Strategy. The Fund invests all of its assets in the Class 1 shares of the Asset Allocation Fund (the Master Asset Allocation Fund), a series of American Funds Insurance Series, a registered open-end investment company. In pursuing its investment objective, the Master Asset Allocation Fund varies its mix of equity securities, debt securities and money market instruments. Although the Master Asset Allocation Fund focuses on investments in medium to larger capitalization companies, the Master Asset Allocation Fund's investments are not limited to a particular capitalization size. Under normal market conditions, the Master Asset Allocation Funds investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%80% in equity securities, 20%50% in debt securities and … Show more… The Fund invests all of its assets in the Class 1 shares of the Asset Allocation Fund (the Master Asset Allocation Fund), a series of American Funds Insurance Series, a registered open-end investment company. In pursuing its investment objective, the Master Asset Allocation Fund varies its mix of equity securities, debt securities and money market instruments. Although the Master Asset Allocation Fund focuses on investments in medium to larger capitalization companies, the Master Asset Allocation Fund's investments are not limited to a particular capitalization size. Under normal market conditions, the Master Asset Allocation Funds investment adviser expects (but is not required) to maintain an investment mix falling within the following ranges: 40%80% in equity securities, 20%50% in debt securities and 0%40% in money market instruments and cash. As of December 31, 2024, the Master Asset Allocation Fund was approximately 67% invested in equity securities, 30% invested in debt securities and 3% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the Master Asset Allocation Fund varies with market conditions and the investment advisers assessment of their relative attractiveness as investment opportunities. The Master Asset Allocation Fund may have significant investments in particular sectors. The Master Asset Allocation Fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities including U.S. government securities, money market instruments (debt securities maturing in one year or less), and derivatives, such as futures contracts. The Master Asset Allocation Fund may invest up to 15% of its net assets in common stocks and other equity securities of issuers domiciled outside the United States and up to 5% of its net assets in debt securities tied economically to countries outside the United States. In addition, the Master Asset Allocation Fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the Master Asset Allocation Funds investment adviser or unrated but determined to be of equivalent quality by the Master Asset Allocation Funds investment adviser). Such securities are sometimes referred to as junk bonds. The Master Asset Allocation Funds investment adviser uses a system of multiple portfolio managers in managing the Master Asset Allocation Funds assets. Under this approach, the portfolio of the Master Asset Allocation Fund is divided into segments managed by individual portfolio managers. The Master Asset Allocation Fund relies on the professional judgment of its investment adviser to make decisions about the Master Asset Allocation Funds portfolio investments. The basic investment philosophy of the Master Asset Allocation Funds investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the Master Asset Allocation Funds investment adviser believes that they no longer represent relatively attractive investment opportunities. The Master Asset Allocation Fund may engage in frequent and active trading of portfolio securities. The Master Asset Allocation Funds investment adviser may consider environmental, social and governance (ESG) factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. Show less