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SEC File Nos.2-11051
811-604
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ECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 95
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 23
WASHINGTON MUTUAL INVESTORS FUND, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
1101 VERMONT AVENUE, N.W.
WASHINGTON, D.C. 20005
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
(202) 842-5665
STEPHEN HARTWELL
WASHINGTON MANAGEMENT CORPORATION
1101 VERMONT AVENUE, N.W.
WASHINGTON, D.C. 20005
(NAME AND ADDRESS OF AGENT FOR SERVICE)
COPIES TO:
JOHN JUDE O'DONNELL, ESQ.
THOMPSON, O'DONNELL, MARKHAM, NORTON & HANNON
805 FIFTEENTH STREET, N.W.
WASHINGTON, D.C. 20005
(COUNSEL FOR THE REGISTRANT)
THE REGISTRANT HAS FILED A DECLARATION PURSUANT TO RULE 24F-2 REGISTERING AN
INDEFINITE NUMBER OF SHARES UNDER THE SECURITIES ACT OF 1933.
ON MAY 26, 1995, IT FILED ITS 24F-2 NOTICE FOR FISCAL 1995.
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE ON JUNE 22, 1995,
PURSUANT TO PARAGRAPH (B) OF RULE 485.
===============================================
WASHINGTON MUTUAL INVESTORS FUND, INC.
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
ITEM NUMBER CAPTIONS IN PROSPECTUS (PART "A")
OF PART "A"
OF FORM N-1A
<S> <C>
1. Cover Page.........................................Cover Page
2. Synopsis...........................................Summary of Expenses
3. Condensed Financial Information............ Financial Highlights
4. General Description of Registrant........... Investment Obective and Policies
5. Management of the Fund......................... Financial Highlights;
Fund Organization and Management; Summary of Expenses
6. Capital Stock and Other Securities......... Fund Organization and Management;
Dividends, Distributions and Taxes;
Shareholder Services
7. Purchase of Securities Being Offered .... Purchasing Shares; Fund Organization and
Management; Shareholder Services
8. Redemption or Repurchase..................... Redeeming Shares
9. Legal Proceedings..................................N/A
</TABLE>
__________
<TABLE>
<CAPTION>
ITEM NUMBER CAPTIONS IN STATEMENT OF
OF PART "B" OF FORM N-1A ADDITIONAL INFORMATION (PART "B")
<S> <C>
10. Cover Page........................................Cover
11. Table of Contents.................................Table of Contents
12. General Information and History......... Fund Organization and Management
(Part "A")
13. Investment Objectives and Policies..... Investment Objective and Policies
(Part "A"); Investment Techniques
(Part "A");
Investment Restrictions
14. Management of the Registrant............ Fund Directors, Advisory Board and
Officers; Directors and Advisory Board
Compensation
15. Control Persons and Principal Fund Directors, Advisory Board and Officers
Holders of Securities...................
16. Investment Advisory and Other Fund Organization and Management
Services............................. (Part "A"); General Information;
Summary of Expenses (Part "A")
17. Brokerage Allocation......................... Execution of Portfolio Transactions
18. Capital Stock and Other Securities.... None
19. Purchase, Redemption and Pricing Purchase of Shares; Shareholder Account
of Securities Being Offered........... Services and Privileges; Purchasing Shares (Part "A"); General Information
20. Tax Status.......................................Dividends, Distributions and Federal Taxes
21. Underwriters.....................................Fund Organization and Management
(Part "A")
22. Calculation of Performance Data...... Investment Results
23. Financial Statements.......................... Financial Statements
</TABLE>
_____________
ITEM IN PART "C"
OF FORM N-1A
24. Financial Statements and Exhibits
25. Persons Controlled by or Under Common Control
26. Number of Holders of Securities
27. Indemnification
28. Business and Other Connections of Investment Adviser
29. Principal Underwriters
30. Location of Accounts and Records
31. Management Services
32. Undertakings
Signature Page
<PAGE>
Prospectus
WASHINGTON MUTUAL INVESTORS FUND(SM)
AN OPPORTUNITY FOR CURRENT INCOME
AND CAPITAL GROWTH THROUGH QUALITY
COMMON STOCKS
[LOGO OF THE AMERICAN FUNDS GROUP(R)]
June 22, 1995
WASHINGTON MUTUAL INVESTORS FUND,
INC.
1101 Vermont Avenue, N.W.
Washington, D.C. 20005
(202) 842-5665
The Fund's investment objective
is to produce income and to
provide an opportunity for growth
of principal consistent with
sound common stock investing.
This prospectus presents
information you should know
before investing in the Fund. It
should be retained for future
reference.
You may obtain the statement of
additional information dated June
22, 1995, which contains the
Fund's financial statements,
without charge, by writing to the
Secretary of the Fund at the
above address or telephoning
800/421-0180. These requests will
be honored within three business
days of receipt.
SHARES OF THE FUND ARE NOT
DEPOSITS OR OBLIGATIONS OF, OR
INSURED OR GUARANTEED BY, THE
U.S. GOVERNMENT, ANY FINANCIAL
INSTITUTION, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, OR ANY
OTHER AGENCY, ENTITY OR PERSON.
THE PURCHASE OF FUND SHARES
INVOLVES INVESTMENT RISKS,
INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL.
THESE SECURITIES HAVE NOT BEEN
APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON
THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL
OFFENSE.
01-010-0695
<PAGE>
TABLE OF CONTENTS
Summary of Expenses.............3
Financial Highlights............4
Investment Objective and
Policies........................4
Investment Techniques...........5
Investment Results..............6
Dividends, Distributions and
Taxes...........................7
Fund Organization and
Management......................8
The American FundsShareholder
Guide......................11-19
Purchasing Shares............11
Reducing Your Sales Charge...14
Shareholder Services.........15
Redeeming Shares.............17
Retirement Plans.............19
IMPORTANT PHONE NUMBERS
Shareholder Services:....800/421-0180 ext. 1
Dealer Services:.....800/421-9900 ext. 11
American FundsLine(R)....800/325-3590
(24-hour information)
<PAGE>
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SUMMARY OF
EXPENSES
Average annual
expenses paid over
a 10-year period
would be
approximately $14
per year, assuming
a $1,000
investment and a
5% annual return.
This table is designed to help you understand costs of investing in the Fund.
These are historical expenses; your actual expenses may vary.
SHAREHOLDER TRANSACTION EXPENSES
Maximum sales charge on purchases
(as a percentage of offering price).................... 5.75%/1/
The Fund has no sales charge on reinvested dividends, deferred sales charge,/2/
redemption fees or exchange fees.
ANNUAL FUND OPERATING EXPENSES (for the fiscal year ended April 30, 1995,
as a percentage of average net assets)
Management fees......................................... 0.35%
12b-1 expenses.......................................... 0.21%/3/
Other expenses (audit, legal, shareholder services,
transfer agent and custodian).......................... 0.13%
Total Fund operating expenses........................... 0.69%
<TABLE>
<CAPTION>
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
You would pay the following
cumulative expenses on a $1,000
investment, assuming a 5% annual
return./4/ $64 $78 $94 $138
</TABLE>
/1/ Sales charges are reduced for purchases of $50,000 or more. (See "The
American Funds Shareholder Guide: Purchasing Shares--Sales Charges.")
/2/ Any defined contribution plan qualified under Section 401(a) of the Internal
Revenue Code including a "401(k)" plan with 200 or more eligible employees
or any other purchaser investing at least $1 million in shares of the Fund
(or in combination with shares of other funds in The American Funds Group
other than the money market funds) may purchase shares at net asset value;
however, a contingent deferred sales charge of 1% applies on certain
redemptions within 12 months following such purchases. (See "The American
Funds Shareholder Guide: Redeeming Shares--Contingent Deferred Sales
Charge.")
/3/ These expenses may not exceed 0.25% of the Fund's average net assets
annually. (See "Fund Organization and Management--Plan of Distribution.")
Due to these distribution expenses, long-term shareholders may pay more than
the economic equivalent of the maximum front-end sales charge permitted by
the National Association of Securities Dealers.
/4/ Use of this assumed 5% return is required by the Securities and Exchange
Commission; it is not an illustration of past or future investment results.
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES; ACTUAL EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN.
3
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FINANCIAL The following information has been audited by Price
HIGHLIGHTS Waterhouse LLP, independent accountants, whose
unqualified report covering each of the most recent
(For a share five years is included in the statement of additional
outstanding information. This information should be read in
throughout each conjunction with the financial statements and
fiscal year) accompanying notes which appear in the statement of
additional information.
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30
----------------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Begin-
ning of Year........... $ 17.11 $17.59 $16.22 $15.02 $13.75 $14.10 $11.89 $13.31 $11.77 $9.26
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS
Net Investment Income.. .63 .59 .56 .56 .58 .59 .58 .55 .53 .53
Net realized and
unrealized gains
(losses) on
investments........... 2.16 (.12) 1.55 1.50 1.37 .36 2.07 (1.06) 2.18 2.92
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
Total from Investment
Operations............ 2.79 .47 2.11 2.06 1.95 .95 2.65 (.51) 2.71 3.45
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net
investment income).... (.62) (.56) (.56) (.56) (.62) (.62) (.44) (.52) (.52) (.49)
Distributions (from
capital gains)........ (.41) (.39) (.18) (.30) (.06) (.68) -- (.39) (.65) (.45)
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
Total Distributions.... (1.03) (.95) (.74) (.86) (.68) (1.30) (.44) (.91) (1.17) (.94)
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Year................... $18.87 $ 17.11 $17.59 $16.22 $15.02 $13.75 $14.10 $11.89 $13.31 $11.77
======= ======= ======= ====== ====== ====== ====== ====== ====== ======
Total Return/1/........ 17.01% 2.55% 13.36% 14.24% 14.69% 6.52% 22.72% (3.77)% 23.76% 37.85%
RATIOS/SUPPLEMENTAL DATA
Net Assets, End of Year
(in millions)......... $14,426 $12,405 $11,306 $8,896 $6,596 $4,778 $3,250 $2,623 $2,609 $1,282
Ratio of Expenses to
Average Net Assets.... .69% .69% .70% .74% .77% .69% .67% .58% .54% .52%
Ratio of Net Income to
Average Net Assets.... 3.57% 3.29% 3.33% 3.58% 4.24% 4.01% 4.54% 4.25% 4.03% 4.78%
Portfolio Turnover
Rate.................. 25.5% 23.9% 18.6% 10.4% 10.9% 7.4% 21.3% 11.8% 12.0% 13.0%
</TABLE>
/1/ Does not take into account effect of sales charge at a maximum rate of
5.75%. Total Return figures for 1991, 1992 and 1993 have been revised.
Previously shown for these years were 14.71%, 14.27% and 13.38%,
respectively.
INVESTMENT The Fund's investment objective is to produce income
OBJECTIVE AND and to provide an opportunity for growth of principal
POLICIES consistent with sound common stock investing. From time
to time capital gains or losses may be realized upon
The Fund's goal is the sales of securities owned by the Fund but active
to provide you trading with a view to realization of capital gains is
with income and an not a policy of the Fund.
opportunity for
growth of The Fund was founded to provide fiduciaries,
principal. organizations, institutions and individuals with a
convenient and prudent medium of investment in high
quality common stocks and securities convertible into
such common stocks. It is designed to serve those
individuals who are charged with the responsibility of
investing pension and profit-sharing trusts, other
fiduciary-type reserves, or family funds, but who are
reluctant to undertake the selection and supervision of
stocks, although recognizing the importance of
affording an opportunity for growth in income and value
over the years.
PRUDENT INVESTOR RULE AND THE FUND'S ELIGIBLE LIST The
Fund's policy is at all times to maintain for its
shareholders a fully invested, widely diversified
portfolio of such securities which an
4
<PAGE>
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experienced investor charged with fiduciary
responsibility and seeking investment objectives
similar to those of the Fund might select for the
common stock portion of a portfolio under the Prudent
Investor Rule of the Superior Court of the District of
Columbia. This Rule is patterned after the historic
Prudent Man Rule and the wording is similar to the
trust laws in a number of states.
The Fund's board of directors has adopted "Investment
Standards" based on criteria applied for many years by
the United States District Court for the District of
Columbia. These investment standards are used to
prepare an "Eligible List" of securities designed to
conform to the common stock portion of the Prudent
Investor Rule. Only common stocks and securities
convertible into common stocks meeting these Investment
Standards and on the approved Eligible List may be held
by the Fund. Any security deleted from the Eligible
List and held by the Fund must be sold by the Fund as
soon as deemed practical by the Investment Adviser but
in no event later than six months following such
deletion.
The Fund's investment restrictions (which are described
in the statement of additional information) and
objective cannot be changed without shareholder
approval. All other investment practices may be changed
by the board of directors.
ACHIEVEMENT OF THE FUND'S INVESTMENT OBJECTIVE CANNOT,
OF COURSE, BE ASSURED DUE TO THE RISK OF CAPITAL LOSS
FROM FLUCTUATING PRICES INHERENT IN ANY INVESTMENT IN
SECURITIES.
INVESTMENT RISKS OF INVESTING Because the Fund invests in equity-
TECHNIQUES type securities such as common stocks and convertible
preferred stocks, the Fund's portfolio is subject to
Investing in market risks, including, for example, the possibility
stocks involves that stock prices in general may decline over short or
certain risks. even extended periods.
MULTIPLE PORTFOLIO COUNSELOR SYSTEM The basic
investment philosophy of Capital Research and
Management Company is to seek fundamental values at
reasonable prices, using a system of multiple portfolio
counselors in managing mutual fund assets. Under this
system the portfolio of the Fund is divided into
segments which are managed by individual counselors.
Each counselor decides how their segment will be
invested (within the limits provided by the Fund's
objective and by Capital Research and Management
Company's investment committee). In addition, Capital
Research and Management Company's research
professionals make investment decisions with respect to
a portion of the Fund's portfolio. The primary
individual portfolio counselors are listed on the next
page.
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
YEARS OF EXPERIENCE
AS
INVESTMENT PROFESSIONAL
(APPROXIMATE)
YEARS OF EXPERIENCE AS
PORTFOLIO COUNSELOR WITH CAPITAL
PORTFOLIO (AND RESEARCH RESEARCH AND
COUNSELORS PROFESSIONAL IF MANAGEMENT
FOR WASHINGTON APPLICABLE) FOR COMPANY OR
MUTUAL INVESTORS WASHINGTON MUTUAL ITS TOTAL
FUND PRIMARY TITLE(S) INVESTORS FUND AFFILIATES YEARS
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Timothy D. Armour Executive Vice 5 years (plus 4 years 12 years 12 years
President, Capital as research
Research Company* professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
Stephen E. Bepler Senior Vice President 14 years (plus 8 23 years 29 years
and Director, Capital years as research
Research Company* professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
James K. Dunton Senior Vice President 17 years (plus 7 33 years 33 years
and Director, Capital years as research
Research and professional prior to
Management Company becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
Gregg E. Ireland Vice President, 5 years (plus 7 years 22 years 22 years
Capital Research and as research
Management Company professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
James B. Lovelace Vice President, 5 years (plus 2 years 13 years 13 years
Capital Research and as research
Management Company professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
Janet A. McKinley Senior Vice 5 years (plus 7 years 13 years 19 years
President, Capital as research
Research Company* professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
Robert G. O'Donnell Senior Vice President 2 years (plus 17 20 years 23 years
and Director, Capital years as research
Research and professional prior to
Management Company becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
James F. Rothenberg President and 1 year (plus 9 years 25 years 25 years
Director, Capital as research
Research and professional--1971-
Management Company 1979--prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
* COMPANY AFFILIATED WITH CAPITAL RESEARCH AND MANAGEMENT COMPANY.
- -------------------------------------------------------------------------------------------
</TABLE>
INVESTMENT RESULTS The Fund may from time to time compare its investment
results to various unmanaged indices or other mutual
The Fund has funds in reports to shareholders, sales literature and
averaged a total advertisements. The results may be calculated on a
return of 12.76% a total return and/or yield basis for various periods,
year (assuming the with or without sales charges. Results calculated
maximum sales without a sales charge will be higher. Total returns
charge was paid) assume the reinvestment of all dividends and capital
over its lifetime gain distributions.
(July 31, 1952
through March 31, The Fund's total return over the past 12 months and
1995) average annual total returns over the past five-year
and ten-year periods as of March 31, 1995, were 9.32%,
9.55% and 13.39%, respectively. These results were
calculated in accordance with Securities and Exchange
Commission rules which require that the maximum sales
charge be deducted. Of course, past results are not
an indication of future results. Further information
regarding the Fund's investment results is contained in
the Fund's annual report which may be obtained without
charge by writing to the Secretary of the Fund at the
address indicated on the cover of this prospectus.
6
<PAGE>
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DIVIDENDS, DIVIDENDS AND DISTRIBUTIONS Dividends are usually paid
DISTRIBUTIONS AND in March, June, September and December. All capital
TAXES gains, if any, are distributed annually, usually in
December. Prior to the time a dividend or capital gain
Income is distributed, the net asset value per share is
distributions are reduced by the amount of the payment.
usually made
quarterly. FEDERAL TAXES The Fund intends to operate as a
"regulated investment company" under the Internal
Revenue Code. In any fiscal year in which the Fund so
qualifies and distributes to shareholders all of its
net investment income and capital gain net income, the
Fund itself is relieved of federal income tax.
All dividends and capital gains are taxable whether
they are reinvested or received in cash--unless you are
exempt from taxation or entitled to tax deferral. Early
each year, you will be notified as to the amount and
federal tax status of all dividends and capital gains
paid during the prior year. Such dividends and capital
gains may also be subject to state or local taxes.
IF YOU HAVE NOT FURNISHED A CERTIFIED CORRECT TAXPAYER
IDENTIFICATION NUMBER (GENERALLY YOUR SOCIAL SECURITY
NUMBER) AND HAVE NOT CERTIFIED THAT WITHHOLDING DOES
NOT APPLY, OR IF THE INTERNAL REVENUE SERVICE HAS
NOTIFIED THE FUND THAT THE TAXPAYER IDENTIFICATION
NUMBER LISTED ON YOUR ACCOUNT IS INCORRECT ACCORDING TO
THEIR RECORDS OR THAT YOU ARE SUBJECT TO BACKUP
WITHHOLDING, FEDERAL LAW GENERALLY REQUIRES THE FUND TO
WITHHOLD 31% FROM DIVIDENDS AND/OR REDEMPTIONS
(INCLUDING EXCHANGE REDEMPTIONS). Amounts withheld are
applied to your federal tax liability; a refund may be
obtained from the I.R.S. if withholding results in
overpayment of taxes. Federal law also requires the
Fund to withhold 30% or the applicable tax treaty rate
from dividends paid to certain nonresident alien, non-
U.S. partnership and non-U.S. corporation shareholder
accounts.
THIS IS A BRIEF SUMMARY OF SOME OF THE TAX LAWS THAT
AFFECT YOUR INVESTMENT IN THE FUND. PLEASE SEE THE
STATEMENT OF ADDITIONAL INFORMATION AND YOUR TAX
ADVISER FOR FUTHER INFORMATION.
7
<PAGE>
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FUND ORGANIZATION FUND ORGANIZATION AND VOTING RIGHTS The Fund, an open-
AND MANAGEMENT end, diversified management investment company, was
organized as a Delaware corporation in 1952 and was
The Fund is a reincorporated in the State of Maryland in 1990. The
member of The Fund's board supervises Fund operations and performs
American Funds duties required by applicable state and federal law.
Group, which is Members of the board and advisory board who are not
managed by one of affiliated with the Fund's management are paid certain
the largest and fees for services rendered to the Fund as described in
most experienced the statement of additional information. They may elect
investment to defer all or a portion of these fees through a
advisers. deferred compensation plan in effect for the Fund.
Shareholders have one vote per share owned and, at the
request of the holders of at least 10% of the shares,
the Fund will hold a meeting at which any member of the
board could be removed by a majority vote. There will
not usually be a shareholder meeting in any year
except, for example, when the election of the board is
required to be acted upon by shareholders under the
Investment Company Act of 1940.
THE BUSINESS MANAGER Washington Management Corporation,
1101 Vermont Avenue N.W., Washington, D.C. 20005, is
the business manager and provides all services required
to carry on the Fund's general administrative and cor-
porate affairs. These services include all executive
personnel, clerical staff, office space and equipment,
arrangements for and supervision of all shareholder
services, federal and state regulatory compliance and
responsibility for accounting and recordkeeping facili-
ties. Washington Management Corporation provides simi-
lar services to other mutual funds. The Business Man-
ager receives a monthly fee, accrued daily, at the an-
nual rate of 0.25% of the first $125 million of the
Fund's net assets, 0.175% of net assets in excess of
$125 million but not exceeding $3 billion, 0.15% of net
assets in excess of $3 billion but not exceed
ing $5 billion, 0.135% of net assets in excess of $5
billion but not exceeding $8 billion, 0.12% of net as-
sets in excess of $8 billion but not exceeding $12 bil-
lion, and 0.095% of net assets in excess of $12 bil-
lion.
THE INVESTMENT ADVISER Capital Research and Management
Company, a large and experienced investment management
organization founded in 1931, is the investment adviser
to the Fund and other funds, including those in The
American Funds Group. Capital Research and Management
Company is located at 333 South Hope Street, Los
Angeles, CA 90071 and at 135 South State College
Boulevard, Brea, CA 92621. (See "The American Funds
Shareholder Guide: Purchasing Shares--Investment
Minimums and Fund Numbers" for a listing of funds in
The American Funds Group.) Capital Research and
Management Company manages the investment portfolio of
the Fund and receives a monthly fee, accrued daily, at
the annual rate of 0.25% of the first $125 million of
the Fund's net assets, 0.225% of net assets in excess
of $125 million but not exceeding $3 billion, 0.21% of
net assets in excess of $3 billion but not exceeding
$8 billion and 0.20% of net assets in excess of $8
billion.
8
<PAGE>
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Capital Research and Management Company is a wholly
owned subsidiary of The Capital Group Companies, Inc.
(formerly "The Capital Group, Inc.") which is located at
333 South Hope Street, Los Angeles,
CA 90071. The research activities of Capital Research
and Management Company are conducted by affiliated
companies which have offices in Los Angeles, San
Francisco, New York, Washington, D.C., London, Geneva,
Singapore, Hong Kong and Tokyo.
Capital Research and Management Company and its
affiliated companies have adopted a personal investing
policy that is consistent with the recommendations
contained in the report dated May 9, 1994 issued by the
Investment Company Institute's Advisory Group on
Personal Investing. (See the statement of additional
information.)
PORTFOLIO TRANSACTIONS Orders for the Fund's portfolio
securities transactions are placed by Capital Research
and Management Company, which strives to obtain the
best available prices, taking into account the costs
and quality of executions.
Subject to the above policy, when two or more brokers
are in a position to offer comparable prices and
executions, preference may be given to brokers that
have sold shares of the Fund or have provided
investment research, statistical, and other related
services for the benefit of the Fund and/or of other
funds served by Capital Research and Management
Company.
PRINCIPAL UNDERWRITER American Funds Distributors,
Inc., a wholly owned subsidiary of Capital Research and
Management Company, is the principal underwriter of the
Fund's shares. American Funds Distributors is located
at 333 South Hope Street, Los Angeles, CA 90071, 135
South State College Boulevard, Brea, CA 92621, 8000 IH-
10 West, San Antonio, TX 78230, 5300 Robin Hood Road,
Norfolk, VA 23513 and 8332 Woodfield Crossing
Boulevard, Indianapolis, IN 46240. Telephone
conversations with American Funds Distributors may be
recorded or monitored for verification, recordkeeping
and quality assurance purposes. The Principal
Underwriter makes shares available at net asset value
to Washington Investors Plans, Inc.
PLAN OF DISTRIBUTION The Fund has a plan of
distribution or "12b-1 Plan" under which it may finance
activities primarily intended to sell shares, provided
the categories of expenses are approved in advance by
the Board and the expenses paid under the plan were
incurred within the last 12 months and accrued while
the plan is in effect. Expenditures by the Fund under
the plan may not exceed 0.25% of its average net assets
annually (all of which may be for service fees). (See
"The American Funds Shareholder Guide: Purchasing
Shares--Sales Charges" below.)
9
<PAGE>
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TRANSFER AGENT American Funds Service Company, a wholly
owned subsidiary of Capital Research and Management
Company, is the transfer agent and performs shareholder
service functions. It was paid a fee of $11,583,000 for
the fiscal year ended April 30,1995. Telephone
conversations with American Funds Service Company may be
recorded or monitored for verification, recordkeeping and
quality assurance purposes.
AMERICAN FUNDS SERVICE COMPANY SERVICE AREAS
--------------------------------------------------------------
SERVICE ADDRESS AREAS SERVED
AREA
--------------------------------------------------------------
WEST P.O. Box 2205 AK, AZ, CA, HI, ID,
Brea, CA 92622-2205 Fax: MT, NV, OR, UT, WA and
714/671-7080 outside the U.S.
--------------------------------------------------------------
CENTRAL- P.O. Box 659522 AR, CO, IA, KS, LA,
WEST San Antonio, TX 78265-9522 MN, MO, ND, NE, NM,
Fax: 210/530-4050 OK, SD, TX, and WY
--------------------------------------------------------------
CENTRAL- P.O. Box 6007 AL, IL, IN, KY, MI,
EAST Indianapolis, IN 46206-6007 MS, OH, TNand WI
Fax: 317/735-6620
--------------------------------------------------------------
EAST P.O. Box 2280 CT, DE, FL, GA, MA,
Norfolk, VA 23501-2280 Fax: MD, ME, NC, NH, NJ,
804/670-4773 NY, PA, RI, SC, VA,
VT, WV and Washington,
D.C.
--------------------------------------------------------------
ALL SHAREHOLDERS MAY CALL AMERICAN FUNDS SERVICE COMPANY
AT 800/421-0180 FOR SERVICE.
--------------------------------------------------------------
[MAP OF UNITED STATES OF AMERICA]
--------------------------------------------------------------
West (light grey); Central-West (white); Central-East
(dark grey), East (orange)
10
<PAGE>
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THE AMERICAN FUNDS SHAREHOLDERS GUIDE
- -------------------------------------------------------------------------------
PURCHASING SHARES METHOD INITIAL INVESTMENT ADDITIONAL INVESTMENTS
---------------------------------------------------------
Your investment
dealer can help See "Investment $50 minimum (except
you establish your Minimums and Fund where a lower
account--and help Numbers" for minimum is noted
you add to it initial under "Investment
whenever you like. investment Minimums and Fund
minimums. Numbers").
---------------------------------------------------------
By Visit any Mail directly to
contacting investment dealer your investment
your who is registered dealer's address
investment in the state printed on your
dealer where the account statement.
purchase is made
and who has a
sales agreement
with American
Funds
Distributors.
