sast master feeder summary prospectus (version 2) - · pdf fileoperated as a feeder fund,...

TRUST PROSPECTUSES

SUNAMERICA SERIES TRUST - AMERICAN FUNDS SAST o AMERICAN FUNDS GROWTH SAST PORTFOLIO ........................ [PAGE#] o AMERICAN FUNDS GLOBAL GROWTH SAST PORTFOLIO .......... [PAGE#] o AMERICAN FUNDS GROWTH-INCOME SAST PORTFOLIO .......... [PAGE#]

AMERICAN FUNDS INSURANCE SERIES*o GROWTH FUND ......................................................................... [ PAGE#] o GLOBAL GROWTH FUND ........................................................... [ PAGE#] o GROWTH-INCOME FUND ........................................................... [ PAGE#]

THESE UNDERLYING FUND PROSPECTUSES ARE FOR THE GENERAL INFORMATION OF CONTRACT OWNERS OF THE SEASONS SELECTII VARIABLE ANNUITY.

THESE UNDERLYING FUND PROSPECTUSES MUST BE READ IN CONJUNCTION WITH THE CURRENT PROSPECTUS FOR YOUR VARIABLE ANNUITY.

* The SunAmerica Series Trust offers portfolios called American Funds SAST ("Feeder Funds") that invest exclusively in shares of corresponding funds ("Master Funds") of the American Funds Insurance Series ("AFIS"). We are providing this AFIS prospectus to you as additional information regarding the Master Funds. The AFIS Master Funds are not available for direct investment through your variable annuity.

SUMMARY PROSPECTUS May 1, 2013

SUNAMERICA SERIES TRUST (Class 3 Shares)

American Funds® Growth SAST Portfolio American Funds® Global Growth SAST Portfolio American Funds® Growth-Income SAST Portfolio

SunAmerica Series Trust’s Statutory Prospectus and Statement of Additional Information dated May 1, 2013, and the most recent shareholder reports are incorporated into and made part of this Summary Prospectus by reference. The Portfolio is offered only to the separate accounts of certain affiliated life insurance companies and is not intended for use by other investors.

Before you invest, you may want to review SunAmerica Series Trust’s Statutory Prospectus, which contains more information about the Portfolio and its risks. You can find the Statutory Prospectus and the above-incorporated information online at https://www.sunamerica.com/prospectuses. You can also get this information at no cost by calling (800) 445-7862 or by sending an e-mail request to [email protected].

The Securities and Exchange Commission has not approved or disapproved these securities, nor has it determined that this Prospectus is accurate or complete. It is a criminal offense to state otherwise.

- 1 - SunAmerica Series Trust

Investment Goal

The Portfolio’s investment goal is growth.

Fees and Expenses of the Portfolio

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The Portfolio’s annual operating expenses do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered. If the separate account’s fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.

Annual Portfolio Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment)

Management Fees 1.18% Distribution and/or Service (12b-1) Fees 0.25% Other Expenses 0.06% Total Annual Portfolio Operating Expenses 1.49% Less Fee Waiver/Reimbursement(2) 0.60% Total Annual Portfolio Operating

Expenses After Fee Waiver 0.89% ___________

(1) Amounts reflect the total expenses of the Portfolio and the Master Growth Fund.

(2) SunAmerica Asset Management Corp. (“SAAMCo”) has entered into a contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.60% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without Board approval.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Growth Fund and the Portfolio and assumes that the contractual waiver of SAAMCo’s advisory fee continues for all periods shown. Although your actual costs may be higher or lower, based on these assumptions and the Total Annual Portfolio Operating Expenses After Fee Waiver shown in the fee table, your costs would be:

1 Year 3 Years 5 Years 10 YearsClass 3 Shares $91 $284 $493 $1,096

Portfolio Turnover

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 7% of the average value of its portfolio.

Principal Investment Strategies of the Portfolio

The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class 1 shares of the American Funds Insurance Series® Growth Fund (the “Master Growth Fund”), a portfolio offered by American Funds Insurance Series®, a registered open-end investment company. In turn, the Master Growth Fund seeks to make shareholders’ investments grow by investing primarily in common stocks of companies that appear to offer superior opportunities for growth of capital. Although the Master Growth Fund focuses on investments in medium to large capitalization companies, its investments are not limited to a particular capitalization size. The Master Growth Fund may invest a portion of its assets (up to 25%) in securities of issuers domiciled outside the United States.

