The investment seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing through exclusive investment in the shares of the American Funds Insurance Series®- Washington Mutual Investors Fund SM (“master fund”). The fund operates as a "feeder fund" and seeks to achieve its goal by investing all of its assets in Class 1 shares of the master fund. The master fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends.