485BPOS 2011-12-31 0000729528 2012-12-14 AMERICAN FUNDS INSURANCE SERIES false 2012-12-13 2012-12-14 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 480% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000031860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's investment objective is to provide current income and preservation<br />of capital.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>Normally, at least 80% of the fund's assets is invested in mortgage-related<br />securities, including securities collateralized by mortgage loans and contracts<br />for future delivery of such securities (such as to be announced contracts and<br />mortgage dollar rolls). The contracts for future delivery are normally of short<br />duration and are replaced by another contract prior to maturity. Each such<br />transaction is reflected as turnover in the fund's portfolio resulting in a<br />higher portfolio turnover rate than funds that do not employ this investment<br />strategy. The fund invests primarily in mortgage-related securities that are<br />sponsored or guaranteed by the U.S. government, such as securities issued by<br />government-sponsored entities that are not backed by the full faith and credit<br />of the U.S. government, and non-government mortgage-related securities that <br />are rated in the Aaa or AAA rating category (by Nationally Recognized Statistical<br />Rating Organizations designated by the fund's investment adviser) or unrated<br />but determined to be of equivalent quality by the fund's investment adviser.<br />The fund may also invest a portion of its assets in debt issued by federal<br />agencies.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund <br />is divided into segments managed by individual counselors who decide how <br />their respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is by <br />analyzing various factors, which may include the credit strength of the issuer, <br />prices of similar securities issued by comparable issuers, anticipated changes <br />in interest rates, general market conditions and other factors pertinent to the <br />particular security being evaluated. Securities may be sold when the investment <br />adviser believes that they no longer represent relatively attractive investment <br />opportunities.</tt> MORTGAGE FUND SM EXAMPLE Because the fund began investment operations on May 2, 2011, information regarding full calendar year investment results is not available as of the date of this prospectus. INVESTMENT OBJECTIVE YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 4.80 INVESTMENT RESULTS ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />INVESTING IN MORTGAGE-RELATED SECURITIES -- Mortgage-related securities are<br />subject to prepayment risk, as well as the risks associated with investing in<br />debt securities in general. If interest rates fall and the loans underlying<br />these securities are prepaid faster than expected, the fund may have to <br />reinvest the prepaid principal in lower yielding securities, thus reducing <br />the fund's income. Conversely, if interest rates increase and the loans <br />underlying the securities are prepaid more slowly than expected, the expected <br />duration of the securities may be extended. This reduces the potential for the <br />fund to invest the principal in higher yielding securities.<br /> <br />INVESTING IN FUTURE DELIVERY CONTRACTS -- Contracts for future delivery of<br />mortgage-related securities, such as to be announced contracts and mortgage<br />dollar rolls, involve the fund selling mortgage-related securities and<br />simultaneously contracting to repurchase similar securities for delivery at a<br />future date at a predetermined price. This can increase the fund's market <br />exposure, and the market price of the securities the fund contracts to <br />repurchase could drop below their purchase price. While the fund can preserve <br />capital and generate gains through the use of such contracts by, for example, <br />realizing the difference between the sale price and the future purchase price, <br />the income generated by the fund may be reduced by engaging in such transactions. <br />In addition, these transactions may increase the turnover rate of the fund.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />INVESTING IN SECURITIES BACKED BY THE U.S. GOVERNMENT -- Securities backed by<br />the U.S. Treasury or the full faith and credit of the U.S. government are<br />guaranteed only as to the timely payment of interest and principal when held <br />to maturity. Accordingly, the current market values for these securities will<br />fluctuate with changes in interest rates. Securities issued by<br />government-sponsored entities and federal agencies and instrumentalities that<br />are not backed by the full faith and credit of the U.S. government are neither<br />issued nor guaranteed by the U.S. government.<br /> <br />MARKET CONDITIONS -- The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors, including <br />those directly involving the issuers of securities held by the fund.<br /> <br />THINLY TRADED SECURITIES -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more difficult <br />to value, acquire or sell.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not <br />produce the desired results. This could cause the fund to lose value or its <br />investment results to lag relevant benchmarks or other funds with similar <br />objectives.<br /> <br />It is important to note that neither your investment in the fund nor the fund's<br />yield is guaranteed by the U.S. government. Your investment in the fund is not<br />a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance <br />Corporation or any other government agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>Because the fund began investment operations on May 2, 2011, information<br />regarding full calendar year investment results is not available as of <br />the date of this prospectus.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000031860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. 94 293 1131 509 0.0025 0.0042 0.0025 0.0092 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 34% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000031859Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>This fund seeks the balanced accomplishment of three objectives: long-term<br />growth of capital, conservation of principal and current income.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>As a balanced fund with global scope, the fund seeks to invest in equity and<br />debt securities of companies around the world that offer the opportunity for<br />growth and/or provide dividend income, while also constructing its portfolio to<br />protect principal and limit volatility. The fund will allocate its assets among<br />various countries, including the United States (but in no fewer than three<br />countries). Under normal market conditions, the fund will invest significantly<br />in issuers domiciled outside the United States (at least 40% of its net assets<br />-- unless market conditions are not deemed favorable by the fund's investment<br />adviser, in which case the fund would invest at least 30% of its net assets in<br />issuers outside the United States).<br /> <br />The fund's ability to invest in issuers domiciled outside the United States<br />includes investing in securities of issuers in emerging and developing<br />countries.<br /> <br />Normally, the fund will maintain at least 45% of the value of its assets <br />in common stocks and other equity investments. Although the fund's equity<br />investments focus is on medium to larger capitalization companies, the fund's<br />investments are not limited to a particular capitalization size.<br /> <br />Normally, the fund will invest at least 30% of the value of its assets in bonds<br />and other debt securities (including money market instruments). These will<br />consist of investment-grade securities (rated Baa3 or better or BBB- or better<br />by Nationally Recognized Statistical Rating Organizations designated by the<br />fund's investment adviser or unrated but determined to be of equivalent quality<br />by the fund's investment adviser).<br /> <br />The fund may invest in bonds and other debt securities, including securities<br />issued and guaranteed by the U.S. government, securities issued by federal<br />agencies and instrumentalities, and securities backed by mortgages or other<br />assets. The fund may also invest in securities of governments, agencies,<br />corporations and other entities domiciled outside the United States. These<br />investments will typically be denominated in currencies other than U.S. dollars.<br /><br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when <br />the investment adviser believes that they no longer represent relatively <br />attractive investment opportunities.</tt> GLOBAL BALANCED FUND SM EXAMPLE Because the fund began investment operations on May 2, 2011, information regarding full calendar year investment results is not available as of the date of this prospectus. INVESTMENT OBJECTIVE YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.34 INVESTMENT RESULTS ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and the income generated by, the common<br />stocks, bonds and other securities held by the fund may decline due to market<br />conditions and other factors, including those directly involving the issuers of<br />securities held by the fund.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />INVESTING IN INCOME-ORIENTED STOCKS -- Income provided by the fund may be<br />reduced by changes in the dividend policies of, and the capital resources<br />available at, the companies in which the fund invests.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and<br />greater than those generally associated with investing in developed countries.<br />For instance, emerging and developing countries may have less developed legal<br />and accounting systems than those in developed countries. The governments of<br />these countries may be more unstable and more likely to impose capital<br />controls, nationalize a company or industry, place restrictions on foreign<br />ownership and on withdrawing sale proceeds of securities from the country,<br />and/or impose punitive taxes that could adversely affect the prices of<br />securities. In addition, the economies of these countries may be dependent <br />on relatively few industries that are more susceptible to local and global<br />changes. Securities markets in these countries can also be relatively small <br />and have substantially lower trading volumes. As a result, securities issued in<br />these countries may be more volatile and less liquid, and may be more difficult<br />to value, than securities issued in countries with more developed economies or<br />markets. Additionally, because these markets may not be as mature, there may be<br />increased settlement risks for transactions in local securities.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />INVESTING IN MORTGAGE-BACKED AND ASSET-BACKED SECURITIES -- Many types of bonds<br />and other debt securities, including mortgage-backed securities, are subject to<br />prepayment risk, as well as the risks associated with investing in debt securities <br />in general. If interest rates fall and the loans underlying these securities are <br />prepaid faster than expected, the fund may have to reinvest the prepaid principal <br />in lower yielding securities, thus reducing the fund's income. Conversely, if <br />interest rates increase and the loans underlying the securities are prepaid more <br />slowly than expected, the expected duration of the securities may be extended. <br />This reduces the potential for the fund to invest the principal in higher <br />yielding securities.<br /> <br />THINLY TRADED SECURITIES -- There may be little trading in the secondary market<br />for particular bonds or other securities, which may make them more difficult to<br />value, acquire or sell.