The Master Growth Fund is designed for investors seeking capital appreciation principally through investment in stocks. Investors in the Portfolio should have a long-term perspective and be able to tolerate potentially sharp, short-term declines in value as the growth-oriented, equity-type securities generally purchased by the Master Growth Fund may involve large price swings and potential for loss.

Investment of the Portfolio’s assets in the Master Growth Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to withdraw its entire investment in the Master Growth Fund.

Principal Risks of Investing in the Portfolio

There can be no assurance that the Portfolio’s investment goal will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that the Portfolio will be able to achieve its investment goals. If the value of the assets of the Portfolio goes down, you could lose money.

The following is a summary description of the principal risks of investing in the Portfolio.

Risks of Investing in Equity Securities. The Portfolio invests primarily (through its investment in the Master Growth Fund) in equity securities. As with any equity fund, the value of your

PORTFOLIO SUMMARY: AMERICAN FUNDS® GROWTH SAST PORTFOLIO


investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions – for example, “value” stocks may perform well in circumstances under which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Master Growth Fund may underperform the market generally, relevant indices or other funds with comparable investment objectives or strategies.

Risks of Investing in Growth Stocks. Growth stocks are historically volatile, which will affect the Master Growth Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often go down more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded.

Risk of Foreign Exposure. The Master Growth Fund may invest in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. Foreign investments will also be affected by local political, social or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks may be heightened to the extent the Master Growth Fund invests in emerging markets.

Master-Feeder Structure. Other “feeder” funds may also invest in the Master Growth Fund. As shareholders of the Master Growth Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Growth Fund. Feeder funds with a greater pro rata ownership in the Master Growth Fund could have effective voting control of the operations of the Master Growth Fund. Also, a large-scale redemption by another feeder fund may increase the proportionate share of the costs of the Master Growth Fund borne by the remaining feeder fund shareholders, including the Portfolio.

Additional Principal Risks. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that a Portfolio will be able to achieve its investment goals. If the

value of the assets of a Portfolio goes down, you could lose money.

You should also refer to the Master Growth Fund’s prospectus that you received along with your Portfolio Prospectus. Additionally, the statements of additional information for your Portfolio and the Master Growth Fund also are available free of charge upon request.

Performance Information

The performance in the bar chart and table below provide some indication of the risks of investing in the Portfolio. Remember, however, that the past performance of the Portfolio is not necessarily an indication of how it will perform in the future. The bar chart reflects the performance of the Class 3 shares of the Portfolio. The table shows the average annual total returns of Class 3 shares of the Portfolio for certain time periods compared to the returns of the S&P 500® Index. The returns shown in the bar chart and table do not include charges that will be imposed by the Variable Contracts. If these amounts were reflected, returns would be less than those shown.

(Class 3 Shares)

11.93%

-44.19%

38.96%

18.32%

-4.57%

17.51%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2007 2008 2009 2010 2011 2012

During the period shown in the bar chart, the highest return for a quarter was 18.27% (quarter ended June 30, 2009) and the lowest return for a quarter was -26.16% (quarter ended December 31, 2008). Average Annual Total Returns (For the periods ended December 31, 2012)

1Year

5Years

Since Inception(September 1, 2006)

Class 3 Shares 17.51% 0.57% 3.29% S&P 500® Index 16.00% 1.66% 3.64%

PORTFOLIO SUMMARY: AMERICAN FUNDS® GROWTH SAST PORTFOLIO


Investment Adviser

SAAMCo serves as investment adviser to the Portfolio pursuant to its investment advisory and management agreement with the Trust so long as the Portfolio is part of a master-feeder fund structure. Capital Research and Management Company serves as investment adviser to the Master Growth Fund.

Portfolio Managers

Name

PortfolioCounselors of the Master Growth

Fund Since Title

Donnalisa Parks Barnum

2003 Senior Vice President - Capital World Investors

Gregg E. Ireland 2006 Senior Vice President - Capital World Investors

Gregory D. Johnson


Michael T. Kerr 2005 Senior Vice President - Capital World Investors

Ronald B. Morrow


For important information about purchases and sales of Portfolio shares, taxes and payments to broker-dealers and other financial intermediaries, please turn to the section “Important Additional Information” on page 10.

