Because the fund does not have a full calendar year of investment operations, information regarding investment results is not available as of the date of this prospectus.