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>Because the fund began investment operations on May 2, 2011, information<br />regarding full calendar year investment results is not available as of the <br />date of this prospectus.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and <br />hold an interest in Class 4 shares of the fund. It does not reflect insurance<br />contract fees and expenses. If insurance contract fees and expenses were<br />reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000031859Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. 121 378 1443 654 0.0028 0.0066 0.0025 0.0119 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 48% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000023461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000023461Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you with long-term growth of<br />capital while providing current income.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in stocks of larger, well-established companies<br />domiciled outside of the United States, including in emerging and developing<br />countries, that the investment adviser believes have the potential for growth<br />and/or to pay dividends. The fund currently intends to invest at least 90% of<br />its assets in securities of issuers domiciled outside the United States and<br />whose securities are primarily listed on exchanges outside the United States.<br />The fund therefore expects to be invested in numerous countries outside the<br />United States. Although the fund focuses on investments in medium to larger<br />capitalization companies, the fund's investments are not limited to a<br />particular capitalization size.<br /> <br />The fund is designed for investors seeking both capital appreciation and<br />income. In pursuing its objective, the fund focuses on stocks of companies <br />with strong earnings that pay dividends. The fund's investment adviser believes <br />that these stocks will be more resistant to market declines than stocks of <br />companies that do not pay dividends.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued companies <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when <br />the investment adviser believes that they no longer represent relatively <br />attractive investment opportunities.</tt> INTERNATIONAL GROWTH AND INCOME FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.48 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;22.49% (quarter ended June 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-17.57% (quarter ended September 30, 2011)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and greater <br />than those generally associated with investing in developed countries. For <br />instance, emerging and developing countries may have less developed legal and <br />accounting systems than those in developed countries. The governments of these <br />countries may be more unstable and more likely to impose capital controls, <br />nationalize a company or industry, place restrictions on foreign ownership and <br />on withdrawing sale proceeds of securities from the country, and/or impose <br />punitive taxes that could adversely affect the prices of securities. In addition, <br />the economies of these countries may be dependent on relatively few industries <br />that are more susceptible to local and global changes. Securities markets in <br />these countries can also be relatively small and have substantially lower trading <br />volumes. As a result, securities issued in these countries may be more volatile <br />and less liquid, and may be more difficult to value, than securities issued in <br />countries with more developed economies or markets. Additionally, because these <br />markets may not be as mature, there may be increased settlement risks for <br />transactions in local securities.<br /> <br />INVESTING IN INCOME-ORIENTED STOCKS -- Income provided by the fund may be<br />reduced by changes in the dividend policies of, and the capital resources<br />available at, the companies in which the fund invests.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency, entity <br />or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The fund has selected the MSCI All Country<br />World ex USA Index to replace the MSCI World ex USA Index as its broad-based<br />securities market index. The fund's investment adviser believes that the MSCI<br />All Country World ex USA Index better reflects the market sectors and<br />securities in which the fund primarily invests than the MSCI World ex USA<br />Index. The Lipper International Funds Index includes mutual funds that disclose<br />investment objectives and/or strategies reasonably comparable to those of the<br />fund. Past results are not predictive of future results. Figures shown reflect<br />fees and expenses associated with an investment in the fund, but do not reflect<br />insurance contract fees and expenses. If insurance contract fees and expenses<br />were included, results would have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and <br />hold an interest in Class 4 shares of the fund. It does not reflect insurance<br />contract fees and expenses. If insurance contract fees and expenses were<br />reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000023461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000023461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. MSCI World ex USA Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.1178 0.1160 2008-11-18 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.1333 0.1398 2008-11-18 Lipper International Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.1448 0.1185 2008-11-18 LOWEST HIGHEST INTERNATIONAL GROWTH AND INCOME FUND 125 2009-06-30 390 -0.1757 0.0670 1489 676 0.2249 -0.0896 0.0029 0.0069 2011-09-30 0.3968 -0.0896 0.0025 0.0123 0.1345 2008-11-18 As a non-diversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Although the fund does not intend to limit its investments to the securities of a small number of issuers, if it were to do so, poor performance by a single large holding would adversely impact the fund's investment results more than if the fund were invested in a larger number of issuers. <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 101% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000013796Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000013796Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you, over the long term, with <br />a high level of total return consistent with prudent investment management.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>Under normal market circumstances, the fund invests at least 80% of its assets in <br />bonds. The fund invests primarily in debt securities of governmental, supranational <br />and corporate issuers denominated in various currencies, including U.S. dollars. <br />The fund may invest substantially in securities of issuers domiciled outside the <br />United States, including issuers in emerging market countries. Normally, the fund's <br />debt obligations consist substantially of investment-grade bonds (rated Baa3 or <br />better or BBB- or better by Nationally Recognized Statistical Rating Organizations <br />designated by the fund's investment adviser, or NRSROs, or unrated but determined <br />to be of equivalent quality by the fund's investment adviser). The fund may also <br />invest a portion of its assets in lower quality, higher yielding debt securities <br />(rated Ba1 or below and BB+ or below by NRSROs or unrated but determined to be of <br />equivalent quality by the fund's investment adviser). Such securities are sometimes<br />referred to as "junk bonds." The total return of the fund will be the result of<br />interest income, changes in the market value of the fund's investments and changes <br />in the values of other currencies relative to the U.S. dollar.<br /> <br />The fund is non-diversified, which allows it to invest a greater percentage of<br />its assets in any one issuer than would otherwise be the case. However, the<br />fund intends to limit its investments in the securities of any single issuer.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with government officials, central <br />banks and company executives. Securities may be sold when the investment adviser <br />believes that they no longer represent relatively attractive investment <br />opportunities.</tt> GLOBAL BOND FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper Global Income Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1.01 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;7.82% (quarter ended September 30, 2010)<br />LOWEST&#xA0;&#xA0;&#xA0;-4.31% (quarter ended September 30, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the bonds and<br />other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />INVESTING IN LOWER RATED BONDS -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks<br />may be increased with respect to investments in junk bonds.<br /> <br />THINLY TRADED SECURITIES -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />CURRENCY -- The prices of, and the income generated by, most debt securities<br />held by the fund may also be affected by changes in relative currency values.<br />If the U.S. dollar appreciates against foreign currencies, the value in U.S.<br />dollars of the fund's securities denominated in such currencies would generally<br />fall and vice versa. U.S. dollar-denominated securities of foreign issuers may<br />also be affected by changes in relative currency values.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and<br />greater than those generally associated with investing in developed countries.<br />For instance, emerging and developing countries may have less developed legal<br />and accounting systems than those in developed countries. The governments of<br />these countries may be more unstable and more likely to impose capital<br />controls, nationalize a company or industry, place restrictions on foreign<br />ownership and on withdrawing sale proceeds of securities from the country,<br />and/or impose punitive taxes that could adversely affect the prices of<br />securities. In addition, the economies of these countries may be dependent on<br />relatively few industries that are more susceptible to local and global<br />changes. Securities markets in these countries can also be relatively small and<br />have substantially lower trading volumes. As a result, securities issued in<br />these countries may be more volatile and less liquid, and may be more difficult<br />to value, than securities issued in countries with more developed economies or<br />markets. Additionally, because these markets may not be as mature, there may be<br />increased settlement risks for transactions in local securities.<br /> <br />NON-DIVERSIFICATION -- As a non-diversified fund, the fund has the ability to<br />invest a larger percentage of its assets in the securities of a smaller number<br />of issuers than a diversified fund. Although the fund does not intend to limit<br />its investments to the securities of a small number of issuers, if it were to<br />do so, poor performance by a single large holding would adversely impact the<br />fund's investment results more than if the fund were invested in a larger<br />number of issuers.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency, entity <br />or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The Lipper Global Income Funds Average<br />includes mutual funds that disclose investment objectives and/or strategies<br />reasonably comparable to those of the fund. Past results are not predictive of<br />future results. Figures shown reflect fees and expenses associated with an<br />investment in the fund, but do not reflect insurance contract fees and<br />expenses. If insurance contract fees and expenses were included, results would<br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000013796Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000013796Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Global Income Funds Average (reflects no deduction for sales charges, account fees or taxes) 0.0368 0.0554 0.0562 2006-10-04 Barclays Global Aggregate Index (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0564 0.0646 0.0652 2006-10-04 LOWEST HIGHEST GLOBAL BOND FUND 108 2010-09-30 337 -0.0431 0.0492 1294 585 0.0899 0.0782 0.0434 0.0028 0.0309 0.0053 2008-09-30 0.0949 0.0613 0.0434 0.0025 0.0106 0.0632 2006-10-04 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 25% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000013710Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000013710Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you with long-term growth of<br />capital while providing current income.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year, and that the<br />fund's operating expenses remain the same. The example does not reflect<br />insurance contract expenses. If insurance contract expenses were reflected,<br />expenses shown would be higher.</tt> <tt>The fund invests primarily in common stocks of well-established companies around <br />the world, many of which the investment adviser believes have the potential for <br />growth and/or to pay dividends. Under normal market circumstances, the fund <br />invests a significant portion of its assets in securities of issuers domiciled <br />outside the United States, including securities of issuers in emerging and <br />developing countries. The fund expects to be invested in numerous countries. <br />Although the fund focuses on investments in medium to larger capitalization <br />companies, the fund's investments are not limited to a particular capitalization <br />size.<br /> <br />The fund is designed for investors seeking both capital appreciation and income. <br />In pursuing its objective, the fund tends to invest in stocks that the investment <br />adviser believes to be relatively resilient to market declines.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in managing <br />the fund's assets. Under this approach, the portfolio of the fund is divided into <br />segments managed by individual counselors who decide how their respective segments <br />will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued companies <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when <br />the investment adviser believes that they no longer represent relatively <br />attractive investment opportunities.</tt> GLOBAL GROWTH AND INCOME FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.25 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were: <br /><br />HIGHEST&#xA0;&#xA0;&#xA0;19.28% (quarter ended September 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-20.47% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br />&#xA0;&#xA0;<br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS --The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and<br />greater than those generally associated with investing in developed countries.<br />For instance, emerging and developing countries may have less developed legal<br />and accounting systems than those in developed countries. The governments of<br />these countries may be more unstable and more likely to impose capital<br />controls, nationalize a company or industry, place restrictions on foreign<br />ownership and on withdrawing sale proceeds of securities from the country,<br />and/or impose punitive taxes that could adversely affect the prices of<br />securities. In addition, the economies of these countries may be dependent on<br />relatively few industries that are more susceptible to local and global changes. <br />Securities markets in these countries can also be relatively small and have <br />substantially lower trading volumes. As a result, securities issued in these <br />countries may be more volatile and less liquid, and may be more difficult to <br />value, than securities issued in countries with more developed economies or<br />markets. Additionally, because these markets may not be as mature, there may <br />be increased settlement risks for transactions in local securities.<br /> <br />INVESTING IN INCOME-ORIENTED STOCKS -- Income provided by the fund may be<br />reduced by changes in the dividend policies of, and the capital resources<br />available at, the companies in which the fund invests.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The fund has selected the MSCI All Country<br />World Index to replace the MSCI World Index as its broad-based securities<br />market index. The fund's investment adviser believes that the MSCI All Country<br />World Index better reflects the market sectors and securities in which the fund<br />primarily invests than the MSCI World Index. The Lipper Global Funds Index<br />includes mutual funds that disclose investment objectives and/or strategies<br />reasonably comparable to those of the fund. Past results are not predictive of<br />future results. Figures shown reflect fees and expenses associated with an<br />investment in the fund, but do not reflect insurance contract fees and<br />expenses. If insurance contract fees and expenses were included, results would<br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000013710Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000013710Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Global Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.0996 -0.0219 -0.0050 2006-05-01 MSCI World Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.0502 -0.0182 -0.0001 2006-05-01 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.0686 -0.0141 0.0037 2006-05-01 LOWEST HIGHEST GLOBAL GROWTH AND INCOME FUND 113 2009-09-30 353 -0.2047 0.1146 1352 612 0.1248 0.1928 -0.0515 0.0027 -0.4136 0.0059 2008-12-31 0.3942 -0.0056 -0.0515 0.0025 0.0111 0.0121 2006-05-01 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 163% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008797Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008797Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide as high a level of current income<br />as is consistent with the preservation of capital.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund seeks to maximize your level of current income and preserve your<br />capital by investing primarily in bonds. Normally, the fund invests at least<br />80% of its assets in bonds and other debt securities. The fund invests at <br />least 65% of its assets in investment-grade debt securities (rated Baa3 or <br />better or BBB- or better by Nationally Recognized Statistical Rating <br />Organizations designated by the fund's investment adviser, or NRSROs, or <br />unrated but determined to be of equivalent quality by the fund's investment <br />adviser), including cash and cash equivalents, securities issued and guaranteed <br />by the U.S. and other governments, and securities backed by mortgage and other <br />assets. The fund may invest up to 35% of its assets in debt securities rated <br />Ba1 or below and BB+ or below by NRSROs or unrated but determined by the fund's<br />investment adviser to be of equivalent quality. Such securities are sometimes<br />referred to as "junk bonds." The fund may invest in debt securities of issuers<br />domiciled outside the United States. The fund may also invest up to 20% of its<br />assets in preferred stocks, including convertible and nonconvertible preferred<br />stocks. In addition, the fund may invest, subject to the restrictions above, in<br />contracts for future delivery of mortgage-backed securities, such as to be<br />announced contracts and mortgage rolls. These contracts are normally of short<br />duration and are replaced by another contract prior to maturity. Each such<br />transaction is reflected as turnover in the fund's portfolio resulting in a<br />higher portfolio turnover rate than funds that do not employ this investment<br />strategy. The fund is designed for investors seeking income and more price<br />stability than stocks, and capital preservation over the long term.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in managing <br />the fund's assets. Under this approach, the portfolio of the fund is divided into <br />segments managed by individual counselors who decide how their respective segments <br />will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental research, which may include analysis of credit quality, general <br />economic conditions and various quantitative measures and, in the case of <br />corporate obligations, meeting with company executives and employees, suppliers, <br />customers and competitors. Securities may be sold when the investment adviser <br />believes that they no longer represent relatively attractive investment <br />opportunities.</tt> BOND FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. Lipper Intermediate Investment Grade Debt Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1.63 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;5.92% (quarter ended June 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-5.59% (quarter ended September 30, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the bonds and<br />other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />INVESTING IN LOWER RATED BONDS -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks<br />may be increased with respect to investments in junk bonds.<br /> <br />THINLY TRADED SECURITIES -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />INVESTING IN MORTGAGE-RELATED SECURITIES -- Mortgage-related securities are<br />subject to prepayment risk, as well as the risks associated with investing in<br />debt securities in general. If interest rates fall and the loans underlying<br />these securities are prepaid faster than expected, the fund may have to<br />reinvest the prepaid principal in lower yielding securities, thus reducing the<br />fund's income. Conversely, if interest rates increase and the loans underlying<br />the securities are prepaid more slowly than expected, the expected duration of<br />the securities may be extended. This reduces the potential for the fund to<br />invest the principal in higher yielding securities.<br /> <br />INVESTING IN FUTURE DELIVERY CONTRACTS -- Contracts for future delivery of<br />mortgage-related securities, such as to be announced contracts and mortgage<br />dollar rolls, involve the fund selling mortgage-related securities and<br />simultaneously contracting to repurchase similar securities for delivery at a<br />future date at a predetermined price. This can increase the fund's market<br />exposure, and the market price of the securities the fund contracts to<br />repurchase could drop below their purchase price. While the fund can preserve<br />capital and generate gains through the use of such contracts by, for example,<br />realizing the difference between the sale price and the future purchase price,<br />the income generated by the fund may be reduced by engaging in such<br />transactions. In addition, these transactions may increase the turnover rate of<br />the fund.<br /> <br />INVESTING IN SECURITIES BACKED BY THE U.S. GOVERNMENT -- Securities backed by<br />the U.S. Treasury or the full faith and credit of the U.S. government are<br />guaranteed only as to the timely payment of interest and principal when held to<br />maturity. Accordingly, the current market values for these securities will<br />fluctuate with changes in interest rates. Securities issued by government-sponsored <br />entities and federal agencies and instrumentalities that are not backed by the full <br />faith and credit of the U.S. government are neither issued nor guaranteed by the <br />U.S. government.