PORTFOLIO SUMMARY: AMERICAN FUNDS® GLOBAL GROWTH SAST PORTFOLIO


Investment Goal

The Portfolio’s investment goal is growth.



Annual Portfolio Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)

Management Fees 1.48% Distribution and/or Service (12b-1) Fees 0.25% Other Expenses 0.06% Total Annual Portfolio Operating Expenses 1.79% Less Fee Waiver/Reimbursement(2) 0.70% Total Annual Portfolio Operating Expenses

After Fee Waiver 1.09% ___________(1) Amounts reflect the total expenses of the Portfolio and the Master Global

Growth Fund. (2) SunAmerica Asset Management Corp. (“SAAMCo”) has entered into a

contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.70% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without Board approval.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Global Growth Fund and the Portfolio and assumes that the contractual waiver of SAAMCo’s advisory fee continues for all periods shown. Although your actual costs may be higher or lower, based on these assumptions and the Total Annual Portfolio Operating Expenses After Fee Waiver shown in the fee table, your costs would be:


Portfolio Turnover



The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class 1 shares of the American Funds Insurance Series® Global Growth Fund (the “Master Global Growth Fund”), a portfolio offered by American Funds Insurance Series®, a registered open-end investment company. The Master Global Growth Fund invests primarily in common stocks of companies around the world that the Master Global Growth Fund’s investment adviser believes have the potential for growth. The Master Global Growth Fund may invest a portion of its assets in common stocks and other securities of companies located in emerging and developing countries. The Master Global Growth Fund will allocate its assets among securities of companies domiciled in various countries, including the United States and countries with emerging markets (but no fewer than three countries). Under normal market conditions, the Master Global Growth Fund seeks to invest at least 30% of its net assets in issuers outside the United States. The Master Global Growth fund expects to be invested in numerous countries. Although the Master Global Growth Fund focuses on investments in medium to large capitalization companies, its investments are not limited to a particular capitalization size. The Master Global Growth Fund is designed for investors seeking capital appreciation through stocks. Investors in the Portfolio should have a long-term perspective and be able to tolerate potentially sharp, declines in value as the growth-oriented, equity-type securities generally purchased by the Master Global Growth Fund may involve large price swings and potential for loss.

Investment of the Portfolio’s assets in the Master Global Growth Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to withdraw its entire investment in the Master Global Growth Fund.






Risks of Investing in Equity Securities. The Portfolio invests primarily (through its investment in the Master Global Growth Fund) in equity securities. As with any equity fund, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions – for example, “value” stocks may perform well in circumstances under which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Master Global Growth Fund may underperform the market generally, relevant indices or other funds with comparable investment objectives or strategies.

Risks of Investing in Growth Stocks. Growth stocks are historically volatile, which will affect the Master Global Growth Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often go down more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded.

Risk of Foreign Exposure. The Master Global Growth Fund may invest in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. Foreign investments will also be affected by local political, social or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These

risks may be heightened to the extent the Master Global Growth Fund invests in emerging markets.

Risks of Investing in Emerging Market Countries. Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. Emerging and developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect prices of securities. The economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies or markets. Because these markets may not be as mature, there may be increased settlement risks for transactions in local securities.

Master-Feeder Structure. Other “feeder” funds may also invest in the Master Global Growth Fund. As shareholders of the Master Global Growth Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Global Growth Fund. Feeder funds with a greater pro rata ownership in the Master Global Growth Fund could have effective voting control operations of the Master Global Growth Fund. Also, a large-scale redemption by another feeder fund may increase the proportionate share of the costs of the Master Global Growth Fund borne by the remaining feeder fund shareholders, including the Portfolio.

Additional Principal Risks. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that a Portfolio will be able to achieve its investment goals. If the value of the assets of a Portfolio goes down, you could lose money.

You should also refer to the Master Global Growth Fund’s prospectus that you received along with your Portfolio Prospectus. Additionally, the statements of additional information for your Portfolio and the Master Global Growth Fund also are available free of charge upon request.


The performance in the bar chart and table below provide some indication of the risks of investing in the Portfolio. Remember, however, that the past performance of the Portfolio is not necessarily an indication of how it will perform in the future.



The bar chart reflects the performance of the Class 3 shares of the Portfolio. The table shows the average annual total returns of Class 3 shares of the Portfolio for certain time periods compared to the returns of the MSCI ACWI. The returns shown in the bar chart and table do not include charges that will be imposed by the Variable Contracts. If these amounts were reflected, returns would be less than those shown.

(Class 3 Shares)

14.50%

-38.62%

41.67%

11.42%

-9.09%

22.14%

-45%

-35%

-25%

-15%

-5%

5%

15%

25%

35%

45%

2007 2008 2009 2010 2011 2012

During the period shown in the bar chart, the highest return for a quarter was 22.00% (quarter ended June 30, 2009) and the lowest return for a quarter was -20.11% (quarter ended December 31, 2008).

Average Annual Total Returns (For the periods ended December 31, 2012)

1Year

5Years


Class 3 Shares 22.14% 1.47% 4.76% MSCI ACWI 16.13% -1.16% 2.40%

Investment Adviser

SAAMCo serves as investment adviser to the Portfolio pursuant to its investment advisory and management agreement with the Trust so long as the Portfolio is part of a master-feeder fund structure. Capital Research and Management Company serves as investment adviser to the Master Global Growth Fund.

Portfolio Managers

Name

PortfolioCounselors of the

Master Global Growth Fund

Since Title

Isabelle de Wismes


Martin Jacobs 2009 Senior Vice President - Capital World Investors

Steven T. Watson


JonathanKnowles

2013 Senior Vice President – Capital World Investors


PORTFOLIO SUMMARY: AMERICAN FUNDS® GROWTH-INCOME SAST PORTFOLIO


Investment Goal

The Portfolio’s investment goal is growth and income.



Annual Portfolio Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)

Management Fees 1.12% Distribution and/or Service (12b-1) Fees 0.25% Other Expenses 0.06% Total Annual Portfolio Operating Expenses 1.43% Less Fee Waiver/Reimbursement(2) 0.60% Total Annual Portfolio Operating Expenses

After Fee Waiver 0.83% ___________

(1) Amounts reflect the total expenses of the Portfolio and the Master Growth-Income Fund.

(2) SunAmerica Asset Management Corp. (“SAAMCo”) has entered into a contractual agreement with SunAmerica Series Trust (the “Trust”) under which it will waive 0.60% of its advisory fee for such time as the Portfolio is operated as a feeder fund, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue indefinitely as long as the Portfolio is part of a master-feeder fund structure and cannot be reduced or eliminated without Board approval.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. The Example reflects the aggregate expenses of both the Master Growth-Income Fund and the Portfolio and assumes that the contractual waiver of SAAMCo’s advisory fee continues for all periods shown. Although your actual costs may be higher or lower, based on these assumptions and the Total Annual Portfolio Operating

Expenses After Fee Waiver shown in the fee table, your costs would be:


Portfolio Turnover



The Portfolio described in this Prospectus operates as a “feeder fund” and attempts to achieve its investment goal by investing all or substantially all of its assets in Class 1 shares of the American Funds Insurance Series® Growth-Income Fund (the “Master Growth-Income Fund”), a portfolio offered by American Funds Insurance Series®, a registered open-end investment company. In turn, the Master Growth-Income Fund seeks to make investors’ investments grow and provide them with income over time by investing primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends. Although the Master Growth-Income Fund focuses on investments in medium to large capitalization companies, its investments are not limited to a particular capitalization size. It may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States. The Master Growth-Income Fund is designed for investors seeking both capital appreciation and income.

Investment of the Portfolio’s assets in the Master Growth-Income Fund is not a fundamental policy of the Portfolio and a shareholder vote is not required for the Portfolio to withdraw its entire investment in the Master Growth-Income Fund.






Risks of Investing in Equity Securities. The Portfolio invests primarily (through its investment in the Master Growth-Income Fund) in equity securities. As with any equity fund, the value of your investment in the Portfolio may fluctuate in response to stock market movements. You should be aware that the performance of various types of equity stocks may rise or decline under varying market conditions – for example, “value” stocks may perform well in circumstances under which “growth” stocks in general have fallen, or vice versa. In addition, individual stocks selected for the Master Growth-Income Fund may underperform the market generally, relevant indices or other funds with comparable investment objectives or strategies.

Risks of Investing in Growth Stocks. Growth stocks are historically volatile, which will affect the Master Growth-Income Fund and the Portfolio. Growth stocks can be volatile for several reasons. Since the issuers usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often go down more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded.

Risk of Income-Oriented Stocks. Changes in dividend policies or the availability of capital resources may reduce the income from companies in which the Master Growth-Income Fund invests.

Risk of Foreign Exposure. The Master Growth-Income Fund may invest in foreign securities. Investors in foreign countries are subject to a number of risks. A principal risk is that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. In addition, there may be less publicly available information about a foreign company and it may not be subject to the same uniform accounting, auditing and financial reporting standards as U.S. companies. Foreign governments may not regulate securities markets and companies to the same degree as in the U.S. Foreign investments will also be affected by local political or economic developments and governmental actions. Consequently, foreign securities may be less liquid, more volatile and more difficult to price than U.S. securities. These risks may be heightened to the extent the Master Growth-Income Fund invests in emerging markets.

Master-Feeder Structure. Other “feeder” funds may also invest in the Master Growth-Income Fund. As shareholders of the Master Growth-Income Fund, feeder funds, including the Portfolio, vote on matters pertaining to the Master Growth-Income Fund. Feeder funds with a greater pro rata ownership in the Master Growth-Income Fund could have effective voting control operations of the Master Growth-Income Fund. Also, a large-scale redemption by another feeder fund may increase the

proportionate share of the costs of the Master Growth-Income Fund borne by the remaining feeder fund shareholders, including the Portfolio.

Additional Principal Risks. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. As with any mutual fund, there is no guarantee that a Portfolio will be able to achieve its investment goals. If the value of the assets of a Portfolio goes down, you could lose money.

You should also refer to the Master Growth-Income Fund’s prospectus that you received along with your Portfolio Prospectus. Additionally, the statements of additional information for your Portfolio and the Master Growth-Income Fund also are available free of charge upon request.


The performance in the bar chart and table below provide some indication of the risks of investing in the Portfolio. Remember, however, that the past performance of the Portfolio is not necessarily an indication of how it will perform in the future. The bar chart reflects the performance of the Class 3 shares of the Portfolio. The table shows the average annual total returns of Class 3 shares of the Portfolio for certain time periods compared to the returns of the S&P 500® Index. The returns shown in the bar chart and table do not include charges that will be imposed by the Variable Contracts. If these amounts were reflected, returns would be less than those shown.

(Class 3 Shares)

4.58%

-38.05%

30.88%

11.04%

-2.08%

17.08%

-45%

-35%

-25%

-15%

-5%

5%

15%

25%

35%

2007 2008 2009 2010 2011 2012

During the period shown in the bar chart, the highest return for a quarter was 15.94% (quarter ended June 30, 2009) and the lowest return for a quarter was -22.06% (quarter ended December 31, 2008).



Average Annual Total Returns (For the periods ended December 31, 2012)

1Year

5Years


Class 3 Shares 17.08% 0.63% 2.42% S&P 500® Index 16.00% 1.66% 3.64%

Investment Adviser

SAAMCo serves as investment adviser to the Portfolio pursuant to its investment advisory and management agreement with the Trust so long as the Portfolio is part of a master-feeder fund structure. Capital Research and Management Company serves as investment adviser to the Master Growth-Income Fund.

Portfolio Managers

Name

PortfolioCounselors of the Master Growth-

Income Fund Since Title

J. Blair Frank 2006 Senior Vice President - Capital Research Global Investors

Claudia P. Huntington

1994 Senior Vice President - Capital Research Global Investors

Donald D. O’Neal

2005 Senior Vice President - Capital Research Global Investors

William L. Robbins

2011 Senior Vice President - Capital International Investors

Dylan J. Yolles 2005 Senior Vice President - Capital International Investors


FOR MORE INFORMATION


Purchases and Sales of Portfolio Shares

Shares of the Portfolios may only be purchased or redeemed through Variable Contracts offered by the separate accounts of participating life insurance companies. Shares of the Portfolios may be purchased and redeemed each day the New York Stock Exchange is open, at the Portfolio’s net asset value determined after receipt of a request in good order.

The Portfolios do not have any initial or subsequent investment minimums. However, your insurance company, pension plan or retirement plan may impose investment or account value minimums.

Tax Information

The Portfolios will not be subject to federal income tax on the net investment company taxable income or net capital gains distributed to shareholders as ordinary income dividends or capital gain dividends; however, you may be subject to federal income tax (and a federal Medicare tax of 3.8% that applies to net investment income, including taxable annuity payments, if applicable) upon withdrawal from such tax deferred arrangements.

