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ck0000729528:S000067189Member ck0000729528:InterestRateRiskMember 2022-12-31 2022-12-31 0000729528 ck0000729528:doc_Class_1A_2_Shares_ProspectusMember ck0000729528:S000067189Member ck0000729528:LiquidityRiskMember 2022-12-31 2022-12-31 0000729528 ck0000729528:doc_Class_1A_2_Shares_ProspectusMember ck0000729528:S000067189Member ck0000729528:InvestingInStocksMember 2022-12-31 2022-12-31 0000729528 ck0000729528:doc_Class_1A_2_Shares_ProspectusMember ck0000729528:S000067189Member ck0000729528:InvestingOutsideTheUnitedStatesMember 2022-12-31 2022-12-31 0000729528 ck0000729528:doc_Class_1A_2_Shares_ProspectusMember ck0000729528:S000067189Member ck0000729528:ManagementMember 2022-12-31 2022-12-31 pure iso4217:USD N-1A AMERICAN FUNDS INSURANCE SERIES 2023-05-01 2023-05-01 Global Growth Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0004 0.0052 -0.0011 0.0041 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 42 156 280 642 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2454 0.0733 0.1043 0.0957 -0.1836 0.0523 0.0798 0.0618 Global Small Capitalization Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0005 0.007 -0.0004 0.0066 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 67 220 386 867 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The investment adviser currently defines “small market capitalization” companies as companies with market capitalizations of $6.0 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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less </span> <span style="font-family: Arial, Helvetica, Sans-Serif">liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2937 0.0305 0.071 0.0839 -0.1867 0.0323 0.0769 0.0725 Growth Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0031 0.0003 0.0034 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 35 109 191 431 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2975 0.1142 0.1393 0.1265 -0.1811 0.0942 0.1256 0.1115 International Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0005 0.0053 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 54 170 296 665 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that the investment adviser believes have the potential for growth. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2057 -0.0078 0.0418 0.0707 -0.16 0.0088 0.038 0.0529 New World Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is long-term capital appreciation.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0058 0.0006 0.0064 -0.0007 0.0057 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 58 198 350 792 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets. The securities markets of these countries may be referred to as emerging markets. The fund may invest in equity securities of any company, regardless of where it is based (including developed countries), if the fund’s investment adviser determines that a significant portion of the company’s assets or revenues (generally 20% or more) is attributable to developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In determining whether a country is qualified, the fund’s investment adviser considers such factors as the country’s per capita gross domestic product, the percentage of the country’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’s investment adviser maintains a list of qualified countries and securities in which the fund may invest.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In addition, the fund may invest 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in developing countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in developing countries</i> — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. The fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2186 0.0258 0.0453 0.0745 -0.1836 0.0523 0.0798 0.05 Capital World Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0005 0.0053 -0.0011 0.0042 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 43 159 285 654 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of well-established companies located around the world, many of which have the potential to pay dividends. The fund invests, on a global basis, in common stocks that are denominated in U.S. dollars or other currencies. Under normal market circumstances the fund will invest a significant portion of its assets in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities domiciled in developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2006-05-01 -0.1713 0.0436 0.0804 0.064 -0.1836 0.0523 0.0798 0.056 Growth-Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objectives are to achieve long-term growth of capital and income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0003 0.0028 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 29 90 157 356 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.25 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1628 0.0809 0.1182 0.1101 -0.1811 0.0942 0.1256 0.1115 International Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0007 0.0055 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 176 307 689 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 48% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.48 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in stocks of larger, well-established companies domiciled outside the United States, including in emerging markets and 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 whose securities are listed primarily on exchanges outside the United States, cash, cash equivalents (including shares of money market or similar funds managed by the investment adviser or its affiliates) and securities held as collateral issued by U.S. issuers. The fund therefore expects to be invested in numerous countries outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 investment adviser believes that these stocks may be more resistant to market declines than stocks of companies that do not pay dividends.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2008-11-18 -0.15 0.0088 0.0386 0.0691 -0.16 0.0088 0.038 0.0676 Washington Mutual Investors Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0003 0.004 -0.0015 0.0025 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 26 113 209 491 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 30% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.30 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential income as well as the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average yield in its quarterly income distribution in relation to the S&amp;P 500 Index (a broad, unmanaged index). The fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund has an “Eligible List” of investments considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. The investment adviser generates and maintains the Eligible List and selects the fund’s investments exclusively from the issuers on the Eligible List.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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 all of the years shown reflect the operation of the fund as the Blue Chip Income and Growth Fund prior to May 1, 2021. Accordingly, results for such periods may not be representative of the fund’s results had the fund been operated under its current strategy during the entire period. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2001-07-05 -0.0828 0.0737 0.1157 0.0697 -0.1811 0.0942 0.1256 0.0756 Capital Income Builder <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund has two primary investment objectives. It seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. </span></p> Investment objectives The fund’s secondary objective is to provide growth of capital. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0.0005 0.0041 -0.0014 0.0027 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 28 118 216 504 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund normally invests 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 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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2014-05-01 -0.069 0.0435 0.0433 -0.1659 0.0394 0.0503 -0.1836 0.0523 0.0643 -0.1301 0.0002 0.0112 Asset Allocation Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0003 0.003 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 118% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.18 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’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, 2022, the fund was approximately 68% invested in equity securities, 27% invested in debt securities and 5% 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’s assessment of their relative attractiveness as investment opportunities. </span></p> <p style="font-size: 10pt; text-align: left"><span 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 including U.S. government 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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <i>Asset allocation</i> — The fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&amp;P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1319 0.0559 0.0837 0.0822 -0.1579 0.0596 0.0808 0.0816 -0.1811 0.0942 0.1256 0.0976 -0.1301 0.0002 0.0106 0.051 American Funds Global Balanced Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This fund seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0006 0.0051 -0.0001 0.005 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 163 284 640 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">As a balanced fund with global scope, the fund seeks to invest in equity and debt securities around the world that offer the opportunity for growth and/or provide dividend income, while also constructing the portfolio to protect principal and limit volatility.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Although the fund’s equity investments focus on medium to larger capitalization companies, the fund’s investments are not limited to a particular capitalization size.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Normally the fund will invest at least 25% 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– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser).</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will allocate its assets among various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest at least 40% of its net assets in issuers domiciled outside the United States, unless market conditions are not deemed favorable by the fund’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers domiciled outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s ability to invest in issuers domiciled outside the United States includes investing in emerging markets.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities may involve larger price swings and greater potential for loss than other types of investments.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. This information provides some indication of the risks of investing in the fund. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. This assumes the blend is rebalanced monthly. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. This assumes the blend is rebalanced monthly. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2011-05-02 -0.1433 0.0365 0.0552 0.0523 -0.1733 0.0271 0.0474 0.0421 -0.1836 0.0523 0.0798 0.0669 -0.1625 -0.0166 -0.0044 0.0007 American Funds Mortgage Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide current income and preservation of capital. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.001 0.004 -0.001 0.003 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 118 214 495 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1,141% of the average value of its portfolio.</span></span></p> Portfolio turnover 11.41 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets are 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 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 that are not backed by the full faith and credit of the U.S. government, and nongovernment mortgage-related securities that are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser) or unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may also invest in debt issued by federal agencies. In the case of to be announced contracts, each contract for future delivery is normally of short duration.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2011-05-02 -0.0976 0.0038 0.0119 0.0165 -0.1181 -0.0053 0.0074 0.0124 -0.1108 -0.0031 0.003 0.0092 -0.1077 -0.0076 0.001 0.0072 American High-Income Trust <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s primary investment objective is to provide you with a high level of current income. </span></p> Investment objectives Its secondary investment objective is capital appreciation. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.004 0.0004 0.0044 -0.0014 0.003 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 127 232 541 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 34% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.34 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 / BB+ or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the fund’s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.” The fund may also invest a portion of its assets in securities of issuers domiciled outside the United States.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper High Yield 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0901 0.034 0.0412 0.0816 -0.1118 0.023 0.0403 -0.1066 0.0173 0.0323 0.072 Capital World Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund’s investments.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0043 0.0004 0.0047 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 48 151 263 591 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 188% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.88 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Under normal market circumstances, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by 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. The fund will invest substantially in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities of issuers domiciled in developing countries. Normally, the fund invests substantially in investment-grade bonds (rated Baa3 or better or BBB– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). The fund may also invest up to 25% of its assets in lower quality, higher yielding debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.” The total return of the fund will be the result of interest income, changes in the market value of the fund’s investments and changes in the values of other currencies relative to the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in forward currency contracts, futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Currency </i>— The prices of, and the income generated by, many 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’s securities denominated in such currencies would generally fall and vice versa.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Income Funds Average includes 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'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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper Global Income Funds Average includes 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'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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2006-10-04 -0.1743 -0.0153 -0.0025 0.024 -0.1625 -0.0166 -0.0044 0.0205 -0.1246 -0.0016 0.008 0.0282 0.0645 0.0378 0.026 0.0237 The Bond Fund of America <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0003 0.0038 -0.0017 0.0021 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 22 105 196 464 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 415% of the average value of its portfolio.</span></span></p> Portfolio turnover 4.15 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 derivatives. The fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in debt securities and mortgage-backed 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest up to 10% of its assets in debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser. Securities rated Ba1 or below and BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1226 0.0102 0.0162 0.0404 -0.1301 0.0002 0.0106 0.0417 -0.1351 -0.0004 0.0099 0.0392 U.S. Government Securities Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0004 0.0034 -0.001 0.0024 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 25 99 181 421 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 695% of the average value of its portfolio.</span></span></p> Portfolio turnover 6.95 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets will be invested in securities that are guaranteed or sponsored by the U.S. government, its agencies and instrumentalities, including bonds and other debt securities denominated in U.S. dollars, which may be represented by derivatives. The fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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’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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1075 0.0085 0.0117 0.0517 -0.1212 -0.0024 0.0067 0.0545 -0.1294 -0.0063 0.0016 0.0481 0.0645 0.0378 0.026 0.0274 Ultra-Short Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The investment objective of the fund is to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0026 0.0004 0.003 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 0% of the average value of its portfolio. However, calculation of the fund's portfolio turnover rate excludes securities whose maturities or expiration dates at the time of acquisition were one year or less.</span></span></p> Portfolio turnover 0 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. The fund maintains a dollar-weighted average portfolio maturity of 60 days or less.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — 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. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in repurchase agreements</i> — 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’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Credit and liquidity support</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities 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 certain of 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 0.0142 0.0097 0.0049 0.0317 0.0069 0.0135 0.0092 0.0009 0.0124 0.0093 0.0402 0.0133 0.0101 0.0059 0.0331 Global Growth Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0029 0.0077 -0.0011 0.0066 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 67 235 417 944 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2473 0.0707 0.1016 0.093 -0.1836 0.0523 0.0798 0.0618 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from April 30, 1997, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Global Small Capitalization Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.003 0.0095 -0.0004 0.0091 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 93 299 522 1163 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The investment adviser currently defines “small market capitalization” companies as companies with market capitalizations of $6.0 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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2954 0.028 0.0684 0.0813 -0.1867 0.0323 0.0769 0.0725 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from April 30, 1998, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Growth Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0031 0.0028 0.0059 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 189 329 738 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2993 0.1114 0.1365 0.1237 -0.1811 0.0942 0.1256 0.1115 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 International Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.003 0.0078 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 80 249 433 966 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that the investment adviser believes have the potential for growth. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.208 -0.0103 0.0392 0.068 -0.16 0.0088 0.038 0.0529 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 1, 1990, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 New World Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is long-term capital appreciation.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0058 0.0031 0.0089 -0.0007 0.0082 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 84 277 486 1090 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets. The securities markets of these countries may be referred to as emerging markets. The fund may invest in equity securities of any company, regardless of where it is based (including developed countries), if the fund’s investment adviser determines that a significant portion of the company’s assets or revenues (generally 20% or more) is attributable to developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In determining whether a country is qualified, the fund’s investment adviser considers such factors as the country’s per capita gross domestic product, the percentage of the country’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’s investment adviser maintains a list of qualified countries and securities in which the fund may invest.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In addition, the fund may invest 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in developing countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in developing countries</i> — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. The fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2209 0.0232 0.0427 0.0718 -0.1836 0.0523 0.0798 0.05 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from June 17, 1999, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Capital World Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.003 0.0078 -0.0011 0.0067 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 68 238 422 956 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of well-established companies located around the world, many of which have the potential to pay dividends. The fund invests, on a global basis, in common stocks that are denominated in U.S. dollars or other currencies. Under normal market circumstances the fund will invest a significant portion of its assets in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities domiciled in developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1729 0.041 0.0779 0.0615 -0.1836 0.0523 0.0798 0.056 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 1, 2006, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Growth-Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objectives are to achieve long-term growth of capital and income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0028 0.0053 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 54 170 296 665 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.25 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1648 0.0783 0.1155 0.1074 -0.1811 0.0942 0.1256 0.1115 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 International Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0032 0.008 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 255 444 990 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 48% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.48 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in stocks of larger, well-established companies domiciled outside the United States, including in emerging markets and 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 whose securities are listed primarily on exchanges outside the United States, cash, cash equivalents (including shares of money market or similar funds managed by the investment adviser or its affiliates) and securities held as collateral issued by U.S. issuers. The fund therefore expects to be invested in numerous countries outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 investment adviser believes that these stocks may be more resistant to market declines than stocks of companies that do not pay dividends.