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The above referenced Prospectus is revised as follows:


1.             Under the heading “SUMMARY SECTION — MANAGEMENT” in the Prospectus, the reference to Robert W. Lovelace is deleted in its entirety and replaced with the following:


Portfolio Counselor for the
Series/Title (if applicable)


Primary Title with CRMC (or Affiliate)


Experience in the
Master Fund






Nicholas J. Grace


Senior Vice President — Capital World Investors


Less than 1 year


2.             Under the heading “MANAGEMENT OF THE FUND — Portfolio Managers” in the Prospectus, the reference to Mr. Lovelace is deleted in its entirety and replaced with the following:


Portfolio Counselor
for the Series/Title
(if applicable)


Experience in the
Master Fund


Primary Title with CRMC (or Affiliate)
and Investment Experience During
Past Five Years


Portfolio Counselor’s
Role in Management of
the Master Fund








Nicholas J. Grace


Less than 1 year


Senior Vice President — Capital World Investors.


Investment professional for 22 years in total; 19 years with CRMC or an affiliate.


Serves as an equity portfolio counselor.


3.             Under the heading “The Investment Manager to the Master Fund” in the “MANAGEMENT OF THE FUND” section of the Prospectus, the first and second paragraphs are deleted in their entirety and replaced with the following:


Capital Research and Management Company (“CRMC”), an experienced investment management organization founded in 1931, serves as investment adviser to the Master Fund and to other mutual funds. CRMC is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California, 90071 and 6455 Irvine Center Drive, Irvine, California 92618. CRMC manages the investment portfolios and business affairs of the Master Fund. As of December 31, 2011, CRMC managed more than $950 billion in assets.


Effective September 1, 2012, CRMC will manage equity assets through three equity investment divisions and fixed-income assets through its fixed-income division.  The three equity investment divisions will make investment decisions on an independent basis and will include CRMC’s current equity investment divisions, Capital World Investors and Capital Research Global Investors.


The investment divisions may, in the future, be incorporated into wholly owned subsidiaries of CRMC.  In that event, CRMC would continue to be the investment adviser, and day-to-day investment management of equity assets would continue to be carried out through one or more of these subsidiaries.  Although not currently contemplated, CRMC could incorporate its fixed-income division in the future and engage it to provide day-to-day investment management of fixed-income assets. CRMC and each of the funds it advises have applied to the U.S. Securities and Exchange Commission for an exemptive order that would give CRMC the authority to use, upon approval of the Master Fund’s board, its management subsidiaries and affiliates to provide day-to-day investment management services to the Master Fund, including making changes to the management subsidiaries and affiliates providing such services.  The Master Fund’s shareholders approved this arrangement at a meeting of shareholders on November 24, 2009.  There is no assurance that CRMC will incorporate its investment divisions or exercise any authority, if granted, under an exemptive order.  In addition, the Master Fund’s shareholders approved a proposal to reorganize the American Funds Insurance Series into a Delaware statutory trust.  The reorganization may be completed in 2012 or 2013; however, the American Funds Insurance Series reserves the right to delay the implementation.


This Supplement should be retained with your Prospectus for future reference.