Payments to Broker-Dealers and Other Financial Intermediaries

The Portfolios are not sold directly to the general public but instead are offered as an underlying investment option for Variable Contracts. The Portfolios and their related companies may make payments to the sponsoring insurance company (or its affiliates) for distribution and/or other services. These payments may create a conflict of interest as they may be a factor that the insurance company considers in including the Portfolios as underlying investment options in the Variable Contract. The prospectus (or other offering document) for your Variable Contract may contain additional information about these payments.

The right choice for the long term®

Global Growth FundSM American Funds Insurance Series®

Summary prospectus Class 1 shares May 1, 2013

Before you invest, you may want to review the fund’s prospectus and statement of additional information, which contain more

information about the fund and its risks. You can find the fund’s prospectus, statement of additional information and other

information about the fund online at www.americanfunds.com/afis. You can also get this information at no cost by calling

800/421-9900, ext. 65413 or by sending an email request to [email protected]. The current prospectus and

statement of additional information, dated May 1, 2013, are incorporated by reference into this summary prospectus.

Investment objectiveThe fund’s investment objective is to provide you with long-term growth of capital.

Fees and expenses of the fundThis table describes the fees and expenses that you may pay if you buy and hold an interest in Class 1 shares of the fund. It does notreflect insurance contract fees and expenses. If insurance contract fees and expenses were reflected, expenses shown would be higher.

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Class 1

Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.53%Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.03Total annual fund operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.56

Example

This example is intended to help you compare the cost of investing in Class 1 shares of the fund with the cost of investing in othermutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of yourshares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’soperating expenses remain the same. The example does not reflect insurance contract expenses. If insurance contract expenses werereflected, expenses shown would be higher. Although your actual costs may be higher or lower, based on these assumptions, your costswould be:

1 year 3 years 5 years 10 years

Class 1 $57 $179 $313 $701

Portfolio turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolioturnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. Thesecosts, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the mostrecent fiscal year, the fund’s portfolio turnover rate was 22% of the average value of its portfolio.

Principal investment strategiesThe fund invests primarily in common stocks of companies around the world that the investment adviser believes have the potential forgrowth. As a fund that seeks to invest globally, the fund will allocate its assets among securities of companies domiciled in variouscountries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal marketconditions, the fund seeks to invest at least 30% of its net assets in issuers outside the United States. The fund expects to be invested innumerous countries. Although the fund focuses on investments in medium to larger capitalization companies, the fund’s investments arenot limited to a particular capitalization size.

The investment adviser uses a system of multiple portfolio counselors in managing the fund’s assets. Under this approach, the portfolioof the fund is divided into segments managed by individual counselors who decide how their respective segments will be invested.

American Funds Insurance Series Global Growth Fund / Summary prospectus 1

The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. Thebasic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, representgood, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is throughfundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors.Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risksThis section describes the principal risks associated with the fund’s principal investment strategies.

You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.

Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may declinedue to market conditions and other factors, including those directly involving the issuers of securities held by the fund.

Investing in growth-oriented stocks — Growth-oriented stocks may involve larger price swings and greater potential for loss than othertypes of investments.

Investing outside the United States — Securities of issuers domiciled outside the United States, or with significant operations outsidethe United States, may lose value because of adverse political, social, economic or market developments in the countries or regions inwhich the issuers operate. These securities may also lose value due to changes in foreign currency exchange rates against the U.S.dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those inthe United States. Investments outside the United States may also be subject to different settlement and accounting practices anddifferent regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks ofinvesting outside the United States may be heightened in connection with investments in emerging markets.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generallyassociated with investing in developed countries. For instance, developing countries may have less developed legal and accountingsystems than those in developed countries. The governments of these countries may be less stable and more likely to impose capitalcontrols, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities fromthe country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countriesmay be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in thesecountries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries maybe more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economiesand/or markets. Additionally, there may be increased settlement risks for transactions in local securities.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to therisk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This couldcause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or anyother government agency, entity or person. You should consider how this fund fits into your overall investment program.

2 Global Growth Fund / Summary prospectus American Funds Insurance Series

Investment resultsThe following information shows how the investment results of the Class 1 shares of the fund have varied from year to year and how thefund’s average annual total returns for various periods compare with different broad measures of market performance. This informationprovides some indication of the risks of investing in the fund. The Lipper Global Funds Index includes mutual funds that discloseinvestment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and after taxes) arenot predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund, but do notreflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have been lower.