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1531 0.0061 0.036 0.0664 -0.16 0.0088 0.038 0.0676 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from November 18, 2008, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Washington Mutual Investors Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0028 0.0065 -0.0015 0.005 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 193 347 796 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 30% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.30 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential income as well as the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average yield in its quarterly income distribution in relation to the S&amp;P 500 Index (a broad, unmanaged index). The fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund has an “Eligible List” of investments considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. The investment adviser generates and maintains the Eligible List and selects the fund’s investments exclusively from the issuers on the Eligible List.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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 all of the years shown reflect the operation of the fund as the Blue Chip Income and Growth Fund prior to May 1, 2021. Accordingly, results for such periods may not be representative of the fund’s results had the fund been operated under its current strategy during the entire period. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0845 0.0711 0.113 0.0671 -0.1811 0.0942 0.1256 0.0756 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from July 5, 2001, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Capital Income Builder <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund has two primary investment objectives. It seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. </span></p> Investment objectives The fund’s secondary objective is to provide growth of capital. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0.003 0.0066 -0.0014 0.0052 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 53 197 354 809 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund normally invests 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 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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0706 0.041 0.0408 -0.1659 0.0394 0.0503 -0.1836 0.0523 0.0643 -0.1301 0.0002 0.0112 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 1, 2014, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Asset Allocation Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0028 0.0055 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 176 307 689 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 118% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.18 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’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, 2022, the fund was approximately 68% invested in equity securities, 27% invested in debt securities and 5% 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’s assessment of their relative attractiveness as investment opportunities. </span></p> <p style="font-size: 10pt; text-align: left"><span 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 including U.S. government 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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <i>Asset allocation</i> — The fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&amp;P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1343 0.0532 0.0811 0.0686 -0.1579 0.0596 0.0808 0.0816 -0.1811 0.0942 0.1256 0.0976 -0.1301 0.0002 0.0106 0.051 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from August 1, 1989, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 American Funds Global Balanced Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This fund seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0031 0.0076 -0.0001 0.0075 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 242 421 941 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">As a balanced fund with global scope, the fund seeks to invest in equity and debt securities around the world that offer the opportunity for growth and/or provide dividend income, while also constructing the portfolio to protect principal and limit volatility.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Although the fund’s equity investments focus on medium to larger capitalization companies, the fund’s investments are not limited to a particular capitalization size.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Normally the fund will invest at least 25% 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– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser).</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will allocate its assets among various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest at least 40% of its net assets in issuers domiciled outside the United States, unless market conditions are not deemed favorable by the fund’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers domiciled outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s ability to invest in issuers domiciled outside the United States includes investing in emerging markets.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities may involve larger price swings and greater potential for loss than other types of investments.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. This information provides some indication of the risks of investing in the fund. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. This assumes the blend is rebalanced monthly. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. This assumes the blend is rebalanced monthly. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1456 0.0341 0.0528 0.0499 -0.1733 0.0271 0.0474 0.0421 -0.1836 0.0523 0.0798 0.0669 -0.1625 -0.0166 -0.0044 0.0007 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 American Funds Mortgage Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide current income and preservation of capital. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0035 0.0065 -0.001 0.0055 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 198 352 801 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1,141% of the average value of its portfolio.</span></span></p> Portfolio turnover 11.41 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets are 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 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 that are not backed by the full faith and credit of the U.S. government, and nongovernment mortgage-related securities that are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser) or unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may also invest in debt issued by federal agencies. In the case of to be announced contracts, each contract for future delivery is normally of short duration.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1003 0.0014 0.0095 0.014 -0.1181 -0.0053 0.0074 0.0124 -0.1108 -0.0031 0.003 0.0092 -0.1077 -0.0076 0.001 0.0072 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 American High-Income Trust <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s primary investment objective is to provide you with a high level of current income. </span></p> Investment objectives Its secondary investment objective is capital appreciation. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.004 0.0029 0.0069 -0.0014 0.0055 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 207 370 845 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 34% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.34 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 / BB+ or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the fund’s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.” The fund may also invest a portion of its assets in securities of issuers domiciled outside the United States.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 </span> <span style="font-family: Arial, Helvetica, Sans-Serif">countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper High Yield 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0929 0.0314 0.0387 0.0789 -0.1118 0.023 0.0403 -0.1066 0.0173 0.0323 0.072 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Capital World Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund’s investments.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0043 0.0029 0.0072 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 74 230 401 894 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 188% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.88 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Under normal market circumstances, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by 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. The fund will invest substantially in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities of issuers domiciled in developing countries. Normally, the fund invests substantially in investment-grade bonds (rated Baa3 or better or BBB– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). The fund may also invest up to 25% of its assets in lower quality, higher yielding debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.” The total return of the fund will be the result of interest income, changes in the market value of the fund’s investments and changes in the values of other currencies relative to the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in forward currency contracts, futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Currency </i>— The prices of, and the income generated by, many 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’s securities denominated in such currencies would generally fall and vice versa.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Income Funds Average includes 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'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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper Global Income Funds Average includes 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'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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1769 -0.0176 -0.0048 0.0216 -0.1625 -0.0166 -0.0044 0.0205 -0.1246 -0.0016 0.008 0.0282 0.0645 0.0378 0.026 0.0237 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from October 4, 2006, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 The Bond Fund of America <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0028 0.0063 -0.0017 0.0046 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 47 185 334 770 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 415% of the average value of its portfolio.</span></span></p> Portfolio turnover 4.15 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 derivatives. The fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in debt securities and mortgage-backed 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest up to 10% of its assets in debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser. Securities rated Ba1 or below and BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1249 0.0078 0.0137 0.0379 -0.1301 0.0002 0.0106 0.0417 -0.1351 -0.0004 0.0099 0.0392 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from January 2, 1996, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 U.S. Government Securities Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0029 0.0059 -0.001 0.0049 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 179 319 728 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 695% of the average value of its portfolio.</span></span></p> Portfolio turnover 6.95 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets will be invested in securities that are guaranteed or sponsored by the U.S. government, its agencies and instrumentalities, including bonds and other debt securities denominated in U.S. dollars, which may be represented by derivatives. The fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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’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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1093 0.0061 0.0093 0.0492 -0.1212 -0.0024 0.0067 0.0545 -0.1294 -0.0063 0.0016 0.0481 0.0645 0.0378 0.026 0.0274 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from December 2, 1985, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Ultra-Short Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The investment objective of the fund is to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0026 0.0029 0.0055 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 176 307 689 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 0% of the average value of its portfolio. However, calculation of the fund's portfolio turnover rate excludes securities whose maturities or expiration dates at the time of acquisition were one year or less.</span></span></p> Portfolio turnover 0 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. The fund maintains a dollar-weighted average portfolio maturity of 60 days or less.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — 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. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in repurchase agreements</i> — 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’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Credit and liquidity support</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities 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 certain of 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 0.0132 0.0097 0.0039 0.0295 0.0069 0.0135 0.0092 0.0009 0.0124 0.0093 0.0402 0.0133 0.0101 0.0059 0.0331 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities.</span></span></p> 2017-01-06 Global Growth Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0004 0.0077 -0.0011 0.0066 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 67 235 417 944 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2474 0.0706 0.1015 0.093 -0.1836 0.0523 0.0798 0.0618 Global Small Capitalization Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0025 0.0005 0.0095 -0.0004 0.0091 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 93 299 522 1163 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The investment adviser currently defines “small market capitalization” companies as companies with market capitalizations of $6.0 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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less </span> <span style="font-family: Arial, Helvetica, Sans-Serif">liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2955 0.0279 0.0684 0.0813 -0.1867 0.0323 0.0769 0.0725 Growth Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0031 0.0025 0.0003 0.0059 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 189 329 738 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2994 0.1114 0.1364 0.1237 -0.1811 0.0942 0.1256 0.1115 1997-04-30 International Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0005 0.0078 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 80 249 433 966 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that the investment adviser believes have the potential for growth. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2079 -0.0103 0.0392 0.068 -0.16 0.0088 0.038 0.0529 1997-04-30 New World Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is long-term capital appreciation.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0058 0.0025 0.0006 0.0089 -0.0007 0.0082 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 84 277 486 1090 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets. The securities markets of these countries may be referred to as emerging markets. The fund may invest in equity securities of any company, regardless of where it is based (including developed countries), if the fund’s investment adviser determines that a significant portion of the company’s assets or revenues (generally 20% or more) is attributable to developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In determining whether a country is qualified, the fund’s investment adviser considers such factors as the country’s per capita gross domestic product, the percentage of the country’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’s investment adviser maintains a list of qualified countries and securities in which the fund may invest.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In addition, the fund may invest 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in developing countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in developing countries</i> — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. The fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.221 0.0232 0.0427 0.0718 -0.1836 0.0523 0.0798 0.05 Capital World Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0005 0.0078 -0.0011 0.0067 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 68 238 422 956 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of well-established companies located around the world, many of which have the potential to pay dividends. The fund invests, on a global basis, in common stocks that are denominated in U.S. dollars or other currencies. Under normal market circumstances the fund will invest a significant portion of its assets in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities domiciled in developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2006-05-01 -0.1733 0.041 0.0777 0.0614 -0.1836 0.0523 0.0798 0.056 Growth-Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objectives are to achieve long-term growth of capital and income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0025 0.0003 0.0053 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 54 170 296 665 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.25 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.165 0.0783 0.1154 0.1074 -0.1811 0.0942 0.1256 0.1115 1997-04-30 International Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0007 0.008 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 255 444 990 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 48% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.48 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in stocks of larger, well-established companies domiciled outside the United States, including in emerging markets and 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 whose securities are listed primarily on exchanges outside the United States, cash, cash equivalents (including shares of money market or similar funds managed by the investment adviser or its affiliates) and securities held as collateral issued by U.S. issuers. The fund therefore expects to be invested in numerous countries outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 investment adviser believes that these stocks may be more resistant to market declines than stocks of companies that do not pay dividends.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2008-11-18 -0.1525 0.0062 0.036 0.0664 -0.16 0.0088 0.038 0.0676 Washington Mutual Investors Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0025 0.0003 0.0065 -0.0015 0.005 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 51 193 347 796 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 30% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.30 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential income as well as the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average yield in its quarterly income distribution in relation to the S&amp;P 500 Index (a broad, unmanaged index). The fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund has an “Eligible List” of investments considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. The investment adviser generates and maintains the Eligible List and selects the fund’s investments exclusively from the issuers on the Eligible List.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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 all of the years shown reflect the operation of the fund as the Blue Chip Income and Growth Fund prior to May 1, 2021. Accordingly, results for such periods may not be representative of the fund’s results had the fund been operated under its current strategy during the entire period. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2001-07-05 -0.0845 0.0711 0.113 0.067 -0.1811 0.0942 0.1256 0.0756 Capital Income Builder <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund has two primary investment objectives. It seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. </span></p> Investment objectives The fund’s secondary objective is to provide growth of capital. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0.0025 0.0005 0.0066 -0.0014 0.0052 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 53 197 354 809 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund normally invests 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 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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2014-05-01 -0.0713 0.0409 0.0414 -0.1659 0.0394 0.0503 -0.1836 0.0523 0.0643 -0.1301 0.0002 0.0112 Asset Allocation Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0025 0.0003 0.0055 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 176 307 689 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 118% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.18 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’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, 2022, the fund was approximately 68% invested in equity securities, 27% invested in debt securities and 5% 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’s assessment of their relative attractiveness as investment opportunities. </span></p> <p style="font-size: 10pt; text-align: left"><span 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 including U.S. government 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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <i>Asset allocation</i> — The fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&amp;P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1341 0.0533 0.081 0.0795 -0.1579 0.0596 0.0808 0.0816 -0.1811 0.0942 0.1256 0.0976 -0.1301 0.0002 0.0106 0.051 1997-04-30 American Funds Global Balanced Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This fund seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0025 0.0006 0.0076 -0.0001 0.0075 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 242 421 941 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">As a balanced fund with global scope, the fund seeks to invest in equity and debt securities around the world that offer the opportunity for growth and/or provide dividend income, while also constructing the portfolio to protect principal and limit volatility.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Although the fund’s equity investments focus on medium to larger capitalization companies, the fund’s investments are not limited to a particular capitalization size.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Normally the fund will invest at least 25% 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– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser).</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will allocate its assets among various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest at least 40% of its net assets in issuers domiciled outside the United States, unless market conditions are not deemed favorable by the fund’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers domiciled outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s ability to invest in issuers domiciled outside the United States includes investing in emerging markets.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities may involve larger price swings and greater potential for loss than other types of investments.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. This information provides some indication of the risks of investing in the fund. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. This assumes the blend is rebalanced monthly. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. This assumes the blend is rebalanced monthly. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2011-05-02 -0.1456 0.034 0.0525 0.0497 -0.1733 0.0271 0.0474 0.0421 -0.1836 0.0523 0.0798 0.0669 -0.1625 -0.0166 -0.0044 0.0007 American Funds Mortgage Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide current income and preservation of capital. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0025 0.001 0.0065 -0.001 0.0055 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 198 352 801 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1,141% of the average value of its portfolio.</span></span></p> Portfolio turnover 11.41 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets are 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 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 that are not backed by the full faith and credit of the U.S. government, and nongovernment mortgage-related securities that are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser) or unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may also invest in debt issued by federal agencies. In the case of to be announced contracts, each contract for future delivery is normally of short duration.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2011-05-02 -0.0994 0.0014 0.0094 0.014 -0.1181 -0.0053 0.0074 0.0124 -0.1108 -0.0031 0.003 0.0092 -0.1077 -0.0076 0.001 0.0072 American High-Income Trust <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s primary investment objective is to provide you with a high level of current income. </span></p> Investment objectives Its secondary investment objective is capital appreciation. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.004 0.0025 0.0004 0.0069 -0.0014 0.0055 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 207 370 845 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 34% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.34 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 / BB+ or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the fund’s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.” The fund may also invest a portion of its assets in securities of issuers domiciled outside the United States.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 </span> <span style="font-family: Arial, Helvetica, Sans-Serif">countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper High Yield 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0926 0.0314 0.0386 0.0789 -0.1118 0.023 0.0403 -0.1066 0.0173 0.0323 0.072 1997-04-30 Capital World Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund’s investments.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0043 0.0025 0.0004 0.0072 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 74 230 401 894 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 188% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.88 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Under normal market circumstances, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by 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. The fund will invest substantially in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities of issuers domiciled in developing countries. Normally, the fund invests substantially in investment-grade bonds (rated Baa3 or better or BBB– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). The fund may also invest up to 25% of its assets in lower quality, higher yielding debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.” The total return of the fund will be the result of interest income, changes in the market value of the fund’s investments and changes in the values of other currencies relative to the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in forward currency contracts, futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Currency </i>— The prices of, and the income generated by, many 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’s securities denominated in such currencies would generally fall and vice versa.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Income Funds Average includes 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'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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper Global Income Funds Average includes 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'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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.177 -0.0177 -0.005 0.0214 -0.1625 -0.0166 -0.0044 0.0205 -0.1246 -0.0016 0.008 0.0282 0.0645 0.0378 0.026 0.0237 1997-04-30 The Bond Fund of America <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0025 0.0003 0.0063 -0.0017 0.0046 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 47 185 334 770 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 415% of the average value of its portfolio.</span></span></p> Portfolio turnover 4.15 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 derivatives. The fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in debt securities and mortgage-backed 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest up to 10% of its assets in debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser. Securities rated Ba1 or below and BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1258 0.0076 0.0136 0.0378 -0.1301 0.0002 0.0106 0.0417 -0.1351 -0.0004 0.0099 0.0392 1997-04-30 U.S. Government Securities Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0025 0.0004 0.0059 -0.001 0.0049 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 179 319 728 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 695% of the average value of its portfolio.</span></span></p> Portfolio turnover 6.95 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets will be invested in securities that are guaranteed or sponsored by the U.S. government, its agencies and instrumentalities, including bonds and other debt securities denominated in U.S. dollars, which may be represented by derivatives. The fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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’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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1095 0.0061 0.0092 0.0378 -0.1212 -0.0024 0.0067 0.0545 -0.1294 -0.0063 0.0016 0.0481 0.0645 0.0378 0.026 0.0274 1997-04-30 Ultra-Short Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The investment objective of the fund is to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0026 0.0025 0.0004 0.0055 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 176 307 689 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 0% of the average value of its portfolio. However, calculation of the fund's portfolio turnover rate excludes securities whose maturities or expiration dates at the time of acquisition were one year or less.</span></span></p> Portfolio turnover 0 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. The fund maintains a dollar-weighted average portfolio maturity of 60 days or less.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — 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. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in repurchase agreements</i> — 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’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Credit and liquidity support</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities 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 certain of 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 0.0117 0.0072 0.0024 0.0291 0.0069 0.0135 0.0092 0.0009 0.0124 0.0093 0.0402 0.0133 0.0101 0.0059 0.0331 1997-04-30 Growth Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 3 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0031 0.0018 0.0003 0.0052 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 53 167 291 653 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2989 0.1122 0.1372 0.1245 -0.1811 0.0942 0.1256 0.1115 2004-01-16 International Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 3 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0018 0.0005 0.0071 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 73 227 395 883 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that the investment adviser believes have the potential for growth. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2076 -0.0097 0.0398 0.0687 -0.16 0.0088 0.038 0.0529 2004-01-16 Growth-Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objectives are to achieve long-term growth of capital and income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 3 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0018 0.0003 0.0046 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 47 148 258 579 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.25 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1643 0.0791 0.1162 0.1082 -0.1811 0.0942 0.1256 0.1115 2004-01-16 Asset Allocation Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 3 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0018 0.0003 0.0048 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 604 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 118% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.18 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’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, 2022, the fund was approximately 68% invested in equity securities, 27% invested in debt securities and 5% 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’s assessment of their relative attractiveness as investment opportunities. </span></p> <p style="font-size: 10pt; text-align: left"><span 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 including U.S. government 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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <i>Asset allocation</i> — The fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&amp;P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1337 0.054 0.0818 0.0803 -0.1579 0.0596 0.0808 0.0816 -0.1811 0.0942 0.1256 0.0976 -0.1301 0.0002 0.0106 0.051 2004-01-16 American High-Income Trust <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s primary investment objective is to provide you with a high level of current income. </span></p> Investment objectives Its secondary investment objective is capital appreciation. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 3 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.004 0.0018 0.0004 0.0062 -0.0014 0.0048 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 184 332 761 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 34% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.34 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 / BB+ or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the fund’s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.” The fund may also invest a portion of its assets in securities of issuers domiciled outside the United States.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper High Yield 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0925 0.0321 0.0393 0.0797 -0.1118 0.023 0.0403 -0.1066 0.0173 0.0323 0.072 2004-01-16 U.S. Government Securities Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 3 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0018 0.0004 0.0052 -0.001 0.0042 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 43 157 281 643 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 695% of the average value of its portfolio.</span></span></p> Portfolio turnover 6.95 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets will be invested in securities that are guaranteed or sponsored by the U.S. government, its agencies and instrumentalities, including bonds and other debt securities denominated in U.S. dollars, which may be represented by derivatives. The fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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’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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.109 0.0067 0.0099 0.0499 -0.1212 -0.0024 0.0067 0.0545 -0.1294 -0.0063 0.0016 0.0481 0.0645 0.0378 0.026 0.0274 2004-01-16 Ultra-Short Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The investment objective of the fund is to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 3 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0026 0.0018 0.0004 0.0048 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 604 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 0% of the average value of its portfolio. However, calculation of the fund's portfolio turnover rate excludes securities whose maturities or expiration dates at the time of acquisition were one year or less.</span></span></p> Portfolio turnover 0 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. The fund maintains a dollar-weighted average portfolio maturity of 60 days or less.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — 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. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in repurchase agreements</i> — 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’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Credit and liquidity support</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities 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 certain of 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 0.0119 0.008 0.0031 0.0298 0.0069 0.0135 0.0092 0.0009 0.0124 0.0093 0.0402 0.0133 0.0101 0.0059 0.0331 2004-01-16 Global Growth Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0029 0.0102 -0.0011 0.0091 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 93 314 553 1238 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2492 0.068 0.0992 0.0904 -0.1836 0.0523 0.0798 0.0618 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from April 30, 1997, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Global Small Capitalization Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0025 0.003 0.012 -0.0004 0.0116 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 118 377 656 1451 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s holdings of small capitalization stocks may fall below the 80% threshold due to subsequent market action. The investment adviser currently defines “small market capitalization” companies as companies with market capitalizations of $6.0 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’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers outside the United States). </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less </span> <span style="font-family: Arial, Helvetica, Sans-Serif">liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2969 0.0254 0.0658 0.0786 -0.1867 0.0323 0.0769 0.0725 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from April 30, 1998, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Growth Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0031 0.0025 0.0028 0.0084 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 86 268 466 1037 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.29 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.3011 0.1086 0.1338 0.1209 -0.1811 0.0942 0.1256 0.1115 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 International Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.003 0.0103 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 105 328 569 1259 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that the investment adviser believes have the potential for growth. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2102 -0.0129 0.0367 0.0654 -0.16 0.0088 0.038 0.0529 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 1, 1990, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 New World Fund <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is long-term capital appreciation.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0058 0.0025 0.0031 0.0114 -0.0007 0.0107 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 109 355 621 1380 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.40 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of companies with significant exposure to countries with developing economies and/or markets. The securities markets of these countries may be referred to as emerging markets. The fund may invest in equity securities of any company, regardless of where it is based (including developed countries), if the fund’s investment adviser determines that a significant portion of the company’s assets or revenues (generally 20% or more) is attributable to developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In determining whether a country is qualified, the fund’s investment adviser considers such factors as the country’s per capita gross domestic product, the percentage of the country’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’s investment adviser maintains a list of qualified countries and securities in which the fund may invest.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In addition, the fund may invest 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in developing countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in developing countries</i> — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. The fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.2225 0.0207 0.0402 0.0692 -0.1836 0.0523 0.0798 0.05 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from June 17, 1999, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Capital World Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.003 0.0103 -0.0011 0.0092 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 94 317 558 1249 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 42% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.42 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of well-established companies located around the world, many of which have the potential to pay dividends. The fund invests, on a global basis, in common stocks that are denominated in U.S. dollars or other currencies. Under normal market circumstances the fund will invest a significant portion of its assets in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities domiciled in developing countries.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1757 0.0383 0.0753 0.0589 -0.1836 0.0523 0.0798 0.056 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 1, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Growth-Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objectives are to achieve long-term growth of capital and income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0025 0.0028 0.0078 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 80 249 433 966 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.25 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.167 0.0756 0.1128 0.1047 -0.1811 0.0942 0.1256 0.1115 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 International Growth and Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you with long-term growth of capital while providing current income.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0032 0.0105 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 107 334 579 1283 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 48% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.48 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in stocks of larger, well-established companies domiciled outside the United States, including in emerging markets and 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 whose securities are listed primarily on exchanges outside the United States, cash, cash equivalents (including shares of money market or similar funds managed by the investment adviser or its affiliates) and securities held as collateral issued by U.S. issuers. The fund therefore expects to be invested in numerous countries outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 investment adviser believes that these stocks may be more resistant to market declines than stocks of companies that do not pay dividends.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1552 0.0035 0.0337 0.064 -0.16 0.0088 0.038 0.0676 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from November 18, 2008, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Washington Mutual Investors Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0025 0.0028 0.009 -0.0015 0.0075 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 272 484 1094 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 30% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.30 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential income as well as the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average yield in its quarterly income distribution in relation to the S&amp;P 500 Index (a broad, unmanaged index). The fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund has an “Eligible List” of investments considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. The investment adviser generates and maintains the Eligible List and selects the fund’s investments exclusively from the issuers on the Eligible List.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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 all of the years shown reflect the operation of the fund as the Blue Chip Income and Growth Fund prior to May 1, 2021. Accordingly, results for such periods may not be representative of the fund’s results had the fund been operated under its current strategy during the entire period. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0869 0.0684 0.1108 0.0647 -0.1811 0.0942 0.1256 0.0756 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from July 5, 2001, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Capital Income Builder <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund has two primary investment objectives. It seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. </span></p> Investment objectives The fund’s secondary objective is to provide growth of capital. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0036 0.0025 0.003 0.0091 -0.0014 0.0077 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 79 276 490 1107 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund normally invests 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 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. </span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The MSCI All Country World Index reflects the equity market sectors in which the fund invests. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2014-05-01 -0.0737 0.0383 0.0381 -0.1659 0.0394 0.0503 -0.1836 0.0523 0.0643 -0.1301 0.0002 0.0112 Asset Allocation Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0025 0.0028 0.008 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 255 444 990 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 118% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.18 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’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, 2022, the fund was approximately 68% invested in equity securities, 27% invested in debt securities and 5% 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’s assessment of their relative attractiveness as investment opportunities. </span></p> <p style="font-size: 10pt; text-align: left"><span 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 including U.S. government 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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <i>Asset allocation</i> — The fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&amp;P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index reflects the equity market sectors in which the fund invests. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1366 0.0506 0.0787 0.0769 -0.1579 0.0596 0.0808 0.0816 -0.1811 0.0942 0.1256 0.0976 -0.1301 0.0002 0.0106 0.051 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from August 1, 1989, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 American Funds Global Balanced Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This fund seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0025 0.0031 0.0101 -0.0001 0.01 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 102 321 557 1235 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 126% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.26 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">As a balanced fund with global scope, the fund seeks to invest in equity and debt securities around the world that offer the opportunity for growth and/or provide dividend income, while also constructing the portfolio to protect principal and limit volatility.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Although the fund’s equity investments focus on medium to larger capitalization companies, the fund’s investments are not limited to a particular capitalization size.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Normally the fund will invest at least 25% 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– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser).</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will allocate its assets among various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest at least 40% of its net assets in issuers domiciled outside the United States, unless market conditions are not deemed favorable by the fund’s investment adviser, in which case the fund would invest at least 30% of its net assets in issuers domiciled outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s ability to invest in issuers domiciled outside the United States includes investing in emerging markets.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — Growth-oriented common stocks and other equity-type securities may involve larger price swings and greater potential for loss than other types of investments.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. This information provides some indication of the risks of investing in the fund. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. This assumes the blend is rebalanced monthly. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index. The 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index blends the MSCI All Country World Index, which measures global equity markets, with the Bloomberg Global Aggregate Index, which measures investment-grade bonds (rated BBB-/Baa3 and above), by weighting their total returns at 60% and 40% respectively. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1473 0.0313 0.0512 0.0481 -0.1733 0.0271 0.0474 0.0421 -0.1836 0.0523 0.0798 0.0669 -0.1625 -0.0166 -0.0044 0.0007 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 American Funds Mortgage Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide current income and preservation of capital. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0025 0.0035 0.009 -0.001 0.008 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 277 489 1099 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1,141% of the average value of its portfolio.</span></span></p> Portfolio turnover 11.41 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets are 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 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 that are not backed by the full faith and credit of the U.S. government, and nongovernment mortgage-related securities that are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser) or unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may also invest in debt issued by federal agencies. In the case of to be announced contracts, each contract for future delivery is normally of short duration.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1016 -0.0011 0.0075 0.012 -0.1181 -0.0053 0.0074 0.0124 -0.1108 -0.0031 0.003 0.0092 -0.1077 -0.0076 0.001 0.0072 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 American High-Income Trust <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s primary investment objective is to provide you with a high level of current income. </span></p> Investment objectives Its secondary investment objective is capital appreciation. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.004 0.0025 0.0029 0.0094 -0.0014 0.008 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 286 506 1142 <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 34% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.34 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund invests primarily in higher yielding and generally lower quality debt securities (rated Ba1 / BB+ or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the fund’s investment adviser to be of equivalent quality), including corporate loan obligations. Such securities are sometimes referred to as “junk bonds.” The fund may also invest a portion of its assets in securities of issuers domiciled outside the United States.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may also invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper High Yield 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper High Yield 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.0953 0.0288 0.0364 0.0763 -0.1118 0.023 0.0403 -0.1066 0.0173 0.0323 0.072 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Capital World Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund’s investments.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0043 0.0025 0.0029 0.0097 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 99 309 536 1190 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 188% of the average value of its portfolio.</span></span></p> Portfolio turnover 1.88 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Under normal market circumstances, the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by 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. The fund will invest substantially in securities of issuers domiciled in a number of countries outside the United States, and such investments may include securities of issuers domiciled in developing countries. Normally, the fund invests substantially in investment-grade bonds (rated Baa3 or better or BBB– or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). The fund may also invest up to 25% of its assets in lower quality, higher yielding debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.” The total return of the fund will be the result of interest income, changes in the market value of the fund’s investments and changes in the values of other currencies relative to the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in forward currency contracts, futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Currency </i>— The prices of, and the income generated by, many 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’s securities denominated in such currencies would generally fall and vice versa.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Income Funds Average includes 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'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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper Global Income Funds Average includes 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'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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1784 -0.0201 -0.007 0.0192 -0.1625 -0.0166 -0.0044 0.0205 -0.1246 -0.0016 0.008 0.0282 0.0645 0.0378 0.026 0.0237 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from October 4, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 The Bond Fund of America <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0025 0.0028 0.0088 -0.0017 0.0071 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 73 264 471 1069 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 415% of the average value of its portfolio.</span></span></p> Portfolio turnover 4.15 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 derivatives. The fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in debt securities and mortgage-backed 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest up to 10% of its assets in debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser. Securities rated Ba1 or below and BB+ or below are sometimes referred to as “junk bonds.”</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1275 0.0051 0.0112 0.0353 -0.1301 0.0002 0.0106 0.0417 -0.1351 -0.0004 0.0099 0.0392 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from January 2, 1996, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 U.S. Government Securities Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.003 0.0025 0.0029 0.0084 -0.001 0.0074 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 76 258 456 1028 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 695% of the average value of its portfolio.</span></span></p> Portfolio turnover 6.95 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Normally at least 80% of the fund’s assets will be invested in securities that are guaranteed or sponsored by the U.S. government, its agencies and instrumentalities, including bonds and other debt securities denominated in U.S. dollars, which may be represented by derivatives. The fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — 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’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 increase the turnover rate of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable 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’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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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’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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: -0.1119 0.0037 0.007 0.0466 -0.1212 -0.0024 0.0067 0.0545 -0.1294 -0.0063 0.0016 0.0481 0.0645 0.0378 0.026 0.0274 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from December 2, 1985, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Ultra-Short Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The investment objective of the fund is to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0026 0.0025 0.0029 0.008 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 255 444 990 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 0% of the average value of its portfolio. However, calculation of the fund's portfolio turnover rate excludes securities whose maturities or expiration dates at the time of acquisition were one year or less.</span></span></p> Portfolio turnover 0 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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. The fund maintains a dollar-weighted average portfolio maturity of 60 days or less.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to provide current income while preserving capital and maintaining liquidity.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — 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. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in repurchase agreements</i> — 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’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Credit and liquidity support</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities 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 certain of 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 0.0083 0.0047 0.0006 0.0267 0.0069 0.0135 0.0092 0.0009 0.0124 0.0093 0.0402 0.0133 0.0101 0.0059 0.0331 <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">*</span><span style="font-family: Arial, Helvetica, Sans-Serif">  <span style="font-size: 10pt; font-weight: normal">Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities.</span></span></p> 2012-12-14 Corporate Bond Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to seek to provide maximum total return consistent with capital preservation and prudent risk management.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0046 0.0046 0.0046 0.0046 0.0025 0.0025 0.0005 0.003 0.0005 0.003 0.0051 0.0076 0.0076 0.0101 Based on estimated amounts for the current fiscal year. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 52 164 285 640 78 243 422 942 78 243 422 942 103 322 558 1236 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results.</span></span></p> Portfolio turnover <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in investment-grade corporate debt securities, such as bonds. Normally, at least 80% of the fund’s assets will be invested in corporate debt securities, which may be represented by derivatives and cash equivalents (including shares of money market or similar funds managed by the investment adviser or its affiliates). The fund will also normally invest all of its assets in debt instruments, (including bonds, mortgage- and other asset-backed securities, but excluding derivatives) with quality ratings of Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or in debt instruments that are unrated but determined at the time of purchase to be of equivalent quality by the fund’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 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 Nationally Recognized Statistical Rating Organization. Additionally, the fund may invest in cash, and cash equivalents (including shares of money market or similar funds managed by the investment adviser or its affiliates).</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest significantly in debt securities issued by companies domiciled outside the United States, including issuers domiciled in developing countries. All securities held by the fund will be denominated in U.S. dollars.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund may invest in futures contracts and swaps, which are types of derivatives. 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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund relies on the professional judgment of its investment adviser to make decisions about the fund’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. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results 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 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide growth of capital while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.0027 0.0032 0.0074 -0.0005 0.0069 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 70 232 407 914 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 97% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.97 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of two underlying funds, the American Funds Insurance Series – Growth Fund (the “Growth Fund”) and the American Funds Insurance Series – The Bond Fund of America (“The Bond Fund of America”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 85% of its assets in the Growth Fund, the investment objective of which is to provide growth of capital. The Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Growth Fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. The fund invests the remainder of its assets in The Bond Fund of America and in cash, financial futures and options as part of the managed risk strategy. The Bond Fund of America’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund of America seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, The Bond Fund of America invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Bond Fund of America invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund's investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in The Bond Fund of America seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">subadviser may also seek to hedge the fund’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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 fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.2462 0.0661 0.081 -0.1352 0.0555 0.0788 Managed Risk International Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.003 0.0048 0.0093 -0.0007 0.0086 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver and/or expense reimbursement described above through the expiration date of such waiver and/or reimbursement and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 88 289 508 1137 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 82% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.82 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of two underlying funds, the American Funds Insurance Series – International Fund (the “International Fund”) and the American Funds Insurance Series – The Bond Fund of America (“The Bond Fund of America”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 85% of its assets in the International Fund, the investment objective of which is to provide long-term growth of capital. The International Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that the investment adviser believes have the potential for growth. The fund invests the remainder of its assets in The Bond Fund of America and in cash, financial futures and options as part of the managed risk strategy. The Bond Fund of America’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund of America seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, The Bond Fund of America invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Bond Fund of America invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund's investment adviser and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in The Bond Fund of America seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">subadviser may also seek to hedge the fund’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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 </span> <span style="font-family: Arial, Helvetica, Sans-Serif">valuations may lead to additional challenges and risks in calculating the underlying fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.1527 -0.0231 0.0086 -0.1242 0.0031 0.0204 Managed Risk Washington Mutual Investors Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing while seeking to manage volatility and provide downside protection.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.0028 0.0025 0.0068 -0.0005 0.0063 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 64 213 374 842 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 70% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.70 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of two underlying funds, the American Funds Insurance Series – Washington Mutual Investors Fund (the “Washington Mutual Investors Fund”) and the American Funds Insurance Series – U.S. Government Securities Fund (the “Government Fund”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 85% of its assets in the Washington Mutual Investors Fund. The investment objective of the Washington Mutual Investors Fund is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing. The Washington Mutual Investors Fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The Washington Mutual Investors Fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential income as well as the potential for long-term capital appreciation are considered. The Washington Mutual Investors Fund seeks to provide an above-average yield in its quarterly income distribution in relation to the S&amp;P 500 Index (a broad unmanaged index). The Washington Mutual Investors Fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks. The Washington Mutual Investors Fund has an “Eligible List” of investments considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. The investment adviser generates and maintains the Eligible List and selects the fund’s investments exclusively from the issuers on the Eligible List.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund invests the remainder of its assets in the Government Fund and in cash, financial futures and options as part of the managed risk strategy. The Government Fund’s investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital. The Government Fund normally invests at least 80% of its assets in securities that are guaranteed or sponsored by the U.S. government, its agencies and instrumentalities, including bonds and other debt securities denominated in U.S. dollars, which may be represented by derivatives. The Government Fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in the Government Fund seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to </span> <span style="font-family: Arial, Helvetica, Sans-Serif">successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the underlying fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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 all of the years shown reflect the operation of the fund as Managed Risk Blue Chip Income and Growth Fund prior to May 1, 2021. Accordingly, results for such periods may not be representative of the fund's results had the fund been operated under its current strategy during the entire period. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.0892 0.0239 0.0547 -0.1313 0.0499 0.0712 Managed Risk Growth-Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objectives are to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection. </span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.0026 0.0026 0.0067 -0.0005 0.0062 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 63 209 368 830 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 67% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.67 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objectives by investing in shares of two underlying funds, the American Funds Insurance Series – Growth-Income Fund (the “Growth-Income Fund”) and the American Funds Insurance Series – The Bond Fund of America (“The Bond Fund of America”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 80% of its assets in the Growth-Income Fund, which seeks to achieve long-term growth of capital and income. The Growth-Income Fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The Growth-Income 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 invests the remainder of its assets in The Bond Fund of America and in cash, financial futures and options as part of the managed risk strategy. The Bond Fund of America’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund of America seeks to maximize your level of current income to preserve your capital by investing primarily in bonds. Normally, The Bond Fund of America invests at least 80% of its assets in bonds and other debt securities. The Bond Fund of America invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund's investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in The Bond Fund of America seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">subadviser may also seek to hedge the fund’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the underlying fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.1674 0.0432 0.0669 -0.1313 0.0499 0.0712 Managed Risk Asset Allocation Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’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. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.0026 0.0029 0.007 -0.0005 0.0065 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 66 219 385 866 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 48% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.48 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series Asset Allocation Fund^SM while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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, 2022, the fund was approximately 68% invested in equity securities, 27% invested in debt securities and 5% 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’s assessment of their relative attractiveness as investment opportunities. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of an underlying fund, the fund’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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the underlying fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <i>Asset allocation</i> — The underlying fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying fund actively manages the underlying fund’s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2012-09-28 -0.1375 0.0309 0.0595 0.0592 -0.1294 0.0445 0.0694 0.0676 Managed Risk Growth Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide growth of capital while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.0027 0.0032 0.0099 -0.0005 0.0094 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 96 310 542 1208 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 97% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.97 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of two underlying funds, the American Funds Insurance Series – Growth Fund (the “Growth Fund”) and the American Funds Insurance Series – The Bond Fund of America (“The Bond Fund of America”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 85% of its assets in the Growth Fund, the investment objective of which is to provide growth of capital. The Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Growth Fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. The fund invests the remainder of its assets in The Bond Fund of America and in cash, financial futures and options as part of the managed risk strategy. The Bond Fund of America’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund of America seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, The Bond Fund of America invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Bond Fund of America invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund's investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in The Bond Fund of America seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">subadviser may also seek to hedge the fund’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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 fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.2488 0.0631 0.078 -0.1352 0.0555 0.0788 Managed Risk International Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.003 0.0048 0.0118 -0.0007 0.0111 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver and/or expense reimbursement described above through the expiration date of such waiver and/or reimbursement and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 113 368 642 1426 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 82% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.82 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of two underlying funds, the American Funds Insurance Series – International Fund (the “International Fund”) and the American Funds Insurance Series – The Bond Fund of America (“The Bond Fund of America”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 85% of its assets in the International Fund, the investment objective of which is to provide long-term growth of capital. The International Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that the investment adviser believes have the potential for growth. The fund invests the remainder of its assets in The Bond Fund of America and in cash, financial futures and options as part of the managed risk strategy. The Bond Fund of America’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund of America seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, The Bond Fund of America invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Bond Fund of America invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund's investment adviser and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in The Bond Fund of America seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">subadviser may also seek to hedge the fund’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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 </span> <span style="font-family: Arial, Helvetica, Sans-Serif">valuations may lead to additional challenges and risks in calculating the underlying fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.1554 -0.026 0.0051 -0.1242 0.0031 0.0204 Managed Risk Washington Mutual Investors Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing while seeking to manage volatility and provide downside protection.</span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.0028 0.0025 0.0093 -0.0005 0.0088 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 90 291 510 1138 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 70% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.70 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of two underlying funds, the American Funds Insurance Series – Washington Mutual Investors Fund (the “Washington Mutual Investors Fund”) and the American Funds Insurance Series – U.S. Government Securities Fund (the “Government Fund”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 85% of its assets in the Washington Mutual Investors Fund. The investment objective of the Washington Mutual Investors Fund is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing. The Washington Mutual Investors Fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The Washington Mutual Investors Fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential income as well as the potential for long-term capital appreciation are considered. The Washington Mutual Investors Fund seeks to provide an above-average yield in its quarterly income distribution in relation to the S&amp;P 500 Index (a broad unmanaged index). The Washington Mutual Investors Fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks. The Washington Mutual Investors Fund has an “Eligible List” of investments considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. The investment adviser generates and maintains the Eligible List and selects the fund’s investments exclusively from the issuers on the Eligible List.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund invests the remainder of its assets in the Government Fund and in cash, financial futures and options as part of the managed risk strategy. The Government Fund’s investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital. The Government Fund normally invests at least 80% of its assets in securities that are guaranteed or sponsored by the U.S. government, its agencies and instrumentalities, including bonds and other debt securities denominated in U.S. dollars, which may be represented by derivatives. The Government Fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in the Government Fund seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to </span> <span style="font-family: Arial, Helvetica, Sans-Serif">successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the underlying fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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 all of the years shown reflect the operation of the fund as Managed Risk Blue Chip Income and Growth Fund prior to May 1, 2021. Accordingly, results for such periods may not be representative of the fund's results had the fund been operated under its current strategy during the entire period. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.0916 0.0208 0.0512 -0.1313 0.0499 0.0712 Managed Risk Growth-Income Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objectives are to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection. </span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.0026 0.0026 0.0092 -0.0005 0.0087 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 89 288 504 1127 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 67% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.67 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objectives by investing in shares of two underlying funds, the American Funds Insurance Series – Growth-Income Fund (the “Growth-Income Fund”) and the American Funds Insurance Series – The Bond Fund of America (“The Bond Fund of America”) – while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund normally seeks to invest 80% of its assets in the Growth-Income Fund, which seeks to achieve long-term growth of capital and income. The Growth-Income Fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential for appreciation and/or dividends. The Growth-Income 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 invests the remainder of its assets in The Bond Fund of America and in cash, financial futures and options as part of the managed risk strategy. The Bond Fund of America’s investment objective is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund of America seeks to maximize your level of current income to preserve your capital by investing primarily in bonds. Normally, The Bond Fund of America invests at least 80% of its assets in bonds and other debt securities. The Bond Fund of America invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the fund's investment adviser, and in U.S. government securities, money market instruments, cash or cash equivalents.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment in The Bond Fund of America seeks to provide a level of diversification across multiple asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the fund's risk to market changes, including stock market declines. Additionally, 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">subadviser may also seek to hedge the fund’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — The fund invests in underlying funds and incurs expenses related to those 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 would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of investments in underlying funds, the fund’s risks are directly related to the risks of those underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and in each of the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund or an underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund or an underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund or an underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by an underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not an underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of an underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by an underlying fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the underlying fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, each underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2013-05-01 -0.1693 0.0406 0.0639 -0.1313 0.0499 0.0712 Managed Risk Asset Allocation Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’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. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.0026 0.0029 0.0095 -0.0005 0.009 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 92 298 521 1162 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities and other instruments (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 48% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.48 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund pursues its investment objective by investing in shares of an underlying fund, the American Funds Insurance Series^® Asset Allocation Fund while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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, 2022, the fund was approximately 68% invested in equity securities, 27% invested in debt securities and 5% 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’s assessment of their relative attractiveness as investment opportunities. </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser). Such securities are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’s equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying fund’s portfolio. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of an underlying fund, the fund’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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Short positions</i> — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying fund’s investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — 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’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of the underlying fund’s securities and 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by the underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <i>Asset allocation</i> — The underlying fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying fund actively manages the underlying fund’s investments. Consequently, the underlying fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2012-09-28 -0.1397 0.0283 0.0569 0.0566 -0.1294 0.0445 0.0695 0.0676 American Funds Global Growth Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1, Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0.0025 0.0001 0.0026 0.0001 0.0047 0.0047 0.0047 0.0048 0.0073 0.0073 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1, Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 154 269 604 75 233 406 906 75 233 406 906 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 13% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.13 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital. In making this determination, the fund’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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 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’s investment objective.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun operation of its Class 1, Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun operation of its Class 1, Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds Growth and Income Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital while providing current income. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1, Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0.0025 0.0001 0.0026 0.0001 0.0029 0.0029 0.0029 0.003 0.0055 0.0055 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1, Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 31 97 169 381 56 176 307 689 56 176 307 689 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 7% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.07 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.” Exposure to lower rated securities may help the fund achieve its objective of providing current income.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund’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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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 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’s investment objective.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun operation of its Class 1, Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun operation of its Class 1, Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds Managed Risk Growth Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.0026 0.0034 0.0075 -0.0005 0.007 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 72 235 412 926 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 80% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.80 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 options and 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. A portion of the fund’s assets may also be held in cash and/or U.S. Treasury futures.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital. In making this determination, the fund’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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’ equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying funds’ portfolios, taking into consideration each underlying fund’s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant options and futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font-size: 10pt; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund’s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of the underlying fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun operation of its Class P1 shares, 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’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.</span></p> Investment results Because the fund has not yet begun operation of its Class P1 shares, information regarding investment results is not available as of the date of this prospectus. American Funds Managed Risk Growth and Income Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font-size: 10pt; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.0026 0.003 0.0071 -0.0005 0.0066 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 67 222 390 878 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 72% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.72 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 options and 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. A portion of the fund’s assets may also be held in cash and/or U.S. Treasury futures.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.” Exposure to lower rated securities may help the fund achieve its objective of providing current income.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">employs a subadviser to select individual put options and 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’ equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying funds’ portfolios, taking into consideration each underlying fund’s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to </span> <span style="font-family: Arial, Helvetica, Sans-Serif">successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, </span> <span style="font-family: Arial, Helvetica, Sans-Serif">placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun operation of its Class P1 shares, 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’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.</span></p> Investment results Because the fund has not yet begun operation of its Class P1 shares, information regarding investment results is not available as of the date of this prospectus. American Funds Managed Risk Global Allocation Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’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. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P1 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0.0026 0.0042 0.0083 -0.0005 0.0078 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 80 260 456 1021 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 66% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.66 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 options and futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed income funds. A portion of the fund’s assets may also be held in cash and/or U.S. Treasury futures.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’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’s assessment of the relative attractiveness of each asset type as an investment opportunity.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.” Exposure to lower rated securities may help the fund achieve its objective of providing current income.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’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’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’ equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying funds’ portfolios, taking into consideration each underlying fund’s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <i>Asset allocation</i> — The fund’s percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Currency </i>— The prices of, and the income generated by, many debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund’s securities denominated in such currencies would generally fall and vice versa.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun operation of its Class P1 shares, 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’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.</span></p> Investment results Because the fund has not yet begun operation of its Class P1 shares, information regarding investment results is not available as of the date of this prospectus. American Funds Global Growth Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0.0025 0.0026 0.0047 0.0098 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 100 312 542 1201 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 13% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.13 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital. In making this determination, the fund’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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 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’s investment objective.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Multi-Cap Growth Funds Index includes the fund and other 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The Lipper Global Multi-Cap Growth Funds Index includes the fund and other 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2015-05-01 -0.2475 0.0467 0.0622 -0.1836 0.0523 0.0626 -0.2863 0.0519 0.0648 American Funds Growth and Income Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital while providing current income. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0.0025 0.0026 0.0029 0.008 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 82 255 444 990 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 7% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.07 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.” Exposure to lower rated securities may help the fund achieve its objective of providing current income.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund’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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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 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’s investment objective.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The American Funds Growth and Income Portfolio Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&amp;P 500 Index / 20% MSCI All Country World Index ex U.S. / 40% Bloomberg U.S. Aggregate Index . The Lipper Mixed-Asset Target Allocation Moderate Funds Index includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The MSCI All Country World ex USA Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The American Funds Growth and Income Portfolio Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index / 20% MSCI All Country World Index ex U.S. / 40% Bloomberg U.S. Aggregate Index . The Lipper Mixed-Asset Target Allocation Moderate Funds Index includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The MSCI All Country World ex USA Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2015-05-01 -0.1574 0.0463 0.0526 -0.1811 0.0942 0.102 -0.1301 0.0002 0.0077 -0.16 0.0088 0.0249 -0.1535 0.0426 0.0511 -0.1373 0.0409 0.0468 American Funds Managed Risk Growth Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.0026 0.0034 0.01 -0.0005 0.0095 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 97 313 548 1220 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 80% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.80 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 options and 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. A portion of the fund’s assets may also be held in cash and/or U.S. Treasury futures.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.”</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital. In making this determination, the fund’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.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’ equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying funds’ portfolios, taking into consideration each underlying fund’s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font-size: 10pt; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in small companies</i> — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also </span> <span style="font-family: Arial, Helvetica, Sans-Serif">result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in future delivery contracts</i> — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund’s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of the underlying fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2015-05-01 -0.2036 0.0284 0.0387 -0.1313 0.0499 0.0572 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Additionally, because no funds, private accounts or commodity pools that are managed by the fund’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.