---------------------------------------------------------
By mail Make your check Fill out the account
payable to the additions form at the
fund and mail to bottom of a recent
the address account statement,
indicated on the make your check
account payable to the fund,
application. write your account
Please indicate number on your check,
an investment and mail the check
dealer on the and form in the
account envelope provided
application. with your account
statement.
---------------------------------------------------------
By wire Call 800/421-0180 Your bank should wire
to obtain your your additional
account investments in the
number(s), if same manner as
necessary. Please described under
indicate an "Initial Investment."
investment dealer
on the account.
Instruct your
bank to wire
funds to:
Wells Fargo Bank
155 Fifth Street
Sixth Floor
San Francisco,
CA 94106
(ABA #121000248)
For credit to the
account of:
American Funds
Service Company
a/c #4600-076178
(fund name)
(your fund acct. no.)
---------------------------------------------------------
THE FUNDS AND AMERICAN FUNDS DISTRIBUTORS RESERVE
THE RIGHT TO REJECT ANY PURCHASE ORDER.
SHARE PRICE Shares are purchased at the next offering
price after the order is received by the fund or
American Funds Service Company. In the case of orders
sent directly to the fund or American Funds Service
Company, an investment dealer MUST be indicated. This
price is the net asset value plus a sales charge, if
applicable. Dealers are responsible for promptly
transmitting orders. (See the statement of additional
information under "Purchase of Shares--Price of
Shares.")
The net asset value per share is determined as of the
close of trading (currently 4:00 p.m., New York time) on
each day the New York Stock Exchange is open. The
current value of the fund's total assets, less all
liabilities, is divided by the total number of shares
outstanding and the result, rounded to the nearer cent,
is the net asset value per share. The net asset value
per share of the money market funds normally will remain
constant at $1.00 based on the funds' current practice
of valuing their shares on the basis of the penny-
rounding method in accordance with rules of the
Securities and Exchange Commission.
SHARE CERTIFICATES Shares are credited to your account
and certificates are not issued unless specifically
requested. This eliminates the costly problem of lost or
destroyed certificates.
11
<PAGE>
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If you would like certificates issued, please request
them by writing to American Funds Service Company.
There is usually no charge for issuing certificates in
reasonable denominations. CERTIFICATES ARE NOT
AVAILABLE FOR THE MONEY MARKET FUNDS.
INVESTMENT MINIMUMS AND FUND NUMBERS Here are the
minimum initial investments required by the funds in
The American Funds Group along with fund numbers for
use with our automated phone line, American
FundsLine(R) (see description below):
<TABLE>
<CAPTION>
MINIMUM
INITIAL FUND
FUND INVESTMENT NUMBER
- ---- ---------- ------
<S> <C> <C>
STOCK AND STOCK/BOND FUNDS
AMCAP Fund(R).......................... $1,000 02
American Balanced Fund(R).............. 500 11
American Mutual Fund(R)................ 250 03
Capital Income Builder(R).............. 1,000 12
Capital World Growth and Income
Fund(SM)............................. 1,000 33
EuroPacific Growth Fund(R)............. 250 16
Fundamental Investors(SM).............. 250 10
The Growth Fund of America(R).......... 1,000 05
The Income Fund of America(R).......... 1,000 06
The Investment Company of America(R)... 250 04
The New Economy Fund(R)................ 1,000 14
New Perspective Fund(R)................ 250 07
SMALLCAP World Fund(SM)................ 1,000 35
Washington Mutual Investors Fund(SM)... 250 01
<CAPTION>
MINIMUM
INITIAL FUND
FUND INVESTMENT NUMBER
- ---- ---------- ------
<S> <C> <C>
BOND FUNDS
American High-Income Municipal Bond
Fund(SM)............................. $1,000 40
American High-Income Trust(R).......... 1,000 21
The Bond Fund of America(SM)........... 1,000 08
Capital World Bond Fund(R)............. 1,000 31
Intermediate Bond Fund of America(R)... 1,000 23
Limited Term Tax-Exempt Bond Fund of
America(SM).......................... 1,000 43
The Tax-Exempt Bond Fund of
America(SM).......................... 1,000 19
The Tax-Exempt Fund of California(R)*.. 1,000 20
The Tax-Exempt Fund of Maryland(R)*.... 1,000 24
The Tax-Exempt Fund of Virginia(R)*.... 1,000 25
U.S. Government Securities Fund(SM).... 1,000 22
MONEY MARKET FUNDS
The Cash Management Trust of
America(R)........................... 2,500 09
The Tax-Exempt Money Fund of
America(SM).......................... 2,500 39
The U.S. Treasury Money Fund of
America(SM).......................... 2,500 49
</TABLE>
- --------
* Available only in certain states.
For retirement plan investments, the minimum is $250,
except that the money market funds have a minimum of
$1,000 for individual retirement accounts (IRAs).
Minimums are reduced to $50 for purchases through
"Automatic Investment Plans" (except for the money
market funds) or to $25 for purchases by retirement
plans through payroll deductions and may be reduced or
waived for shareholders of other funds in The American
Funds Group. TAX-EXEMPT FUNDS SHOULD NOT SERVE AS
RETIREMENT PLAN INVESTMENTS. The minimum is $50 for
additional investments (except as noted above).
SALES CHARGES The sales charges you pay when purchasing
the stock, stock/bond, and bond funds of The American
Funds Group are set forth below. The money market funds
of The American Funds Group are offered at net asset
value. (See "Investment Minimums and Fund Numbers" for
a listing of the funds.)
12
<PAGE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEALER
SALES CHARGE AS CONCESSION
PERCENTAGE OF THE: AS PERCENTAGE
------------------ OF THE
AMOUNT OF PURCHASE NET AMOUNT OFFERING OFFERING
AT THE OFFERING PRICE INVESTED PRICE PRICE
--------------------- ---------- -------- -------------
<S> <C> <C> <C>
STOCK AND STOCK/BOND FUNDS
Less than $50,000................. 6.10% 5.75% 5.00%
$50,000 but less than $100,000.... 4.71 4.50 3.75
BOND FUNDS
Less than $25,000................. 4.99 4.75 4.00
$25,000 but less than $50,000..... 4.71 4.50 3.75
$50,000 but less than $100,000.... 4.17 4.00 3.25
STOCK, STOCK/BOND, AND BOND FUNDS
$100,000 but less than $250,000... 3.63 3.50 2.75
$250,000 but less than $500,000... 2.56 2.50 2.00
$500,000 but less than $1,000,000. 2.04 2.00 1.60
$1,000,000 or more................ none none (see below)
</TABLE>
Commissions of up to 1% will be paid to dealers who
initiate and are responsible for purchases of $1
million or more, for purchases by any defined
contribution plan qualified under Section 401(a) of the
Internal Revenue Code including a "401(k)" plan with
200 or more eligible employees (paid pursuant to the
fund's plan of distribution), and for purchases made at
net asset value by certain retirement plans of
organizations with collective retirement plan assets of
$100 million or more as set forth in the statement of
additional information (paid by American Funds
Distributors).
American Funds Distributors, at its expense (from a
designated percentage of its income), will provide
additional promotional incentives to dealers. Currently
these incentives are limited to the top one hundred
dealers who have sold shares of the fund or other funds
in The American Funds Group. These incentive payments
will be based on a pro rata share of a qualifying
dealer's sales.
Any defined contribution plan qualified under Section
401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees or
any other purchaser investing at least $1 million in
shares of the fund (or in combination with shares of
other funds in The American Funds Group other than the
money market funds) may purchase shares at net asset
value; however, a contingent deferred sales charge of
1% is imposed on certain redemptions within one year of
the purchase. (See "Redeeming Shares--Contingent
Deferred Sales Charge.")
Qualified dealers currently are paid a continuing
service fee not to exceed 0.25% of average net assets
(0.15% in the case of the money market funds) annually
in order to promote selling efforts and to compensate
them for providing certain services. (See "Fund
Organization and Management--
13
<PAGE>
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Plan of Distribution.") These services include
processing purchase and redemption transactions,
establishing shareholder accounts and providing certain
information and assistance with respect to the fund.
NET ASSET VALUE PURCHASES The stock, stock/bond and
bond funds may sell shares at net asset value to: (1)
current or retired directors, trustees, officers and
advisory board members of the funds managed by Capital
Research and Management Company, employees of
Washington Management Corporation, employees and
partners of The Capital Group Companies, Inc. and its
affiliated companies, certain family members of the
above persons, and trusts or plans primarily for such
persons; (2) current or retired registered
representatives or full-time employees and their
spouses and minor children of dealers having sales
agreements with American Funds Distributors and plans
for such persons; (3) companies exchanging securities
with the fund through a merger, acquisition or exchange
offer; (4) trustees or other fiduciaries purchasing
shares for certain retirement plans of organizations
with retirement plan assets of $100 million or more;
(5) insurance company separate accounts; (6) accounts
managed by subsidiaries of The Capital Group Companies,
Inc.; and (7) The Capital Group Companies, Inc., its
affiliated companies and Washington Management
Corporation. Shares are offered at net asset value to
these persons and organizations due to anticipated
economies in sales effort and expense.
REDUCING AGGREGATION Sales charge discounts are available for
YOUR SALES certain aggregated investments. Qualifying investments
CHARGE include those by you, your spouse and your children
under the age of 21, if all parties are purchasing
You and your shares for their own account(s), which may include
immediate family purchases through employee benefit plan(s) such as an
may combine IRA, individual-type 403(b) plan or single-participant
investments to Keogh-type plan or by a business solely controlled by
reduce your costs. these individuals (for example, the individuals own the
entire business) or by a trust (or other fiduciary
arrangement) solely for the benefit of these
individuals. Individual purchases by a trustee(s) or
other fiduciary(ies) may also be aggregated if the
investments are (1) for a single trust estate or
fiduciary account, including an employee benefit plan
other than those described above or (2) made for two or
more employee benefit plans of a single employer or of
affiliated employers as defined in the Investment
Company Act of 1940, again excluding employee benefit
plans described above, or (3) for a diversified common
trust fund or other diversified pooled account not
specifically formed for the purpose of accumulating
fund shares. Purchases made for nominee or street name
accounts (securities held in the name of an investment
dealer or another nominee such as a bank trust
department instead of the customer) may not be
aggregated with those made for other accounts and may
not be aggregated with other nominee or street name
accounts unless otherwise qualified as described above.
14
<PAGE>
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CONCURRENT PURCHASES To qualify for a reduced sales
charge, you may combine concurrent purchases of two or
more funds in The American Funds Group, except direct
purchases of the money market funds. (Shares of the
money market funds purchased through an exchange,
reinvestment or cross-reinvestment from a fund having a
sales charge do qualify.) For example, if you
concurrently invest $25,000 in one fund and $25,000 in
another, the sales charge would be reduced to reflect a
$50,000 purchase.
RIGHT OF ACCUMULATION The sales charge for your invest-
ment may also be reduced by taking into account the
current value of your existing holdings in The American
Funds Group. Direct purchases of the money market funds
are excluded. (See account application.)
STATEMENT OF INTENTION You may reduce sales charges on
all investments by meeting the terms of a statement of
intention, a non-binding commitment to invest a certain
amount in fund shares subject to a commission within a
13-month period. Five percent of the statement amount
will be held in escrow to cover additional sales
charges which may be due if your total investments over
the statement period are insufficient to qualify for a
sales charge reduction. (See account application and
the statement of additional information under "Purchase
of Shares--Statement of Intention.")
YOU MUST LET YOUR INVESTMENT DEALER OR AMERICAN FUNDS
SERVICE COMPANY KNOW IF YOU QUALIFY FOR A REDUCTION IN
YOUR SALES CHARGE USING ONE OR ANY COMBINATION OF THE
METHODS DESCRIBED ABOVE.
SHAREHOLDER AUTOMATIC INVESTMENT PLAN You may make regular monthly
SERVICES or quarterly investments through automatic charges to
your bank account. Once a plan is established, your ac-
The fund offers count will normally be charged by the 10th day of the
you a valuable month during which an investment is made (or by the
array of services 15th day of the month in the case of any retirement
designed to plan for which Capital Guardian Trust Company--another
increase the affiliate of The Capital Group Companies, Inc.--acts as
convenience and trustee or custodian).
flexibility of
your investment-- AUTOMATIC REINVESTMENT Dividends and capital gain dis-
services you can tributions are reinvested in additional shares at no
use to alter your sales charge unless you indicate otherwise on the
investment program account application. You also may elect to have divi-
as your needs and dends and/or capital gain distributions paid in cash by
circumstances informing the fund, American Funds Service Company or
change. your investment dealer.
CROSS-REINVESTMENT You may cross-reinvest dividends or
dividends and capital gain distributions paid by one
fund into another fund in The American Funds Group,
subject to conditions outlined in the statement of ad-
ditional information. Generally, to use this service
the value of your account in the paying fund must equal
at least $5,000.
EXCHANGE PRIVILEGE You may exchange shares into other
funds in The American Funds Group. Exchange purchases
are subject to the minimum investment requirements of
the fund purchased and no sales
15
<PAGE>
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charge generally applies. However, exchanges of shares
from the money market funds are subject to applicable
sales charges on the fund being purchased, unless the
money market fund shares were acquired by an exchange
from a fund having a sales charge, or by reinvestment
or cross-reinvestment of dividends or capital gain
distributions.
You may exchange shares by writing to American Funds
Service Company (see "Redeeming Shares"), by contacting
your investment dealer, by using American FundsLine(R)
(see "Shareholder Services--American FundsLine(R)" be-
low), or by telephoning 800/421-0180 toll-free, faxing
(see "Transfer Agent" above for the appropriate fax
numbers) or telegraphing American Funds Service Compa-
ny. (See "Telephone Redemptions and Exchanges" below.)
Shares held in corporate-type retirement plans for
which Capital Guardian Trust Company serves as trustee
may not be exchanged by telephone, fax or telegraph.
Exchange redemptions and purchases are processed simul-
taneously at the share prices next determined after the
exchange order is received. (See "Purchasing Shares--
Share Price.") THESE TRANSACTIONS HAVE THE SAME TAX
CONSEQUENCES AS ORDINARY SALES AND PURCHASES.
AUTOMATIC EXCHANGES You may automatically exchange
shares (in amounts of $50 or more) among any of the
funds in The American Funds Group on any day (or pre-
ceding business day if the day falls on a non-business
day) of each month you designate. You must either meet
the minimum initial investment requirement for the re-
ceiving fund OR the originating fund's balance must be
at least $5,000 and the receiving fund's minimum must
be met within one year.
AUTOMATIC WITHDRAWALS You may make automatic
withdrawals of $50 or more as follows: five or more
times per year if you have an account of $10,000 or
more, or four or fewer times per year if you have an
account of $5,000 or more. Withdrawals are made on or
about the 15th day of each month you designate, and
checks will be sent within seven days. (See "Other
Important Things to Remember.") Additional investments
in a withdrawal account must not be less than one
year's scheduled withdrawals or $1,200, whichever is
greater. However, additional investments in a
withdrawal account may be inadvisable due to sales
charges and tax liabilities.
THESE SERVICES ARE AVAILABLE ONLY IN STATES WHERE THE
FUND TO BE PURCHASED MAY BE LEGALLY OFFERED AND MAY BE
TERMINATED OR MODIFIED AT ANY TIME UPON 60 DAYS'
WRITTEN NOTICE.
ACCOUNT STATEMENTS Your account is opened in accordance
with your registration instructions. Transactions in
the account, such as additional investments and
dividend reinvestments, will be reflected on regular
confirmation statements from American Funds Service
Company.
16
<PAGE>
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AMERICAN FUNDSLINE(R) You may check your share balance,
the price of your shares, or your most recent account
transaction, redeem shares (up to $10,000 per fund, per
account each day), or exchange shares around the clock
with American FundsLine(R). To use this service, call
800/325-3590 from a TouchTone(TM) telephone.
Redemptions and exchanges through American FundsLine(R)
are subject to the conditions noted above and in
"Redeeming Shares--Telephone Redemptions and Exchanges"
below. You will need your fund number (see the list of
funds in The American Funds Group under "Purchasing
Shares--Investment Minimums and Fund Numbers"),
personal identification number (the last four digits of
your Social Security number or other tax identification
number associated with your account) and account
number.
---------------------------------------------------------
REDEEMING By writing to Send a letter of instruction
SHARES American specifying the name of the fund, the
Funds Service number of shares or dollar amount to
You may take money Company (at be sold, your name and account
out of your the number. You should also enclose any
account whenever appropriate share certificates you wish to
you please. address redeem. For redemptions over $50,000
indicated and for certain redemptions of
under "Fund $50,000 or less (see below), your
Organization signature must be guaranteed by a
and bank, savings association, credit
Management-- union, or member firm of a domestic
Transfer stock exchange or the National
Agent") Association of Securities Dealers,
Inc., that is an eligible guarantor
institution. You should verify with
the institution that it is an
eligible guarantor prior to signing.
Additional documentation may be
required for redemption of shares
held in corporate, partnership or
fiduciary accounts. Notarization by a
Notary Public is not an acceptable
signature guarantee.
---------------------------------------------------------
By contacting If you redeem shares through your
your investment dealer, you may be charged
investment for this service. SHARES HELD FOR YOU
dealer IN YOUR INVESTMENT DEALER'S STREET
NAME MUST BE REDEEMED THROUGH THE
DEALER.
---------------------------------------------------------
You may have You may use this option, provided the
a redemption account is registered in the name of
check sent to an individual(s), a UGMA/UTMA
you by using custodian, or a non-retirement plan
American trust. These redemptions may not
FundsLine(R) exceed $10,000 per day, per fund
or by account and the check must be made
telephoning, payable to the shareholder(s) of
faxing, or record and be sent to the address of
telegraphing record provided the address has been
American used with the account for at least 10
Funds Service days. See "Transfer Agent" and
Company "Exchange Privilege" above for the
(subject to appropriate telephone or fax number.
the
conditions
noted in this
section and
in "Telephone
Redemptions
and
Exchanges"
below)
---------------------------------------------------------
In the case Upon request (use the account
of the money application for the money market
market funds, funds) you may establish telephone
you may have redemption privileges (which will
redemptions enable you to have a redemption sent
wired to your to your bank account) and/or check
bank by writing privileges. If you request
telephoning check writing privileges, you will be
American provided with checks that you may use
Funds Service to draw against your account. These
Company checks may be made payable to anyone
($1,000 or you designate and must be signed by
more) or by the authorized number of registered
writing a shareholders exactly as indicated on
check ($250 your checking account signature card.
or more)
---------------------------------------------------------
A SIGNATURE GUARANTEE IS NOT CURRENTLY REQUIRED FOR ANY
REDEMPTION OF $50,000 OR LESS PROVIDED THE REDEMPTION
CHECK IS MADE PAYABLE TO THE REGISTERED SHAREHOLDER(S)
AND IS MAILED TO THE ADDRESS OF RECORD, PROVIDED THE
ADDRESS HAS BEEN USED WITH THE ACCOUNT FOR AT LEAST 10
DAYS.
17
<PAGE>
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THE PRICE YOU RECEIVE FOR THE SHARES YOU REDEEM IS THE
NET ASSET VALUE NEXT DETERMINED AFTER YOUR ORDER AND
ALL REQUIRED DOCUMENTATION ARE RECEIVED BY THE FUND OR
AMERICAN FUNDS SERVICE COMPANY. (SEE "PURCHASING
SHARES--SHARE PRICE.")
TELEPHONE REDEMPTIONS AND EXCHANGES By using the
telephone (including American FundsLine(R)), fax or
telegraph redemption and/or exchange options, you agree
to hold the fund, American Funds Service Company, any
of its affiliates or mutual funds managed or advised by
such affiliates, the fund's Business Manager, and each
of their respective directors, trustees, officers,
employees and agents harmless from any losses,
expenses, costs or liability (including attorney fees)
which may be incurred in connection with the exercise
of these privileges. Generally, all shareholders are
automatically eligible to use these options. However,
you may elect to opt out of these options by writing
American Funds Service Company (you may reinstate them
at any time also by writing American Funds Service
Company). If American Funds Service Company does not
employ reasonable procedures to confirm that the
instructions received from any person with appropriate
account information are genuine, it and/or the fund may
be liable for losses due to unauthorized or fraudulent
instructions. In the event that shareholders are unable
to reach the fund by telephone because of technical
difficulties, market conditions, or a natural disaster,
redemption and exchange requests may be made in writing
only.
CONTINGENT DEFERRED SALES CHARGE A contingent deferred
sales charge of 1% applies to certain redemptions
within the first year on investments of $1 million or
more and on any investment made with no initial sales
charge by any defined contribution plan qualified under
Section 401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees. The
charge is 1% of the lesser of the value of the shares
redeemed (exclusive of reinvested dividends and capital
gain distributions) or the total cost of such shares.
Shares held for the longest period are assumed to be
redeemed first for purposes of calculating this charge.
The charge is waived for exchanges (except if shares
acquired by exchange were then redeemed within 12
months of the initial purchase); for distributions from
qualified retirement plans and other employee benefit
plans; for distributions from 403(b) plans or IRAs due
to death, disability or attainment of age 59 1/2; for
tax-free returns of excess contributions to IRAs; for
redemptions through certain automatic withdrawals not
exceeding 10% of the amount that would otherwise be
subject to the charge; and for redemptions in
connection with loans made by qualified retirement
plans.
REINSTATEMENT PRIVILEGE You may reinvest proceeds from
a redemption or a dividend or capital gain distribution
without sales charge (any contingent deferred sales
charge paid will be credited to your account) in any
fund in The American Funds Group. Send a written
18
<PAGE>
- -------------------------------------------------------------------------------
request and a check to American Funds Service Company
within 90 days after the date of the redemption or
distribution. Reinvestment will be at the next
calculated net asset value after receipt. The tax
status of a gain realized on a redemption will not be
affected by exercise of the reinstatement privilege,
but a loss may be nullified if you reinvest in the same
fund within 30 days. If you redeem your shares within
90 days after purchase and the sales charge on the
purchase of other shares is waived under the
reinstatement privilege, the sales charge you
previously paid for the shares may not be taken into
account when you calculate your gain or loss on that
redemption.
OTHER IMPORTANT THINGS TO REMEMBER The net asset value
for redemptions is determined as indicated under
"Purchasing Shares--Share Price." Because each stock,
stock/bond and bond fund's net asset value fluctuates,
reflecting the market value of the fund's portfolio,
the amount a shareholder receives for shares redeemed
may be more or less than the amount paid for them.
Redemption proceeds will not be mailed until sufficient
time has passed to provide reasonable assurance that
checks or drafts (including certified or cashier's
checks) for shares purchased have cleared (which may
take up to 15 calendar days from the purchase date).
Except for delays relating to clearance of checks for
share purchases or in extraordinary circumstances (and
as permissible under the Investment Company Act of
1940), redemption proceeds will be paid on or before
the seventh day following receipt of a proper
redemption request.
A fund may, with 60 days' written notice, close your
account if, due to a redemption, the account has a
value of less than the minimum required initial
investment. (For example, a fund may close an account
if a redemption is made shortly after a minimum initial
investment is made.)
RETIREMENT You may invest in the funds through various retirement
PLANS plans including the following plans for which Capital
Guardian Trust Company acts as trustee or custodian:
IRAs, Simplified Employee Pension plans, 403(b) plans
and Keogh- and corporate-type business retirement
plans. For further information about any of the plans,
agreements, applications and annual fees, contact
American Funds Distributors or your investment dealer.
To determine which retirement plan is appropriate for
you, please consult your tax adviser. TAX-EXEMPT FUNDS
SHOULD NOT SERVE AS INVESTMENTS FOR RETIREMENT PLANS.
FOR MORE INFORMATION, PLEASE REFER TO THE ACCOUNT
APPLICATION OR THE STATEMENT OF ADDITIONAL INFORMATION.
IF YOU HAVE ANY QUESTIONS ABOUT ANY OF THE SHAREHOLDER
SERVICES DESCRIBED HEREIN OR YOUR ACCOUNT, PLEASE
CONTACT YOUR INVESTMENT DEALER OR AMERICAN FUNDS
SERVICE COMPANY.
[RECYCLE LOGO] This prospectus has been printed on
recycled paper that meets the
guidelines of the United States
Environmental Protection Agency
19
<PAGE>
Prospectus
for Eligible Retirement Plans
WASHINGTON MUTUAL INVESTORS FUNDS(SM)
An opportunity for current income
and capital growth through quality
common stocks
[LOGO OF THE AMERICAN FUNDS GROUP(R)]
June 22, 1995
WASHINGTON MUTUAL INVESTORS
FUND, INC.
1101 Vermont Avenue, N.W.
Washington, D.C. 20005
(202) 842-5665
The Fund's investment objective
is to produce income and to
provide an opportunity for growth
of principal consistent with
sound common stock investing.
This prospectus relates only to
shares of the Fund offered
without a sales charge to
eligible retirement plans. For a
prospectus regarding shares of
the Fund to be acquired
otherwise, contact the Secretary
of the Fund at the address
indicated above.
This prospectus presents
information you should know
before investing in the Fund. It
should be retained for future
reference.
You may obtain the statement of
additional information dated June
22, 1995, which contains the
Fund's financial statements,
without charge, by writing to the
Secretary of the Fund at the
above address or telephoning
800/421-0180. These requests will
be honored within three business
days of receipt.
SHARES OF THE FUND ARE NOT
DEPOSITS OR OBLIGATIONS OF, OR
INSURED OR GUARANTEED BY, THE
U.S. GOVERNMENT, ANY FINANCIAL
INSTITUTION, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, OR ANY
OTHER AGENCY, ENTITY OR PERSON.
THE PURCHASE OF FUND SHARES
INVOLVES INVESTMENT RISKS,
INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL.
THESE SECURITIES HAVE NOT BEEN
APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON
THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL
OFFENSE.
01-010-0695
<PAGE>
TABLE OF CONTENTS
Summary of Expenses............ 3
Financial Highlights........... 4
Investment Objective and
Policies....................... 4
Investment Techniques.......... 5
Investment Results............. 6
Dividends, Distributions and
Taxes.......................... 7
Fund Organization and
Management..................... 7
Purchasing Shares.............. 9
Shareholder Services.......... 11
Redeeming Shares.............. 11
<PAGE>
- -------------------------------------------------------------------------------
SUMMARY OF
EXPENSES
Average annual
expenses paid over
a 10-year period
would be
approximately $9
per year, assuming
a $1,000
investment and a
5% annual return.
This table is designed to help you understand costs of investing in the Fund.
These are historical expenses; your actual expenses may vary.
SHAREHOLDER TRANSACTION EXPENSES
Certain retirement plans may purchase shares of the Fund with no sales
charge/1/. The Fund also has no sales charge on reinvested dividends, deferred
sales charge, redemption fees or exchange fees.