-50-40-30-20-10

01020304050

Calendar year total returns.

(%)

’08 ’10 ’11 ’12’09’04’03 ’06 ’07’05

42.58

13.80 14.3720.73

15.16 12.0422.89

-38.23

-8.66

35.63

The fund’s highest/lowest quarterly results during this time period were:

Highest 22.27% (quarter ended June 30, 2009)Lowest -20.04% (quarter ended December 31, 2008)

For periods ended December 31, 2012:

Average annual total returns 1 year 5 years 10 years Lifetime

Fund (inception date — 4/30/97) 22.89% 2.06% 10.52% 9.02%MSCI All Country World Index (reflects no

deduction for sales charges, account fees,expenses or U.S. federal income taxes) 16.13 -1.16 8.11 5.05

Lipper Global Funds Index (reflects no deductionfor sales charges, account fees or U.S. federalincome taxes) 15.91 -1.03 7.65 5.23

American Funds Insurance Series Global Growth Fund / Summary prospectus 3

ManagementInvestment adviser

Capital Research and Management CompanySM

Portfolio counselors

The individuals primarily responsible for the portfolio management of the fund are:

Portfolio counselorSeries title (if applicable)

Portfolio counselor experiencein this fund

Primary title with investment adviser

Isabelle de Wismes 1 year Senior Vice President – Capital World Investors

Martin Jacobs 4 years Senior Vice President – Capital World Investors

Jonathan Knowles Less than 1 year Senior Vice President – Capital World Investors

Steven T. Watson 11 years Senior Vice President – Capital World Investors

Tax informationSee your variable insurance contract prospectus for information regarding the federal income tax treatment of the contracts anddistributions to the separate accounts.

Payments to broker-dealers and other financial intermediariesIf you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund’sdistributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflictof interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the fund overanother investment. Ask your individual financial adviser or visit your financial intermediary’s website for more information. The fund isnot sold directly to the general public but instead is offered as an underlying investment option for variable insurance contracts. Inaddition to payments described above, the fund and its related companies may make payments to the sponsoring insurance company (orits affiliates) for distribution and/or other services. These payments may be a factor that the insurance company considers in including thefund as an underlying investment option in the variable insurance contract. The prospectus (or other offering document) for your variableinsurance contract may contain additional information about these payments.

INA1IPX-077-0513P Litho in USA CGD/8024 Investment Company File No. 811-03857

The Capital Group Companies

American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust

4 Global Growth Fund / Summary prospectus American Funds Insurance Series


Growth FundSM American Funds Insurance Series®







Investment objectiveThe fund’s investment objective is to provide you with growth of capital.



Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.33%Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02Total annual fund operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35

Example



Class 1 $36 $113 $197 $443

Portfolio turnover


Principal investment strategiesThe fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth ofcapital. The fund may invest a portion of its assets in common stocks and other securities of issuers domiciled outside the United States.Although the fund focuses on investments in medium to larger capitalization companies, the fund’s investments are not limited to aparticular capitalization size.


American Funds Insurance Series Growth Fund / Summary prospectus 1







Investing outside the United States — Securities of issuers domiciled outside the United States, or with significant operations outsidethe United States, may lose value because of adverse political, social, economic or market developments in the countries or regions inwhich the issuers operate. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollarand/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in theUnited States. Investments outside the United States may also be subject to different settlement and accounting practices and differentregulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks of investingoutside the United States may be heightened in connection with investments in emerging markets.



Investment resultsThe following information shows how the investment results of the Class 1 shares of the fund have varied from year to year and how thefund’s average annual total returns for various periods compare with different broad measures of market performance. This informationprovides some indication of the risks of investing in the fund. The Lipper Capital Appreciation Funds Index and the Lipper Growth FundsIndex include mutual funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. Pastinvestment results (before and after taxes) are not predictive of future investment results. Figures shown reflect fees and expensesassociated with an investment in the fund, but do not reflect insurance contract fees and expenses. If insurance contract fees andexpenses were included, results would have been lower.