</span></p> American Funds Managed Risk Growth and Income Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’s investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection. </span></p> Investment objective <p style="font-size: 10pt; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.0026 0.003 0.0096 -0.0005 0.0091 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 93 301 526 1173 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 72% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.72 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 options and 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. A portion of the fund’s assets may also be held in cash and/or U.S. Treasury futures.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.” Exposure to lower rated securities may help the fund achieve its objective of providing current income.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’s investment objective of providing long-term growth of capital while providing current income. In making this determination, the fund’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’ equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying funds’ portfolios, taking into consideration each underlying fund’s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United </span> <span style="font-family: Arial, Helvetica, Sans-Serif">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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2015-05-01 -0.151 0.0236 0.033 -0.1313 0.0499 0.0572 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Additionally, because no funds, private accounts or commodity pools that are managed by the fund’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.</span></p> American Funds Managed Risk Global Allocation Portfolio <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund’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. </span></p> Investment objective <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class P2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0025 0.0026 0.0042 0.0108 -0.0005 0.0103 Restated to reflect current fees. 2024-05-01 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">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.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’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. The example reflects the fee waiver described above through the expiration date of such waiver and total annual fund operating expenses thereafter. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 105 339 591 1313 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 66% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.66 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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 options and futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed income funds. A portion of the fund’s assets may also be held in cash and/or U.S. Treasury futures.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’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’s assessment of the relative attractiveness of each asset type as an investment opportunity.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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’s investment adviser, or unrated but determined by the fund’s investment adviser to be of equivalent quality. Debt securities rated BB+ or below and Ba1 or below are sometimes referred to as “junk bonds.” Exposure to lower rated securities may help the fund achieve its objective of providing current income.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser seeks to create combinations of underlying funds that complement each other with a goal of achieving the fund’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’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.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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 — primarily exchange-traded futures contracts and/or exchange-traded put options — to attempt to stabilize the volatility of the fund around a target volatility level and to seek to reduce the downside exposure of the fund. The fund employs a subadviser to select individual put options and 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’ equity exposure. These instruments are selected based on the subadviser’s analysis of the relation of various equity indexes to the underlying funds’ portfolios, taking into consideration each underlying fund’s allocation within the fund. In addition, the subadviser will monitor liquidity levels of relevant options and 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’s currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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. Though similar, an option on an index gives one party the contractual right (but not the obligation) to take or make delivery of an amount of cash linked to the value of the underlying index. Because such instruments derive their respective values from the price of an underlying index, both options and futures contracts are considered derivatives. A long position in an equity index put option and a short position in an equity index futures contract are both expected to gain in value when the underlying index declines, and lose value when the underlying index rises.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the fund to seek to manage the fund’s overall net risk level. In situations of extreme market volatility, the subadviser will tend to use exchange-traded equity index options and/or futures more heavily, as such investments could significantly reduce the fund’s net economic exposure to equity securities. Even in periods of low volatility in the equity markets, however, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains after favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In certain market conditions, the fund may also purchase exchange-traded equity index call options, write or sell exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts.</span></p> <p style="font-size: 10pt; text-align: left"><span 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 funds, the fund owns a diversified mix of securities.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in the fund and the underlying funds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in options and futures contracts</i> — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which the fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If the fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of the fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, the fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.</span> <i>Hedging </i>— There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general. <i>Short positions</i> — The fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <i>Asset allocation</i> — The fund’s percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in growth-oriented stocks</i> — 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.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in income-oriented stocks</i> — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in emerging markets</i> — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Currency </i>— The prices of, and the income generated by, many debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund’s securities denominated in such currencies would generally fall and vice versa.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the </span> <span style="font-family: Arial, Helvetica, Sans-Serif">time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Nondiversification risk </i>— 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. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. In addition, the fund is subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in 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’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. 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. capitalgroup.com/afis Average annual total returns For the periods ended December 31, 2022: 2015-05-01 -0.1825 0.0103 0.022 -0.1478 0.0288 0.0354 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Additionally, because no funds, private accounts or commodity pools that are managed by the fund’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.</span></p> American Funds IS 2065 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0037 0.0037 0.0042 0.0092 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 43 135 94 293 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_144.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2060 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0037 0.0037 0.0042 0.0092 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 43 135 94 293 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_145.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2055 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0036 0.0036 0.0041 0.0091 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 42 132 93 290 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_146.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2050 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0036 0.0036 0.0041 0.0091 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 42 132 93 290 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_147.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2045 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0035 0.0035 0.004 0.009 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 128 92 287 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_148.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2040 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0035 0.0035 0.004 0.009 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 41 128 92 287 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_149.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1 and Class 4 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2035 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0034 0.0034 0.0039 0.0089 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 40 125 219 493 91 284 493 1096 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 88% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.88 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_150.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in the fund. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. Past investment results are not predictive of future investment results. capitalgroup.com/afis <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif">*Because the fund has not yet begun investment operations of its Class 1 shares, only information regarding investment results of its Class 4 shares is available as of the date of this prospectus.</span></p> Average annual total returns For the periods ended December 31, 2022: 2019-12-06 -0.1679 0.0436 -0.1499 0.0397 American Funds IS 2030 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0032 0.0032 0.0037 0.0087 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 38 119 208 468 89 278 482 1073 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 21% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.21 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_152.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in the fund. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. Past investment results are not predictive of future investment results. capitalgroup.com/afis <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif">*Because the fund has not yet begun investment operations of its Class 1 shares, only information regarding investment results of its Class 4 shares is available as of the date of this prospectus.</span></p> Average annual total returns For the periods ended December 31, 2022: 2019-12-06 -0.1487 0.0349 -0.1396 0.0333 American Funds IS 2025 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0031 0.0031 0.0036 0.0086 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 37 116 202 456 88 274 477 1061 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.14 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_154.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in the fund. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. Past investment results are not predictive of future investment results. capitalgroup.com/afis <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif">*Because the fund has not yet begun investment operations of its Class 1 shares, only information regarding investment results of its Class 4 shares is available as of the date of this prospectus.</span></p> Average annual total returns For the periods ended December 31, 2022: 2019-12-06 -0.1325 0.0321 -0.1313 0.0277 American Funds IS 2020 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0029 0.0029 0.0034 0.0084 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 35 109 191 431 86 268 466 1037 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.14 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_156.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in the fund. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. Past investment results are not predictive of future investment results. capitalgroup.com/afis <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif">*Because the fund has not yet begun investment operations of its Class 1 shares, only information regarding investment results of its Class 4 shares is available as of the date of this prospectus.</span></p> Average annual total returns For the periods ended December 31, 2022: 2019-12-06 -0.1151 0.0288 -0.1281 0.0193 American Funds IS 2015 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0029 0.0029 0.0034 0.0084 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 35 109 191 431 86 268 466 1037 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.14 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_158.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in the fund. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. Past investment results are not predictive of future investment results. capitalgroup.com/afis <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif">*Because the fund has not yet begun investment operations of its Class 1 shares, only information regarding investment results of its Class 4 shares is available as of the date of this prospectus.</span></p> Average annual total returns For the periods ended December 31, 2022: 2019-12-06 -0.1063 0.0282 -0.1216 0.0191 American Funds IS 2010 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1 or Class 4 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.0005 0.003 0.0028 0.0028 0.0033 0.0083 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1 and Class 4 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 34 106 185 418 85 265 460 1025 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 12% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.12 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_160.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth-and-income funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">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’s average annual total returns for various periods compare with a broad measure of securities market results. This information provides some indication of the risks of investing in the fund. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/afis.</span></p> Investment results 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’s average annual total returns for various periods compare with a broad measure of securities market results. Past investment results are not predictive of future investment results. capitalgroup.com/afis <p style="font-size: 10pt; text-align: left; text-indent: -5.75pt; margin-left: 5.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif">*Because the fund has not yet begun investment operations of its Class 1 shares, only information regarding investment results of its Class 4 shares is available as of the date of this prospectus.</span></p> Average annual total returns For the periods ended December 31, 2022: 2019-12-06 -0.0956 0.0267 -0.1144 0.0159 American Funds IS 2065 Target Date Fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0037 0.0037 0.0067 0.0067 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 68 214 68 214 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_164.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2060 Target Date Fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="-keep: true">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0037 0.0037 0.0067 0.0067 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 68 214 68 214 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_165.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2055 Target Date Fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0036 0.0036 0.0066 0.0066 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 67 211 67 211 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_166.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2050 Target Date Fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><span style="-keep: true">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0036 0.0036 0.0066 0.0066 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 67 211 67 211 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_167.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2045 Target Date Fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"> Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0035 0.0035 0.0065 0.0065 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 66 208 66 208 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_168.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2040 Target Date Fund <p style="color: #000000; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="-keep: true">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0035 0.0035 0.0065 0.0065 Based on estimated amounts for the current fiscal year. Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font-size: 10pt; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 66 208 66 208 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"> <span style="font-weight: normal">The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown.</span></span></p> Portfolio turnover Principal investment strategies <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_169.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2035 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0034 0.0034 0.0064 0.0064 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 65 205 357 798 65 205 357 798 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 88% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.88 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_170.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2030 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0032 0.0032 0.0062 0.0062 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 63 199 346 774 63 199 346 774 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 21% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.21 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_171.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="-keep: true"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"> </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2025 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0031 0.0031 0.0061 0.0061 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 62 195 340 762 62 195 340 762 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.14 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_172.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2020 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0029 0.0029 0.0059 0.0059 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 189 329 738 60 189 329 738 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.14 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_173.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2015 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0029 0.0029 0.0059 0.0059 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 189 329 738 60 189 329 738 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.14 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_174.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>I</i></span> <i>nvesting in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. American Funds IS 2010 Target Date Fund <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time.</span></p> Investment objectives <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">This table describes the fees and expenses that you may pay if you buy, hold and sell an interest in Class 1A or Class 2 shares of the fund. You may pay other fees, such as insurance contract fees and expenses, which are not reflected in the tables and examples below. If insurance contract fees and expenses were reflected, expenses shown would be higher.</span></p> Fees and expenses of the fund Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0.0025 0.003 0.0005 0.0028 0.0028 0.0058 0.0058 Restated to reflect current fees. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">This example is intended to help you compare the cost of investing in Class 1A and Class 2 shares of the fund with the cost of investing in other mutual funds.</span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span 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’s operating expenses remain the same. The example does not reflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher. No sales charge (load) or other fees are charged by the fund upon redemption, so you would incur these hypothetical costs whether or not you were to redeem your shares at the end of the given period. </span></p> Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 59 186 324 726 59 186 324 726 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal"><span style="font-weight: normal">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 12% of the average value of its portfolio.</span></span></p> Portfolio turnover 0.12 <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives. For example, growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund is designed for investors who plan to retire in, or close to, the fund’s target date — that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity exposure after the target date has passed.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. 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’s investment objective.</span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">According to its current investment approach, the investment adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. Thirty years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of May 1, 2023.</span></p> <p style="font-size: 10pt; font-weight: bold; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Investment approach</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="image_175.jpg"/></span></p> <p style="font-size: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth-and-income funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.</span></p> Principal investment strategies Principal risks You may lose money by investing in the fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Allocation risk</i> — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Fund structure</i> — 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Underlying fund risks</i> — Because the fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Market conditions</i> — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Issuer risks</i> — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in debt instruments</i> — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.</span> <span style="font-family: Arial, Helvetica, Sans-Serif">Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and 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.</span> <span 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 or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.</span> <i>Investing in lower rated debt instruments</i> — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.” <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in inflation-linked bonds</i> — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.</span> Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in mortgage-related and other asset-backed securities</i> — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in securities backed by the U.S. government</i> — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in derivatives</i> — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Interest rate risk</i> — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Liquidity risk</i> — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing in stocks</i> — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Investing outside the United States</i> — 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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the 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 an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.</span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><i>Management </i>— The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span> 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. <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. </span></p> Investment results Because the fund has not yet begun investment operations of its Class 1A and Class 2 shares, information regarding investment results is not available as of the date of this prospectus. ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20001 column 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compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ 0.2828 0.0210 0.0025 0.0209 0.2599 -0.1056 0.3156 0.2972 0.0673 -0.2954 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20117 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20118 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008790Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20121 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20122 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ 0.3011 0.0851 0.0684 0.0949 0.2836 -0.0026 0.3079 0.5207 0.2197 -0.2993 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20123 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20124 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20127 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20128 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ 0.2160 -0.0265 -0.0449 0.0353 0.3215 -0.1311 0.2290 0.1396 -0.0147 -0.2080 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20129 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008792Member row primary compact * ~ ~ 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compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ 0.2250 0.0573 -0.0139 0.0734 0.2635 -0.0962 0.3104 0.0878 0.1471 -0.1729 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20141 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20142 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000013710Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20145 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20146 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ 0.3348 0.1063 0.0147 0.1153 0.2247 -0.0178 0.2614 0.1355 0.2408 -0.1648 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20147 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20148 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008795Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20151 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20152 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ 0.1909 -0.0317 -0.0558 0.0146 0.2514 -0.1124 0.2276 0.0598 0.0539 -0.1531 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20153 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000023461Member row primary compact * ~ ~ 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compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20367 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20368 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ 0.2936 0.0201 0.0669 0.0037 0.3111 -0.0924 0.3487 0.3017 0.1614 -0.2492 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20369 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008786Member row primary compact * ~ ~ 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compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ 0.2996 0.0825 0.0659 0.0922 0.2799 -0.0050 0.3044 0.5171 0.2169 -0.3011 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20381 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20382 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000008791Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20385 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember 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ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20488 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20491 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20492 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040667Member row primary 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dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20509 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20510 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member row primary compact * ~ 0.0177 0.0071 0.0252 0.2599 -0.0037 0.2174 0.3203 0.1289 -0.2488 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20511 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20512 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040665Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20515 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20516 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040666Member row primary 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dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000040668Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20533 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20534 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000038240Member row primary compact * ~ 0.2058 0.0291 -0.0107 0.0727 0.1480 -0.0489 0.1798 0.0588 0.1250 -0.1397 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20535 column dei_DocumentInformationDocumentAxis compact 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dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20551 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20552 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20555 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20556 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P1_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20559 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20560 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member row primary compact * ~ 0.0442 0.2811 -0.0977 0.3167 0.2380 0.1349 -0.2475 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20561 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20562 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048970Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20565 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20566 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member row primary compact * ~ 0.0641 0.1543 -0.0351 0.1957 0.1486 0.1232 -0.1574 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20567 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20568 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048971Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20571 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20572 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ 0.0397 0.1800 -0.0398 0.1926 0.1335 0.1129 -0.2036 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20573 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20574 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048973Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20577 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20578 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ 0.0370 0.1655 -0.0472 0.1929 0.0496 0.1093 -0.1510 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20579 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20580 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048974Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20583 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20584 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ 0.0108 0.1903 -0.0690 0.2044 0.0565 0.0870 -0.1825 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20585 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20586 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_P2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000048972Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20589 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080328Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20590 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080328Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20593 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080327Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20594 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080327Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20597 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080326Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20598 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080326Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20601 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080325Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20602 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080325Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20605 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080324Member row primary compact * ~ ~ 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ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067194Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20614 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067194Member row primary compact * ~ 0.1601 0.1499 -0.1679 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20615 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067194Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20616 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067194Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20619 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067193Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20620 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067193Member row primary compact * ~ 0.1339 0.1255 -0.1487 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20621 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067193Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20622 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067193Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20625 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067192Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20626 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067192Member row primary compact * ~ 0.1242 0.1077 -0.1325 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20627 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067192Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20628 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067192Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20631 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067191Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20632 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067191Member row primary compact * ~ 0.1015 0.1010 -0.1151 ~ 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compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067190Member row primary compact * ~ 0.0920 0.0974 -0.1063 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20639 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067190Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20640 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067190Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20643 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067189Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20644 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067189Member row primary compact * ~ 0.0855 0.0875 -0.0956 ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualTotalReturnsBarChart20645 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067189Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAverageAnnualReturnsTransposed20646 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1_4_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067189Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20649 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080328Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20650 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080328Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20653 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080327Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20654 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080327Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20657 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080326Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20658 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080326Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20661 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000080325Member row primary compact * ~ ~ 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http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20690 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067190Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleAnnualFundOperatingExpenses20693 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067189Member row primary compact * ~ ~ http://www.americanfunds.com/20230414/role/ScheduleExpenseExampleTransposed20694 column dei_DocumentInformationDocumentAxis compact ck0000729528_doc_Class_1A_2_Shares_ProspectusMember column dei_LegalEntityAxis compact ck0000729528_S000067189Member row primary compact * ~ Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.2438 2020-06-30 Lowest -0.1657 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 24.38% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -16.57% (quarter ended June 30, 2022)</p> 1997-04-30 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.2935 2020-06-30 Lowest -0.2515 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 29.35% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.15% (quarter ended March 31, 2020)</p> 1998-04-30 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">&#xa0;</span></p> <p>&#xa0;</p> Highest 0.2873 2020-06-30 Lowest -0.2300 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 28.73% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -23.00% (quarter ended June 30, 2022)</p> 1984-02-08 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.2177 2020-12-31 Lowest -0.2454 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 21.77% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.54% (quarter ended March 31, 2020)</p> 1990-05-01 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.2471 2020-06-30 Lowest -0.2306 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 24.71% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.06% (quarter ended March 31, 2020)</p> 1999-06-17 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1926 2020-06-30 Lowest -0.2544 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 19.26% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.44% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.2006 2020-06-30 Lowest -0.1972 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.06% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -19.72% (quarter ended March 31, 2020)</p> 1984-02-08 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.2078 2020-12-31 Lowest -0.2470 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.78% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.70% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1972 2020-06-30 Lowest -0.2338 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 19.72% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.38% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1132 2022-12-31 Lowest -0.1486 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 11.32% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -14.86% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.1387 2020-06-30 Lowest -0.1347 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 13.87% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -13.47% (quarter ended March 31, 2020)</p> 1989-08-01 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.1076 2020-06-30 Lowest -0.1229 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 10.76% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.29% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> Highest 0.0407 2020-03-31 Lowest -0.0505 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 4.07% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.05% (quarter ended September 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.0882 2020-06-30 Lowest -0.1246 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 8.82% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.46% (quarter ended March 31, 2020)</p> 1984-02-08 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.0599 2022-12-31 Lowest -0.0840 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 5.99% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -8.40% (quarter ended March 31, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.0454 2020-06-30 Lowest -0.0517 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 4.54% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.17% (quarter ended March 31, 2022)</p> 1996-01-02 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.0746 2020-03-31 Lowest -0.0510 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 7.46% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.10% (quarter ended September 30, 2022)</p> 1985-12-02 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.0088 2022-12-31 Lowest -0.0009 2015-06-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 0.88% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -0.09% (quarter ended June 30, 2015)</p> 1984-02-08 Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2430 2020-06-30 Lowest -0.1661 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 24.30% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -16.61% (quarter ended June 30, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2929 2020-06-30 Lowest -0.2521 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 29.29% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.21% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2865 2020-06-30 Lowest -0.2305 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 28.65% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -23.05% (quarter ended June 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2169 2020-12-31 Lowest -0.2462 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 21.69% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.62% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2463 2020-06-30 Lowest -0.2312 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 24.63% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.12% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.1920 2020-06-30 Lowest -0.2550 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 19.20% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.50% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2000 2020-06-30 Lowest -0.1977 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.00% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -19.77% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2073 2020-12-31 Lowest -0.2474 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.73% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.74% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.1969 2020-06-30 Lowest -0.2346 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 19.69% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.46% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.1126 2022-12-31 Lowest -0.1494 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 11.26% (quarter ended Dcember 31, 2022)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -14.94% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.1382 2020-06-30 Lowest -0.1351 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 13.82% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -13.51% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.1061 2020-06-30 Lowest -0.1231 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 10.61% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.31% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.0398 2020-03-31 Lowest -0.0510 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 3.98% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.10% (quarter ended September 30, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.0882 2020-06-30 Lowest -0.1258 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 8.82% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.58% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.0591 2022-12-31 Lowest -0.0850 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 5.91% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -8.50% (quarter ended March 31, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.0453 2020-06-30 Lowest -0.0529 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 4.53% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.29% (quarter ended March 31, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.0731 2020-03-31 Lowest -0.0521 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 7.31% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.21% (quarter ended September 30, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-family: Arial, Helvetica, Sans-Serif;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.0079 2022-12-31 Lowest -0.0015 2013-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 0.79% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -0.15% (quarter ended September 30, 2013)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2430 2020-06-30 Lowest -0.1661 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 24.30% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -16.61% (quarter ended June 30, 2022)</p> 1997-04-30 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2932 2020-06-30 Lowest -0.2521 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 29.32% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.21% (quarter ended March 31, 2020)</p> 1998-04-30 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.2864 2020-06-30 Lowest -0.2306 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 28.64% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -23.06% (quarter ended June 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.2173 2020-12-31 Lowest -0.2459 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 21.73% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.59% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2466 2020-06-30 Lowest -0.2313 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 24.66% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.13% (quarter ended March 31, 2020)</p> 1999-06-17 Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1917 2020-06-30 Lowest -0.2549 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 19.17% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.49% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2000 2020-06-30 Lowest -0.1977 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.00% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -19.77% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.2079 2020-12-31 Lowest -0.2472 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.79% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.72% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.1965 2020-06-30 Lowest -0.2345 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 19.65% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.45% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-style: normal; font-weight: normal;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. </span></p> <p>&#xa0;</p> Highest 0.1126 2022-12-31 Lowest -0.1485 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 11.26% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -14.85% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.1378 2020-06-30 Lowest -0.1349 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 13.78% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -13.49% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-style: normal; font-weight: normal;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results, such as the 60%/40% MSCI All Country World Index/Bloomberg Aggregate Index.