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. Lipper Intermediate Investment Grade Debt<br />Funds Average includes mutual funds that disclose investment objectives and/or<br />strategies reasonably comparable to those of the fund. Past results are not<br />predictive of future results. Figures shown reflect fees and expenses<br />associated with an investment in the fund, but do not reflect insurance<br />contract fees and expenses. If insurance contract fees and expenses were<br />included, results would have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008797Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008797Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Intermediate Investment Grade Debt Funds Average (reflects no deduction for sales charges, account fees or taxes) 0.0622 0.0563 0.0518 0.0553 1996-01-02 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0784 0.0650 0.0578 0.0616 1996-01-02 0.0374 LOWEST HIGHEST BOND FUND 90 2009-06-30 281 -0.0559 0.0551 0.0620 1084 488 0.0314 0.0592 0.0588 0.0027 -0.0962 0.0036 2008-09-30 0.1227 0.0331 0.0126 0.0588 0.1251 0.0025 0.0459 0.0088 0.0677 0.0497 1996-01-02 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 43% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008796Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008796Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you with high total <br />return (including income and capital gains) consistent with <br />preservation of capital over the long term.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>In seeking to pursue its investment objective, the fund varies its mix of<br />equity securities, debt securities and money market instruments. Under normal<br />market conditions, the fund's investment adviser expects (but is not required)<br />to maintain an investment mix falling within the following ranges: 40%-80% in<br />equity securities, 20%-50% in debt securities and 0%-40% in money market<br />instruments. As of December 31, 2011, the fund was approximately 75% invested<br />in equity securities, 21% invested in debt securities and 4% invested in money<br />market instruments. The proportion of equities, debt and money market securities <br />held by the fund varies with market conditions and the investment adviser's <br />assessment of their relative attractiveness as investment opportunities.<br /> <br />The fund invests in a diversified portfolio of common stocks and other equity<br />securities, bonds and other intermediate and long-term debt securities, and<br />money market instruments (debt securities maturing in one year or less). Although <br />the fund focuses on investments in medium to larger capitalization companies, the <br />fund's investments are not limited to a particular capitalization&#xA0;&#xA0;size. The fund <br />may invest up to 15% of its assets in common stocks and other equity securities <br />of issuers domiciled outside the United States and up to 5% of its assets in debt <br />securities of issuers domiciled outside the United States. In addition, the fund <br />may invest up to 25% of its debt assets in lower quality debt securities (rated <br />Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating <br />Organizations designated by the fund's investment adviser or unrated but <br />determined to be of equivalent quality by the fund's investment adviser). Such <br />securities are sometimes referred to as "junk bonds."<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when the <br />investment adviser believes that they no longer represent relatively attractive <br />investment opportunities.</tt> ASSET ALLOCATION FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Citigroup Broad Investment-Grade (BIG) Bond Index reflects market sectors and securities in which the fund primarily invests. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.43 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;12.11% (quarter ended June 30, 2003)<br />LOWEST&#xA0;&#xA0;&#xA0;-16.40% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br />&#xA0;&#xA0;<br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks,<br />bonds and other securities held by the fund may decline due to market conditions <br />and other factors, including those directly involving the issuers of securities <br />held by the fund.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve larger <br />price swings and greater potential for loss than other types of investments.<br /> <br />INVESTING IN INCOME-ORIENTED STOCKS -- Income provided by the fund may be reduced <br />by changes in the dividend policies of, and the capital resources available at, <br />the companies in which the fund invests.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />INVESTING IN LOWER RATED BONDS -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks<br />may be increased with respect to investments in junk bonds.<br /> <br />THINLY TRADED SECURITIES -- There may be little trading in the secondary market<br />for particular bonds or other securities, which may make them more difficult to<br />value, acquire or sell.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States.<br /> <br />ASSET ALLOCATION -- The fund's percentage allocations to equity securities,<br />debt securities and money market instruments could cause the fund to<br />underperform relative to relevant benchmarks and other funds with similar<br />investment objectives.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The Citigroup Broad Investment-Grade (BIG)<br />Bond Index reflects market sectors and securities in which the fund primarily<br />invests. Past results are not predictive of future results. Figures shown<br />reflect fees and expenses associated with an investment in the fund, but do not<br />reflect insurance contract fees and expenses. If insurance contract fees and<br />expenses were included, results would have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008796Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008796Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Citigroup Broad Investment-Grade (BIG) Bond Index (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0785 0.0669 0.0589 0.0709 1989-08-01 Barclays U.S. Aggregate Index (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0784 0.0650 0.0578 0.0700 1989-08-01 S&P 500 (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0209 -0.0025 0.0292 0.0826 1989-08-01 -0.1263 LOWEST HIGHEST ASSET ALLOCATION FUND 83 2003-06-30 259 -0.1640 0.0796 0.1219 1002 450 0.0628 0.1211 0.0106 0.0026 -0.2966 0.0030 2008-12-31 0.2365 0.0095 0.0891 0.0106 0.2154 0.0025 0.0412 0.0081 0.1438 0.0727 1989-08-01 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 22% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008795Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008795Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objectives are to achieve long-term growth of capital and<br />income.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in common stocks or other securities that demonstrate <br />the potential for appreciation and/or dividends. Although the fund focuses on <br />investments in medium to larger capitalization companies, the fund's investments <br />are not limited to a particular capitalization size. The fund may invest up to <br />15% of its assets, at the time of purchase, in securities of issuers domiciled <br />outside the United States. The fund is designed for investors seeking both <br />capital appreciation and income.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued companies <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when the <br />investment adviser believes that they no longer represent relatively attractive <br />investment opportunities.</tt> GROWTH-INCOME FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper Growth & Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.22 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;16.83% (quarter ended June 30, 2003)<br />LOWEST&#xA0;&#xA0;&#xA0;-22.01% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br />&#xA0;&#xA0;<br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING IN INCOME-ORIENTED STOCKS -- Income provided by the fund may be<br />reduced by changes in the dividend policies of, and the capital resources<br />available at, the companies in which the fund invests.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency, entity <br />or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The Lipper Growth &amp; Income Funds Index<br />includes mutual funds that disclose investment objectives and/or strategies<br />reasonably comparable to those of the fund. Past results are not predictive of<br />future results. Figures shown reflect fees and expenses associated with an<br />investment in the fund, but do not reflect insurance contract fees and<br />expenses. If insurance contract fees and expenses were included, results would<br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008795Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008795Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Growth & Income Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.0182 -0.0117 0.0312 0.0919 1984-02-08 S&P 500 (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0209 -0.0025 0.0292 0.1047 1984-02-08 -0.1855 LOWEST HIGHEST GROWTH-INCOME FUND 80 2003-06-30 249 -0.2201 0.1011 0.1116 966 433 0.0479 0.1683 -0.0208 0.0026 -0.3799 0.0027 2008-12-31 0.3089 -0.0153 0.0556 -0.0208 0.3211 0.0025 0.0290 0.0078 0.1493 0.0994 1984-02-08 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 27% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008794Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008794Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objectives are to produce income exceeding the average<br />yield on U.S. stocks generally and to provide an opportunity for growth of<br />principal consistent with sound common stock investing.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in dividend-paying common stocks of larger, more<br />established companies domiciled in the United States with market capitalizations <br />of $4 billion and above. In seeking to provide you with a level of current income <br />that exceeds the average yield on U.S. stocks, the fund generally looks to the <br />average yield on stocks of companies listed on the S&amp;P 500. The fund also <br />ordinarily invests at least 90% of its equity assets in the stock of companies <br />whose debt securities are rated at least investment grade. The fund may invest <br />up to 10% of its assets in equity securities of larger companies domiciled outside <br />the United States, so long as they are listed or traded in the United States. The <br />fund invests, under normal market conditions, at least 90% of its assets in equity <br />securities. The fund is designed for investors seeking both income and capital <br />appreciation.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in managing <br />the fund's assets. Under this approach, the portfolio of the fund is divided into <br />segments managed by individual counselors who decide how their respective segments <br />will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when the <br />investment adviser believes that they no longer represent relatively attractive <br />investment opportunities.</tt> BLUE CHIP INCOME AND GROWTH FUND SM EXAMPLE INVESTMENT OBJECTIVES Past results are not predictive of future results. The Lipper Growth & Income Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.27 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;17.03% (quarter ended June 30, 2003)<br />LOWEST&#xA0;&#xA0;&#xA0;-21.29% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING IN INCOME-ORIENTED STOCKS -- Income provided by the fund may be<br />reduced by changes in the dividend policies of, and the capital resources<br />available at, the companies in which the fund invests.