Strategy. The Fund operates as a feeder fund which means that the Fund does not buy investment securities directly. Instead, it invests all of its assets in a separate underlying mutual fund (the Master Fund), which in turn purchases investment securities. The Fund has essentially the same investment objective and strategies as its corresponding Master Fund. The Master Fund is the International Fund, a series of American Funds Insurance Series . The investment objective of the Master Fund is to provide long-term growth of capital. The Fund invests all of its assets in Class 1 shares of the Master Fund. The Master Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging market … Show more… The Fund operates as a feeder fund which means that the Fund does not buy investment securities directly. Instead, it invests all of its assets in a separate underlying mutual fund (the Master Fund), which in turn purchases investment securities. The Fund has essentially the same investment objective and strategies as its corresponding Master Fund. The Master Fund is the International Fund, a series of American Funds Insurance Series . The investment objective of the Master Fund is to provide long-term growth of capital. The Fund invests all of its assets in Class 1 shares of the Master Fund. The Master Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging market countries, that the Master Fund's investment adviser believes have the potential for growth. The Master Funds investment adviser uses a system of multiple portfolio managers in managing assets. Under this approach, the portfolio is divided into segments managed by individual managers. The Master Fund relies on the professional judgment of its investment adviser, Capital Research and Management Company, to make decisions about the Master Fund's portfolio investments. The basic investment philosophy of the Master Fund's investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the Master Fund's investment adviser believes that they no longer represent relatively attractive investment opportunities. For additional information regarding the Master Fund's principal investment strategies, please refer to the Master Funds prospectus, which is delivered together with this prospectus. Show less