</span></p> <p>&#xa0;</p> Highest 0.1061 2020-06-30 Lowest -0.1224 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 10.61% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.24% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. </span></p> <p>&#xa0;</p> Highest 0.0399 2020-03-31 Lowest -0.0509 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 3.99% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.09% (quarter ended September 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.0884 2020-06-30 Lowest -0.1258 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 8.84% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.58% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> <p>&#xa0;</p> Highest 0.0582 2022-12-31 Lowest -0.0855 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 5.82% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -8.55% (quarter ended March 31, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. </span></p> <p>&#xa0;</p> Highest 0.0447 2020-06-30 Lowest -0.0533 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 4.47% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.33% (quarter ended March 31, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span style="font-style: normal; font-weight: normal;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. </span></p> <p>&#xa0;</p> Highest 0.0737 2020-03-31 Lowest -0.0516 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 7.37% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.16% (quarter ended September 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">The following bar chart shows how the investment results of the Class 1A shares of the fund have varied from year to year, and the following table shows how the fund&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</p> <p>&#xa0;</p> Highest 0.0080 2022-12-31 Lowest -0.0018 2021-12-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 0.80% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -0.18% (quarter ended December 31, 2021)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.2867 2020-06-30 Lowest -0.2305 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 28.67% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -23.05% (quarter ended June 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.2168 2020-12-31 Lowest -0.2462 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 21.68% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.62% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.2002 2020-06-30 Lowest -0.1976 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.02% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -19.76% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1382 2020-06-30 Lowest -0.1350 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 13.82% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -13.50% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0876 2020-06-30 Lowest -0.1250 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 8.76% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.50% (quarter ended March 31, 2020)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0736 2020-03-31 Lowest -0.0518 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 7.36% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.18% (quarter ended September 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0083 2022-12-31 Lowest -0.0018 2021-06-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 0.83% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -0.18% (quarter ended June 30, 2021)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2423 2020-06-30 Lowest -0.1664 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 24.23% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -16.64% (quarter ended June 30, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2918 2020-06-30 Lowest -0.2527 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 29.18% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.27% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2856 2020-06-30 Lowest -0.2311 2022-06-30 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 28.56% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -23.11% (quarter ended June 30, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2160 2020-12-31 Lowest -0.2468 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 21.60% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.68% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> <p>&#xa0;</p> Highest 0.2454 2020-06-30 Lowest -0.2316 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 24.54% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.16% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1911 2020-06-30 Lowest -0.2553 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 19.11% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -25.53% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1992 2020-06-30 Lowest -0.1983 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 19.92% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -19.83% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.2070 2020-12-31 Lowest -0.2482 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 20.70% (quarter ended December 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -24.82% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1965 2020-06-30 Lowest -0.2352 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 19.65% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -23.52% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1122 2022-12-31 Lowest -0.1502 2020-03-31 <p>Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p><strong>Highest</strong>&#xa0; 11.22% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p><strong>Lowest</strong>&#xa0; -15.02% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1373 2020-06-30 Lowest -0.1356 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 13.73% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -13.56% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.1055 2020-06-30 Lowest -0.1235 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 10.55% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.35% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0393 2020-03-31 Lowest -0.0515 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 3.93% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.15% (quarter ended September 30, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0882 2020-06-30 Lowest -0.1259 2020-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 8.82% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -12.59% (quarter ended March 31, 2020)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0590 2022-12-31 Lowest -0.0856 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 5.90% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -8.56% (quarter ended March 31, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0437 2020-06-30 Lowest -0.0527 2022-03-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 4.37% (quarter ended June 30, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.27% (quarter ended March 31, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;"><span 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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results. </span></p> <p>&#xa0;</p> Highest 0.0728 2020-03-31 Lowest -0.0527 2022-09-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 7.28% (quarter ended March 31, 2020)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -5.27% (quarter ended September 30, 2022)</p> Calendar year total returns* <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</p> <p>&#xa0;</p> Highest 0.0074 2022-12-31 Lowest -0.0027 2014-12-31 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 0.74% (quarter ended December 31, 2022)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -0.27% (quarter ended December 31, 2014)</p> Calendar year total returns <p><span style="font-style: normal; font-weight: normal; font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1317 2020-06-30 Lowest -0.1413 2022-06-30 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 13.17% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -14.13% (quarter ended June 30, 2022)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.1519 2020-12-31 Lowest -0.1707 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 15.19% (quarter ended December 31, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -17.07% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.0821 2021-12-31 Lowest -0.1307 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 8.21% (quarter ended December 31, 2021)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -13.07% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.0801 2019-03-31 Lowest -0.0936 2022-06-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 8.01% (quarter ended March 31, 2019)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; -9.36% (quarter ended June 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.0736 2019-03-31 Lowest -0.0949 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 7.36% (quarter ended March 31, 2019)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -9.49% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p><span style="font-style: normal; font-weight: normal; font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1312 2020-06-30 Lowest -0.1422 2022-06-30 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 13.12% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -14.22% (quarter ended June 30, 2022)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.1508 2020-12-31 Lowest -0.1722 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 15.08% (quarter ended December 31, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -17.22% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.0809 2021-12-31 Lowest -0.1318 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 8.09% (quarter ended December 31, 2021)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -13.18% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.0806 2019-03-31 Lowest -0.0953 2022-06-30 <p style="font-family: Arial, Helvetica, Sans-Serif;">Highest/Lowest quarterly results during this period were:</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Highest</strong>&#xa0; 8.06% (quarter ended March 31, 2019)</p> <p>&#xa0;</p> <p style="font-family: Arial, Helvetica, Sans-Serif;"><strong>Lowest</strong>&#xa0; --9.53% (quarter ended June 30, 2022)</p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</p> <p>&#xa0;</p> Highest 0.0736 2019-03-31 Lowest -0.0951 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 7.36% (quarter ended March 31, 2019)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -9.51% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</span></p> Highest 0.2371 2020-06-30 Lowest -0.2112 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0; 23.71% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0; -21.12% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</p> <p>&#xa0;</p> Highest 0.1370 2020-06-30 Lowest -0.1220 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0;13.70% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0;-12.20% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.</p> <p>&#xa0;</p> Highest 0.0984 2020-12-31 Lowest -0.1079 2022-06-30 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong> 9.84% (quarter ended December 31, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong> -10.79% (quarter ended June 30, 2022)</span></p> Calendar year total returns <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.&#xa0;</span></p> Highest 0.0777 2020-12-31 Lowest -0.1091 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0;7.77% (quarter ended December 31, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0;-10.91% (quarter ended March 31, 2020)</span></p> Calendar year total returns <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.0929 2020-12-31 Lowest -0.1267 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong>&#xa0;9.29% (quarter ended December 31, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong>&#xa0;-12.67% (quarter ended March 31, 2020)</span></p> Calendar year total returns for Class 4 shares* <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1618 2020-06-30 Lowest -0.1580 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong> 16.18% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong> -15.80% (quarter ended March 31, 2020)</span></p> Calendar year total returns for Class 4 shares* <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1310 2020-06-30 Lowest -0.1291 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong> 13.10% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong> -12.91% (quarter ended March 31, 2020)</span></p> Calendar year total returns for Class 4 shares* <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.1137 2020-06-30 Lowest -0.1047 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong> 11.37% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong> -10.47% (quarter ended March 31, 2020)</span></p> Calendar year total returns for Class 4 shares* <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.0944 2020-06-30 Lowest -0.0902 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong> 9.44% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong> -9.02% (quarter ended March 31, 2020)</span></p> Calendar year total returns for Class 4 shares* <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.0892 2020-06-30 Lowest -0.0872 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong> 8.92% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong> -8.72% (quarter ended March 31, 2020)</span></p> Calendar year total returns for Class 4 shares* <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">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&#x2019;s average annual total returns for various periods compare with a broad measure of securities market results.</span></p> Highest 0.0819 2020-06-30 Lowest -0.0794 2020-03-31 <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Highest/Lowest quarterly results during this period were:</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Highest</strong> 8.19% (quarter ended June 30, 2020)</span></p> <p>&#xa0;</p> <p><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><strong>Lowest</strong> -7.94% (quarter ended March 31, 2020)</span></p> false 2023-04-14 2022-12-31 485BPOS 0000729528 The investment adviser is currently waiving a portion of its management fee equal to .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .04% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .07% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .15% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .01% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .17% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from April 30, 1997, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .04% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from April 30, 1998, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from May 1, 1990, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .07% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from June 17, 1999, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from May 1, 2006, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from November 18, 2008, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A 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 .15% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from July 5, 2001, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from May 1, 2014, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Lifetime returns are from August 1, 1989, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A 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 .01% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A 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 .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from October 4, 2006, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A 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 .17% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from January 2, 1996, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A 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 .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from December 2, 1985, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 1A shares began investment operations on January 6, 2017; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 1A shares and is described in the “Fund expenses” section of the prospectus. Returns for Class 1 shares are comparable to those of Class 1A 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 .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .04% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from May 1, 1990, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 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 .07% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .15% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from August 1, 1989, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .01% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from October 4, 2006, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 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 .17% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from January 2, 1996, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from December 2, 1985, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 2 shares began investment operations on April 30, 1997; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect the .25% annual expense that applies to Class 2 shares and is described in the “Plan of distribution” section of this prospectus. Returns for Class 1 shares are comparable to those of Class 2 shares because both classes invest in the same portfolio of securities. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 3 shares began investment operations on January 16, 2004; therefore, returns 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. Returns for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from May 1, 1990, the date the fund began investment operations. Class 3 shares began investment operations on January 16, 2004; therefore, returns 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. Returns for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 3 shares began investment operations on January 16, 2004; therefore, returns 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. Returns for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Lifetime returns are from August 1, 1989, the date the fund began investment operations. Class 3 shares began investment operations on January 16, 2004; therefore, returns 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. Returns for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 3 shares began investment operations on January 16, 2004; therefore, returns 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. Returns for Class 1 shares are comparable to those of Class 3 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 .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from December 2, 1985, the date the fund began investment operations. Class 3 shares began investment operations on January 16, 2004; therefore, returns 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. Returns for Class 1 shares are comparable to those of Class 3 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 3 shares began investment operations on January 16, 2004; therefore, returns 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. Returns for Class 1 shares are comparable to those of Class 3 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 .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from April 30, 1997, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns 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 .04% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from April 30, 1998, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from May 1, 1990, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns 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 .07% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from June 17, 1999, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .11% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from May 1, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from November 18, 2008, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .15% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from July 5, 2001, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from August 1, 1989, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns 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 .01% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from May 2, 2011, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .14% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from October 4, 2006, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns 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 .17% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from January 2, 1996, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .10% of the fund's net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Lifetime returns are from December 2, 1985, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Restated to reflect current fees. Lifetime returns are from February 8, 1984, the date the fund began investment operations. Class 4 shares began investment operations on December 14, 2012; therefore, returns for the fund prior to that date assume a hypothetical investment in Class 1 shares, but reflect 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. Returns for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Based on estimated amounts for the current fiscal year. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fees equal to .05% of the fund’s net assets and reimbursing a portion of the other expenses. The reimbursement and waiver will be in effect through at least May 1, 2024. 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 waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fees equal to .05% of the fund’s net assets and reimbursing a portion of the other expenses. The reimbursement and waiver will be in effect through at least May 1, 2024. 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 waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. The investment adviser is currently waiving a portion of its management fee equal to .05% of the fund’s net assets. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Restated to reflect current fees. Based on estimated amounts for the current fiscal year. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees. Restated to reflect current fees.