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The Lipper Growth &amp; Income Funds Index<br />includes mutual funds that disclose investment objectives and/or strategies<br />reasonably comparable to those of the fund. Past results are not predictive of<br />future results. Figures shown reflect fees and expenses associated with an<br />investment in the fund, but do not reflect insurance contract fees and<br />expenses. If insurance contract fees and expenses were included, results would<br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008794Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008794Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Growth & Income Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.0182 -0.0117 0.0312 0.0253 2001-07-05 S&P 500 (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0209 -0.0025 0.0292 0.0226 2001-07-05 -0.2332 LOWEST HIGHEST BLUE CHIP INCOME AND GROWTH FUND 94 2003-06-30 293 -0.2129 0.0939 0.1205 1131 509 0.0174 0.1703 -0.0112 0.0026 -0.3662 0.0041 2008-12-31 0.2754 -0.0184 0.0704 -0.0112 0.3059 0.0025 0.0227 0.0092 0.1714 0.0162 2001-07-05 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 22% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008793Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008793Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is long-term capital appreciation.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in common stocks of companies with significant<br />exposure to countries with developing economies and/or markets and that the<br />investment adviser believes have potential of providing capital appreciation.<br />The fund may invest in companies without regard to market capitalization,<br />including companies with small market capitalizations. The fund may also invest<br />in debt securities of issuers, including issuers of lower rated bonds (rated<br />Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating<br />Organizations designated by the fund's investment adviser or unrated but<br />determined to be of equivalent quality by the fund's investment adviser), with<br />exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes<br />referred to as "junk bonds."<br /> <br />Under normal market conditions, the fund invests at least 35% of its assets in<br />equity and debt securities of issuers primarily based in qualified countries<br />that have developing economies and/or markets.<br /> <br />In determining whether a country is qualified, the fund considers such factors<br />as the country's per capita gross domestic product, the percentage of the<br />country's economy that is industrialized, market capital as a percentage of<br />gross domestic product, the overall regulatory environment, the presence of<br />government regulation limiting or banning foreign ownership, and restrictions<br />on repatriation of initial capital, dividends, interest and/or capital gains.<br />The fund's investment adviser maintains a list of qualified countries and<br />securities in which the fund may invest. Qualified developing countries in<br />which the fund may invest currently include, but are not limited to, Argentina,<br />Bahrain, Brazil, Bulgaria, Chile, China, Colombia, Croatia, Czech Republic,<br />Dominican Republic, Egypt, Hungary, India, Jordan, Kazakhstan, Lebanon,<br />Malaysia, Malta, Mexico, Morocco, Oman, Panama, Peru, Philippines, Poland,<br />Russian Federation, South Africa, Thailand, Turkey, Ukraine, United Arab<br />Emirates and Venezuela.<br /> <br />The fund may invest in equity securities of any company, regardless of where <br />it is based, if the fund's investment adviser determines that a significant <br />portion of the company's assets or revenues (generally 20% or more) is <br />attributable to developing countries. In addition, the fund may invest up to <br />25% of its assets in nonconvertible debt securities of issuers, including <br />issuers of lower rated bonds and government bonds, that are primarily based <br />in qualified countries or that have a significant portion of their assets or <br />revenues attributable to developing countries. The fund may also, to a limited <br />extent, invest in securities of issuers based in nonqualified developing <br />countries.<br />&#xA0;&#xA0;<br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued companies <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when the <br />investment adviser believes that they no longer represent relatively attractive <br />investment opportunities.</tt> NEW WORLD FUND R EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The MSCI Emerging Markets Index reflects the market sectors and securities in which the fund primarily invests. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.22 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;23.85% (quarter ended June 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-22.32% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments. These risks may be heightened in the case of smaller<br />capitalization stocks.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and<br />greater than those generally associated with investing in developed countries.<br />For instance, emerging and developing countries may have less developed legal<br />and accounting systems than those in developed countries. The governments of<br />these countries may be more unstable and more likely to impose capital controls, <br />nationalize a company or industry, place restrictions on foreign ownership and <br />on withdrawing sale proceeds of securities from the country, and/or impose <br />punitive taxes that could adversely affect the prices of securities. In <br />addition, the economies of these countries may be dependent on relatively few <br />industries that are more susceptible to local and global changes. Securities <br />markets in these countries can also be relatively small and have substantially <br />lower trading volumes. As a result, securities issued in these countries may be <br />more volatile and less liquid, and may be more difficult to value, than <br />securities issued in countries with more developed economies or markets. <br />Additionally, because these markets may not be as mature, there may be increased <br />settlement risks for transactions in local securities.<br /> <br />INVESTING IN SMALL COMPANIES -- Investing in smaller companies may pose<br />additional risks. For example, it is often more difficult to value or dispose<br />of small company stocks and more difficult to obtain information about smaller<br />companies than about larger companies. In addition, the prices of these stocks<br />may be more volatile than stocks of larger, more established companies.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or<br />refinance a security before its stated maturity, which may result in the fund<br />having to reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />INVESTING IN LOWER RATED BONDS -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks<br />may be increased with respect to investments in junk bonds.<br /> <br />THINLY TRADED SECURITIES -- There may be little trading in the secondary market<br />for particular bonds or other securities, which may make them more difficult to<br />value, acquire or sell.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency, entity <br />or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The MSCI Emerging Markets Index reflects<br />the market sectors and securities in which the fund primarily invests. Past<br />results are not predictive of future results. Figures shown reflect fees and<br />expenses associated with an investment in the fund, but do not reflect<br />insurance contract fees and expenses. If insurance contract fees and expenses<br />were included, results would have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008793Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008793Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. MSCI Emerging Markets Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.1817 0.0270 0.1420 0.0927 1999-06-17 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.0686 -0.0141 0.0476 0.0230 1999-06-17 -0.0592 LOWEST HIGHEST NEW WORLD FUND 130 2009-06-30 406 -0.2232 0.1848 0.1760 1545 702 0.3188 0.2385 -0.1418 0.0030 -0.4249 0.0073 2008-12-31 0.4921 0.0269 0.2050 -0.1418 0.3886 0.0025 0.1091 0.0128 0.3222 0.0846 1999-06-17 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 24% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008792Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008792Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you with long-term growth of<br />capital.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in common stocks of companies located outside <br />the United States, including in emerging and developing countries, that <br />the investment adviser believes have the potential for growth. Although <br />the fund focuses on investments in medium to larger capitalization <br />companies, the fund's investments are not limited to a particular <br />capitalization size.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund <br />is divided into segments managed by individual counselors who decide how <br />their respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser <br />to make decisions about the fund's portfolio investments. The basic <br />investment philosophy of the investment adviser is to seek to invest in <br />attractively valued companies that, in its opinion, represent good, <br />long-term investment opportunities. The investment adviser believes that <br />an important way to accomplish this is through fundamental analysis, which <br />may include meeting with company executives and employees, suppliers, <br />customers and competitors. Securities may be sold when the investment <br />adviser believes that they no longer represent relatively attractive <br />investment opportunities.</tt> INTERNATIONAL FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper International Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.24 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;24.37% (quarter ended June 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-21.90% (quarter ended September 30, 2011)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br />&#xA0;&#xA0;<br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and<br />greater than those generally associated with investing in developed countries.<br />For instance, emerging and developing countries may have less developed legal<br />and accounting systems than those in developed countries. The governments of<br />these countries may be more unstable and more likely to impose capital<br />controls, nationalize a company or industry, place restrictions on foreign<br />ownership and on withdrawing sale proceeds of securities from the country,<br />and/or impose punitive taxes that could adversely affect the prices of<br />securities. In addition, the economies of these countries may be dependent on<br />relatively few industries that are more susceptible to local and global<br />changes. Securities markets in these countries can also be relatively small and<br />have substantially lower trading volumes. As a result, securities issued in<br />these countries may be more volatile and less liquid, and may be more difficult<br />to value, than securities issued in countries with more developed economies or<br />markets. Additionally, because these markets may not be as mature, there may be<br />increased settlement risks for transactions in local securities.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency, entity <br />or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The Lipper International Funds Index<br />includes mutual funds that disclose investment objectives and/or strategies<br />reasonably comparable to those of the fund. Past results are not predictive of<br />future results. Figures shown reflect fees and expenses associated with an<br />investment in the fund, but do not reflect insurance contract fees and<br />expenses. If insurance contract fees and expenses were included, results would<br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008792Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008792Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper International Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.1448 -0.0372 0.0529 0.0581 1990-05-01 MSCI All Country World ex USA Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.1333 -0.0248 0.0676 0.0569 1990-05-01 -0.1501 LOWEST HIGHEST INTERNATIONAL FUND 105 2009-06-30 328 -0.2190 0.1906 0.0698 1259 569 0.1971 0.2437 -0.1419 0.0029 -0.4230 0.0049 2011-09-30 0.4279 -0.0197 0.2114 -0.1419 0.3445 0.0025 0.0589 0.0103 0.1875 0.0740 1990-05-01 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 19% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008791Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008791Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you with growth of capital.