ANNUAL FUND OPERATING EXPENSES (for the fiscal year ended
April 30, 1995, as a percentage of average net assets)
Management fees....................................................... 0.35%
12b-1 expenses........................................................ 0.21%/2/
Other expenses (audit, legal, shareholder services, transfer agent
and custodian)...................................................... 0.13%
Total Fund operating expenses......................................... 0.69%
<TABLE>
<CAPTION>
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
You would pay the following
cumulative expenses on a $1,000 $7 $22 $38 $86
investment, assuming a 5% annual
return/3/.
</TABLE>
/1/ Retirement plans of organizations with $100 million or more in collective
retirement plan assets may purchase shares of the Fund with no sales charge.
In addition, any defined contribution plan qualified under Section 401(a) of
the Internal Revenue Code including a "401(k)" plan with 200 or more
eligible employees or any other plan that invests at least $1 million in
shares of the fund (or in combination with shares of other funds in The
American Funds Group other than the money market funds) may purchase shares
at net asset value; however, a contingent deferred sales charge of 1%
applies on certain redemptions within 12 months following such purchases.
(See "Redeeming Shares--Contingent Deferred Sales Charge.")
/2/ These expenses may not exceed 0.25% of the Fund's average net assets
annually. (See "Fund Organization and Management--Plan of Distribution.")
Due to these distribution expenses, long-term shareholders may pay more than
the economic equivalent of the maximum front-end sales charge permitted by
the National Association of Securities Dealers.
/3/ Use of this assumed 5% return is required by the Securities and Exchange
Commission; it is not an illustration of past or future investment results.
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES; ACTUAL EXPENSES MAY BE GREATER OR LESSER THAN THOSE SHOWN.
3
<PAGE>
- -------------------------------------------------------------------------------
FINANCIAL The following information has been audited by Price
HIGHLIGHTS Waterhouse LLP, independent accountants, whose
(For a share unqualified report covering each of the most recent
outstanding five years is included in the statement of additional
throughout each information. This information should be read in
fiscal year) conjunction with the financial statements and
accompanying notes which appear in the statement of
additional information.
<TABLE>
<CAPTION>
YEAR ENDED APRIL 30
----------------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Begin-
ning of Year........... $ 17.11 $17.59 $ 16.22 $15.02 $13.75 $14.10 $11.89 $13.31 $11.77 $ 9.26
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income.. .63 .59 .56 .56 .58 .59 .58 .55 .53 .53
Net realized and
unrealized gains
(losses) on
investments........... 2.16 (.12) 1.55 1.50 1.37 .36 2.07 (1.06) 2.18 2.92
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
Total from Investment
Operations............ 2.79 .47 2.11 2.06 1.95 .95 2.65 (.51) 2.71 3.45
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends (from net
investment income).... (.62) (.56) (.56) (.56) (.62) (.62) (.44) (.52) (.52) (.49)
Distributions (from
capital gains)........ (.41) (.39) (.18) (.30) (.06) (.68) -- (.39) (.65) (.45)
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
Total Distributions.... (1.03) (.95) (.74) (.86) (.68) (1.30) (.44) (.91) (1.17) (.94)
------- ------- ------- ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Year................... $ 18.87 $17.11 $ 17.59 $16.22 $15.02 $13.75 $14.10 $11.89 $13.31 $11.77
======= ======= ======= ====== ====== ====== ====== ====== ====== ======
Total Return/1/........ 17.01% 2.55% 13.36% 14.24% 14.69% 6.52% 22.72% (3.77%) 23.76% 37.85%
RATIOS/SUPPLEMENTAL DATA
Net Assets, End of Year
(in millions)......... $14,426 $12,405 $11,306 $8,896 $6,596 $4,778 $3,250 $2,623 $2,609 $1,282
Ratio of Expenses to
Average Net Assets.... .69% .69% .70% .74% .77% .69% .67% .58% .54% .52%
Ratio of Net Income to
Average Net Assets.... 3.57% 3.29% 3.33% 3.58% 4.24% 4.01% 4.54% 4.25% 4.03% 4.78%
Portfolio Turnover
Rate.................. 25.5% 23.9% 18.6% 10.4% 10.9% 7.4% 21.3% 11.8% 12.0% 13.0%
</TABLE>
/1/ Does not take into account effect of sales charge at a maximum rate of
5.75%. Total Return figures for 1991, 1992 and 1993 have been revised.
Previously shown for these years were 14.71%, 14.27% and 13.38%,
respectively.
INVESTMENT The Fund's investment objective is to produce income
OBJECTIVE AND and to provide an opportunity for growth of principal
POLICIES consistent with sound common stock investing. From time
to time capital gains or losses may be realized upon
The Fund's goal is the sales of securities owned by the Fund but active
to provide you trading with a view to realization of capital gains is
with income and an not a policy of the Fund.
opportunity for
growth of The Fund was founded to provide fiduciaries,
principal. organizations, institutions and individuals with a
convenient and prudent medium of investment in high
quality common stocks and securities convertible into
such common stocks. It is designed to serve those
individuals who are charged with the responsibility of
investing pension and profit-sharing trusts, other
fiduciary-type reserves, or family funds, but who are
reluctant to undertake the selection and supervision of
stocks, although recognizing the importance of
affording an opportunity for growth in income and value
over the years.
4
<PAGE>
- -------------------------------------------------------------------------------
PRUDENT INVESTOR RULE AND THE FUND'S ELIGIBLE LIST The
Fund's policy is at all times to maintain for its
shareholders a fully invested, widely diversified
portfolio of such securities which an experienced
investor charged with fiduciary responsibility and
seeking investment objectives similar to those of the
Fund might select for the common stock portion of a
portfolio under the Prudent Investor Rule of the
Superior Court of the District of Columbia. This Rule
is patterned after the historic Prudent Man Rule and
the wording is similar to the trust laws in a number of
states.
The Fund's board of directors has adopted "Investment
Standards", based on criteria applied for many years by
the United States District Court for the District of
Columbia. These investment standards are used to
prepare an "Eligible List" of securities designed to
conform to the common stock portion of the Prudent
Investor Rule. Only common stocks and securities
convertible into common stocks meeting these Investment
Standards and on the approved Eligible List may be held
by the Fund. Any security deleted from the Eligible
List and held by the Fund must be sold by the Fund as
soon as deemed practical by the Investment Adviser but
in no event later than six months following such
deletion.
The Fund's investment restrictions (which are described
in the statement of additional information) and objec-
tive cannot be changed without shareholder approval.
All other investment practices may be changed by the
board of directors.
ACHIEVEMENT OF THE FUND'S INVESTMENT OBJECTIVE CANNOT,
OF COURSE, BE ASSURED DUE TO THE RISK OF CAPITAL LOSS
FROM FLUCTUATING PRICES INHERENT IN ANY INVESTMENT IN
SECURITIES.
INVESTMENT RISKS OF INVESTING Because the Fund invests in equity-
TECHNIQUES type securities such as common stocks and convertible
preferred stocks, the Fund's portfolio is subject to
Investing in market risks, including, for example, the possibility
stocks involves that stock prices in general may decline over short or
certain risks. even extended periods.
MULTIPLE PORTFOLIO COUNSELOR SYSTEM The basic
investment philosophy of Capital Research and
Management Company is to seek fundamental values at
reasonable prices, using a system of multiple portfolio
counselors in managing mutual fund assets. Under this
system the portfolio of the Fund is divided into
segments which are managed by individual counselors.
Each counselor decides how their segment will be
invested (within the limits provided by the Fund's
objective and by Capital Research and Management
Company's investment committee). In addition, Capital
Research and Management Company's research
professionals make investment decisions with respect to
a portion of the Fund's portfolio. The primary
individual portfolio counselors are listed on the next
page.
5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
YEARS OF EXPERIENCE
AS
INVESTMENT PROFESSIONAL
(APPROXIMATE)
YEARS OF EXPERIENCE AS
PORTFOLIO COUNSELOR WITH CAPITAL
(AND RESEARCH RESEARCH AND
PORTFOLIO PROFESSIONAL, IF MANAGEMENT
COUNSELORS FOR APPLICABLE) FOR COMPANY OR
WASHINGTON MUTUAL WASHINGTON MUTUAL ITS TOTAL
INVESTORS FUND PRIMARY TITLE(S) INVESTORS FUND AFFILIATES YEARS
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Timothy D. Armour Executive Vice 5 years (plus 4 years 12 years 12 years
President, Capital as research
Research Company* professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
Stephen E. Bepler Senior Vice President 14 years (plus 8 23 years 29 years
and Director, Capital years as research
Research Company* professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
James K. Dunton Senior Vice President 17 years (plus 7 33 years 33 years
and Director, Capital years as research
Research and professional prior to
Management Company becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
Gregg E. Ireland Vice President, 5 years (plus 7 years 22 years 22 years
Capital Research and as research
Management Company professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
James B. Lovelace Vice President, 5 years (plus 2 years 13 years 13 years
Capital Research and as research
Management Company professional prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
Janet A. McKinley Senior Vice 5 years (plus 7 years 13 years 19 years
President, Capital as research
Research Company* professional prior to
becoming
a portfolio counselor
for the Fund)
- -------------------------------------------------------------------------------------------
Robert G. O'Donnell Senior Vice President 2 years (plus 17 20 years 23 years
and Director, Capital years as research
Research and professional prior to
Management Company becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
James F. Rothenberg President and 1 year (plus 9 years 25 years 25 years
Director, Capital as research
Research and professional--1971-
Management Company 1979--prior to
becoming a portfolio
counselor for the
Fund)
- -------------------------------------------------------------------------------------------
* COMPANY AFFILIATED WITH CAPITAL RESEARCH AND MANAGEMENT COMPANY.
- -------------------------------------------------------------------------------------------
</TABLE>
INVESTMENT RESULTS The Fund may from time to time compare its investment
results to various unmanaged indices or other mutual
The Fund has funds in reports to shareholders, sales literature and
averaged a total advertisements. The results may be calculated on a
return (at no total return and/or yield basis for various periods,
sales charge) of with or without sales charges. Results calculated
12.92% a year over without a sales charge will be higher. Total returns
its lifetime (July assume the reinvestment of all dividends and capital
31, 1952 through gain distributions.
March 31, 1995).
The Fund's total return for the 12 months and average
total returns over the past five-year and ten-year
periods as of March 31, 1995, were 15.98%, 10.86% and
14.06%, respectively. These results were calculated
in accordance with Securities and Exchange Commission
rules with no sales charge. Of course, past results
are not an indication of future results. Further
information regarding the Fund's investment results
is contained in the Fund's annual report which may be
obtained without charge by writing to the Secretary of
the Fund at the address indicated on the cover of this
prospectus.
6
<PAGE>
- -------------------------------------------------------------------------------
DIVIDENDS, DIVIDENDS AND DISTRIBUTIONS Dividends are usually paid
DISTRIBUTIONS AND in March, June, September and December. All capital
TAXES gains, if any, are distributed annually, usually in
December. Prior to the time a dividend or capital gain
Income is distributed, the net asset value per share is
distributions are reduced by the amount of the payment.
usually made
quarterly. The terms of your plan will govern how your plan may
receive distributions from the Fund. Generally,
periodic distributions from the Fund to your plan are
reinvested in additional Fund shares, although your
plan may permit Fund distributions from net investment
income to be received by you in cash while reinvesting
capital gains distributions in additional shares or all
Fund distributions to be received in cash. Unless you
select another option, all distributions will be
reinvested in additional Fund shares.
FEDERAL TAXES The Fund intends to operate as a
"regulated investment company" under the Internal
Revenue Code. In any fiscal year in which the Fund so
qualifies and distributes to shareholders all of its
net investment income and capital gain net income, the
Fund itself is relieved of federal income tax. The tax
treatment of redemptions from a retirement plan may
differ from redemptions from an ordinary shareholder
account.
PLEASE SEE THE STATEMENT OF ADDITIONAL INFORMATION AND
YOUR TAX ADVISER FOR FURTHER INFORMATION.
FUND ORGANIZATION FUND ORGANIZATION AND VOTING RIGHTS The Fund, an open-
AND MANAGEMENT end, diversified management investment company, was
organized as a Delaware corporation in 1952 and was
The Fund is a reincorporated in the State of Maryland in 1990. The
member of The Fund's board supervises Fund operations and performs
American Funds duties required by applicable state and federal law.
Group, which is Members of the board and advisory board who are not
managed by one of affiliated with the Fund's management are paid certain
the largest and fees for services rendered to the Fund as described in
most experienced the statement of additional information. They may elect
investment to defer all or a portion of these fees through a
advisers. deferred compensation plan in effect for the Fund.
Shareholders have one vote per share owned and, at the
request of the holders of at least 10% of the shares,
the Fund will hold a meeting at which any member of the
board could be removed by a majority vote. There will
not usually be a shareholder meeting in any year
except, for example, when the election of the board is
required to be acted upon by shareholders under the
Investment Company Act of 1940.
THE BUSINESS MANAGER Washington Management Corporation,
1101 Vermont Avenue N.W., Washington, D.C. 20005, is
the business manager and provides all services required
to carry on the Fund's general administrative and
corporate affairs. These services include all executive
personnel, clerical staff, office space and equipment,
arrangements for and supervision of all shareholder
services, federal and state regulatory
7
<PAGE>
- -------------------------------------------------------------------------------
compliance and responsibility for accounting and re-
cordkeeping facilities. Washington Management Corpora-
tion provides similar services to other mutual funds.
The Business Manager receives a monthly fee, accrued
daily, at the annual rate of 0.25% of the first $125
million of the Fund's net assets, 0.175% of net assets
in excess of $125 million but not exceeding $3 billion,
0.15% of net assets in excess of $3 billion but not ex-
ceeding $5 billion, 0.135% of net assets in excess of $5
billion but not exceeding $8 billion, 0.12% of net as-
sets in excess of $8 billion but not exceeding $12 bil-
lion, and 0.095% of net assets in excess of $12 bil-
lion.
THE INVESTMENT ADVISER Capital Research and Management
Company, a large and experienced investment management
organization founded in 1931, is the investment adviser
to the Fund and other funds, including those in The
American Funds Group. Capital Research and Management
Company is located at 333 South Hope Street, Los
Angeles, CA 90071 and at 135 South State College
Boulevard, Brea, CA 92621. Capital Research and
Management Company manages the investment portfolio of
the Fund and receives a monthly fee, accrued daily, at
the annual rate of 0.25% of the first $125 million of
the Fund's net assets, 0.225% of net assets in excess
of $125 million but not exceeding$3 billion, 0.21% of
net assets in excess of $3 billion but not exceeding $8
billion and 0.20% of net assets in excess of $8
billion.
Capital Research and Management Company is a wholly
owned subsidiary of The Capital Group Companies, Inc.
(formerly The Capital Group, Inc.) which is located at
333 South Hope Street, Los Angeles, CA 90071. The
research activities of Capital Research and Management
Company are conducted by affiliated companies which
have offices in Los Angeles, San Francisco, New York,
Washington, D.C., London, Geneva, Singapore, Hong Kong
and Tokyo.
Capital Research and Management Company and its
affiliated companies have adopted a personal investing
policy that is consistent with the recommendations
contained in the report dated May 9, 1994 issued by the
Investment Company Institute's Advisory Group on
Personal Investing. (See the statement of additional
information.)
PORTFOLIO TRANSACTIONS Orders for the Fund's portfolio
securities transactions are placed by Capital Research
and Management Company, which strives to obtain the
best available prices, taking into account the costs
and quality of executions.
Subject to the above policy, when two or more brokers
are in a position to offer comparable prices and
executions, preference may be given to brokers that
have sold shares of the Fund or have provided
investment research, statistical, and other related
services for the benefit of the Fund and/or of other
funds served by Capital Research and Management
Company.
8
<PAGE>
- -------------------------------------------------------------------------------
PRINCIPAL UNDERWRITER American Funds Distributors,
Inc., a wholly owned subsidiary of Capital Research and
Management Company, is the principal underwriter of the
Fund's shares. American Funds Distributors, Inc. is
located at 333 South Hope Street, Los Angeles, CA
90071, 135 South State College Boulevard, Brea, CA
92621, 8000 1H-10 West, San Antonio, TX 78230, 5300
Robin Hood Road, Norfolk, VA 23513 and 8332 Woodfield
Crossing Boulevard, Indianapolis, IN 46240. Telephone
conversations with American Funds Distributors may be
recorded or monitored for verification, recordkeeping
and quality assurance purposes. The Principal
Underwriter makes shares available at net asset value
to Washington Investors Plans, Inc.
PLAN OF DISTRIBUTION The Fund has a plan of
distribution or "12b-1 Plan" under which it may finance
activities primarily intended to sell shares, provided
the categories of expenses are approved in advance by
the Board and the expenses paid under the plan were
incurred within the last 12 months and accrued while
the plan is in effect. Expenditures by the Fund under
the plan may not exceed 0.25% of its average net assets
annually (all of which may be for service fees).
TRANSFER AGENT American Funds Service Company, 800/421-
0180, a wholly owned subsidiary of Capital Research and
Management Company, is the transfer agent and performs
shareholder service functions. American Funds Service
Company is located at 333 South Hope Street, Los
Angeles CA 90071, 135 South State College Boulevard,
Brea, CA 92621, 8000 IH-10 West, San Antonio, TX 78230,
5300 Robin Hood Road, Norfolk, VA 23513 and 8332
Woodfield Crossing Boulevard, Indianapolis, IN 46240.
It was paid a fee of $11,583,000 for the fiscal year
ended April 30, 1995. Telephone conversations with
American Funds Service Company may be recorded or
monitored for verification, recordkeeping and quality
assurance purposes.
PURCHASING SHARES ALL ORDERS TO PURCHASE SHARES MUST BE MADE THROUGH YOUR
RETIREMENT PLAN. FOR MORE INFORMATION ABOUT HOW TO PUR-
CHASE SHARES OF THE FUND THROUGH YOUR PLAN OR LIMITA-
TIONS ON THE AMOUNT THAT MAY BE PURCHASED, PLEASE CON-
SULT WITH YOUR EMPLOYER. Shares are sold to eligible
retirement plans at the net asset value per share next
determined after receipt of an order by the Fund or
American Funds Service Company. Orders must be received
before the close of regular trading on the New York
Stock Exchange in order to receive that day's net asset
value. Plans of organizations with collective retire-
ment plan assets of $100 million or more may purchase
shares at net asset value. In addition, any defined
contribution plan qualified under Section 401(a) of the
Internal Revenue Code including a "401(k)" plan with
200 or more eligible employees or any other plan that
invests at least $1 million in shares of the Fund (or
in combination with
9
<PAGE>
- -------------------------------------------------------------------------------
shares of other funds in The American Funds Group other
than the money market funds) may purchase shares at net
asset value; however, a contingent deferred sales
charge of 1% is imposed on certain redemptions within
one year of such purchase. (See "Redeeming Shares--Con-
tingent Deferred Sales Charge.") Plans may also qualify
to purchase shares at net asset value by completing a
statement of intention to purchase $1 million in Fund
shares subject to a commission over a maximum of 13
consecutive months. Certain redemptions of such shares
may also be subject to a contingent deferred sales
charge as described above. (See the statement of addi-
tional information.)
American Funds Distributors, at its expense (from a
designated percentage of its income), will provide ad-
ditional promotional incentives to dealers. Currently
these incentives are limited to the top one hundred
dealers who have sold shares of the Fund or other funds
in The American Funds Group. Such incentive payments
will be based on a pro rata share of a qualifying deal-
er's sales.
Qualified dealers currently are paid a continuing serv-
ice fee not to exceed 0.25% of average net assets annu-
ally in order to promote selling efforts and to compen-
sate them for providing certain services. (See "Fund
Organization and Management--Plan of Distribution.")
These services include processing purchase and redemp-
tion transactions, establishing shareholder accounts
and providing certain information and assistance with
respect to the Fund.
Shares of the Fund are offered to other shareholders
pursuant to another prospectus at public offering
prices that may include an initial sales charge.
SHARE PRICE Shares are offered to eligible retirement
plans at the net asset value after the order is
received by the Fund or American Funds Service Company.
In the case of orders sent directly to the Fund or
American Funds Service Company, an investment dealer
must be indicated. Dealers are responsible for promptly
transmitting orders. (See the statement of additional
information under "Purchase of Shares--Price of
Shares.")
The Fund's net asset value per share is determined as
of the close of trading (currently 4:00 p.m., New York
time) on each day the New York
10
<PAGE>
- -------------------------------------------------------------------------------
Stock Exchange is open. The current value of the Fund's
total assets, less all liabilities, is divided by the
total number of shares outstanding and the result,
rounded to the nearer cent, is the net asset value per
share.
SHAREHOLDER Subject to any restrictions contained in your plan, you
SERVICES can exchange your shares for shares of other funds in
The American Funds Group at net asset value. In
addition, again depending on your plan, you may be able
to exchange shares automatically or cross-reinvest
dividends in shares of other funds. Contact your plan
administrator/trustee regarding how to use these
services. Also, see the Fund's statement of additional
information for a description of these and other
services that may be available through your plan. These
services are available only in states where the Fund to
be purchased may be legally offered and may be
terminated or modified at any time upon 60 days'
written notice.
REDEEMING SHARES Subject to any restrictions imposed by your employer's
plan, you can sell your shares through the plan to the
Fund any day the New York Stock Exchange is open. For
more information about how to sell shares of the Fund
through your retirement plan, including any charges
that may be imposed by the plan, please consult with
your employer.
-------------------------------------------------------
By contacting Your plan administrator/trustee must
your plan send a letter of instruction
administrator/ specifying the name of the fund, the
trustee number of shares or dollar amount to
be sold, and, if applicable, your
name and account number. You should
also enclose any certificate you wish
to redeem. For your protection, if
you redeem more than $50,000, the
signatures of the registered owners
(i.e., trustees or their legal
representatives) must be guaranteed
by a bank, savings association,
credit union, or member firm of a
domestic stock exchange or the
National Association of Securities
Dealers, Inc., that is an eligible
guarantor institution. Your plan
administrator/trustee should verify
with the institution that it is an
eligible guarantor prior to signing.
Additional documentation may be
required to redeem shares from
certain accounts. Notarization by a
Notary Public is not an acceptable
signature guarantee.
--------------------------------------------------------
By contacting Shares may also be redeemed through
an investment an investment dealer; however you or
dealer your plan may be charged for this
service. SHARES HELD FOR YOU IN AN
INVESTMENT DEALER'S STREET NAME MUST
BE REDEEMED THROUGH THE DEALER.
--------------------------------------------------------
THE PRICE YOU RECEIVE FOR THE SHARES YOU REDEEM IS THE
NET ASSET VALUE NEXT DETERMINED AFTER YOUR ORDER AND
ALL REQUIRED DOCUMENTATION ARE RECEIVED BY THE FUND OR
AMERICAN FUNDS SERVICE COMPANY. (SEE "PURCHASING
SHARES--SHARE PRICE.")
CONTINGENT DEFERRED SALES CHARGE A contingent deferred
sales charge of 1% applies to certain redemptions
within the first year on investments of $1 million or
more and on any investment made with no initial sales
charge by any defined contribution plan qualified under
Section 401(a) of the Internal Revenue Code including a
"401(k)" plan with 200 or more eligible employees. The
charge is 1% of the lesser of
11
<PAGE>
- -------------------------------------------------------------------------------
the value of the shares redeemed (exclusive of
reinvested dividends and capital gain distributions) or
the total cost of such shares. Shares held for the
longest period are assumed to be redeemed first for
purposes of calculating this charge. The charge is
waived for exchanges (except if shares acquired by
exchange were then redeemed within 12 months of the
initial purchase); for distributions from qualified
retirement plans and other employee benefit plans; and
for redemptions in connection with loans made by
qualified retirement plans.
OTHER IMPORTANT THINGS TO REMEMBER The net asset value
for redemptions is determined as indicated under
"Purchasing Shares--Share Price." Because the Fund's
net asset value fluctuates, reflecting the market value
of the portfolio, the amount you receive for shares
redeemed may be more or less than the amount paid for
them.
Redemption proceeds will not be mailed until sufficient
time has passed to provide reasonable assurance that
checks or drafts (including certified or cashier's
checks) for shares purchased have cleared (which may
take up to 15 calendar days from the purchase date).
Except for delays relating to clearance of checks for
share purchases or in extraordinary circumstances (and
as permissible under the Investment Company Act of
1940), redemption proceeds will be paid on or before
the seventh day following receipt of a proper
redemption request.
[RECYCLE LOGO] This prospectus has been printed on
recycled paper that meets the
guidelines of the United States
Environmental Protection Agency.
This prospectus relates only to shares of the Fund
offered without a sales charge to eligible
retirement plans. For a prospectus regarding shares
of the Fund to be acquired otherwise, contact the
Secretary of the Fund at the address indicated on
the front.
12
WASHINGTON MUTUAL INVESTORS FUND, INC.
PART B
STATEMENT OF ADDITIONAL INFORMATION
June 22, 1995
This document is not a prospectus but should be read in conjunction with the
current Prospectus dated June 22, 1995 of Washington Mutual Investors Fund,
Inc. (the Fund or WMIF). The Prospectus may be obtained from your investment
dealer or financial planner or by writing to the Fund at the following address:
WASHINGTON MUTUAL INVESTORS FUND, INC.
Attention: Secretary
1101 Vermont Avenue, N.W.
Washington, D.C. 20005
(202) 842-5665
The Fund has two forms of prospectuses. Each reference to the prospectus
in this Statement of Additional Information includes both of the Fund's
prospectuses. Shareholders who purchase shares at net asset value through
eligible retirement plans should note that not all of the services or features
described below may be available to them, and they should contact their
employer for details.
TABLE OF CONTENTS
<TABLE>
<CAPTION>
ITEM PAGE NO.
<S> <C>
The Fund and Its Investment Objective and Policies B- 1
Investment Restrictions B- 2
Fund Directors, Advisory Board and Officers B- 3
Director and Advisory Board Compensation B- 3
Management B- 7
Dividends, Distributions and Federal Taxes B-10
Purchase of Shares B-11
Shareholder Account Services and Privileges B-12
Redemption of Shares B-12
Execution of Portfolio Transactions B-13
General Information B-13
Investment Results B-14
Financial Statements B-21
</TABLE>
THE FUND AND ITS INVESTMENT OBJECTIVE AND POLICIES
The Fund has Investment Standards based upon criteria established by the
United States District Court for the District of Columbia for determining
eligibility under the Court's Legal List procedure which was in effect for many
years. The Fund has an Eligible List of investments, originally based upon the
Court's List of Legal Investments for Trust Funds in the District of Columbia.
The Investment Adviser is required to select the Fund's investments exclusively
from the Eligible List. The Investment Adviser monitors the Eligible List and
makes recommendations to the Board of Directors of changes necessary for
continued compliance with the Fund's Investment Standards. Any issue deleted
from the Eligible List and held by the Fund must be sold by the Fund as soon as
deemed practical by the Investment Adviser but in no event later than six
months following such deletion.