-60-50

-30

-10-20

-40

010

403020

(%)37.15

16.50

-43.83

12.75 10.48 12.64

39.74

18.1919.01

-4.06

’08 ’10 ’11 ’12’09’04’03 ’06 ’07’05



2 Growth Fund / Summary prospectus American Funds Insurance Series



Fund (inception date — 2/8/84) 18.19% 1.16% 9.03% 12.21%S&P 500 (reflects no deduction for sales

charges, account fees, expenses orU.S. federal income taxes) 15.99 1.66 7.10 10.65

Lipper Capital Appreciation Funds Index(reflects no deduction for sales charges,account fees or U.S. federal income taxes) 15.87 1.14 7.93 9.01

Lipper Growth Funds Index (reflects nodeduction for sales charges, account fees orU.S. federal income taxes) 16.77 0.66 6.32 8.78








Donnalisa Parks Barnum 10 years Senior Vice President – Capital World Investors

Gregg E. Ireland 7 years Senior Vice President – Capital World Investors

Gregory D. Johnson 6 years Senior Vice President – Capital World Investors

Michael T. Kerr 8 years Senior Vice President – Capital World Investors

Ronald B. Morrow 10 years Senior Vice President – Capital World Investors






American Funds Insurance Series Growth Fund / Summary prospectus 3


Growth-Income FundSM American Funds Insurance Series®







Investment objectiveThe fund’s investment objectives are to achieve long-term growth of capital and income.



Management fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.27%Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02Total annual fund operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.29

Example



Class 1 $30 $93 $163 $368

Portfolio turnover


Principal investment strategiesThe fund invests primarily in common stocks or other securities that the investment adviser believes demonstrate the potential forappreciation and/or dividends. Although the fund focuses on investments in medium to larger capitalization companies, the fund’sinvestments are not limited to a particular capitalization size. The fund may invest up to 15% of its assets, at the time of purchase, insecurities of issuers domiciled outside the United States. The fund is designed for investors seeking both capital appreciation and income.


American Funds Insurance Series Growth-Income Fund / Summary prospectus 1






Investing in income-oriented stocks — Income provided by the fund may be reduced by changes in the dividend policies of, and thecapital resources available at, the companies in which the fund invests.


Investing outside the United States — Securities of issuers domiciled outside the United States, or with significant operations outsidethe United States, may lose value because of adverse political, social, economic or market developments in the countries or regions inwhich the issuers operate. These securities may also lose value due to changes in foreign currency exchange rates against the U.S.dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those inthe United States. Investments outside the United States may also be subject to different settlement and accounting practices anddifferent regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks ofinvesting outside the United States may be heightened in connection with investments in emerging markets.



Investment resultsThe following information shows how the investment results of the Class 1 shares of the fund have varied from year to year and how thefund’s average annual total returns for various periods compare with different broad measures of market performance. This informationprovides some indication of the risks of investing in the fund. The Lipper Growth & Income Funds Index includes mutual funds thatdisclose investment objectives and/or strategies reasonably comparable to those of the fund. Past investment results (before and aftertaxes) are not predictive of future investment results. Figures shown reflect fees and expenses associated with an investment in the fund,but do not reflect insurance contract fees and expenses. If insurance contract fees and expenses were included, results would have beenlower.


-50

-40

-30

-20

-10

0

10

20

30

40

(%)

32.76 31.54

17.7911.7210.66

6.0815.51

5.32

-37.68

-1.60

’08 ’10 ’11 ’12’09’04’03 ’06 ’07’05

2 Growth-Income Fund / Summary prospectus American Funds Insurance Series





Fund (inception date — 2/8/84) 17.79% 1.20% 7.24% 10.74%S&P 500 (reflects no deduction for sales

charges, account fees, expenses or U.S.federal income taxes) 15.99 1.66 7.10 10.65

Lipper Growth & Income Funds Index (reflectsno deduction for sales charges, account feesor U.S. federal income taxes) 15.98 0.96 6.74 9.42








Donald D. O’Neal

Vice Chairman of the Board8 years Senior Vice President – Capital Research Global Investors

Dylan Yolles

Vice President8 years Senior Vice President – Capital International Investors

J. Blair Frank 7 years Senior Vice President – Capital Research Global Investors

Claudia P. Huntington 19 years Senior Vice President – Capital Research Global Investors

William L. Robbins 1 year Senior Vice President – Capital International Investors






American Funds Insurance Series Growth-Income Fund / Summary prospectus 3

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P.O. BOX 15570AMARILLO, TX 79105-5570

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