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in common stocks and seeks to invest in companies<br />that appear to offer superior opportunities for growth of capital. The fund <br />may invest a portion of its assets in common stocks and other securities of <br />issuers domiciled outside the United States. Although the fund focuses on <br />investments in medium to larger capitalization companies, the fund's <br />investments are not limited to a particular capitalization size.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund <br />is divided into segments managed by individual counselors who decide how <br />their respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued companies <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when the <br />investment adviser believes that they no longer represent relatively attractive <br />investment opportunities.</tt> GROWTH FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper Capital Appreciation Funds Index and the Lipper Growth Funds Index include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.19 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;20.86% (quarter ended June 30, 2003)<br />LOWEST&#xA0;&#xA0;&#xA0;-26.10% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br />&#xA0;&#xA0;<br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4 shares <br />of the fund would have varied from year to year and how the fund's average annual <br />total returns for various periods compare with different broad measures of market <br />performance. This information provides some indication of the risks of investing <br />in the fund. The Lipper Capital Appreciation Funds Index and the Lipper Growth <br />Funds Index include mutual funds that disclose investment objectives and/or <br />strategies reasonably comparable to those of the fund. Past results are not <br />predictive of future results. Figures shown reflect fees and expenses associated <br />with an investment in the fund, but do not reflect insurance contract fees and <br />expenses. If insurance contract fees and expenses were included, results would <br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008791Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008791Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Growth Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.0302 -0.0094 0.0182 0.0850 1984-02-08 Lipper Capital Appreciation Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.0532 0.0123 0.0348 0.0877 1984-02-08 S&P 500 (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0209 -0.0025 0.0292 0.1047 1984-02-08 -0.2466 LOWEST HIGHEST GROWTH FUND 86 2003-06-30 268 -0.2610 0.1219 0.1841 1037 466 0.1209 0.2086 -0.0453 0.0027 -0.4411 0.0032 2008-12-31 0.3905 -0.0031 0.1593 -0.0453 0.3647 0.0025 0.0377 0.0084 0.0993 0.1144 1984-02-08 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 44% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008790Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008790Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you with long-term growth of<br />capital.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>Normally, the fund invests at least 80% of its net assets in growth-oriented<br />common stocks and other equity type securities (such as preferred stocks,<br />convertible preferred stocks and convertible bonds) of companies with small<br />market capitalizations, measured at the time of purchase. However, the fund's<br />holdings of small capitalization stocks may fall below the 80% threshold due <br />to subsequent market action. The investment adviser currently defines "small<br />market capitalization" companies to be companies with market capitalizations of<br />$4.0 billion or less. The investment adviser has periodically re-evaluated and<br />adjusted this definition and may continue to do so in the future. Under normal<br />circumstances, the fund invests a significant portion of its assets outside the<br />United States, including in emerging and developing countries. The fund expects<br />to be invested in numerous countries.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued companies <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when the <br />investment adviser believes that they no longer represent relatively attractive <br />investment opportunities.</tt> GLOBAL SMALL CAPITALIZATION FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper Global Small-Cap Funds Average includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.44 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;29.12% (quarter ended June 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-31.29% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br />&#xA0;&#xA0;<br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments. These risks may be heightened in the case of smaller<br />capitalization stocks.<br /> <br />INVESTING IN SMALL COMPANIES -- Investing in smaller companies may pose<br />additional risks. For example, it is often more difficult to value or dispose<br />of small company stocks and more difficult to obtain information about smaller<br />companies than about larger companies. In addition, the prices of these stocks<br />may be more volatile than stocks of larger, more established companies.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and<br />greater than those generally associated with investing in developed countries.<br />For instance, emerging and developing countries may have less developed legal<br />and accounting systems than those in developed countries. The governments of<br />these countries may be more unstable and more likely to impose capital controls, <br />nationalize a company or industry, place restrictions on foreign ownership and <br />on withdrawing sale proceeds of securities from the country, and/or impose <br />punitive taxes that could adversely affect the prices of securities. In addition, <br />the economies of these countries may be dependent on relatively few industries <br />that are more susceptible to local and global changes. Securities markets in <br />these countries can also be relatively small and have substantially lower trading <br />volumes. As a result, securities issued in these countries may be more volatile <br />and less liquid, and may be more difficult to value, than securities issued in <br />countries with more developed economies or markets. Additionally, because these <br />markets may not be as mature, there may be increased settlement risks for <br />transactions in local securities.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency, entity <br />or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The Lipper Global Small-Cap Funds Average<br />includes mutual funds that disclose investment objectives and/or strategies<br />reasonably comparable to those of the fund. Past results are not predictive of<br />future results. Figures shown reflect fees and expenses associated with an<br />investment in the fund, but do not reflect insurance contract fees and<br />expenses. If insurance contract fees and expenses were included, results would<br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008790Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008790Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Global Small-Cap Funds Average (reflects no deduction for sales charges, account fees or taxes) -0.1263 -0.0142 0.0633 0.0608 1998-04-30 MSCI All Country World Small Cap Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.1096 0.0070 0.0926 0.0650 1998-04-30 -0.1924 LOWEST HIGHEST GLOBAL SMALL CAPITALIZATION FUND 126 2009-06-30 393 -0.3129 0.2053 0.2214 1500 681 0.2114 0.2912 -0.1935 0.0029 -0.5362 0.0070 2008-12-31 0.6084 -0.0230 0.2504 -0.1935 0.5316 0.0025 0.0746 0.0124 0.2374 0.0810 1998-04-30 <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008789Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008789Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The investment objective of the fund is to provide you with a way to earn<br />income on your cash reserves while preserving capital and maintaining liquidity.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>Normally, the fund invests substantially in high-quality money market<br />instruments such as commercial paper, commercial bank obligations, U.S. <br />or Canadian government securities, and short-term corporate bonds and <br />notes. These securities may have credit and liquidity support features, <br />including guarantees.<br /> <br />The fund may invest in securities issued by entities domiciled outside <br />the United States and securities with credit and liquidity support features<br />provided by entities domiciled outside of the United States. The fund may <br />also invest in securities of U.S. issuers with substantial operations <br />outside the United States.<br /> <br />The fund relies on the professional judgment of its investment adviser <br />to make decisions about the fund's portfolio investments. The basic investment<br />philosophy of the investment adviser is to seek to provide current income while<br />preserving capital and maintaining liquidity. The investment adviser believes<br />that an important way to accomplish this is by analyzing various factors,<br />including the credit strength of the issuer, prices of similar securities<br />issued by comparable issuers, current and anticipated changes in interest<br />rates, general market conditions and other factors pertinent to the particular<br />security being evaluated.</tt> CASH MANAGEMENT FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. THE FUND IS NOT MANAGED TO MAINTAIN A STABLE ASSET VALUE OF $1.00 PER SHARE AND IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year, and the fund's average annual total returns for various periods. <tt>The fund's highest/lowest quarterly results during this time period were: <br /><br />HIGHEST&#xA0;&#xA0;&#xA0;1.18% (quarter ended December 31, 2006)<br />LOWEST&#xA0;&#xA0;&#xA0;-0.21% (quarter ended December 31, 2009)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year, and the fund's <br />average annual total returns for various periods.</tt> <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />THE FUND IS NOT MANAGED TO MAINTAIN A STABLE ASSET VALUE OF $1.00 PER SHARE AND<br />IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND.<br /> <br />INVESTING IN MONEY MARKET SECURITIES -- The values and liquidity of the securities <br />held by the fund may be affected by changing interest rates, changes in the credit <br />quality of the issuers, changes in credit ratings of the securities and general <br />market conditions. For example, the values of these securities may decline when <br />interest rates rise and increase when interest rates fall.<br /> <br />LOW INTEREST RATE ENVIRONMENT -- During periods of extremely low short-term<br />interest rates, the fund may not be able to maintain a positive yield.<br /> <br />CREDIT AND LIQUIDITY SUPPORT -- Changes in the credit quality of banks and<br />financial institutions providing credit and liquidity support features with<br />respect to securities held by the fund could cause the values of these<br />securities to decline.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social or economic developments in the<br />country or region in which the issuer operates.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4 shares <br />of the fund would have varied from year to year, and the fund's average annual <br />total returns for various periods. This information provides some indication of <br />the risks of investing in the fund. Past results are not predictive of future <br />results. Figures shown reflect fees and expenses associated with an investment <br />in the fund, but do not reflect insurance contract fees and expenses. If <br />insurance contract fees and expenses were included, results would have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008789Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008789Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. 0.0074 LOWEST HIGHEST CASH MANAGEMENT FUND 85 2006-12-31 265 -0.0021 0.0046 -0.0059 1025 460 0.0443 0.0118 -0.0076 0.0026 0.0164 0.0032 2009-12-31 -0.0060 0.0080 0.0245 -0.0076 0.0017 0.0025 0.0120 0.0083 0.0429 0.0375 1984-02-08 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 234% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008788Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008788Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide a high level of current income<br />consistent with preservation of capital.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>Normally, the fund invests at least 80% of its assets in securities that are<br />guaranteed or sponsored by the U.S. government or debt securities that are<br />rated Aaa or AAA by Nationally Recognized Statistical Rating Organizations<br />designated by the fund's investment adviser or unrated but determined to be of<br />equivalent quality by the fund's investment adviser. The fund is designed for<br />investors seeking income and more price stability than from investing in stocks<br />and lower quality debt securities, and capital preservation over the long term.<br /> <br />The fund may also invest a significant portion of its assets in mortgage-backed<br />securities, including contracts for future delivery of such securities, such as<br />to be announced contracts and mortgage rolls. The contracts for future delivery<br />are normally of short duration and are replaced by another contract prior to<br />maturity. Each such transaction is reflected as turnover in the fund's<br />portfolio resulting in a higher portfolio turnover rate than funds that do not<br />employ this investment strategy. Certain of these securities may not be backed<br />by the full faith and credit of the U.S. government and may be supported only<br />by the credit of the issuer.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is by <br />analyzing various factors, which may include the credit strength of the issuer, <br />prices of similar securities issued by comparable issuers and anticipated changes <br />in interest rates, general market conditions and other factors pertinent to the <br />particular security being evaluated. Securities may be sold when the investment <br />adviser believes that they no longer represent relatively attractive investment <br />opportunities.</tt> U.S. GOVERNMENT/AAA-RATED SECURITIES FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 2.34 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were: <br /><br />HIGHEST&#xA0;&#xA0;&#xA0;5.10% (quarter ended December 31, 2008)<br />LOWEST&#xA0;&#xA0;&#xA0;-1.89% (quarter ended June 30, 2004)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />INVESTING IN SECURITIES BACKED BY THE U.S. GOVERNMENT -- Securities backed by the <br />U.S. Treasury or the full faith and credit of the U.S. government are guaranteed <br />only as to the timely payment of interest and principal when held to maturity. <br />Accordingly, the current market values for these securities will fluctuate with <br />changes in interest rates. Securities issued by government-sponsored entities <br />and federal agencies and instrumentalities that are not backed by the full faith <br />and credit of the U.S. government are neither issued nor guaranteed by the U.S. <br />government.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />INVESTING IN MORTGAGE-RELATED SECURITIES -- Mortgage-related securities are<br />subject to prepayment risk, as well as the risks associated with investing in<br />debt securities in general. If interest rates fall and the loans underlying<br />these securities are prepaid faster than expected, the fund may have to reinvest <br />the prepaid principal in lower yielding securities, thus reducing the fund's <br />income. Conversely, if interest rates increase and the loans underlying the <br />securities are prepaid more slowly than expected, the expected duration of<br />the securities may be extended. This reduces the potential for the fund to<br />invest the principal in higher yielding securities.<br /> <br />INVESTING IN FUTURE DELIVERY CONTRACTS -- Contracts for future delivery of<br />mortgage-related securities, such as to be announced contracts and mortgage<br />dollar rolls, involve the fund selling mortgage-related securities and<br />simultaneously contracting to repurchase similar securities for delivery at a<br />future date at a predetermined price. This can increase the fund's market<br />exposure, and the market price of the securities the fund contracts to<br />repurchase could drop below their purchase price. While the fund can preserve<br />capital and generate gains through the use of such contracts by, for example,<br />realizing the difference between the sale price and the future purchase price,<br />the income generated by the fund may be reduced by engaging in such transactions. <br />In addition, these transactions may increase the turnover rate of the fund.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the bonds and<br />other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not <br />produce the desired results. This could cause the fund to lose value or its <br />investment results to lag relevant benchmarks or other funds with similar <br />objectives.<br /> <br />It is important to note that neither your investment in the fund nor the <br />fund's yield is guaranteed by the U.S. government. Your investment in the <br />fund is not a bank deposit and is not insured or guaranteed by the Federal <br />Deposit Insurance Corporation or any other government agency, entity or <br />person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance. This information provides some <br />indication of the risks of investing in the fund. The Lipper General U.S. <br />Government Funds Average includes mutual funds that disclose investment <br />objectives and/or strategies reasonably comparable to those of the fund. <br />The Consumer Price Index provides a comparison of the fund's results to <br />inflation. Past results are not predictive of future results. Figures <br />shown reflect fees and expenses associated with an investment in the <br />fund, but do not reflect insurance contract fees and expenses. If <br />insurance contract fees and expenses were included, results would have <br />been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008788Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008788Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Consumer Price Index (CPI) 0.0296 0.0226 0.0248 0.0283 1985-12-02 Lipper General U.S. Government Funds Average (reflects no deduction for sales charges, account fees or taxes) 0.0844 0.0585 0.0497 0.0635 1985-12-02 Barclays U.S. Government/Mortgage Backed Securities Index (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0774 0.0656 0.0564 0.0747 1985-12-02 0.0891 LOWEST HIGHEST U.S. GOVERNMENT/AAA-RATED SECURITIES FUND 86 2008-12-31 268 -0.0189 0.0307 0.0541 1037 466 0.0630 0.0510 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. 0.0732 0.0026 0.0731 0.0033 2004-06-30 0.0227 0.0571 0.0219 0.0732 0.0201 0.0025 0.0480 0.0084 0.0343 0.0634 1985-12-02 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 51% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008787Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008787Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's primary investment objective is to provide you with a high level <br />of current income.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in higher yielding and generally lower quality <br />debt securities (rated Ba1 or below or BB+ or below by Nationally Recognized<br />Statistical Rating Organizations designated by the fund's investment adviser <br />or unrated but determined by the fund's investment adviser to be of equivalent<br />quality), including corporate loan obligations. Such securities are sometimes<br />referred to as "junk bonds." The fund may invest a portion of its assets in<br />securities of issuers domiciled outside the United States.<br /> <br />The fund is designed for investors seeking a high level of current income and<br />who are able to tolerate greater credit risk and price fluctuations than those<br />that exist in funds investing in higher quality debt securities.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively valued securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental analysis, which may include meeting with company executives and <br />employees, suppliers, customers and competitors. Securities may be sold when <br />the investment adviser believes that they no longer represent relatively <br />attractive investment opportunities.</tt> HIGH-INCOME BOND FUND SM <tt>Its secondary investment objective is capital appreciation.</tt> EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper High Yield Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.51 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were:<br /> <br />HIGHEST&#xA0;&#xA0;&#xA0;15.92% (quarter ended June 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-16.17% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />INVESTING IN LOWER RATED BONDS -- Lower rated bonds and other lower rated debt<br />securities generally have higher rates of interest and involve greater risk of<br />default or price declines due to changes in the issuer's creditworthiness than<br />those of higher quality debt securities. The market prices of these securities<br />may fluctuate more than the prices of higher quality debt securities and may<br />decline significantly in periods of general economic difficulty. These risks<br />may be increased with respect to investments in junk bonds.<br /> <br />THINLY TRADED SECURITIES -- There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />INVESTING IN BONDS -- Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or refinance <br />a security before its stated maturity, which may result in the fund having to <br />reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the bonds and<br />other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments <br />or instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods <br />and analyses employed by the investment adviser in this process may not produce <br />the desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency, entity <br />or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The Lipper High Yield Funds Index includes<br />mutual funds that disclose investment objectives and/or strategies reasonably<br />comparable to those of the fund. Past results are not predictive of future<br />results. Figures shown reflect fees and expenses associated with an investment<br />in the fund, but do not reflect insurance contract fees and expenses. If<br />insurance contract fees and expenses were included, results would have been<br />lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and <br />hold an interest in Class 4 shares of the fund. It does not reflect insurance<br />contract fees and expenses. If insurance contract fees and expenses were<br />reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008787Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008787Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper High Yield Funds Index (reflects no deduction for sales charges, account fees or taxes) 0.0285 0.0513 0.0708 0.0757 1984-02-08 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for sales charges, account fees, expenses or taxes) 0.0496 0.0774 0.0896 -0.0200 LOWEST HIGHEST HIGH-INCOME BOND FUND 99 2009-06-30 309 -0.1617 0.0928 0.1481 1190 536 0.0111 0.1592 0.0167 0.0026 -0.2413 0.0046 2008-12-31 0.3877 0.0444 0.0195 0.0167 0.2915 0.0025 0.0681 0.0097 0.1034 0.0890 1984-02-08 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate<br />may indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's investment<br />results. During the most recent fiscal year, the fund's portfolio turnover rate<br />was 28% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000008786Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/BarChartData_S000008786Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <tt>The fund's investment objective is to provide you with long-term growth of<br />capital.