It is believed that in applying the above disciplines and procedures, the
Fund makes available to pension and profit-sharing trustees and other
fiduciaries a prudent stock investment and an assurance of continuity of
investment quality which it has always been the policy of the Fund to provide.
However, fiduciary investment responsibility and the Prudent Investor Rule
involve a mixed question of law and fact which cannot be conclusively
determined in advance. Moreover, recent changes to the District of Columbia's
Prudent Investor Rule speak to an allocation of funds among a variety of
investments. Therefore, each fiduciary should examine the common stock
portfolio of the Fund to see that it, along with other investments, meets the
requirements of the specific trust.
INVESTMENT RESTRICTIONS
The Fund has adopted certain additional investment restrictions which may not
be changed without a vote of approval by the holders of a majority of its
outstanding shares. Such majority is defined by the Investment Company Act of
1940 (the 1940 Act) as the affirmative vote of the lesser of (i) 67% or more of
the outstanding voting securities present at a meeting, provided the holders of
more than 50% of the outstanding voting securities are present in person or by
proxy, or (ii) more than 50% of the outstanding voting securities. These
restrictions provide that:
The Fund may not purchase any security which is not legal for the investment
of trust funds in the District of Columbia.
The Fund may not purchase or sell real estate or commodities.
It is the declared policy of the Fund to maintain a fully invested position
with minimum invested cash equivalents as may be required. Such cash
equivalents may not exceed 5% of total capital assets, and shall be invested in
short-term U.S. Treasury or other U.S. Government short-term obligations of
comparable quality, at the discretion of the Fund's Investment Adviser, after
allowing for sales of portfolio securities and Fund shares within thirty days
and the accumulation of cash balances representing undistributed net investment
income and realized capital gains.
No purchase may be made which would cause more than 5% of the value of the
total assets of the Fund to be invested in the securities of any one issuer.
No issue may be purchased which would cause more than 10% of the outstanding
securities of any issuer to be held in the portfolio of the Fund.
The Fund may not invest in companies for the purpose of exercising control or
management and may not invest in securities of other investment companies.
The Fund may not purchase securities on margin or sell securities short.
The Fund may not lend money.
The Fund may not borrow money except for temporary or emergency purposes and
not for investment purposes and then only from banks in an amount not exceeding
at the time of borrowing 10% of the Fund's net assets, nor pledge or
hypothecate more than 10% of its net assets and then only to secure such
borrowing, provided that the Fund may not purchase portfolio securities during
any period when loans amounting to 5% or more of the Fund's net assets are
outstanding.
The Fund may not purchase any securities which would cause 25% or more of the
value of its total assets at the time of such purchase to be invested in the
securities of one or more issuers having their principal business activities in
the same industry. The Board of Directors, acting upon the recommendations of
the Advisory Board, may from time to time establish lower limitations on the
amount of investment in specific industries.
Notwithstanding the restriction on investing in the securities of other
investment companies, the Fund may invest in securities of other investment
companies if deemed advisable by its officers in connection with the
administration of a deferred compensation plan adopted by Directors pursuant to
an exemptive order granted by the Securities and Exchange Commission.
The Fund does not act as an underwriter of securities issued by others, except
to the extent that the disposal of an investment position may technically
constitute the Fund an underwriter as the term is defined in the Securities Act
of 1933.
FUND DIRECTORS, ADVISORY BOARD AND OFFICERS
(WITH THEIR PRINCIPAL OCCUPATIONS DURING THE PAST FIVE YEARS)#
DIRECTOR AND ADVISORY BOARD COMPENSATION
<TABLE>
<CAPTION>
NAME AND ADDRESS POSITION WITH PRINCIPAL OCCUPATION(S) AGGREGATE COMPENSATION TOTAL COMPENSATION TOTAL
NUMBER
REGISTRANT DURING PAST 5 YEARS# (INCLUDING VOLUNTARILY DEFERRED FROM ALL FUNDS OF
FUND
COMPENSATION/1/) FROM FUND AFFILIATED WITH THE BOARDS ON
DURING FISCAL YEAR ENDED AMERICAN FUNDS WHICH DIRECTOR
4/30/95 GROUP SERVES/2/
<S> <C> <C> <C> <C> <C>
Charles T. Akre Director Emeritus Miller & Chevalier, $12,400 $12,400 1
700 John Ringling Blvd. Chartered,
Apt. 1108 Of Counsel
Sarasota, FL 34236
Cyrus A. Ansary Director Investment Services $35,800 $38,725 3
1725 K Street, N.W., Suite 410 International Co.,
Washington, D.C. 20006 President
Nathan A. Baily Director Emeritus Management, Marketing, $11,500 $11,500 1
5516 Greystone Street Education Consultant
Chevy Chase, MD 20815
John A. Beck* Director Reed Smith Shaw & none/4/ none/4/ 1
1200 18th Street, N.W McClay, Of Counsel
Washington, D.C. 20036
Mary K. Bush Advisory Board Institute of International $4,500 $4,500 1
2000 Pennsylvania Avenue, N.W., Finance, Inc.
Suite 8500
Washington, D.C. 20006
Daniel J. Callahan III Advisory Board USLICO Corporation $4,500 $4,500 1
4601 Fairfax Drive Former Chairman of the
Arlington, VA 22203 Board and CEO
Frank M. Ewing Director Emeritus Frank M. Ewing Co., Inc. $13, 600 $15,725
P. O. Box 2248 President and Chairman of
Gaithersburg, MD 20886 the Board
Stephen Hartwell*{ Chairman of the Board Washington Management none/4/ none/4/ 3
Corporation, Chairman of
the Board
Henry W. Herzog Director Emeritus The George Washington $12,700 $12,700 1
5403 Blackistone Road University, Vice President
Bethesda, MD 20816 and Treasurer Emeritus
Vernon W. Holleman, Jr. Advisory Board Vernon W. Holleman, Jr. $4,500 $4,500 1
7500 Old Georgetown Road Company, President
Suite 801
Bethesda, MD 20814
James H. Lemon, Jr.*{ Vice Chairman of the The Johnston-Lemon none/4/ none/4/ 3
Board Group, Incorporated,
Chairman of the Board and
Chief Executive Officer
Harry J. Lister*{ President Washington Management none/4/ none/4/ 3
Corporation, President and
Director
James C. Miller III Director Citizens for a Sound $33,500 $33,500 1
1250 H Street, N.W., Suite 700 Economy, Counselor
Washington, D.C. 20005
Bernard J. Nees Chairman Emeritus of Johnston, Lemon & Co. $13,600 $13,600 1
1101 Vermont Avenue, N.W. the Board Incorporated,
Washington, D.C. 20005 Executive Vice President
and
Director Emeritus
Thomas J. Owen Director Perpetual Financial $34,700 $34,700 1
6006 Onondaga Road Corporation, former
Bethesda, MD 20816 Chairman of the Board
T. Eugene Smith Director T. Eugene Smith, Inc., $34,200 $37,125 3
2830 Graham Road, Suite 200 President
Falls Church, VA 22042
William B. Snyder Advisory Board Southern Heritage $3,500 $3,500 1
P. O. Box 30690 Corporation
Bethesda, MD 20824 and Merastar Corporation
Chairman and CEO
Leonard P. Steuart II Advisory Board Steuart Investment $4,500 $4,500 1
4646 40th Street, N.W. Company, Vice President
Washington, D.C. 20016
Robert F. Tardio Advisory Board Independent Consultant $4,500 $4,500 1
11517 Highland Farm Road
Potomac, MD 20854
W. Reid Thompson Advisory Board Potomac Electric Power $4,500 $4,500 1
1900 Pennsylvania Avenue, N.W. Company, Advisory
Washington, D.C. 20006 Director
Margita E. White Director Association for Maximum $34,500 $34,500 1
1776 Massachusetts Avenue, N.W. Service Television Inc.,
Suite 310 President
Washington, D.C. 20036
Stephen G. Yeonas Director Stephen G. Yeonas $36,100 $39,025 3
1611 North Kent Street, Suite 802 Company, Chairman of the
Arlington, VA 22209 Board and Chief Executive
Officer
</TABLE>
# Positions within the organizations listed may have changed during this
period.
* Directors who are considered "interested persons" as defined in the 1940 Act,
on the basis of their affiliation with the Fund's Business Manager, Washington
Management Corporation.
{ Address is 1101 Vermont Avenue, N.W., Washington, D.C. 20005.
/1/Amounts may be deferred by eligible directors under a non-qualified deferred
compensation plan adopted by the Fund in 1993. Deferred amounts accumulate at
an earnings rate determined by the total return of one or more funds in The
American Funds Group as designated by the Director.
/2/ In each instance where a Director of the Fund serves on other funds
afilliated with The American Funds Group, such service is as a trustee of The
Tax-Exempt Fund of Maryland and The Tax-Exempt Fund of Virginia, both
portfolios of The American Funds Tax-Exempt Series I. Earnings from these
funds reflect the latest fiscal year (8/1/93 -- 7/31/94).
/3/Since the plan's adoption, the total amount of deferred compensation accrued
by the series (plus earnings thereon) through 3/31/95, the latest calendar
quarter, for particpants is as follows: Director Stephen G. Yeonas ($44,286)
and Advisory Board member Vernon W. Holleman, Jr. ($3,804). Amounts deferred
and accumulated earnings thereon are not funded and are general unsecured
liabilites of the Fund until paid to the Director.
/4/John A. Beck, Stephen Hartwell, James H. Lemon, Jr. and Harry J. Lister are
affiliated with the Business Manager and, accordingly, receive no remuneration
from the Fund.
OTHER OFFICERS
(WITH THEIR PRINCIPAL OCCUPATIONS DURING THE PAST FIVE YEARS)#
1101 VERMONT AVENUE, N.W., WASHINGTON, D.C. 20005.
RALPH S. RICHARD
Vice President and Treasurer
Johnston, Lemon & Co. Incorporated,
Executive Vice President and Director
HOWARD L. KITZMILLER
Senior Vice President, Secretary
and Assistant Treasurer
Washington Management Corporation,
Senior Vice President, Secretary,
Assistant Treasurer and Director
LOIS A. ERHARD
Assistant Vice President
Washington Management Corporation,
Vice President
# Positions within the organizations listed may have changed during this
period.
All of the officers listed are officers of the Business Manager.
Most of the Directors and officers are also officers and/or directors and/or
trustees of one or more of the other funds for which Washington Management
Corporation serves as Business Manager. All unaffiliated Directors receive
from the Fund $5,250 quarterly and an attendance fee of $1,200 for each board
meeting attended. The chairman of a committee receives an attendance fee of
$1,000 and committee members receive $700 for each committee meeting attended.
Members of the Advisory Board receive $1,250 semi-annually plus $1,000 per
meeting attended. No Director compensation is paid by the Fund to any officer
of Director who is a director, officer or employee of the Business Manager, the
Investment Adviser or affiliated companies. Directors Emeritus receive from
the Fund $2,875 quarterly plus $300 per Board meeting attended. Directors and
Advisory Board Members, but not Directors Emeritus, may elect, on a voluntary
basis, to defer all or a portion of these fees through a deferred compensation
plan in effect for the Fund. The Fund also reimburses certain meeting-related
expenses of the Directors, Directors Emeritus and Advisory Board members. The
total compensation paid by the Fund to Directors, Directors Emeritus and
Advisory Board members for the fiscal year ended April 30, 1995 was $339,000.
For deferred compensation, see footnote 3 at page 6. As of May 31, 1995 the
directors, officers and Advisory Board members, as a group, owned beneficially
or of record less than 1% of the outstanding shares.
MANAGEMENT
BUSINESS MANAGER - Since its inception, the Fund has operated under a Business
Management Agreement with Washington Management Corporation or its
predecessors, 1101 Vermont Avenue, N.W., Washington, D.C. 20005.
The Business Manager provides all services required to carry on the Fund's
general administrative and corporate affairs. These services include all
executive personnel, clerical staff, office space and equipment, arrangements
for and supervision of all shareholder services, Federal and state regulatory
compliance and responsibility for accounting and record keeping facilities. The
Business Manager provides similar services to other mutual funds.
The Fund pays all expenses not specifically assumed by the Business Manager,
including, but not limited to, custodian, stock transfer and dividend
disbursing agency fees and expenses; costs of the designing, printing, and
mailing of reports, prospectuses, proxy statements, and notices to its
shareholders; expenses of shareholders' meetings; taxes; insurance; expenses of
the issuance, sale (including stock certificates, registration and
qualification expenses), or repurchase of shares of the Fund; legal and
auditing expenses; expenses pursuant to the Fund's Plan of Distribution; fees
and expense reimbursements paid to Directors and Advisory Board members;
association dues; and costs of stationery
and forms prepared exclusively for the Fund.
The Business Manager has agreed to pay to the Fund annually, immediately
after the fiscal year end, the amount by which the total expenses of the Fund
for any particular fiscal year, except taxes and interest, exceed an amount
equal to 1% of the average net assets of the Fund for the year. No such
reimbursement was necessary in fiscal 1995. During the fiscal years ended
April 30, 1995, 1994 and 1993, the Business Manager's fees amounted to
$18,180,000, $17,344,000 and $15,103,000, respectively.
INVESTMENT ADVISER - The Investment Adviser, founded in 1931, maintains
research facilities in the U.S. and abroad, with a staff of professionals, many
of whom have a number of years of investment experience. The Investment
Adviser's professionals travel several million miles a year, making more than
5,000 research visits in more than 50 countries around the world. The
Investment Adviser believes that it is able to attract and retain quality
personnel.
An affiliate of the Investment Adviser compiles indices for major stock
markets around the world and compiles and edits the Morgan Stanley Capital
International Perspective, providing financial and market information about
more than 2,400 companies around the world.
The Investment Adviser is responsible for approximately $100 billion of
stocks, bonds and money market instruments and serves over five million
investors of all types. These investors include privately owned businesses and
large corporations, as well as schools, colleges, foundations and other
non-profit and tax-exempt organizations.
The Investment Adviser manages the investment portfolio of the Fund subject
to the policies established by the Board of Directors and places orders for the
Fund's portfolio securities transactions. During the fiscal years ended April
30, 1995, 1994 and 1993, the Investment Adviser's fees amounted to $27,370,000,
$25,679,000 and $20,939,000, respectively.
BUSINESS MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENT - The current
Business Management Agreement and Investment Advisory Agreement, unless sooner
terminated, will continue in effect until August 31, 1995 and may be renewed
from year to year thereafter, provided that any such renewal has been
specifically approved at least annually by (i) the Board of Directors, or by
the vote of a majority (as defined in the 1940 Act) of the outstanding voting
securities of the Fund, and (ii) the vote of a majority of directors who are
not parties to the Agreements or interested persons (as defined in the 1940
Act) of any such party, cast in person at a meeting called for the purpose of
voting on such approval. The Agreements provide that the Investment Adviser
and Business Manager have no liability to the Fund for their acts or omissions
in the performance of their obligations to the Fund not involving willful
misfeasance, bad faith, gross negligence or reckless disregard of their
obligations under the Agreements. The Agreements also provide that either party
has the right to terminate them, without penalty, upon sixty (60) days' written
notice to the other party and that the Agreements automatically terminate in
the event of their assignment (as defined in the 1940 Act).
PRINCIPAL UNDERWRITER - American Funds Distributors, Inc. (the Principal
Underwriter) is the principal underwriter of the Fund's shares. The Fund has
adopted a Plan of Distribution (the Plan), pursuant to rule 12b-1 under the
1940 Act (see Fund Organization and Management "Principal Underwriter" in the
Prospectus). The Principal Underwriter receives amounts payable pursuant to
the Plan (see below) and commissions consisting of that portion of the sales
charge remaining after the discounts which it allows to investment dealers.
Commissions retained by the Principal Underwriter on sales of Fund shares
during the fiscal year ended April 30, 1995 amounted to $7,073,000 after
allowance of $36,996,000 to dealers including $496,000 earned by Johnston,
Lemon & Co. Incorporated on its retail sales of shares and the Distribution
Plan of the Fund. During the fiscal years ended April 30, 1994 and 1993, the
Principal Underwriter retained $12,119,000 and $11,668,000, respectively.
As required by rule 12b-1, the Plan (together with the Principal Underwriting
Agreement) has been approved by the full Board of Directors and separately by a
majority of the Directors who are not "interested persons" of the Fund and who
have no direct or indirect financial interest in the operation of the Plan or
the Principal Underwriting Agreement, and the Plan has been approved by the
vote of a majority of the outstanding voting securities of the Fund. The
officers and Directors who are "interested persons" of the Fund may be
considered to have a direct or indirect financial interest in the operation of
the Plan. Potential benefits of the Plan to the Fund include improved
shareholder services, savings to the Fund in transfer agency costs, savings to
the Fund in advisory fees and other expenses, benefits to the investment
process from growth or stability of assets and maintenance of a financially
healthy management organization. The selection and nomination of Directors who
are not "interested persons" of the Fund are committed to the discretion of the
Directors who are not "interested persons" during the existence of the Plan.
Expenses under the Plan are reviewed quarterly and the Plan must be considered
for renewal annually by the Board of Directors.
Under the Plan the Fund may expend up to 0.25% of its average net assets
annually to finance any activity which is primarily intended to result in the
sale of Fund shares, provided the Fund's Board of Directors has approved the
category of expenses for which payment is being made. The following categories
of expenses have been approved: service fees for qualified dealers; dealer
commissions and wholesaler compensation on sales of shares exceeding $1 million
(including purchases by any defined contribution plan qualified under Section
401(a) of the Internal Revenue Code including a "401(k) plan with 200 or more
eligible employees); expenses of the Principal Underwriter for providing
shareholder services (including supporting those by dealers); and payments to
wholesalers for efforts to support shareholder services by dealers. Only
expenses incurred during the preceeding 12 months and accrued while the Plan is
in effect are paid by the Fund. During the fiscal year ended April 30, 1995,
the Fund paid or accrued $27,375,000 under the Plan, for compensation to
dealers. As of April 30, 1995, distribution expenses accrued but unbilled
amounted to $4,924,000.
The Glass-Steagal Act and other applicable laws, among other things, generally
prohibit commercial banks from engaging in the business of underwriting,
selling or distributing securities, but permit banks to make shares of mutual
funds available to their customers and to perform administrative and
shareholder servicing functions. However, judicial or administrative decisions
or interpretations of such laws, as well as changes in either federal or state
statutes or regulations relating to the permissible activities of banks or
their subsidiaries or affiliates, could prevent a bank from continuing to
perform all or a part of its servicing activities. If a bank were prohibited
from so acting, shareholder clients of such bank would be permitted to remain
shareholders of the fund and alternate means of servicing such shareholders
would be sought. In such event, changes in the operation of the fund might
occur and shareholders serviced by such bank might no longer be able to avail
themselves of any automatic investment or other services then being provided by
such bank. It is not expected that shareholders would suffer adverse financial
consequences as a result of any of these occurrences.
In addition, state securities laws on this issue may differ from the
interpretations of federal law expressed herein and certain banks and financial
institutions may be required to be registered as dealers pursuant to state law.
DIVIDENDS, DISTRIBUTIONS AND FEDERAL TAXES
The Fund intends to meet all the requirements and has elected the tax status
of a "regulated investment company" under the provisions of Subchapter M of the
Internal Revenue Code of 1986 (the Code). Under Subchapter M, if the Fund
distributes within specified times at least 90% of the sum of its investment
company taxable investment income, it will be taxed only on the portion of the
investment company taxable income which it retains.
To qualify under Subchapter M, the Fund must (a) derive at least 90% of its
gross income from dividends, interest, certain payments with respect to
securities loans and gains from the sale or other disposition of stock or
securities or other income derived with respect to its business of investing in
such stock or securities; (b) derive less than 30% of its gross income from the
sale or other disposition of stock or securities held for less than three
months; and (c) diversify its holdings so that at the end of each fiscal
quarter, (i) at least 50% of the market value of the Fund's assets is
represented by cash, U.S. Government securities and other securities which must
be limited, in respect of any one issuer, to an amount not greater than 5% of
the Fund's assets and 10% of the outstanding voting securities of such issuer,
and (ii) not more than 25% of the value of its assets is invested in the
securities of any one issuer.
Under the Code, a nondeductible excise tax of 4% is imposed on the excess of a
regulated investment company's "required distribution" for the calendar year
ending within the regulated investment company's taxable year over the
"distributed amount" for such calendar year. The term "required distribution"
means the sum of (i) 98% of ordinary income (generally net investment income)
for the calendar year, (ii) 98% of capital gain net income (both long-term and
short-term) for the one-year period ending on October 31 (as though the
one-year period ending on October 31 were the regulated investment company's
taxable year), and (iii) the sum of any untaxed, undistributed net investment
income and capital gain net income of the regulated investment company for
prior periods. The term "distributed amount" generally means the sum of (i)
amounts actually distributed by the Fund from its current year's ordinary
income and capital gain net income and (ii) any amount on which the Fund pays
income tax during the periods described above. The Fund intends, to the extent
practicable, to meet these distribution requirements to minimize or avoid the
excise tax liability.
The Fund intends to distribute to shareholders all of its capital gain net
income. If the net asset value of shares of the Fund should, by reason of a
distribution of realized capital gains, be reduced below a shareholder's cost,
such distribution would to that extent be taxable to the shareholder even
though it is a return of capital to that shareholder, and a sale of shares by a
shareholder at net asset value at that time would establish a capital loss for
federal tax purposes.
Under the Code, if, within 90 days after Fund shares are purchased, such
shares are redeemed and either reinstated in the same fund or exchanged for
shares of any other fund in The American Funds Group and the otherwise
applicable sales charge is waived, then the amount of the sales charge
previously incurred in purchasing Fund shares shall not be taken into account
for purposes of determining the amount of any gain or loss on the redemption,
but will be treated as having been incurred in the purchase of the fund shares
acquired in the reinstatement or exchange.
The tax status of a gain realized on a redemption will not be affected by
exercise of the reinstatement privilege, but a loss may be nullified if you
reinvest in the same fund within 30 days.
Dividends generally are taxable to shareholders at the time they are paid.
However, dividends declared payable as of a date in October, November and
December are deemed under the Code to have been received by the shareholder on
December 31 of that calendar year and subject to income tax for that year even
though the dividend is actually paid no later than the following January.
As of the date of this statement of additional information, the maximum
federal individual stated tax rate applicable to ordinary income is 39.6%
(effective tax rates may be higher for some individuals due to phase out of
exemptions and elimination of deductions); the maximum individual tax rate
applicable to net capital gain is 28%; and the maximum corporate tax applicable
to ordinary income and net capital gain is 35%. Naturally, the amount of tax
payable by an individual will be affected by a combination of tax law rules
covering, E.G., deductions, credits, deferrals, exemptions, sources of income
and other matters. Under the Code, an individual is entitled to establish an
IRA each year (prior to the tax return filing deadline for that year) whereby
earnings on investments are tax-deferred. In addition, in some cases, the IRA
contribution itself may be deductible.
The foregoing is limited to a summary discussion of federal taxation and
should not be viewed as a comprehensive discussion of all provisions of the
Code relevant to investors. Dividends and capital gain distributions may also
be subject to state or local taxes. Shareholders should consult their own tax
advisers for additional details as to their particular tax status.
PURCHASE OF SHARES
PRICE OF SHARES - Purchases of shares are made at the offering price next
determined after the purchase order is received. This offering price is
effective for orders received by the Fund or American Funds Service Company
prior to the time of determination of the net asset value and, in the case of
orders placed with dealers, accepted by the Principal Underwriter prior to its
close of business. The dealer is responsible for promptly transmitting
purchase orders to the Principal Underwriter. Orders received by the
investment dealer, the Transfer Agent, or the Fund after the time of the
determination of the net asset value will be entered at the next calculated
offering price. Prices which appear in the newspaper are not always indicative
of prices at which you will be purchasing and redeeming shares of the Fund,
since such prices generally reflect the previous day's closing price whereas
purchases and redemptions are made at the next calculated price.
The price you pay for shares, the offering price, is based on the net asset
value per share which is calculated once daily at the close of regular trading
(currently 4:00 p.m., New York Time) each day the New York Stock Exchange is
open. The New York Stock Exchange is currently closed on weekends and on the
following holidays: New Year's Day, Presidents' Day, Good Friday, Memorial
Day, Independence Day, Labor Day, Thanksgiving and Christmas Day. The net
asset value per share is determined as follows:
1. Securities listed or traded on the New York Stock Exchange are valued at
the last sale price or, if no sale, at the last-reported bid price. U.S.
Treasury Bills with original or remaining maturities in excess of 60 days are
valued at the mean of quoted bid and asked prices obtained from a major dealer
in short-term securities. Other Treasury Bills with 60 days or less to
maturity are amortized to maturity based on their cost to the Fund if acquired
within 60 days of maturity or, if already held by the Fund on the 60th day,
based on the value determined on the 61st day. Other securities are valued on
the basis of last sale or bid prices in what is, in the opinion of the
Investment Adviser, the broadest and most representative market, which may be
either a securities exchange or the over-the-counter market. Where quotations
are not readily available, securities are valued at fair value as determined in
good faith by the Board of Directors. The fair value of all other assets is
added to the value of securities to arrive at the total assets;
2. There are deducted from the total assets, thus determined, the liabilities,
including accruals of taxes and other expense items; and
3. The net assets so obtained are then divided by the total number of shares
outstanding, and the result, rounded to the nearer cent, is the net asset value
per share.
Any purchase order may be rejected by the Principal Underwriter or by
the Fund. The Fund will not knowingly sell shares (other than for the
reinvestment of dividends or capital gain distributions) directly or indirectly
or through a unit investment trust to any other investment company, person or
entity, where, after the sale, such investment company, person, or entity would
own beneficially directly, indirectly, or through a unit investment trust more
than 3% of the outstanding shares of the Fund without the consent of a majority
of the Board of Directors.
STATEMENT OF INTENTION - The reduced sales charges and offering prices set
forth in the Prospectus apply to purchases of $50,000 or more made within a
13-month period pursuant to the terms of a written Statement of Intention (the
Statement) in the form provided by the Principal Underwriter and signed by the
purchaser. The Statement is not a binding obligation to purchase the indicated
amount. When a shareholder signs a Statement in order to qualify for a reduced
sales charge, shares in an amount up to 5% of the dollar amount specified in
the Statement will be held in escrow in the shareholder's account out of the
initial purchase (or subsequent purchases, if necessary) by the Transfer Agent.
All dividends and capital gain distributions on these escrowed shares will be
credited to the shareholder's account in shares (or paid in cash, if
requested). If the intended investment is not completed within the specified
13-month period, the purchaser will remit to the Principal Underwriter the
difference between the sales charge actually paid and the sales charge which
would have been paid if the total of such purchases had been made at a single
time. If the difference is not paid within 20 days after written request by
the Principal Underwriter or the securities dealer, the appropriate number of
escrowed shares will be redeemed to pay such difference. If the proceeds from
this redemption are inadequate, the purchaser will be liable to the Principal
Underwriter for the balance still outstanding. The Statement may be revised
upward at any time during the 13-month period, and such a revision will be
treated as a new Statement, except that the 13-month period during which the
purchase must be made will remain unchanged and there will be no retroactive
reduction of the sales charges paid on prior purchases.
In the case of purchase orders by the trustees of certain retirement plans by
payroll deduction, the sales charge for the investments made during the
13-month period will be based on the following: the investment made the first
month of the 13-month period will be multiplied by 13 and then multiplied by
1.5. On the first investment and on all other investments made pursuant to the
statement of intention, a sales charge will be assessed according to the sales
charge breakpoint thus determined. There will be no retroactive adjustments in
sales charges on investments previously made during the 13-month period.
DEALER COMMISSIONS - The following commissions will be paid to dealers who
initiate and are responsible for purchases of $1 million or more and for
purchases made at net asset value by certain retirement plans of organizations
with collective retirement plan assets of $100 million or more: 1.00% on
amounts of $1 million to $2 million, 0.80% on amounts over $2 million to $3
million, 0.50% on amounts over $3 million to $50 million, 0.25% on amounts over
$50 million to $100 million, and 0.15% on amounts over $100 million. The level
of dealer commissions will be determined based on sales made over a 12-month
period commencing from the date of the first sale at net asset value. See "The
American Funds Shareholder Guide" in the Fund's Prospectus for more
information. For certain tax-exempt accounts opened prior to September 1,
1969, sales charges and dealer commissions, as a percent of offering price, are
respectively 3% and 2.5% (under $50,000); 2.5% and 2% ($50,000 but less than
$100,000); 2% and 1.5% ($100,000 but less than $250,000) and 1.5% and 1.25%
($250,000 but les1s than $1 million).
SHAREHOLDER ACCOUNT SERVICES AND PRIVILEGES
AUTOMATIC INVESTMENT PLAN - The automatic investment plan enables shareholders
to make regular monthly or quarterly investments in shares through automatic
charges to their bank accounts. With shareholder authorization and bank
approval, the Transfer Agent will automatically charge the bank account for the
amount specified ($50 minimum), which will be automatically invested in shares
at the offering price on or about the 10th day of the month (or on or about the
15th day of the month in the case of accounts for retirement plans where
Capital Guardian Trust Company serves as trustee or custodian.) Bank accounts
will be charged on the day or a few days before investments are credited,
depending on the bank's capabilities, and shareholders will receive a
confirmation statement showing the current transaction. Participation in the
plan will begin within 30 days after receipt of the account application. If
the shareholder's bank account cannot be charged due to insufficient funds, a
stop-payment order or closing of your account, the plan may be terminated and
the related investment reversed. The shareholder may change the amount of the
investment or discontinue the plan at any time by writing the Transfer Agent.
AUTOMATIC WITHDRAWALS - Withdrawal payments are not to be considered as
dividends, yield or income. Automatic investments may not be made into a
shareholder account from which there are automatic withdrawals. Withdrawals of
amounts exceeding reinvested dividends and distributions and increases in share
value would reduce the aggregate value of the shareholder's account. The
Transfer Agent arranges for the redemption by the Fund of sufficient shares,
deposited by the shareholder with the Transfer Agent, to provide the withdrawal
payment specified.
CROSS-REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS - A shareholder in one fund
may elect to cross-reinvest dividends or dividends and capital gain
distributions paid by that fund (the paying fund) into any other fund in The
American Funds Group (the receiving fund) subject to the following conditions:
(i) the aggregate value of the shareholder's account(s) in the paying fund(s)
must equal or exceed $5,000 (this condition is waived if the value of the
account in the receiving fund equals or exceeds that fund's minimum initial
investment requirement), (ii) as long as the value of the account in the
receiving fund is below that fund's minimum initial investment requirement,
dividends and capital gain distributions paid by the receiving fund must be
automatically reinvested in the receiving fund, and (iii) if this privilege is
discontinued with respect to a particular receiving fund, the value of the
account in that fund must equal or exceed the fund's minimum initial investment
requirement or the fund shall have the right, if the shareholder fails to
increase the value of the account to such minimum within 60 days after being
notified of the deficiency, automatically to redeem the account and send the
proceeds to the shareholder. These cross-reinvestments of dividends and
capital gain distributions will be at net asset value (without sales charge).
REDEMPTION OF SHARES
The Fund's Articles of Incorporation permit the Fund to direct the Transfer
Agent to redeem the shares of any shareholder if the value of shares in the
account is less than the minimum initial investment amount set forth in the
Fund's current registration statement under the 1940 Act, subject to such
further terms and conditions as the Board of Directors may adopt. Prior notice
of at least 60 days will be given to a shareholder before the involuntary
redemption provision is made effective with respect to the shareholder's
account. The shareholder will have not less than 30 days from the date of such
notice within which to bring the account up to the minimum determined as set
forth above.
EXECUTION OF PORTFOLIO TRANSACTIONS
There are occasions on which portfolio transactions for the Fund may
be executed as part of concurrent authorizations to purchase or sell the same
security for other funds served by the Investment Adviser, or for trusts or
other accounts served by affiliated companies of the Investment Adviser.
Although such concurrent authorizations potentially could be either
advantageous or disadvantageous to the Fund, they are effected only when the
Investment Adviser believes that to do so is in the interest of the Fund. When
such concurrent authorizations occur, the objective is to allocate the
executions in an equitable manner.
Brokerage commissions paid on portfolio transactions, including dealer
concessions on underwritings, for the fiscal years ended April 30, 1995, 1994
and 1993 amounted to $11,529,000, $11,819,000 and $8,541,000, respectively.
During fiscal years 1995, 1994 and 1993 Johnston, Lemon & Co. Incorporated
received no commissions for executing portfolio transactions for the Fund.
Johnston, Lemon & Co. Incorporated will not participate in commissions paid by
the Fund to other brokers or dealers and will not receive any reciprocal
business, directly or indirectly, as a result of such commissions.
GENERAL INFORMATION
CUSTODIAN OF ASSETS - Securities and cash owned by the Fund, including proceeds
from the sale of shares of the Fund and of securities in the Fund's portfolio,
are held by The Chase Manhattan Bank, N.A., 3 Metrotech Center, Brooklyn, NY
11245, as Custodian.
INDEPENDENT ACCOUNTANTS - Price Waterhouse LLP, 400 South Hope Street, Los
Angeles, CA 90071, has served as the Fund's independent accountants since its
inception, providing audit services, preparation of tax returns and review of
certain documents to be filed with the Securities and Exchange Commission. The
financial statements included in this Statement of Additional Information, have
been so included in reliance on the report of Price Waterhouse given on the
authority of said firm as experts in accounting and auditing.
REPORTS TO SHAREHOLDERS - The Fund's fiscal year ends on April 30.
Shareholders are provided at least semi-annually with reports containing the
financial statements, including the investment portfolio and other information.
The Fund's annual financial statements are audited by the Fund's independent
accountants, Price Waterhouse, whose selection is determined annually by the
Board of Directors.
PERSONAL INVESTING POLICY - Capital Research and Management Company and its
affiliated companies have adopted a personal investing policy consistent with
Investment Company Institute Guidelines. This policy includes: a ban on
acquisitions of securities pursuant to an initial public offering; restrictions
on acquisitions of private placement securities; pre-clearance and reporting
requirements; review of duplicate confirmation statements; annual
recertification of compliance with codes of ethics; disclosure of personal
holdings by certain investment personnel prior to recommendation for purchase
for the fund; blackout periods on personal investing for certain investment
personnel; ban on short-term trading profits for investment personnel;
limitations on service as a director of publicly traded companies; and
disclosure of personal securities transactions.
The financial statements including the investment portfolio and the report of
Independent Auditors contained in the Annual Report are included in this
Statement of Additional Information. The following information is not included
in the Annual Report:
DETERMINATION OF NET ASSET VALUE, REDEMPTION PRICE AND
MAXIMUM OFFERING PRICE PER SHARE -- APRIL 30, 199 5
Net asset value and redemption price per share
(Net assets divided by shares outstanding) . . . . . . . . . . . $18.87
Maximum offering price per share (100/94.25 of
net asset value per share, which takes into
account the Fund's current maximum sales charge). . . . . $20.02
INVESTMENT RESULTS
The Fund's yield is 3.14% based on a 30-day (or one month) period ended
April 30, 1995, computed by dividing the net investment income per share earned
during the period by the maximum offering price per share on the last day of
the period, according to the following formula:
YIELD = 2[( a-b/cd + 1)/6/ -1]
Where: a = dividends and interest earned during the period.
b = expenses accrued for the period (net of reimbursements).
c = the average daily number of shares outstanding during the period
that were entitled to receive dividends.
d = the maximum offering price per share on the last day of the
period.
The Fund's average annual total return for the one-, five- and ten-year
periods ending on April 30, 1995 was +10.31%, +10.93% and +13.69%,
respectively. The average annual total return (T) is computed by equating the
value at the end of the period (ERV) with a hypothetical initial investment of
$1,000 (P) over a period of years (n) according to the following formula as
required by the Securities and Exchange Commission: P(1+T)/n/ = ERV.
To calculate total return, an initial investment is divided by the offering
price (which includes the sales charge) as of the first day of the period in
order to determine the initial number of shares purchased. Subsequent
dividends and capital gain distributions are reinvested at net asset value on
the reinvestment date determined by the Board of Directors. The sum of the
initial shares purchased and shares acquired through reinvestment is multiplied
by the net asset value per share as of the end of the period in order to
determine ending value. The difference between the ending value and the
initial investment divided by the initial investment converted to a percentage
equals total return. The resulting percentage indicates the positive or
negative investment results that an investor would have experienced from
reinvested dividends and capital gain distributions and changes in share price
during the periods. Total return may be calculated for the one-, five-,
ten-year and for other periods. The average annual total return over periods
greater than one year may also be computed by utilizing ending values as
determined above.
The following assumptions will be reflected in computations made in
accordance with the formulas stated above: (1) deduction of the maximum sales
charge of 5.75% from the $1,000 initial investment; (2) reinvestment of
dividends and distributions at net asset value on the reinvestment date
determined by the Board; and (3) a complete redemption at the end of any period
illustrated. In addition, the Fund will provide lifetime average total return
figures.
The Fund may also, at times, calculate total return based on net asset value
per share (rather than the offering price), in which case the figure would not
reflect the effect of any sales charges which would have been paid if shares
were purchased during the period reflected in the computation. Consequently,
total return calculated in this manner will be higher. Total return for the
unmanaged indices will be calculated assuming reinvestment of dividends and
interest, but will not reflect any deductions for advisory fees, brokerage
costs or administrative expenses.
The Fund may include information on its investment results and/or comparisons
of its investment results to various unmanaged indices (such as The Dow Jones
Average of 30 Industrial Stocks and The Standard & Poor's 500 Composite Index)
or results of other mutual funds or investment or savings vehicles in
advertisements or in reports furnished to present or prospective shareholders.
The Fund may also refer to results compiled by organizations such as CDA
Investment Technologies, Ibbottson Associates, Lipper Analytical Services,
Morningstar, Inc. and Wiesenberger Investment Companies Services and the U.S.
Department of Commerce. Additionally, the Fund may, from time to time, refer
to results published in various newspapers or periodicals, including Barron's,
Forbes, Fortune, Institutional Investor, Kiplinger's Personal Finance Magazine,
Money, U.S. News and World Report and The Wall Street Journal.
The Fund may from time to time compare its investment results with the
following:
(1) Average of Savings Institutions deposits, which is a measure of all kinds
of savings deposits, including longer-term certificates (based on figures
supplied by the U.S. League of Savings Institutions and the Federal Reserve
Board). Savings deposits offer a guaranteed rate of return on principal, but
no opportunity for capital growth. The period shown may include periods during
which the maximum rates paid on some savings deposits were fixed by law.
(2) The Consumer Price Index, which is a measure of the average change in
prices over time in a fixed market basket of goods and services (e.g. food,
clothing, shelter, and fuels, transportation fares, charges for doctors' and
dentists' services, prescription medicines, and other goods and services that
people buy for day-to-day living).
The Fund may also from time to time illustrate the benefits of tax-deferral by
comparing taxable investments to investments made through tax-deferred
retirement plans.
EXPERIENCE OF THE INVESTMENT ADVISER - Capital Research and Management
Company manages nine common stock funds that are at least 10 years old. In the
rolling 10-year periods since 1964 (115 in all), those funds have had better
total returns than the Standard & Poor's 500 Composite Index in 94 of the 115
periods.
Note that past results are not an indication of future investment results.
Also, the Fund has different investment policies than some of the funds
mentioned above. These results are included solely for the purpose of
informing investors about the experience and history of Capital Research and
Management Company.
The investment results set forth below were calculated as described in the
Fund's Prospectus. The Fund's results will vary from time to time depending
upon market conditions, the composition of the Fund's portfolio and operating
expenses of the Fund, so that any investment results reported by the Fund
should not be considered representative of what an investment in the Fund may
earn in any future period. These factors and possible differences in
calculation methods should be considered when comparing the Fund's investment
results with those published for other mutual funds, other investment vehicles
and unmanaged indices. The Fund's results also should be considered relative
to the risks associated with the Fund's investment objective and policies.
The investment results set forth below were calculated as described in the
Fund's Prospectus.
WMIF VS. VARIOUS UNMANAGED INDICES
<TABLE>
<CAPTION>
10-Year Periods WMIF DJIA/1/ S&P 500/2/ Average Savings
5/01 - 4/30 Deposit/3/
<S> <C> <C> <C> <C>
1985-1995 +261% +385% +296% +75%
1984-1994 +273 +355 +297 +85
1983-1993 +275 +312 +284 +96
1982-1992 +409 +498 +424 +109
1981-1991 +356 +351 +325 +119
1980-1990 +453 +418 +375 +124
1979-1989 +426 +360 +374 +125
1978-1988 +386 +302 +327 +125
1977-1987 +419 +319 +372 +125
1976-1986 +353 +207 +277 +123
1975-1985 +334 +162 +235 +120
1974-1984 +300 +140 +189 +114
1973-1983 +281 +127 +148 +108
1972-1982 +133 +49 +70 +98
1971-1981 +132 +72 +96 +88
1970-1980 +117 +77 +98 +80
1969-1979 +80 +40 +46 +76
1968-1978 +87 +40 +44 +72
1967-1977 +103 +54 +49 +70
1966-1976 +98 +58 +58 +67
1965-1975 +61 +30 +37 +64
1964-1974 +76 +48 +57 +61
1963-1973 +100 +83 +111 +58
1962-1972 +138 +105 +129 +55
1961-1971 +144 +98 +120 +53
1960-1970 +133 +73 +107 +50
1959-1969 +160 +115 +148 +48
1958-1968 +226 +183 +211 +45
1957-1967 +182 +159 +187 +42
1956-1966 +182 +161 +164 +40
1955-1965 +233 +217 +232 +38
1954-1964 +286 +277 +305 +35
1953-1963 +327 +298 +320 +33
1952*-1962 +277 +264 +282 +30
</TABLE>
* From July 31, 1952, the date the Fund commenced operation.
/1/ The Dow Jones Average of 30 Industrial Stocks is comprised of 30 industrial
companies such as General Motors and General Electric.
/2/ The Standard & Poor's 500 Composite Index is comprised of industrial,
transportation, public utilities and financial stocks and represents a large
portion of the value of issues traded on the New York Stock Exchange. Selected
issues traded on the American Stock Exchange are also included.
/3/ Based on figures supplied by the U.S. League of Savings Institutions and
the Federal Reserve Board which reflect all kinds of savings deposits,
including longer-term certificates. Savings deposits offer a guaranteed return
of principal and a fixed rate of interest, but no opportunity for capital
growth.
Maximum allowable rates were imposed by law during a part of this period.
SEE THE DIFFERENCE TIME CAN MAKE IN AN INVESTMENT PROGRAM
<TABLE>
<CAPTION>
If you had invested Periods ...and taken all
$10,000 in the Fund distributions in shares,
this many years ago... your investment would
have been worth this
much at April 30, 1995
Number of Years 5/1-4/30 Value
<S> <C> <C>
1 1994 - 1995 $11,030
2 1993 - 1995 11,311
3 1992 - 1995 12,820
4 1991 - 1995 14,643
5 1990 - 1995 16,797
6 1989 - 1995 17,894
7 1988 - 1995 21,950
8 1987 - 1995 21,134
9 1986 - 1995 26,146
10 1985 - 1995 36,066
11 1984 - 1995 43,649
12 1983 - 1995 45,026
13 1982 - 1995 69,152
14 1981 - 1995 70,823
15 1980 - 1995 98,545
16 1979 - 1995 99,924
17 1978 - 1995 113,158
18 1977 - 1995 116,299
19 1976 - 1995 125,600
20 1975 - 1995 166,041
21 1974 - 1995 185,288
22 1973 -1995 182,196
23 1972 - 1995 170,847
24 1971 - 1995 174,529
25 1970 - 1995 226,513
26 1969 - 1995 190,801
27 1968 - 1995 224,557
28 1967 - 1995 250,055
29 1966 - 1995 264,136
30 1965 - 1995 283,678
31 1964 - 1995 346,475
32 1963 - 1995 386,087
33 1962 - 1995 431,532
34 1961 - 1995 451,941
35 1960 - 1995 562,710
36 1959 - 1995 525,027
37 1958 - 1995 776,194
38 1957 - 1995 747,312
39 1956 - 1995 791,145
40 1955 - 1995 1,001,068
41 1954- 1995 1,419,336
42 1953- 1995 1,748,831
43 1952*- 1995 1,730,691
</TABLE>
*From July 31, 1952, the date the Fund commenced operation.
ILLUSTRATION OF A $10,000 INVESTMENT IN WMIF WITH
DIVIDENDS REINVESTED AND CAPITAL GAIN DISTRIBUTIONS TAKEN IN SHARES
(For the lifetime of the Fund July 31, 1952 through April 30, 1995)
<TABLE>
<CAPTION>
COST OF SHARES VALUE
OF SHARES
Fiscal Annual Total From From From Total
Year End Dividends Dividends Investment Initial Capital Gains Dividends Value
4/30 (cumulative) Cost Investment Reinvested Reinvested
<S> <C> <C> <C> <C> <C> <C> <C>
1953* $ 170 $ 170 $ 10,170 $ 9,161 ---- $ 169 $ 9,330
1954 450 620 10,620 10,781 ---- 713 11,494
1955 542 1,162 11,162 14,732 ---- 1,556 16,288
1956 654 1,816 11,816 17,447 $ 613 2,505 20,565
1957 756 2,572 12,572 17,145 1,553 3,179 21,877
1958 825 3,397 13,397 15,056 2,339 3,660 21,055
1959 885 4,282 14,282 21,119 3,915 6,037 31,071
1960 947 5,229 15,229 18,644 4,411 5,986 29,041
1961 1,097 6,326 16,326 21,113 6,918 8,136 36,167
1962 1,145 7,471 17,471 20,880 7,903 8,871 37,654
1963 1,279 8,750 18,750 21,292 10,289 10,697 42,278
1964 1,368 10,118 20,118 22,614 11,980 12,515 47,109
1965 1,463 11,581 21,581 25,782 15,757 15,951 57,490
1966 1,648 13,229 23,229 26,237 17,691 17,675 61,603
1967 1,906 15,135 25,135 25,833 19,766 19,671 65,270
1968 2,231 17,366 27,366 28,313 21,945 22,434 72,692
1969 2,626 19,992 29,992 31,708 27,163 26,705 85,576
1970 2,874 22,866 32,866 23,523 24,878 23,201 71,602
1971 3,193 26,059 36,059 26,927 33,989 32,471 93,387
1972 3,456 29,515 39,515 27,419 33,511 34,591 95,521
1973 3,671 33,186 43,186 23,933 31,776 33,813 89,522
1974 3,907 37,093 47,093 21,893 31,023 35,040 87,956
1975 4,829 41,922 51,922 22,959 33,179 42,177 98,315
1976 5,498 47,420 57,420 30,739 41,142 58,068 129,949
1977 6,171 53,591 63,591 31,274 44,673 64,401 140,348
1978 6,849 60,440 70,440 29,078 46,414 68,847 144,339
1979 7,785 68,225 78,225 33,575 50,187 79,313 163,075
1980 9,167 77,392 87,392 34,433 50,777 80,637 165,847
1981 14,603 91,995 101,995 28,652 86,269 115,502 230,423
1982 13,326 105,321 115,321 26,352 90,133 119,283 235,768
1983 15,516 120,837 130,837 36,494 142,811 182,987 362,292
1984 17,526 138,363 148,363 32,460 162,054 178,994 373,508
1985 20,783 159,146 169,146 34,910 204,484 213,103 452,497
1986 24,381 183,527 193,527 44,373 281,961 297,433 623,767
1987 28,229 211,756 221,756 50,179 356,068 365,700 771,947
1988 30,815 242,571 252,571 44,826 341,861 356,167 742,854
1989 27,837 270,408 280,408 53,157 405,403 453,047 911,607
1990 41,689 312,097 322,097 51,838 438,105 481,106 971,049
1991 44,572 356,669 366,669 56,626 482,927 574,191 1,113,744
1992 42,318 398,987 408,987 61,150 546,304 664,916 1,272,370
1993 44,627 443,614 453,614 66,315 607,607 768,464 1,442,386
1994 46,718 490,332 500,332 64,505 622,162 792,442 1,479,109
1995 55,058 545,390 555,390 71,140 726,340 933,211 1,730,691
</TABLE>
The dollar amount of capital gain distributions from inception was $399,745
/*/From July 31, 1952, the date the Fund commenced operation.
THE BENEFITS OF SYSTEMATIC INVESTING IN WMIF.......
<TABLE>
<CAPTION>
An initial investment of $1,000 in WMIF on May 1 would have grown to
these amounts over the past 10, 20, 30 and 40 years:
<S> <C> <C> <C>
10 Years 20 Years 30 Years 40 Years
(5/1/85-4/30/95) (5/1/75 - 4/30/95) (5/1/65 - 4/30/95) (5/1/55-4/30/95)
$3,607 $16,604 $28,368 $100,103
</TABLE>
<TABLE>
<CAPTION>
$1,000 invested in WMIF followed by annual $500 investments (all
investments made on May 1) would have grown to these amounts over
the past 10, 20, 30 and 40 years:
<S> <C> <C> <C>
10 Years 20 Years 30 Years 40 Years
(5/1/85-4/30/95) (5/1/75 - 4/30/95) (5/1/65 - 4/30/95) (5/1/55-4/30/95)
$11,289 $65,213 $178,841 $516,019
</TABLE>
<TABLE>
<CAPTION>
$2,000 invested in WMIF on May 1 would have grown to these amounts
over the past 10, 20, 30 and 40 years:
<S> <C> <C> <C>
10 Years 20 Years 30 Years 40 Years
(5/1/85-4/30/95) (5/1/75 - 4/30/95) (5/1/65 - 4/30/95) (5/1/55-4/30/95)
$37,941 $228,264 $660,598 $1,871,533
</TABLE>
Washington Mutual Investors Fund
Investment Portfolio
April 30, 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Market Percent
Value of Net
Securities * Shares (000) Assets
ENERGY
ENERGY SOURCES (7.84%)
Amoco Corp. 4,995,000 $ 327,797 2.27 %
Atlantic Richfield Co. 750,000 85,875 .59
Chevron Corp. 2,850,000 135,019 .94
Exxon Corp. 2,025,000 140,991 .98
Kerr-McGee Corp. 1,300,000 67,437 .47
Mobil Corp. 1,800,000 170,775 1.18
Texaco Inc. 2,690,000 183,929 1.27
Unocal Corp. 680,000 19,550 .14
----------- -------
1,131,373 7.84
----------- -------
UTILITIES: ELECTRIC & GAS (7.02%)
Allegheny Power System, Inc. 2,640,000 62,040 .43
American Electric Power Company, Inc. 700,000 22,925 .16
Atlantic Energy, Inc. 1,950,000 35,344 .24
Brooklyn Union Gas Co. 352,000 8,536 .06
Carolina Power & Light Co. 3,207,000 88,192 .61
Central and South West Corp. 4,850,000 119,431 .83
CINergy Corp. 700,000 17,588 .12
Consolidated Edison Co. of
New York, Inc. 4,865,500 135,018 .94
Consolidated Natural Gas Co. 904,900 35,630 .25
Detroit Edison Co. 2,344,800 66,241 .46
Dominion Resources, Inc. 1,095,000 39,968 .28
Duke Power Co. 500,000 19,750 .14
Houston Industries Inc. 3,015,000 119,092 .83
Kansas City Power & Light Co. 1,400,000 31,850 .22
Northeast Utilities 2,258,500 49,405 .34
Pacific Gas and Electric Co. 1,200,000 32,250 .22
PECO Energy Co. 1,350,000 34,762 .24
Puget Sound Power & Light Co. 810,000 17,212 .12
SCEcorp. 3,125,000 52,344 .36
Unicom Corp. 955,000 25,069 .17
----------- -------
1,012,647 7.02
----------- -------
Total Energy 2,144,020 14.86
----------- -------
MATERIALS
BUILDING MATERIALS & COMPONENTS (.23%)
Masco Corp. 1,300,000 33,150 .23
----------- -------
CHEMICALS (3.55%)
E.I. du Pont de Nemours and Co. 4,100,000 270,087 1.87
Monsanto Co. 2,760,700 229,828 1.60
PPG Industries, Inc. 300,000 11,813 .08
----------- -------
511,728 3.55
----------- -------
FOREST PRODUCTS & PAPER (1.52%)
International Paper Co. 2,200,000 169,400 1.17
Westvaco Corp. 1,200,900 50,438 .35
----------- -------
219,838 1.52
----------- -------
Total Materials 764,716 5.30
----------- -------
CAPITAL EQUIPMENT
AEROSPACE & MILITARY TECHNOLOGY (3.54%)
Boeing Co. 1,850,000 101,750 .70
Raytheon Co. 1,619,400 117,811 .82
United Technologies Corp. 3,990,000 291,769 2.02
----------- -------
511,330 3.54
----------- -------
DATA PROCESSING & REPRODUCTION (2.24%)
Xerox Corp. 2,625,000 323,203 2.24
----------- -------
ELECTRICAL & ELECTRONICS (1.67%)
General Electric Co. 4,300,000 240,800 1.67
----------- -------
ELECTRONIC COMPONENTS (.23%)
Thomas & Betts Corp. 510,000 32,512 .23
----------- -------
ELECTRONIC INSTRUMENTS (.38%)
Johnson Controls, Inc. 1,000,000 54,250 .38
----------- -------
INDUSTRIAL COMPONENTS (1.25%)
Dana Corp. 2,000,000 51,500 .36
Eaton Corp. 1,250,000 71,719 .50
TRW Inc. 765,000 56,897 .39
----------- -------
180,116 1.25
----------- -------
Total Capital Equipment 1,342,211 9.31
----------- -------
CONSUMER GOODS
APPLIANCES & HOUSEHOLD DURABLES (.33%)
Maytag Corp. 2,750,000 47,438 .33
----------- -------
BEVERAGES (.29%)
PepsiCo, Inc. 1,000,000 41,625 .29
----------- -------
FOOD & HOUSEHOLD PRODUCTS (2.54%)
Clorox Co. 1,119,500 65,770 .46
CPC International Inc. 1,840,000 107,870 .74
General Mills, Inc. 3,174,700 193,657 1.34
----------- -------
367,297 2.54
----------- -------
HEALTH & PERSONAL CARE (12.69%)
American Home Products Corp. 4,280,000 330,095 2.29
Bristol-Myers Squibb Co. 4,575,000 297,947 2.07
Johnson & Johnson 1,000,000 65,000 .45
Kimberly-Clark Corp. 336,000 19,026 .13
Eli Lilly and Co. 3,922,000 293,169 2.03
McKesson Corp. 750,000 29,719 .21
Merck & Co., Inc. 6,050,000 259,394 1.80
Schering-Plough Corp. 450,000 33,919 .23
Tambrands Inc. 1,022,500 42,561 .29
Upjohn Co. 4,650,000 168,562 1.17
Warner-Lambert Co. 3,645,000 290,689 2.02
----------- -------
1,830,081 12.69
----------- -------
RECREATION & OTHER CONSUMER
PRODUCTS (.20%)
Eastman Kodak Co. 500,000 28,750 .20
----------- -------
TEXTILES & APPAREL (.21%)
VF Corp. 600,000 30,300 .21
----------- -------
Total Consumer Goods 2,345,491 16.26
----------- -------
SERVICES
BROADCASTING & PUBLISHING (1.55%)
CBS Inc. 455,075 29,182 .20
Cox Communications, Inc. Class A 1,413,407 21,554 .15
Gannett Co., Inc. 1,820,000 95,778 .66
McGraw-Hill, Inc. 175,000 13,059 .09
Times Mirror Co. (New) 2,192,553 39,740 .28
Times Mirror Co., preferred equity
redemption cumulative stock series B 1,195,747 24,064 .17
----------- -------
223,377 1.55
----------- -------
BUSINESS & PUBLIC SERVICES (4.32%)
Browning-Ferris Industries, Inc. 1,000,000 33,000 .23
Deluxe Corp. 2,509,900 77,493 .54
Dun & Bradstreet Corp. 4,513,000 235,240 1.63
Pitney Bowes Inc. 5,375,000 199,547 1.38
WMX Technologies, Inc. 2,850,000 77,663 .54
----------- -------
622,943 4.32
----------- -------
MERCHANDISING (1.25%)
Melville Corp. 2,850,000 101,887 .71
J.C. Penney Co., Inc. 500,000 21,875 .15
Walgreen Co. 600,000 28,200 .19
Winn-Dixie Stores, Inc. 527,600 29,216 .20
----------- -------
181,178 1.25
----------- -------
TELECOMMUNICATIONS (13.13%)
ALLTEL Corp. 1,500,000 37,125 .26
Ameritech Corp. 4,950,000 222,750 1.54
AT&T Corp. 4,634,000 235,176 1.63
Bell Atlantic Corp. 3,160,000 173,405 1.20
BellSouth Corp. 1,000,000 61,250 .43
GTE Corp. 6,600,000 225,225 1.56
NYNEX Corp. 1,600,000 65,400 .45
Pacific Telesis Group 10,650,000 328,819 2.28
Southwestern Bell Corp. 1,410,000 62,216 .43
Sprint Corp. 3,710,000 122,430 .85
U S WEST, Inc. 8,710,000 360,376 2.50
----------- -------
1,894,172 13.13
----------- -------
TRANSPORTATION: RAIL (2.45%)
Norfolk Southern Corp. 3,535,000 238,171 1.65
Union Pacific Corp. 2,100,000 115,237 .80
----------- -------
353,408 2.45
----------- -------
Total Services 3,275,078 22.70
----------- -------
FINANCE
BANKING (15.54%)
Banc One Corp. 5,900,000 174,050 1.21
Bank of New York Co., Inc. 7,600,000 249,850 1.73
BankAmerica Corp. 2,925,000 144,787 1.00
Bankers Trust New York Corp. 3,440,000 186,620 1.29
Barnett Banks, Inc. 496,600 23,216 .16
Barnett Banks, Inc. $4.50 cumulative
convertible preferred series A 100,000 8,900 .06
Chemical Banking Corp. 3,600,000 150,300 1.04
Comerica Inc. 850,000 24,438 .17
First Chicago Corp. 1,825,000 100,831 .70
First Union Corp. 3,425,000 154,981 1.08
Fleet Financial Group, Inc. 3,300,000 108,075 .75
J.P. Morgan & Co. Inc. 2,915,200 191,310 1.33
National City Corp. 4,800,000 131,400 .91
National City Corp. 8.00% cumulative
convertible preferred 100,000 6,650 .05
NationsBank Corp. 700,000 35,000 .24
Norwest Corp. 2,500,000 66,250 .46
PNC Bank Corp. 5,100,000 128,138 .89
SunTrust Banks, Inc. 2,355,000 127,759 .89
Wachovia Corp. 2,970,000 104,321 .72
Wells Fargo & Co. 750,000 124,406 .86
----------- -------
2,241,282 15.54
----------- -------
FINANCIAL SERVICES (3.43%)
American Express Co. 3,625,000 125,969 .87
Beneficial Corp. 2,000,000 81,500 .56
Federal National Mortgage Assn. 1,325,000 116,931 .81
Household International, Inc. 3,050,000 142,969 .99
Student Loan Marketing Assn. 700,000 28,350 .20
----------- -------
495,719 3.43
----------- -------
INSURANCE (4.98%)
Aetna Life and Casualty Co. 1,870,000 106,590 .74
Allstate Corp. 7,475,000 227,053 1.57
American General Corp. 4,175,000 137,775 .96
CIGNA Corp. 1,000,000 72,625 .50
Lincoln National Corp. 2,600,000 105,950 .73
Marsh & McLennan Company, Inc. 285,000 22,337 .16
St. Paul Companies, Inc. 958,200 46,114 .32
----------- -------
718,444 4.98
----------- -------
Total Finance 3,455,445 23.95
----------- -------
MULTI-INDUSTRY
MULTI-INDUSTRY (1.40%)
AlliedSignal Inc. 800,000 31,700 .22
Minnesota Mining and Manufacturing Co. 2,865,000 170,826 1.18
----------- -------
Total Multi-Industry 202,526 1.40
----------- -------
Principal
Amount
CONVERTIBLE DEBENTURES (000)
BUSINESS & PUBLIC SERVICES (.07%)
Browning-Ferris Industries,
Inc. 6.25% 2012 $10,000 9,975 .07
----------- -------
Total Convertible Debentures 9,975 .07
----------- -------
MISCELLANEOUS
Stocks in initial period of acquisition 364,664 2.53
----------- -------
TOTAL INVESTMENT SECURITIES
(cost: $10,774,370,000) 13,904,126 96.38
Excess of United States Treasury bills,
cash, and receivables over payables 521,655 3.62
----------- -------
NET ASSETS $14,425,781 100.00 %
=========== =======
</TABLE>
*Securities listed are common stocks unless otherwise indicated
See Notes to Financial Statements
Washington Mutual Investors Fund
Financial Statements
<TABLE>
<CAPTION>
<S> <C> <C>
Statement of Assets and Liabilities
April 30, 1995 (dollars in thousands)
Assets:
Investment securities at market
(cost: $10,774,370) $13,904,126
United States Treasury bills
(cost: $645,297) 645,357
Cash 44
Receivables for--
Sales of investments $ 40,928
Sales of Fund's shares 29,018
Dividends and interest 42,601 112,547
------------ ------------
14,662,074
Liabilities:
Payables for--
Purchases of investments 199,072
Repurchases of Fund's shares 27,097
Management services 4,024
Accrued expenses 6,100 236,293
------------ ------------
Net Assets at April 30, 1995--
Equivalent to $18.87 per share on
764,361,851 shares of $1 par value
capital stock outstanding (authorized
capital stock -- 1,000,000,000 shares) $14,425,781
============
See Notes to Financial Statements
Statement of Operations
for the year ended April 30, 1995
(dollars in thousands)
Investment Income:
Income:
Dividends $ 533,586
Interest 24,422 $ 558,008
Expenses:
Investment management fee 27,370
Business management fee 18,180
Distribution expenses 27,375
Transfer agent fee 11,583
Reports to shareholders 770
Registration statement and prospectus 607
Postage, stationery and supplies 3,169
Directors' and Advisory Board fees 339
Auditing and legal fees 113
Custodian fee 206
Other expenses 120 89,832
------------ ------------
Net investment income 468,176
------------
Realized Gain and Unrealized
Appreciation on Investments:
Net realized gain 381,437
Net increase in unrealized appreciation
on investments:
Beginning of year 1,887,797
End of year 3,129,816
------------
Net increase in unrealized
appreciation on investments 1,242,019
------------
Net realized gain and unrealized
appreciation on investments 1,623,456
------------
Net Increase in Net Assets
Resulting from Operations $2,091,632
============
See Notes to Financial Statements
Statement of Changes in Net Assets
(dollars in thousands)
Year ended April 30,
1995 1994
------------ ------------
Operations:
Net investment income $ 468,176 $ 401,374
Net realized gain on investments 381,437 422,013
Net change in unrealized
appreciation on investments 1,242,019 (544,532)
------------ ------------
Net Increase in Net Assets
Resulting from Operations 2,091,632 278,855
------------ ------------
Dividends and Distributions Paid to
Shareholders:
Dividends from net investment income (459,553) (380,066)
Distributions from net realized gain
on investments (299,287) (269,244)
------------ ------------
Total Dividends and Distributions (758,840) (649,310)
------------ ------------
Capital Share Transactions:
Proceeds from shares sold:
94,281,478 and 139,959,192
shares, respectively 1,668,041 2,492,944
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
40,423,865 and 32,537,831 shares,
respectively 698,310 579,380
Cost of shares repurchased:
95,400,583 and 90,267,733
shares, respectively (1,678,501) (1,603,085)
------------ ------------
Net Increase in Net Assets Resulting
from Capital Share Transactions 687,850 1,469,239
------------ ------------
Total Increase in Net Assets 2,020,642 1,098,784
Net Assets:
Beginning of year 12,405,139 11,306,355
------------ ------------
End of year (including undistributed
net investment income: $53,429 and
$44,806, respectively $14,425,781 $12,405,139
============ ============
</TABLE>
See Notes to Financial Statements
Notes to Financial Statements
1. Washington Mutual Investors Fund (the "Fund") is registered under the
Investment Company Act of 1940 as an open-end, diversified management
investment company. The following paragraphs summarize the significant
accounting policies consistently followed by the Fund in the preparation of its
financial statements:
Investment securities are stated at market value based upon closing sales
prices reported on recognized securities exchanges on the last business day of
the year or, for listed securities having no sales reported, upon last-reported
bid prices on that date. Treasury bills with original or remaining maturities
in excess of 60 days are valued at the mean of their quoted bid and asked
prices obtained from a major dealer in short-term securities. Treasury bills
with 60 days or less to maturity are valued at amortized cost, which
approximates market value.
As is customary in the mutual fund industry, securities transactions are
accounted for on the date the securities are purchased or sold. Realized gains
and losses from securities transactions are reported on an identified cost
basis. Dividend and interest income is reported on the accrual basis.
Dividends and distributions paid to shareholders are recorded on the
ex-dividend date.
Pursuant to the custodian agreement, the Fund receives credits against its
custodian fee for imputed interest on certain balances with the custodian bank.
The custodian fee of $206,000 included $79,000 that was paid by these credits
rather than in cash.
2. It is the Fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income, including any net realized gain on
investments, to its shareholders. Therefore, no federal income tax provision
is required.
As of April 30, 1995, net unrealized appreciation on investments for book and
federal income tax purposes aggregated $3,129,816,000, of which $3,186,187,000
related to appreciated securities and $56,371,000 related to depreciated
securities. There was no difference between book and tax realized gains on
securities transactions for the year ended April 30, 1995. The cost of
portfolio securities for book and federal income tax purposes was
$11,419,667,000 at April 30, 1995.
3. Officers of the Fund received no remuneration from the Fund in such
capacities. Their remuneration was paid by Washington Management Corporation
(WMC), a wholly owned subsidiary of The Johnston-Lemon Group, Incorporated. A
fee of $18,180,000 was paid to WMC as business manager of the Fund pursuant to
the business management agreement under which WMC provides the officer
personnel, accounting and clerical staff of the Fund, together with office
space and equipment. The business management agreement provides for monthly
fees, accrued daily, based on an annual rate of 0.25% of the first $125 million
of net assets; 0.175% of such assets in excess of $125 million but not
exceeding $3 billion; 0.15% of such assets in excess of $3 billion but not
exceeding $5 billion; 0.135% of such assets in excess of $5 billion but not
exceeding $8 billion; 0.12% of such assets in excess of $8 billion but not
exceeding $12 billion; and 0.095% of such assets in excess of $12 billion.
Under this agreement all expenses chargeable to the Fund, including
compensation to the business manager, shall not exceed 1% of the average net
assets of the Fund on an annual basis. Johnston, Lemon & Co. Incorporated, a
wholly owned subsidiary of The Johnston-Lemon Group, Incorporated, has informed
the Fund that it has earned $496,000 on its retail sales of shares and under
the distribution plan of the Fund but received no net brokerage commissions
resulting from purchases and sales of securities for the investment account of
the Fund. All the officers of the Fund and four of its directors are
affiliated with The Johnston-Lemon Group, Incorporated. Capital Research and
Management Company, investment manager of the Fund, was paid a fee of
$27,370,000 for investment management services. The investment advisory
agreement provides for monthly fees, accrued daily, based on an annual rate of
0.25% of the first $125 million of net assets; 0.225% of such assets in excess
of $125 million but not exceeding $3 billion; 0.21% of such assets in excess of
$3 billion but not exceeding $8 billion; and 0.20% of such assets in excess of
$8 billion.
Pursuant to a Plan of Distribution, the Fund may expend up to 0.25% of its
average net assets annually for any activities primarily intended to result in
sales of Fund shares, provided the categories of expenses for which
reimbursement is made are approved by the Fund's Board of Directors. Fund
expenses under the Plan include payments to dealers to compensate them for
their selling and servicing efforts and reimbursements to American Funds
Distributors, Inc. (AFD), the principal underwriter of the Fund's shares, for
its activities and expenses related to the sales of Fund shares or servicing of
shareholder accounts. During the year ended April 30, 1995, distribution
expenses under the Plan were $27,375,000 including $4,924,000 accrued and
uninvoiced distribution expenses.
American Funds Service Company (AFS), the transfer agent for the Fund, was
paid a fee of $11,583,000. AFD has informed the Fund that it has received
$7,073,000 (after allowances to dealers) as its portion of the sales charges
paid by purchasers of the Fund's shares. Such sales charges are not an expense
of the Fund and, hence, are not reflected in the accompanying statement of
operations.
Directors of the Fund who are unaffiliated with WMC may elect to defer part
or all of the fees earned for services as members of the board. Amounts
deferred are not funded and are general unsecured liabilities of the Fund. As
of April 30, 1995, aggregate amounts deferred were $48,000.
4. As of April 30, 1995, accumulated undistributed net realized gain on
investments was $308,426,000 and additional paid-in capital was
$10,169,748,000.
The Fund made purchases and sales of investment securities, excluding
short-term securities, of $3,592,912,000 and $3,213,373,000, respectively,
during the year ended April 30, 1995.
Per Share Data and Ratios
<TABLE>
<CAPTION>
Year Ended April 30,
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $17.11 $17.59 $16.22 $15.02 $13.75
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations:
Net investment income .63 .59 .56 .56 .58
Net realized and
unrealized gain (loss)
on investments 2.16 (.12) 1.55 1.50 1.37
---------- ---------- ---------- ---------- ----------
Total income from
investment operations 2.79 .47 2.11 2.06 1.95
---------- ---------- ---------- ---------- ----------
Less Distributions:
Dividends from net
investment income (.62) (.56) (.56) (.56) (.62)
Distributions from net
realized gains (.41) (.39) (.18) (.30) (.06)
---------- ---------- ---------- ---------- ----------
Total distributions (1.03) (.95) (.74) (.86) (.68)
---------- ---------- ---------- ---------- ----------
Net Asset Value,
End of Year $18.87 $17.11 $17.59 $16.22 $15.02
========== ========== ========== ========== ==========
Total Return * 17.01% 2.55% 13.36% 14.24% 14.69%
Ratios/Supplemental Data:
Net assets, end of
year (in millions) $14,426 $12,405 $11,306 $8,896 $6,596
Ratio of expenses to
average net assets .69% .69% .70% .74% .77%
Ratio of net income to
average net assets 3.57% 3.29% 3.33% 3.58% 4.24%
Portfolio turnover rate 25.5 % 23.9 % 18.6 % 10.4 % 10.9 %
</TABLE>
*Does not take into account effect of sales charge,
at a maximum rate of 5.75%. Total return figures
for 1991, 1992 and 1993 have been revised.
Previously shown for these years were 14.71%,
14.27%, and 13.38%, respectively.
Report of Independent Accountants
To the Board of Directors and Shareholders of Washington Mutual
Investors Fund, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the per-share data and ratios present fairly, in all
material respects, the financial position of Washington Mutual Investors Fund,
Inc. (the "Fund") at April 30, 1995, the results of its operations, the changes
in its net assets and the per-share data and ratios for the periods indicated,
in conformity with generally accepted accounting principles. These financial
statements and per-share data and ratios (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at April 30, 1995 by correspondence with the
custodian and brokers and the application of alternative auditing procedures
where confirmations from brokers were not received, provide a reasonable basis
for the opinion expressed above.
Price Waterhouse LLP
Los Angeles, California
May 31, 1995
Tax Information (Unaudited)
During the fiscal year ended April 30, 1995, all dividends paid by the Fund
from net investment income earned qualified for the corporate
dividends-received deduction. Five percent of such dividends paid by the Fund
represent interest on direct U.S. Treasury obligations. This information is
given to meet certain requirements of the Internal Revenue Code.
PART C
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS:
Included in Prospectus - Part A
Financial Highlights
Included in Statement of Additional Information - Part B
Investment Portfolio
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Per-Share Data and Ratios
Report of Independent Auditors
(B) EXHIBITS:
1. On file (see SEC files nos. 811-604 and 2-11051)
2. On file (see SEC files nos. 811-604 and 2-11051)
3. None
4. On file (see SEC files nos. 811-604 and 2-11051)
5. On file (see SEC files nos. 811-604 and 2-11051)
6. On file (see SEC files nos. 811-604 and 2-11051)
7. None
8. On file (see SEC files nos. 811-604 and 2-11051)
9. Form of Shareholder Services Agreement between Registrant and American
Funds Service Company, dated 1/1/95
10. Not applicable to this filing.
11. Consent of Independent Auditors
12. None
13. None
14. On file (see SEC files nos. 811-604 and 2-11051)
15. On file (see SEC files nos. 811-604 and 2-11051)
16. Updates to previously filed schedule for computation of each performance
quotation provided in the Registration Statement in response to Item 22
(see SEC file nos. 811-604 and 2-11051).
17. Financial Data Schedule
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.
None
ITEM 26. NUMBER OF HOLDERS OF SECURITIES.
As of April 30, 1995
Number of
Title of Class Record-Holders
Common Stock 1,036,281
($1.00 par value)
ITEM 27. INDEMNIFICATION.
Registrant is a joint-insured under an Investment Advisor/Mutual Fund Errors
and Omissions Policy. The carrier of the primary policy in the amount of $15
million, with a $250,000 deductible, is American International Surplus Lines
Insurance Company. The carrier of the secondary policy in the amount of $10
million is Chubb Custom Insurance Company. The carrier of the excess policy in
the amount of $20 million is ICI Mutual Insurance Company.
ARTICLE VIII (H) AND (I) OF THE ARTICLES OF INCORPORATION OF THE FUND PROVIDE
THAT:
(h) "The Corporation shall indemnify (1) its directors and officers, whether
serving the Corporation or at its request any other entity, to the full extent
required or permitted by the General Laws of the State of Maryland now or
hereafter in force, including the advance of expenses under the procedures and
to the full extent permitted by law, and (2) its other employees and agents to
such extent as shall be authorized by the Board of Directors or the
Corporation's By-Laws and be permitted by law. The foregoing rights of
indemnification shall not be exclusive of any other rights to which those
seeking indemnification may be entitled. The Board of Directors may take such
action as is necessary to carry out these indemnification provisions and is
expressly empowered to adopt, approve and amend from time to time such By-Laws,
resolutions or contracts implementing such provisions or such further
indemnification arrangements as may be permitted by law. No amendment of these
Articles of the Corporation shall limit or eliminate the right to
indemnification provided hereunder with respect to acts or omissions occurring
prior to such amendment or repeal. Nothing contained herein shall be construed
to authorize the Corporation to indemnify any director or officer of the
Corporation against any liability to the Corporation or to any holders of
securities of the Corporation to which he is subject by reason of willful
misfeasance, bad faith, gross negligence, or reckless disregard of the duties
involved in the conduct of his office. Any indemnification by the Corporation
shall be consistent with the requirements of law, including the [Investment
Company] Act [of 1940].
(i) To the fullest extent permitted by Maryland statutory and decisional law
and the [Investment Company] Act [of 1940], no director or officer of the
Corporation shall be personally liable to the Corporation or its shareholders
for money damages; provided, however, that nothing herein shall be construed to
protect any director or officer of the Corporation against any liability to
which such director or officer would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence, or reckless disregard of the duties
involved in the conduct of his office. No amendment, modification or repeal of
this Article VIII shall adversely affect any right or protection of a director
or officer that exists at the time of such amendment, modification or repeal."
Subsection (b) of Section 2-418 of the GENERAL CORPORATION LAW OF MARYLAND
empowers a corporation to indemnify any person who was or is party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other
ITEM 27. INDEMNIFICATION (CONT.)
than an action by or in the right of the corporation) by reason of the fact
that he is or was a director, officer, employee or agent of the corporation or
is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation or enterprise, against reasonable
expenses (including attorneys' fees), judgments, penalties, fines and amounts
paid in settlement actually incurred by him in connection with such action,
suit or proceeding unless it is proved that: (i) the act or omission of the
person was material to the cause of action adjudicated in the proceeding and
was committed in bad faith or was the result of active and deliberate
dishonesty; (ii) the person actually received an improper personal benefit of
money, property or services; or (iii) with respect to any criminal action or
proceeding, the person had reasonable cause to believe his act or omission was
unlawful.
Indemnification under subsection (b) of Section 2-418 may not be made by a
corporation unless authorized for a specific proceeding after a determination
has been made that indemnification is permissible in the circumstances because
the party to be indemnified has met the standard of conduct set forth in
subsection (b). This determination shall be made (i) by the Board of Directors
by a majority vote of a quorum consisting of directors not, at the time,
parties to the proceeding, or, if such quorum cannot be obtained, then by a
majority vote of a committee of the Board consisting solely of two or more
directors not, at the time, parties to such proceeding and who were duly
designated to act in the matter by a majority vote of the full Board in which
the designated directors who are parties may participate; (ii) by special legal
counsel selected by the Board of Directors of a committee of the Board by vote
as set forth in subparagraph (i), or, if the requisite quorum of the full Board
cannot be obtained therefor and the committee cannot be established, by a
majority vote of the full Board in which any director who is a party may
participate; or (iii) by the shareholders (except that shares held by any party
to the specific proceeding may not be voted). A court of appropriate
jurisdiction may also order indemnification if the court determines that a
person seeking indemnification is entitled to reimbursement under subsection
(b).
Section 2-418 further provides that indemnification provided for by Section
2-418 shall not be deemed exclusive of any rights to which the indemnified
party may be entitled; that the scope of indemnification extends to directors,
officers, employees or agents of a constituent corporation absorbed in a
consolidation or merger and persons serving in that capacity at the request of
the constituent corporation for another; and empowers the corporation to
purchase and maintain insurance on behalf of a director, officer, employee or
agent of the corporation against any liability asserted against or incurred by
such person in any such capacity or arising out of such person's status as such
whether or not the corporation would have the power to indemnify such person
against such liabilities under Section 2-418.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.
None.
ITEM 29. PRINCIPAL UNDERWRITERS.
(a) American Funds Distributors, Inc. is also the Principal Underwriter of
shares of: AMCAP Fund, Inc., American Balanced Fund, Inc., The American Funds
Income Series, The American Funds Tax-Exempt Series I, The American Funds
Tax-Exempt Series II, American High-Income Municipal Bond Fund, Inc., American
High-Income Trust, American Mutual Fund, Inc., The Bond Fund of America, Inc.,
Capital Income Builder, Inc., Capital World Bond Fund, Inc., Capital World
Growth and Income Fund, Inc., The Cash Management Trust of America, EuroPacific
Growth Fund, Fundamental Investors, Inc., The Growth Fund of America, Inc., The
Income Fund of America, Inc., The Intermediate Bond Fund of America, The
Investment Company of America, Limited Term Tax-Exempt Bond Fund of America,
The New Economy Fund, New Perspective Fund, Inc., SMALLCAP World Fund, Inc.,
The Tax-Exempt Bond Fund of America, Inc., The Tax-Exempt Money Fund of America
and The U.S. Treasury Money Fund of America.