</tt> <tt>The example below is intended to help you compare the cost of investing in<br />Class 4 shares of the fund with the cost of investing in other mutual funds.<br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem your shares at the end of the periods. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same. The example does not reflect insurance<br />contract expenses. If insurance contract expenses were reflected, expenses<br />shown would be higher.</tt> <tt>The fund invests primarily in common stocks of companies around the world <br />that the investment adviser believes have the potential for growth. The <br />fund may invest a portion of its assets in common stocks and other securities <br />of companies located in emerging and developing countries. The fund expects <br />to be invested in numerous countries. Although the fund focuses on investments <br />in medium to larger capitalization companies, the fund's investments are not<br />limited to a particular capitalization size.<br /> <br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund <br />is divided into segments managed by individual counselors who decide how <br />their respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to <br />make decisions about the fund's portfolio investments. The basic investment <br />philosophy of the investment adviser is to seek to invest in attractively <br />valued companies that, in its opinion, represent good, long-term investment <br />opportunities. The investment adviser believes that an important way to <br />accomplish this is through fundamental analysis, which may include meeting <br />with company executives and employees, suppliers, customers and competitors. <br />Securities may be sold when the investment adviser believes that they no <br />longer represent relatively attractive investment opportunities.</tt> GLOBAL GROWTH FUND SM EXAMPLE INVESTMENT OBJECTIVE Past results are not predictive of future results. The Lipper Global Funds Index includes mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. YOU MAY LOSE MONEY BY INVESTING IN THE FUND. PRINCIPAL RISKS Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 0.28 Calendar year total returns. INVESTMENT RESULTS The following information shows how the investment results of the Class 4 shares of the fund would have varied from year to year and how the fund's average annual total returns for various periods compare with different broad measures of market performance. <tt>The fund's highest/lowest quarterly results during this time period were: <br /><br />HIGHEST&#xA0;&#xA0;&#xA0;22.12% (quarter ended June 30, 2009)<br />LOWEST&#xA0;&#xA0;&#xA0;-20.14% (quarter ended December 31, 2008)</tt> ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT) For periods ended December 31, 2011: AVERAGE ANNUAL TOTAL RETURNS <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different <br />broad measures of market performance.</tt> PORTFOLIO TURNOVER <tt>THIS SECTION DESCRIBES THE PRINCIPAL RISKS ASSOCIATED WITH THE FUND'S PRINCIPAL<br />INVESTMENT STRATEGIES.<br /> <br />YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE<br />GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.<br /> <br />Investors in the fund should have a long-term perspective and be able to<br />tolerate potentially sharp declines in value.<br /> <br />MARKET CONDITIONS -- The prices of, and income generated by, the common stocks<br />and other securities held by the fund may decline due to market conditions and<br />other factors, including those directly involving the issuers of securities<br />held by the fund.<br /><br />INVESTING IN GROWTH-ORIENTED STOCKS -- Growth-oriented stocks may involve<br />larger price swings and greater potential for loss than other types of<br />investments.<br /> <br />INVESTING OUTSIDE THE UNITED STATES -- Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States,<br />may lose value because of political, social, economic or market developments or<br />instability in the countries or regions in which the issuer operates. These<br />securities may also lose value due to changes in foreign currency exchange<br />rates against the U.S. dollar and/or currencies of other countries. Securities<br />markets in certain countries may be more volatile and/or less liquid than those<br />in the United States. Investments outside the United States may also be subject<br />to different settlement and accounting practices and different regulatory,<br />legal and reporting standards, and may be more difficult to value, than those<br />in the United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging and developing countries.<br /> <br />INVESTING IN EMERGING AND DEVELOPING COUNTRIES -- Investing in countries with<br />developing economies and/or markets may involve risks in addition to and<br />greater than those generally associated with investing in developed countries.<br />For instance, emerging and developing countries may have less developed legal<br />and accounting systems than those in developed countries. The governments of<br />these countries may be more unstable and more likely to impose capital controls, <br />nationalize a company or industry, place restrictions on foreign ownership and <br />on withdrawing sale proceeds of securities from the country, and/or impose <br />punitive taxes that could adversely affect the prices of securities. In <br />addition, the economies of these countries may be dependent on relatively few <br />industries that are more susceptible to local and global changes. Securities <br />markets in these countries can also be relatively small and have substantially <br />lower trading volumes. As a result, securities issued in these countries may <br />be more volatile and less liquid, and may be more difficult to value, than <br />securities issued in countries with more developed economies or markets. <br />Additionally, because these markets may not be as mature, there may be<br />increased settlement risks for transactions in local securities.<br /> <br />MANAGEMENT -- The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency, entity or person.</tt> FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES <tt>The following information shows how the investment results of the Class 4<br />shares of the fund would have varied from year to year and how the fund's<br />average annual total returns for various periods compare with different broad<br />measures of market performance. This information provides some indication of<br />the risks of investing in the fund. The fund has selected the MSCI All Country<br />World Index to replace the MSCI World Index as its broad-based securities<br />market index. The fund's investment adviser believes that the MSCI All Country<br />World Index better reflects the market sectors and securities in which the fund<br />primarily invests than the MSCI World Index. The Lipper Global Funds Index<br />includes mutual funds that disclose investment objectives and/or strategies<br />reasonably comparable to those of the fund. Past results are not predictive of<br />future results. Figures shown reflect fees and expenses associated with an<br />investment in the fund, but do not reflect insurance contract fees and<br />expenses. If insurance contract fees and expenses were included, results would<br />have been lower.</tt> <tt>This table describes the fees and expenses that you may pay if you buy <br />and hold an interest in Class 4 shares of the fund. It does not reflect <br />insurance contract fees and expenses. If insurance contract fees and <br />expenses were reflected, expenses shown would be higher.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000008786Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/PerformanceTableData_S000008786Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Lipper Global Funds Index (reflects no deduction for sales charges, account fees or taxes) -0.0996 -0.0219 0.0391 0.0454 1997-04-30 MSCI World Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.0502 -0.0182 0.0415 0.0453 1997-04-30 MSCI All Country World Index (reflects no deduction for sales charges, account fees, expenses or taxes) -0.0686 -0.0141 0.0476 0.0471 1997-04-30 -0.1489 LOWEST HIGHEST GLOBAL GROWTH FUND 107 2009-06-30 334 -0.2014 0.1323 0.1148 1283 579 0.1459 0.2212 -0.0911 0.0027 -0.3854 0.0053 2008-12-31 0.4187 0.0025 0.1381 -0.0911 0.3495 0.0025 0.0605 0.0105 0.2013 0.0760 1997-04-30 0000729528 ck0000729528:SummaryS000008786Memberck0000729528:S000008786Memberck0000729528:C000121502Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000008786Memberck0000729528:S000008786Memberck0000729528:RRINDEX00001Member 2012-12-14 2012-12-14 0000729528 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0000729528 ck0000729528:SummaryS000013796Memberck0000729528:S000013796Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000023461Memberck0000729528:S000023461Memberck0000729528:C000121516Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000023461Memberck0000729528:S000023461Memberck0000729528:RRINDEX00015Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000023461Memberck0000729528:S000023461Memberck0000729528:RRINDEX00023Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000023461Memberck0000729528:S000023461Memberck0000729528:RRINDEX00024Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000023461Memberck0000729528:S000023461Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000031859Memberck0000729528:S000031859Memberck0000729528:C000121517Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000031859Memberck0000729528:S000031859Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000031860Memberck0000729528:S000031860Memberck0000729528:C000121518Member 2012-12-14 2012-12-14 0000729528 ck0000729528:SummaryS000031860Memberck0000729528:S000031860Member 2012-12-14 2012-12-14 0000729528 2012-12-14 2012-12-14 pure iso4217:USD Lifetime results are from April 30, 1997, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from December 2, 1985, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from February 8, 1984, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from April 30, 1998, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from May 1, 1990, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from June 17, 1999, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from July 5, 2001, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from August 1, 1989, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from January 2, 1996, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from May 1, 2006, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from October 4, 2006, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Lifetime results are from November 18, 2008, the date the fund began investment operations. Class 4 shares are expected to begin operations on December 14, 2012; therefore, results for the fund prior to that date assume a hypothetical investment in Class 1 shares, reduced by the .50% annual expense that applies to Class 4 shares, .25% of which is described in the "Plans of distribution" section of this prospectus and .25% of which is described in the "Fund expenses" section of this prospectus. Results for Class 1 shares are comparable to those of Class 4 shares because both classes invest in the same portfolio of securities. Estimated by annualizing actual expenses for a partial year.