<TABLE>
<CAPTION>
(B) (1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address with Underwriter with Registrant
<S> <C> <C> <C>
# David A. Abzug Assistant Vice President None
Robert B. Aprison Regional Vice President None
2983 Bryn Wood Drive
Madison, WI 53711
% Richard Armstrong Assistant Vice President None
* William W. Bagnard Vice President None
Steven L. Barnes Vice President None
8000 Town Line Avenue South
Suite 204
Minneapolis, MN 55438
Michelle A. Bergeron Regional Vice President None
1190 Rockmart Circle
Kennesaw, GA 30144
Joseph T. Blair Vice President None
27 Drumlin Road
West Simsbury, CT 06092
Ian B. Bodell Regional Vice President None
5900 Robert E. Lee Court
Nashville, TN 37215
Michael L. Brethower Vice President None
108 Hagen Court
Georgetown, TX 78628
C. Alan Brown Regional Vice President None
4619 McPherson Avenue
St. Louis, MO 63108
* Daniel C. Brown Director and Senior Vice President None
@ J. Peter Burns Vice President None
Brian C. Casey Regional Vice President None
9508 Cable Drive
Kensington, MD 20895
Victor C. Cassato Vice President None
999 Green Oaks Drive
Littleton, CO 80121
Christopher J. Cassin Regional Vice President None
231 Burlington
Clarendon Hills, IL 60514
* Larry P. Clemmensen Treasurer and Director None
* Kevin G. Clifford Senior Vice President None
Ruth M. Collier Vice President None
145 West 67th Street, 12K
New York, NY 10023
Thomas E. Cournoyer Vice President None
2333 Granada Boulevard
Coral Gables, FL 33134
Douglas A. Critchell Vice President None
1230 31st Street
Washington, DC 20007
% Carl D. Cutting Vice President None
Michael A. Dilella Vice President None
P.O. Box 661
Ramsey, NJ 07446
G. Michael Dill Vice President None
3622 E. 87th Street
Tulsa, OK 74137
Kirk D. Dodge Vice President None
2617 Salisbury Road
Ann Arbor, MI 48103
Peter J. Doran Senior Vice President None
1205 Franklin Avenue
Garden City, NY 11530
* Michael J. Downer Secretary None
Robert W. Durbin Vice President None
74 Sunny Lane
Tiffin, OH 44883
& Lloyd G. Edwards Vice President None
@ Richard A. Eychner Vice President None
* Paul H. Fieberg Senior Vice President None
John Fodor Regional Vice President None
5 Marlborough Street
Suite 51
Boston, MA 02116
Steven S. Fogerty Regional Vice President None
535 Spring Club Drive
Altamonte Springs, FL 32714
* Mark P. Freeman, Jr. President and Director None
Clyde E. Gardner Vice President None
Route 2, Box 3162
Osage Beach, MO 65065
# Evelyn K. Glassford Vice President None
Jeffrey J. Greiner Regional Vice President None
5898 Heather Glen Court
Dublin, OH 43017
* Paul G. Haaga, Jr. Director None
David E. Harper Vice President None
R.D. 1, Box 210, Rte. 519
Frenchtown, NJ 08825
Ronald R. Hulsey Regional Vice President None
6744 Avalon
Dallas, TX 75214
* Robert L. Johansen Vice President and Controller None
* V. John Kriss Senior Vice President None
Arthur J. Levine Vice President None
12558 Highlands Place
Fishers, IN 46038
# Karl A. Lewis Assistant Vice President None
T. Blake Liberty Regional Vice President None
12585-E East Tennessee Circle
Aurora, CO 80012
Heather A. Maier Assistant Vice President - Institutional Investment Services Division None
Steve A. Malbasa Regional Vice President None
13405 Lake Shore Blvd.
Cleveland, OH 44110
Steven M. Markel Vice President None
575 S. Sycamore
Littleton, CO 80120
* John. C. Massar Vice President None
E. Lee McClennahan Vice President None
4445 N. Highway AIA, Suite 232
Vero Beach, FL 32963
Laurie B. McCurdy Regional Vice President None
5335 E. Shea Blvd., Apt. 1033
Scottsdale, AZ 85254
Terry W. McNabb Vice President None
2002 Barrett Station Road
St. Louis, MO 63131
* R. William Melinat Vice President - Institutional None
Investment Services Division
David R. Murray Regional Vice President None
25701 S.E. 32nd Place
Issaquah, WA 98027
Stephen S. Nelson Vice President None
7215 Trevor Court
Charlotte, NC 28226
* Barbara G. Nicholich Assistant Vice President - None
Institutional Investment Services Division
Fredric Phillips Regional Vice President None
32 Ridge Avenue
Newton Centre, MA 02159
# Candance D. Pilgrim Assistant Vice President None
Steven J. Reitman Vice President None
212 The Lane
Hinsdale, IL 60521
Brian A. Roberts Regional Vice President None
12025 Delmahoy
Charlotte, NC 28277
* George L. Romaine, Jr. Vice President - Institutional None
Investment Services Division
George S. Ross Vice President None
55 Madison Avenue
Morristown, NJ 07962
* Julie D. Roth Vice President None
* Christopher Rowey Regional Vice President None
Dean B. Rydquist Vice President None
155 Willow Brook Drive
Roswell, GA 30076
Richard R. Samson Vice President None
4604 Glencoe, Ave., No. 4
Marina del Rey, CA 90292
* R. Michael Shanahan Chairman of the Board None
David W. Short Vice President None
1000 RIDC Plaza, Suite 212
Pittsburgh, PA 15238
* Victor S. Sidhu Vice President - Institutional None
Investment Services Division
William P. Simon, Jr. Vice President None
554 Canterbury Lane
Berwyn, PA 19312
* John C. Smith Assistant Vice President - None
Institutional Investment Services Division
# Mark S. Smith Director and Senior Vice President None
Rodney G. Smith Regional Vice President None
2350 Lakeside Blvd., #850
Richardson, TX 75082
Daniel S. Spradling Senior Vice President None
#4 West Fourth Avenue, Suite 406
San Mateo, CA 94402
Craig R. Strauser Regional Vice President None
2590 Oregon City Blvd.
West Linn, OR 97068
% James P. Toomey Assistant Vice President None
& Christopher E. Trede Assistant Vice President None
George F. Truesdail Vice President None
400 Abbotsford Court
Charlotte, NC 28270
Scott W. Ursin-Smith Regional Vice President None
606 Glenwood Avenue
Mill Valley, CA 94941
@ Andrew J. Ward Vice President None
* David M. Ward Assistant Vice President -Institutional Investment Services Division None
Thomas E. Warren Regional Vice President None
1231 Starboard Lane
Sarasota, FL 34242
# J. Kelly Webb Senior Vice President None
Gregory J. Weimer Regional Vice President None
125 Surrey Drive
Canonsburg, PA 15317
# Timothy W. Weiss Director None
** N. Dexter Williams Vice President None
Timothy J. Wilson Regional Vice President None
113 Farmview Place
Venetia, PA 15367
* Marshall D. Wingo Senior Vice President None
* Robert L. Winston Director and Senior Vice President None
William R. Yost Regional Vice President None
9320 Overlook Trail
Eden Prairie, MN 55347
Janet M. Young Regional Vice President None
1616 Vermont
Houston, TX 77006
</TABLE>
* Business Address, 333 South Hope Street, Los Angeles, CA 90071
** Business Address, Four Embarcadero Center, Suite 1800, San Francisco, CA
94111
# Business Address, 135 South State College Blvd., Brea, CA 92621
% Business Address, 8000 IH-10 West, Suite 1400, San Antonio, TX 78230
@ Business Address, 5300 Robin Hood Road, Norfolk, VA 23513
& Business Address, 8332 Woodfield Crossing Blvd., Indianapolis, IN 46240
(c) None.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS.
Accounts, books and other records required by Rules 31a-1 and 31a-2 under the
Investment Company Act of 1940, are maintained and kept in the offices of the
Fund, 1101 Vermont Avenue, N.W., Washington, D.C. 20005, and its investment
adviser, Capital Research and Management Company, 333 South Hope Street, Los
Angeles, CA 90071. Certain accounting records are maintained and kept in the
offices of the Fund's accounting department, 135 South State College Blvd.,
Brea, CA 92621.
Records covering shareholder accounts are maintained and kept by the Transfer
Agent, American Funds Service Company, 135 South State College Blvd., Brea, CA
92621, 8000 IH-10, Suite 1400, San Antonio, TX 78230, 5300 Robin Hood Road,
Norfolk, VA 23513 and 8332 Woodfield Crossing Blvd., Indianapolis, IN 46240.
Records covering portfolio transactions are also maintained and kept by the
custodian, The Chase Manhattan Bank, N.A., 3 Metrotech Center, Brooklyn, NY
11245.
ITEM 31. MANAGEMENT SERVICES.
None.
ITEM 32. UNDERTAKINGS.
(c) As reflected in the Prospectus, the Fund undertakes to provide each
person to whom a prospectus is delivered with a copy of the Fund's latest
annual report to shareholders, upon request and without charge.
SIGNATURE OF REGISTRANT
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
rule 485(b) under the Securities Act of 1933 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Washington, District of Columbia, on the 9th
day of June, 1995.
WASHINGTON MUTUAL INVESTORS FUND, INC.
By
(Stephen Hartwell, Chairman of the Board)
Pursuant to the requirements of the Securities Act of 1933, this amendment
to registration statement has been signed below on June 9, 1995, by the
following persons in the capacities indicated.
SIGNATURE TITLE
(1) PRINCIPAL EXECUTIVE OFFICER:
Chairman of the Board
(Stephen Hartwell)
(2) PRINCIPAL FINANCIAL OFFICER AND
PRINCIPAL ACCOUNTING OFFICER:
Vice President and Treasurer
(Ralph S. Richard)
(3) DIRECTORS
Chairman of the Board
(Stephen Hartwell)
James H. Lemon, Jr.* Vice Chairman of the Board
Harry J. Lister* President
Cyrus A. Ansary* Director
John A. Beck* Director
James C. Miller III* Director
Thomas A. Owen* Director
Jean Head Sisco* Director
T. Eugene Smith* Director
Margita E. White* Director
Stephen G. Yeonas* Director
*By
(Howard L. Kitzmiller,
Attorney-in-Fact)
SHAREHOLDER SERVICES AGREEMENT
1. The parties to this Agreement, which is effective as of January 1, 1995,
are Washington Mutual Investors Fund (hereinafter called "the Fund") and
American Funds Service Company, a California corporation (hereinafter called
"AFS"). AFS is a wholly owned subsidiary of Capital Research and Management
Company (hereinafter called "CRMC"). This Agreement will continue in effect
until amended or terminated in accordance with its terms.
2. The Fund hereby employs AFS, and AFS hereby accepts such employment by the
Fund, as its transfer agent. In such capacity AFS will provide the services of
stock transfer agent, dividend disbursing agent, redemption agent, and such
additional related services as the Fund may from time to time require, all of
which services are sometimes referred to herein as "shareholder services."
3. AFS has entered into substantially identical agreements with other
investment companies for which CRMC serves as investment adviser. (For the
purposes of this Agreement, such investment companies, including the Fund, are
called "participating investment companies.")
4. AFS has entered into an agreement with DST Systems, Inc. (hereinafter
called "DST"), to provide AFS with electronic data processing services
sufficient for the performance of the shareholder services referred to in
paragraph 2.
5. The Fund, together with the other participating companies, will maintain a
Review and Advisory Committee, which Committee will review and may make
recommendations to the boards of the participating investment companies
regarding all fees and charges provided for in this Agreement, as well as
review the level and quality of the shareholder services rendered to the
participating investment companies and their shareholders. Each participating
investment company may select one director or trustee who is not affiliated
with CRMC, or any of its affiliated companies, or with Washington Management
Corporation or any of its affiliated companies, to serve on the Review and
Advisory Committee.
6. AFS will provide to the participating investment companies the shareholder
services referred to herein in return for the following fees:
ANNUAL ACCOUNT MAINTENANCE FEE (PAID MONTHLY):
$.67 per month for each open account on AFS books or in Level 2 or 4 Networking
($8.04 per year)
$.09 per month for each open account maintained in Street Name or Level 1 or 3
Networking ($1.08 per year)
No annual fee will be charged for a participant account underlying a 401(k) or
other defined contribution plan where the plan maintains a single account on
AFS books and responds to all participant inquiries
TRANSACTION FEES:
$2.00 per non-automated transaction
$0.50 per automated transaction
For this purpose, "transactions" shall include all types of transactions
included in an "activity index" as reported to the Review and Advisory
Committee at least annually. AFS will bill the Fund monthly, on or shortly
after the first of each calendar month, and the Fund will pay to AFS within
five business days of such billing.
Any revision of the schedule of charges set forth herein shall require the
affirmative vote of a majority of the members of the board of
directors/trustees of the Fund.
7. All fund-specific charges from third parties -- including DST charges,
payments described in the next sentence, postage, NSCC transaction charges and
similar out-of-pocket expenses -- will be passed through directly to the Fund
or other participating investment companies, as applicable. AFS, subject to
approval of its board of directors, is authorized in its discretion to
negotiate payments to third parties for account maintenance and/or transaction
processing services provided such payments do not exceed the anticipated
savings to the Fund, either in fees payable to AFS hereunder or in other direct
Fund expenses, that AFS reasonably anticipates would be realized by the Fund
from using the services of such third party rather than maintaining the
accounts directly on AFS' books and/or processing non-automated transactions.
8. It is understood that AFS may have income in excess of its expenses and may
accumulate capital and surplus. AFS is not, however, permitted to distribute
any net income or accumulated surplus to its parent, CRMC, in the form of a
dividend without the affirmative vote of a majority of the members of the
boards of directors/trustees of the Fund and all participating investment
companies.
9. This Agreement may be amended at any time by mutual agreement of the
parties, with agreement of the Fund to be evidenced by affirmative vote of a
majority of the members of the board of directors/trustees of the Fund.
10. This Agreement may be terminated on 180 days' written notice by either
party. In the event of a termination of this Agreement, AFS and the Fund will
each extend full cooperation in effecting a conversion to whatever successor
shareholder service provider(s) the Fund may select, it being understood that
all records relating to the Fund and its shareholders are property of the Fund.
11. In the event of a termination of this Agreement by the Fund, the Fund will
pay to AFS as a termination fee the Fund's proportionate share of any costs of
conversion of the Fund's shareholder service from AFS to a successor. In the
event of termination of this Agreement and all corresponding agreements with
all the participating investment companies, all assets of AFS will be sold or
otherwise converted to cash, with a view to the liquidation of AFS when it
ceases to provide shareholder services for the participating investment
companies. To the extent any such assets are sold by AFS to CRMC and/or any of
its affiliates, such sales shall be at fair market value at the time of sale as
agreed upon by AFS, the purchasing company or companies, and the Review and
Advisory Committee. After all assets of AFS have been converted to cash and
all liabilities of AFS have been paid or discharged, an amount equal to any
capital or paid-in surplus of AFS that shall have been contributed by CRMC or
its affiliates shall be set aside in cash for distribution to CRMC upon
liquidation of AFS. Any other capital or surplus and any assets of AFS
remaining after the foregoing provisions for liabilities and return of capital
or paid-in surplus to CRMC shall be distributed to the participating investment
companies in such proportions as may be determined by the Review and Advisory
Committee.
12. In the event of disagreement between the Fund and AFS, or between the Fund
and other participating investment companies as to any matter arising under
this Agreement, which the parties to the disagreement are unable to resolve,
the question shall be referred to the Review and Advisory Committee for
resolution. If the Review and Advisory Committee is unable to resolve the
question to the satisfaction of both parties, either party may elect to submit
the question to arbitration; one arbitrator to be named by each party to the
disagreement and a third arbitrator to be selected by the two arbitrators named
by the original parties. The decision of a majority of the arbitrators shall
be final and binding on all parties to the arbitration. The expenses of such
arbitration shall be paid by the party electing to submit the question to
arbitration.
13. The obligations of the Fund under this Agreement are not binding upon any
of the directors, trustees, officers, employees, agents or shareholders of the
Fund individually, but bind only the Fund itself. AFS agrees to look solely to
the assets of the Fund for the satisfaction of any liability of the Fund in
respect to this Agreement and will not seek recourse against such directors,
trustees, officers, employees, agents or shareholders, or any of them or their
personal assets for such satisfaction.
AMERICAN FUNDS SERVICE COMPANY WASHINGTON MUTUAL INVESTORS FUND
By___________________________________ By_________________________________
Don R. Conlan, Chairman Stephen Hartwell, Chairman
By___________________________________ By_________________________________
Kenneth R. Gorvetzian, Secretary Howard L. Kitzmiller, Secretary
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statement of Additional Information
constituting this Post-Effective Amendment No. 95 to the registration statement
on Form N-1A (the "Registration Statement") of our report dated May 31, 1995,
relating to the financial statements and per-share data and ratios of
Washington Mutual Investors Fund, Inc., which appears in such Statement of
Additional Information, and to the incorporation by reference of our report
into the Prospectus which constitutes part of this Registration Statement. We
also consent to the references to us under the headings "General
Information-Independent Accountants" and "General Information-Reports to
Shareholders" in such Statement of Additional Information and to the reference
to us under the heading "Financial Highlights" in such Prospectus.
PRICE WATERHOUSE LLP
Los Angeles, California
June 8, 1995
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/94 1000.00 16.75 0.00 % 59.701 16.750 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/95 1000 37 37 1037 25 1093 27 1120 39 1159.76 63.340
TOTAL $ 25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/90 1000.00 14.20 0.00 % 70.423 14.200 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/91 1000 46 46 1046 4 1055 4 1059 48 1107.64 73.941
3/31/92 1000 44 90 1090 23 1096 28 1124 93 1217.13 78.222
3/31/93 1000 44 134 1134 14 1239 47 1286 153 1439.17 81.771
3/31/94 1000 44 178 1178 32 1180 75 1255 188 1443.92 86.204
3/31/95 1000 53 231 1231 36 1289 121 1410 264 1674.65 91.461
TOTAL $ 109
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/85 1000.00 10.01 0.00 % 99.900 10.010 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/86 1000 51 51 1051 67 1262 91 1353 64 1417.58 112.239
3/31/87 1000 61 112 1112 76 1394 187 1581 138 1719.60 123.269
3/31/88 1000 67 179 1179 74 1217 235 1452 185 1637.43 134.436
3/31/89 1000 79 258 1258 32 1338 295 1633 287 1920.94 143.461
3/31/90 1000 93 351 1351 100 1419 411 1830 395 2225.21 156.705
3/31/91 1000 99 450 1450 9 1497 443 1940 524 2464.75 164.536
3/31/92 1000 94 544 1544 50 1554 513 2067 641 2708.45 174.065
3/31/93 1000 100 644 1644 32 1758 614 2372 830 3202.37 181.953
3/31/94 1000 103 747 1747 72 1673 652 2325 888 3213.04 191.823
3/31/95 1000 124 871 1871 80 1829 799 2628 1098 3726.38 203.516
TOTAL $ 592
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
7/31/52 1000.00 10.00 0.00 % 100.000 10.000 1000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/53 1000 18 18 1018 0 991 0 991 18 1009.25 101.842
3/31/54 1000 48 66 1066 0 1080 0 1080 72 1152.27 106.692
3/31/55 1000 57 123 1123 0 1522 0 1522 168 1690.42 111.066
3/31/56 1000 70 193 1193 56 1828 69 1897 280 2177.22 238.208
3/31/57 1000 80 273 1273 100 1718 168 1886 344 2230.30 259.639
3/31/58 1000 87 360 1360 114 1532 250 1782 392 2174.34 283.856
3/31/59 1000 95 455 1455 57 2094 417 2511 643 3154.95 301.332
3/31/60 1000 100 555 1555 133 1930 506 2436 687 3123.31 323.659
3/31/61 1000 117 672 1672 168 2164 767 2931 902 3833.79 354.324
3/31/62 1000 122 794 1794 142 2254 947 3201 1062 4263.70 378.323
3/31/63 1000 136 930 1930 189 2074 1081 3155 1124 4279.34 412.665
3/31/64 1000 145 1075 2075 132 2272 1325 3597 1383 4980.72 438.444
3/31/65 1000 155 1230 2230 184 2518 1680 4198 1700 5898.28 468.489
3/31/66 1000 175 1405 2405 192 2572 1916 4488 1913 6401.66 497.796
3/31/67 1000 203 1608 2608 219 2518 2107 4625 2097 6722.25 533.936
3/31/68 1000 237 1845 2845 171 2532 2290 4822 2341 7163.67 565.851
3/31/69 1000 279 2124 3124 356 2964 3084 6048 3031 9079.61 612.659
3/31/70 1000 305 2429 3429 521 2418 2966 5384 2765 8149.75 674.090
3/31/71 1000 339 2768 3768 256 2616 3557 6173 3398 9571.71 731.782
3/31/72 1000 366 3134 4134 102 2630 3681 6311 3800 10111.63 768.945
3/31/73 1000 390 3524 4524 261 2374 3567 5941 3795 9736.13 820.230
3/31/74 1000 414 3938 4938 180 2232 3535 5767 3993 9760.67 874.612
3/31/75 1000 512 4450 5450 70 2124 3439 5563 4372 9935.35 935.532
3/31/76 1000 584 5034 6034 37 2794 4571 7365 6452 13817.15 989.059
3/31/77 1000 654 5688 6688 356 2768 4895 7663 7057 14720.65 2127.262
3/31/78 1000 726 6414 7414 383 2488 4749 7237 7044 14281.16 2296.006
3/31/79 1000 826 7240 8240 207 2800 5563 8363 8792 17155.11 2450.730
3/31/80 1000 973 8213 9213 564 2560 5634 8194 8947 17141.04 2678.287
3/31/81 1000 1162 9375 10375 857 3316 8434 11750 12948 24698.03 2979.256
3/31/82 1000 1366 10741 11741 1430 2860 8611 11471 12497 23968.88 3352.291
3/31/83 1000 1599 12340 13340 1140 3892 13312 17204 19025 36229.79 3723.514
3/31/84 1000 1810 14150 15150 1899 3836 15011 18847 20548 39395.48 4107.975
3/31/85 1000 2165 16315 17315 3656 4004 19990 23994 23820 47814.60 4776.683
3/31/86 1000 2462 18777 19777 3200 5052 29591 34643 33138 67781.47 5366.704
3/31/87 1000 2927 21704 22704 3621 5580 36802 42382 39840 82222.56 5894.090
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/88 1000 3200 24904 25904 3535 4872 35570 40442 37852 78294.32 6428.105
3/31/89 1000 3790 28694 29694 1543 5356 40847 46203 45647 91850.82 6859.658
3/31/90 1000 4423 33117 34117 4765 5680 48004 53684 52715 106399.83 7492.946
3/31/91 1000 4731 37848 38848 421 5992 51102 57094 60759 117853.20 7867.370
3/31/92 1000 4489 42337 43337 2404 6224 55604 61828 67676 129504.88 8322.936
3/31/93 1000 4735 47072 48072 1524 7040 64504 71544 81579 153123.68 8700.209
3/31/94 1000 4956 52028 53028 3446 6700 64622 71322 82309 153631.00 9172.000
3/31/95 1000 5843 57871 58871 3820 7324 74777 82101 96075 178176.35 9731.095
TOTAL $ 42411
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/94 1000.00 17.77 5.75 % 56.275 16.750 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/95 1000 36 36 1036 23 1030 25 1055 38 1093.18 59.704
TOTAL $ 23
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/90 1000.00 15.07 5.75 % 66.357 14.200 942
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/91 1000 40 40 1040 4 994 4 998 45 1043.72 69.674
3/31/92 1000 42 82 1082 21 1033 27 1060 86 1146.91 73.709
3/31/93 1000 44 126 1126 14 1168 44 1212 144 1356.13 77.053
3/31/94 1000 44 170 1170 31 1111 71 1182 178 1360.60 81.230
3/31/95 1000 51 221 1221 34 1215 114 1329 248 1577.99 86.182
TOTAL $ 104
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
4/01/85 1000.00 10.62 5.75 % 94.162 10.010 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/86 1000 48 48 1048 63 1189 86 1275 61 1336.15 105.792
3/31/87 1000 58 106 1106 71 1314 176 1490 130 1620.82 116.188
3/31/88 1000 63 169 1169 70 1147 222 1369 174 1543.39 126.715
3/31/89 1000 74 243 1243 30 1261 278 1539 271 1810.62 135.222
3/31/90 1000 87 330 1330 94 1337 387 1724 373 2097.40 147.704
3/31/91 1000 95 425 1425 8 1411 418 1829 494 2323.17 155.085
3/31/92 1000 89 514 1514 47 1465 484 1949 603 2552.87 164.066
3/31/93 1000 94 608 1608 30 1657 579 2236 782 3018.49 171.505
3/31/94 1000 100 708 1708 68 1577 614 2191 837 3028.47 180.804
3/31/95 1000 115 823 1823 75 1724 753 2477 1035 3512.32 191.825
TOTAL $ 556
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
7/31/52 1000.00 10.61 5.75 % 94.251 10.000 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/53 1000 18 18 1018 0 934 0 934 17 951.23 95.987
3/31/54 1000 46 64 1064 0 1018 0 1018 68 1086.03 100.558
3/31/55 1000 54 118 1118 0 1434 0 1434 159 1593.23 104.680
3/31/56 1000 66 184 1184 52 1723 65 1788 264 2052.04 224.512
3/31/57 1000 75 259 1259 94 1619 158 1777 325 2102.06 244.710
3/31/58 1000 83 342 1342 108 1444 236 1680 369 2049.33 267.536
3/31/59 1000 88 430 1430 54 1974 393 2367 606 2973.56 284.008
3/31/60 1000 95 525 1525 125 1819 477 2296 647 2943.73 305.050
3/31/61 1000 110 635 1635 159 2040 723 2763 850 3613.37 333.953
3/31/62 1000 115 750 1750 134 2124 892 3016 1002 4018.59 356.574
3/31/63 1000 128 878 1878 178 1955 1019 2974 1059 4033.33 388.942
3/31/64 1000 137 1015 2015 124 2141 1249 3390 1304 4694.41 413.240
3/31/65 1000 147 1162 2162 174 2373 1583 3956 1603 5559.20 441.557
3/31/66 1000 164 1326 2326 181 2424 1806 4230 1803 6033.67 469.181
3/31/67 1000 190 1516 2516 206 2373 1986 4359 1976 6335.84 503.244
3/31/68 1000 223 1739 2739 161 2386 2159 4545 2206 6751.88 533.324
3/31/69 1000 262 2001 3001 336 2794 2907 5701 2856 8557.66 577.440
3/31/70 1000 287 2288 3288 491 2279 2795 5074 2607 7681.27 635.341
3/31/71 1000 320 2608 3608 241 2466 3353 5819 3202 9021.51 689.718
3/31/72 1000 346 2954 3954 97 2479 3470 5949 3581 9530.40 724.745
3/31/73 1000 367 3321 4321 246 2238 3362 5600 3576 9176.50 773.083
3/31/74 1000 391 3712 4712 170 2104 3332 5436 3763 9199.62 824.339
3/31/75 1000 484 4196 5196 66 2002 3242 5244 4120 9364.27 881.758
3/31/76 1000 550 4746 5746 35 2633 4309 6942 6080 13022.95 932.208
3/31/77 1000 618 5364 6364 336 2609 4614 7223 6651 13874.50 2004.985
3/31/78 1000 686 6050 7050 361 2345 4476 6821 6639 13460.26 2164.029
3/31/79 1000 779 6829 7829 195 2639 5243 7882 8287 16169.01 2309.858
3/31/80 1000 916 7745 8745 531 2413 5310 7723 8432 16155.74 2524.334
3/31/81 1000 1096 8841 9841 808 3125 7950 11075 12203 23278.33 2808.001
3/31/82 1000 1287 10128 11128 1348 2696 8116 10812 11779 22591.10 3159.594
3/31/83 1000 1506 11634 12634 1074 3668 12547 16215 17932 34147.23 3509.479
3/31/84 1000 1705 13339 14339 1790 3615 14148 17763 19367 37130.94 3871.839
3/31/85 1000 2041 15380 16380 3446 3774 18841 22615 22451 45066.10 4502.108
3/31/86 1000 2321 17701 18701 3016 4762 27890 32652 31233 63885.20 5058.211
3/31/87 1000 2758 20459 21459 3413 5259 34686 39945 37551 77496.18 5555.282
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3/31/88 1000 3016 23475 24475 3332 4592 33526 38118 35675 73793.76 6058.601
3/31/89 1000 3572 27047 28047 1454 5048 38499 43547 43023 86570.97 6465.345
3/31/90 1000 4169 31216 32216 4492 5353 45245 50598 49685 100283.67 7062.230
3/31/91 1000 4458 35674 36674 397 5648 48164 53812 57266 111078.65 7415.130
3/31/92 1000 4233 39907 40907 2265 5866 52408 58274 63786 122060.54 7844.508
3/31/93 1000 4463 44370 45370 1437 6635 60796 67431 76890 144321.64 8200.093
3/31/94 1000 4671 49041 50041 3248 6315 60908 67223 77576 144799.78 8644.763
3/31/95 1000 5506 54547 55547 3601 6903 70479 77382 90552 167934.12 9171.716
TOTAL $ 39976
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/94 1000.00 18.15 5.75 % 55.096 17.110 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/95 1000 35 35 1035 23 1040 26 1066 37 1103.05 58.455
TOTAL $ 23
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/90 1000.00 14.59 5.75 % 68.540 13.750 942
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/91 1000 46 46 1046 4 1029 4 1033 47 1080.91 71.965
4/30/92 1000 44 90 1090 22 1112 29 1141 93 1234.89 76.134
4/30/93 1000 44 134 1134 14 1206 46 1252 147 1399.86 79.583
4/30/94 1000 44 178 1178 32 1173 75 1248 187 1435.48 83.897
4/30/95 1000 52 230 1230 35 1293 121 1414 265 1679.62 89.010
TOTAL $ 107
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 1000.00 9.82 5.75 % 101.833 9.260 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 1000 51 51 1051 47 1199 46 1245 54 1299.89 110.441
4/30/87 1000 59 110 1110 75 1355 130 1485 123 1608.70 120.864
4/30/88 1000 64 174 1174 49 1211 165 1376 172 1548.07 130.199
4/30/89 1000 58 232 1232 0 1436 196 1632 267 1899.76 134.735
4/30/90 1000 87 319 1319 94 1400 280 1680 343 2023.63 147.173
4/30/91 1000 95 414 1414 8 1530 315 1845 475 2320.97 154.525
4/30/92 1000 88 502 1502 47 1652 392 2044 607 2651.52 163.472
4/30/93 1000 92 594 1594 30 1791 457 2248 757 3005.81 170.882
4/30/94 1000 100 694 1694 68 1742 509 2251 831 3082.33 180.148
4/30/95 1000 114 808 1808 75 1922 645 2567 1039 3606.59 191.128
TOTAL $ 493
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 10000.00 9.82 5.75 % 1018.330 9.260 9430
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 10000 508 508 10508 474 11986 460 12446 552 12998.88 1104.408
4/30/87 10000 589 1097 11097 746 13554 1295 14849 1237 16086.87 1208.630
4/30/88 10000 642 1739 11739 488 12108 1653 13761 1719 15480.58 1301.983
4/30/89 10000 580 2319 12319 0 14358 1960 16318 2679 18997.25 1347.323
4/30/90 10000 869 3188 13188 936 14002 2802 16804 3432 20236.00 1471.709
4/30/91 10000 929 4117 14117 83 15295 3152 18447 4762 23209.64 1545.249
4/30/92 10000 882 4999 14999 472 16517 3920 20437 6078 26515.29 1634.728
4/30/93 10000 930 5929 15929 299 17912 4567 22479 7579 30058.30 1708.829
4/30/94 10000 971 6900 16900 677 17424 5092 22516 8307 30823.55 1801.493
4/30/95 10000 1148 8048 18048 750 19216 6453 25669 10397 36066.33 1911.305
TOTAL $ 4925
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DOW JONES INDUSTRIAL AVERAGE
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 10000.00 1258.06 0.00 % 7.949 1258.060 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 10000 513 513 10513 0 14180 0 14180 632 14812.39 8.303
4/30/87 10000 574 1087 11087 0 18174 0 18174 1474 19648.98 8.594
4/30/88 10000 625 1712 11712 0 16154 0 16154 1897 18051.16 8.882
4/30/89 10000 758 2470 12470 0 19226 0 19226 3128 22354.55 9.242
4/30/90 10000 1001 3471 13471 0 21118 0 21118 4445 25563.34 9.622
4/30/91 10000 998 4469 14469 0 22955 0 22955 5891 28846.93 9.989
4/30/92 10000 942 5411 15411 0 26701 0 26701 7891 34592.22 10.298
4/30/93 10000 1066 6477 16477 0 27245 0 27245 9148 36393.73 10.618
4/30/94 10000 1102 7579 17579 0 29265 0 29265 10931 40196.69 10.918
4/30/95 10000 1193 8772 18772 0 34348 0 34348 14171 48519.22 11.228
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 COMPOSITE INDEX
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 10000.00 179.83 0.00 % 55.608 179.830 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 10000 453 453 10453 0 13097 0 13097 530 13627.66 57.862
4/30/87 10000 488 941 10941 0 16035 0 16035 1196 17231.53 59.757
4/30/88 10000 541 1482 11482 0 14532 0 14532 1598 16130.86 61.726
4/30/89 10000 625 2107 12107 0 17218 0 17218 2607 19825.94 64.029
4/30/90 10000 734 2841 12841 0 18395 0 18395 3505 21900.94 66.206
4/30/91 10000 813 3654 13654 0 20872 0 20872 4871 25743.38 68.585
4/30/92 10000 854 4508 14508 0 23075 0 23075 6287 29362.69 70.762
4/30/93 10000 893 5401 15401 0 24478 0 24478 7594 32072.68 72.861
4/30/94 10000 936 6337 16337 0 25074 0 25074 8696 33770.00 74.893
4/30/95 10000 997 7334 17334 0 28622 0 28622 11024 39646.05 77.026
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 10000 782 782 10782 0 10000 0 10000 780 10780.58 1078.058
4/30/87 10000 726 1508 11508 0 10000 0 10000 1505 11505.93 1150.593
4/30/88 10000 721 2229 12229 0 10000 0 10000 2227 12227.32 1222.732
4/30/89 10000 829 3058 13058 0 10000 0 10000 3056 13056.73 1305.673
4/30/90 10000 970 4028 14028 0 10000 0 10000 4026 14026.29 1402.629
4/30/91 10000 971 4999 14999 0 10000 0 10000 4996 14996.89 1499.689
4/30/92 10000 840 5839 15839 0 10000 0 10000 5836 15836.80 1583.680
4/30/93 10000 616 6455 16455 0 10000 0 10000 6453 16453.31 1645.331
4/30/94 10000 522 6977 16977 0 10000 0 10000 6976 16976.05 1697.605
4/30/95 10000 538 7515 17515 0 10000 0 10000 7515 17515.40 1751.540
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/84 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/85 10000 920 920 10920 0 10000 0 10000 919 10919.84 1091.984
4/30/86 10000 852 1772 11772 0 10000 0 10000 1772 11772.24 1177.224
4/30/87 10000 792 2564 12564 0 10000 0 10000 2564 12564.30 1256.430
4/30/88 10000 788 3352 13352 0 10000 0 10000 3352 13352.05 1335.205
4/30/89 10000 906 4258 14258 0 10000 0 10000 4257 14257.77 1425.777
4/30/90 10000 1059 5317 15317 0 10000 0 10000 5316 15316.51 1531.651
4/30/91 10000 1059 6376 16376 0 10000 0 10000 6376 16376.40 1637.640
4/30/92 10000 917 7293 17293 0 10000 0 10000 7293 17293.57 1729.357
4/30/93 10000 674 7967 17967 0 10000 0 10000 7966 17966.78 1796.678
4/30/94 10000 570 8537 18537 0 10000 0 10000 8537 18537.62 1853.762
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/83 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/84 10000 928 928 10928 0 10000 0 10000 927 10927.63 1092.763
4/30/85 10000 1004 1932 11932 0 10000 0 10000 1932 11932.80 1193.280
4/30/86 10000 931 2863 12863 0 10000 0 10000 2864 12864.26 1286.426
4/30/87 10000 865 3728 13728 0 10000 0 10000 3729 13729.81 1372.981
4/30/88 10000 860 4588 14588 0 10000 0 10000 4590 14590.63 1459.063
4/30/89 10000 990 5578 15578 0 10000 0 10000 5580 15580.37 1558.037
4/30/90 10000 1157 6735 16735 0 10000 0 10000 6737 16737.32 1673.732
4/30/91 10000 1158 7893 17893 0 10000 0 10000 7895 17895.52 1789.552
4/30/92 10000 1003 8896 18896 0 10000 0 10000 8897 18897.78 1889.778
4/30/93 10000 735 9631 19631 0 10000 0 10000 9633 19633.44 1963.344
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/82 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/83 10000 1044 1044 11044 0 10000 0 10000 1043 11043.45 1104.345
4/30/84 10000 1024 2068 12068 0 10000 0 10000 2067 12067.86 1206.786
4/30/85 10000 1110 3178 13178 0 10000 0 10000 3177 13177.91 1317.791
4/30/86 10000 1028 4206 14206 0 10000 0 10000 4206 14206.56 1420.656
4/30/87 10000 956 5162 15162 0 10000 0 10000 5162 15162.42 1516.242
4/30/88 10000 950 6112 16112 0 10000 0 10000 6113 16113.06 1611.306
4/30/89 10000 1093 7205 17205 0 10000 0 10000 7206 17206.07 1720.607
4/30/90 10000 1278 8483 18483 0 10000 0 10000 8483 18483.75 1848.375
4/30/91 10000 1279 9762 19762 0 10000 0 10000 9762 19762.80 1976.280
4/30/92 10000 1106 10868 20868 0 10000 0 10000 10869 20869.64 2086.964
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/81 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/82 10000 1095 1095 11095 0 10000 0 10000 1095 11095.31 1109.531
4/30/83 10000 1158 2253 12253 0 10000 0 10000 2253 12253.06 1225.306
4/30/84 10000 1136 3389 13389 0 10000 0 10000 3389 13389.69 1338.969
4/30/85 10000 1231 4620 14620 0 10000 0 10000 4621 14621.32 1462.132
4/30/86 10000 1141 5761 15761 0 10000 0 10000 5762 15762.63 1576.263
4/30/87 10000 1061 6822 16822 0 10000 0 10000 6823 16823.19 1682.319
4/30/88 10000 1055 7877 17877 0 10000 0 10000 7877 17877.96 1787.796
4/30/89 10000 1213 9090 19090 0 10000 0 10000 9090 19090.68 1909.068
4/30/90 10000 1417 10507 20507 0 10000 0 10000 10508 20508.30 2050.830
4/30/91 10000 1419 11926 21926 0 10000 0 10000 11927 21927.46 2192.746
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AVERAGE FIXED INCOME ACCOUNT
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/80 10000.00 10.00 0.00 % 1000.000 10.000 10000
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/81 10000 942 942 10942 0 10000 0 10000 942 10942.77 1094.277
4/30/82 10000 1199 2141 12141 0 10000 0 10000 2141 12141.35 1214.135
4/30/83 10000 1267 3408 13408 0 10000 0 10000 3408 13408.25 1340.825
4/30/84 10000 1244 4652 14652 0 10000 0 10000 4652 14652.03 1465.203
4/30/85 10000 1347 5999 15999 0 10000 0 10000 5999 15999.77 1599.977
4/30/86 10000 1249 7248 17248 0 10000 0 10000 7248 17248.68 1724.868
4/30/87 10000 1162 8410 18410 0 10000 0 10000 8409 18409.22 1840.922
4/30/88 10000 1154 9564 19564 0 10000 0 10000 9563 19563.43 1956.343
4/30/89 10000 1328 10892 20892 0 10000 0 10000 10890 20890.49 2089.049
4/30/90 10000 1551 12443 22443 0 10000 0 10000 12441 22441.76 2244.176
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
7/31/52 10000.00 10.61 5.75 % 942.507 10.000 9425
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/53 10000 170 170 10170 0 9161 0 9161 168 9329.95 959.871
4/30/54 10000 450 620 10620 0 10781 0 10781 713 11493.77 1005.579
4/30/55 10000 542 1162 11162 0 14732 0 14732 1556 16288.28 1046.805
4/30/56 10000 654 1816 11816 523 17447 613 18060 2505 20565.46 2245.137
4/30/57 10000 756 2572 12572 943 17145 1553 18698 3179 21877.31 2447.126
4/30/58 10000 825 3397 13397 1077 15056 2339 17395 3660 21055.21 2675.375
4/30/59 10000 885 4282 14282 535 21119 3915 25034 6036 31070.59 2840.090
4/30/60 10000 947 5229 15229 1250 18644 4411 23055 5985 29040.87 3050.511
4/30/61 10000 1097 6326 16326 1586 21113 6918 28031 8136 36167.17 3339.536
4/30/62 10000 1145 7471 17471 1336 20880 7903 28783 8870 37654.09 3565.728
4/30/63 10000 1279 8750 18750 1783 21292 10289 31581 10696 42277.72 3889.394
4/30/64 10000 1368 10118 20118 1245 22614 11980 34594 12515 47108.97 4132.366
4/30/65 10000 1463 11581 21581 1736 25782 15757 41539 15950 57490.30 4415.538
4/30/66 10000 1648 13229 23229 1810 26237 17691 43928 17674 61603.06 4691.779
4/30/67 10000 1906 15135 25135 2064 25833 19766 45599 19671 65270.29 5032.405
4/30/68 10000 2231 17366 27366 1610 28313 21945 50258 22433 72691.56 5333.203
4/30/69 10000 2626 19992 29992 3360 31708 27163 58871 26705 85576.19 5774.372
4/30/70 10000 2874 22866 32866 4908 23523 24878 48401 23201 71602.50 6353.372
4/30/71 10000 3193 26059 36059 2414 26927 33989 60916 32471 93387.09 6897.126
4/30/72 10000 3456 29515 39515 966 27419 33511 60930 34590 95520.54 7247.386
4/30/73 10000 3671 33186 43186 2464 23933 31776 55709 33813 89522.15 7730.755
4/30/74 10000 3907 37093 47093 1701 21893 31023 52916 35040 87956.16 8243.314
4/30/75 10000 4829 41922 51922 659 22959 33179 56138 42177 98315.07 8817.495
4/30/76 10000 5498 47420 57420 353 30739 41142 71881 58067 129948.51 9321.987
4/30/77 10000 6171 53591 63591 3356 31274 44673 75947 64400 140347.62 20049.659
4/30/78 10000 6849 60440 70440 3609 29078 46414 75492 68847 144339.37 21640.085
4/30/79 10000 7785 68225 78225 1948 33575 50187 83762 79313 163074.61 23098.386
4/30/80 10000 9167 77392 87392 5313 34433 50777 85210 80638 165847.43 25243.140
4/30/81 10000 14603 91995 101995 21556 28652 86269 114921 115502 230423.17 30318.838
4/30/82 10000 13326 105321 115321 10743 26352 90133 116485 119282 235767.96 33729.322
4/30/83 10000 15516 120837 130837 17898 36494 142811 179305 182986 362291.99 37426.858
4/30/84 10000 17526 138363 148363 34459 32460 162054 194514 178993 373507.98 43380.718
4/30/85 10000 20783 159146 169146 30164 34910 204484 239394 213102 452496.70 48865.734
4/30/86 10000 24381 183527 193527 22762 44373 281961 326334 297432 623766.70 52996.321
4/30/87 10000 28229 211756 221756 35808 50179 356068 406247 365700 771947.47 57997.556
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/88 10000 30815 242571 252571 23415 44826 341861 386687 356167 742854.30 62477.233
4/30/89 10000 27837 270408 280408 0 53157 405403 458560 453046 911606.68 64652.956
4/30/90 10000 41689 312097 322097 44915 51838 438105 489943 481106 971049.35 70621.771
4/30/91 10000 44572 356669 366669 3966 56626 482927 539553 574191 1113744.31 74150.753
4/30/92 10000 42318 398987 408987 22654 61150 546304 607454 664915 1272369.68 78444.493
4/30/93 10000 44627 443614 453614 14367 66315 607607 673922 768463 1442385.88 82000.334
4/30/94 10000 46718 490332 500332 32482 64505 622162 686667 792441 1479108.56 86447.023
4/30/95 10000 55058 545390 555390 36007 71140 726340 797480 933210 1730690.71 91716.519
TOTAL $ 399745
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/53 10000.00 10.31 5.75 % 969.932 9.720 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/54 10000 455 455 10455 0 11092 0 11092 522 11614.24 1016.119
4/30/55 10000 548 1003 11003 0 15148 0 15148 1311 16459.00 1057.776
4/30/56 10000 661 1664 11664 529 17933 620 18553 2227 20781.03 2268.672
4/30/57 10000 763 2427 12427 953 17620 1569 19189 2917 22106.61 2472.776
4/30/58 10000 834 3261 13261 1088 15481 2364 17845 3430 21275.89 2703.418
4/30/59 10000 894 4155 14155 541 21706 3956 25662 5734 31396.25 2869.858
4/30/60 10000 959 5114 15114 1263 19154 4457 23611 5734 29345.25 3082.484
4/30/61 10000 1110 6224 16224 1603 21698 6990 28688 7858 36546.23 3374.537
4/30/62 10000 1157 7381 17381 1350 21450 7985 29435 8613 38048.74 3603.100
4/30/63 10000 1292 8673 18673 1802 21882 10397 32279 10441 42720.82 3930.159
4/30/64 10000 1383 10056 20056 1258 23233 12105 35338 12264 47602.71 4175.677
4/30/65 10000 1478 11534 21534 1754 26492 15922 42414 15678 58092.88 4461.818
4/30/66 10000 1665 13199 23199 1829 26955 17876 44831 17418 62248.76 4740.956
4/30/67 10000 1926 15125 25125 2086 26543 19973 46516 19437 65954.44 5085.153
4/30/68 10000 2255 17380 27380 1627 29062 22175 51237 22216 73453.45 5389.102
4/30/69 10000 2655 20035 30035 3395 32527 27447 59974 26499 86473.15 5834.895
4/30/70 10000 2904 22939 32939 4960 24148 25138 49286 23067 72352.99 6419.963
4/30/71 10000 3227 26166 36166 2440 27675 34345 62020 32346 94365.91 6969.417
4/30/72 10000 3492 29658 39658 976 28151 33862 62013 34508 96521.72 7323.347
4/30/73 10000 3710 33368 43368 2490 24578 32109 56687 33774 90460.45 7811.783
4/30/74 10000 3948 37316 47316 1719 22487 31348 53835 35042 88878.04 8329.713
4/30/75 10000 4879 42195 52195 666 23580 33526 57106 42238 99345.53 8909.913
4/30/76 10000 5556 47751 57751 356 31530 41573 73103 58207 131310.51 9419.692
4/30/77 10000 6236 53987 63987 3391 32072 45141 77213 64605 141818.62 20259.803
4/30/78 10000 6921 60908 70908 3647 29835 46901 76736 69116 145852.21 21866.898
4/30/79 10000 7867 68775 78775 1968 34396 50713 85109 79674 164783.82 23340.485
4/30/80 10000 9262 78037 88037 5368 35222 51309 86531 81054 167585.71 25507.719
4/30/81 10000 14757 92794 102794 21782 29486 87173 116659 116179 232838.27 30636.615
4/30/82 10000 13466 106260 116260 10855 27119 91078 118197 120042 238239.12 34082.850
4/30/83 10000 15679 121939 131939 18086 37556 144308 181864 184225 366089.30 37819.143
4/30/84 10000 17710 139649 149649 34820 33404 163752 197156 180266 377422.87 43835.409
4/30/85 10000 21001 160650 170650 30480 35926 206628 242554 214685 457239.48 49377.914
4/30/86 10000 24636 185286 195286 23000 45664 284917 330581 299723 630304.64 53551.796
4/30/87 10000 28525 213811 223811 36183 51639 359800 411439 368599 780038.55 58605.451
4/30/88 10000 31139 244950 254950 23661 46130 345444 391574 359066 750640.45 63132.082
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/89 10000 28129 273079 283079 0 54704 409652 464356 456805 921161.57 65330.608
4/30/90 10000 42125 315204 325204 45386 53346 442697 496043 485184 981227.28 71361.984
4/30/91 10000 45042 360246 370246 4007 58274 487989 546263 579154 1125417.85 74927.953
4/30/92 10000 42759 403005 413005 22891 62929 552030 614959 670746 1285705.83 79266.697
4/30/93 10000 45092 448097 458097 14518 68244 613975 682219 775285 1457504.09 82859.812
4/30/94 10000 47207 495304 505304 32823 66382 628683 695065 799546 1494611.61 87353.104
4/30/95 10000 55638 550942 560942 36384 73210 733953 807163 941667 1748830.73 92677.834
TOTAL $ 403935
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/54 10000.00 11.99 5.75 % 834.028 11.300 9425
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/55 10000 337 337 10337 0 12993 0 12993 364 13357.97 858.481
4/30/56 10000 536 873 10873 429 15365 503 15868 997 16865.68 1841.231
4/30/57 10000 620 1493 11493 773 15089 1274 16363 1578 17941.53 2006.882
4/30/58 10000 677 2170 12170 883 13276 1918 15194 2073 17267.32 2194.068
4/30/59 10000 726 2896 12896 439 18592 3210 21802 3678 25480.89 2329.149
4/30/60 10000 778 3674 13674 1025 16380 3617 19997 3819 23816.31 2501.713
4/30/61 10000 900 4574 14574 1301 18579 5673 24252 5408 29660.56 2738.740
4/30/62 10000 939 5513 15513 1096 18343 6481 24824 6055 30880.01 2924.243
4/30/63 10000 1048 6561 16561 1462 18741 8438 27179 7492 34671.84 3189.682
4/30/64 10000 1122 7683 17683 1021 19876 9825 29701 8932 38633.96 3388.943
4/30/65 10000 1200 8883 18883 1423 22676 12922 35598 11550 47147.68 3621.174
4/30/66 10000 1352 10235 20235 1485 23057 14508 37565 12955 50520.56 3847.720
4/30/67 10000 1563 11798 21798 1693 22717 16210 38927 14601 53528.06 4127.067
4/30/68 10000 1829 13627 23627 1321 24792 17997 42789 16825 59614.20 4373.749
4/30/69 10000 2155 15782 25782 2755 27696 22276 49972 20208 70180.89 4735.552
4/30/70 10000 2357 18139 28139 4025 20605 20402 41007 17713 58721.10 5210.390
4/30/71 10000 2619 20758 30758 1980 23702 27874 51576 25010 76586.61 5656.322
4/30/72 10000 2834 23592 33592 792 24037 27482 51519 26817 78336.22 5943.568
4/30/73 10000 3010 26602 36602 2021 20999 26059 47058 26359 73416.96 6339.979
4/30/74 10000 3204 29806 39806 1395 19224 25442 44666 27466 72132.71 6760.328
4/30/75 10000 3960 33766 43766 541 20156 27210 47366 33261 80628.03 7231.213
4/30/76 10000 4509 38275 48275 289 26839 33741 60580 45990 106570.54 7644.945
4/30/77 10000 5061 43336 53336 2752 27285 36636 63921 51178 115098.83 16442.691
4/30/78 10000 5618 48954 58954 2960 25422 38064 63486 54886 118372.45 17746.994
4/30/79 10000 6385 55339 65339 1597 29172 41159 70331 63406 133737.18 18942.944
4/30/80 10000 7517 62856 72856 4357 29733 41642 71375 64636 136011.18 20701.854
4/30/81 10000 11976 74832 84832 17678 25354 70749 96103 92866 188969.61 24864.422
4/30/82 10000 10929 85761 95761 8810 23319 73918 97237 96115 193352.88 27661.356
4/30/83 10000 12725 98486 108486 14678 32294 117119 149413 147702 297115.02 30693.700
4/30/84 10000 14374 112860 122860 28260 28724 132900 161624 144689 306313.23 35576.450
4/30/85 10000 17044 129904 139904 24737 30892 167697 198589 172502 371091.74 40074.702
4/30/86 10000 19994 149898 159898 18667 39266 231236 270502 241047 511549.96 43462.189
4/30/87 10000 23151 173049 183049 29366 44404 292010 336414 296658 633072.75 47563.693
4/30/88 10000 25271 198320 208320 19203 39666 280360 320026 289187 609213.49 51237.468
4/30/89 10000 22829 221149 231149 0 47039 332470 379509 368098 747607.03 53021.775
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/90 10000 34189 255338 265338 36835 45872 359289 405161 391194 796355.86 57916.790
4/30/91 10000 36555 291893 301893 3252 50108 396048 446156 467223 913379.72 60810.900
4/30/92 10000 34703 326596 336596 18578 54112 448023 502135 541333 1043468.14 64332.191
4/30/93 10000 36598 363194 373194 11783 58682 498297 556979 625919 1182898.18 67248.333
4/30/94 10000 38312 401506 411506 26639 57081 510234 567315 645699 1213014.36 70895.053
4/30/95 10000 45154 446660 456660 29529 62952 595670 658622 760714 1419336.43 75216.557
TOTAL $ 327830
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/55 10000.00 15.83 5.75 % 631.712 14.920 9425
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/56 10000 293 293 10293 0 11590 0 11590 305 11895.50 1298.635
4/30/57 10000 437 730 10730 545 11374 553 11927 727 12654.29 1415.468
4/30/58 10000 476 1206 11206 623 10023 1042 11065 1114 12178.79 1547.495
4/30/59 10000 511 1717 11717 310 14019 1837 15856 2115 17971.89 1642.769
4/30/60 10000 548 2265 12265 723 12329 2186 14515 2283 16797.84 1764.479
4/30/61 10000 634 2899 12899 918 14004 3577 17581 3339 20919.84 1931.657
4/30/62 10000 663 3562 13562 773 13805 4162 17967 3812 21779.92 2062.492
4/30/63 10000 740 4302 14302 1031 14128 5523 19651 4803 24454.33 2249.708
4/30/64 10000 792 5094 15094 720 14966 6483 21449 5799 27248.82 2390.248
4/30/65 10000 846 5940 15940 1004 17082 8601 25683 7570 33253.61 2554.041
4/30/66 10000 953 6893 16893 1047 17357 9716 27073 8559 35632.52 2713.825
4/30/67 10000 1102 7995 17995 1194 17111 10920 28031 9721 37753.72 2910.850
4/30/68 10000 1290 9285 19285 931 18604 12166 30770 11275 42046.32 3084.836
4/30/69 10000 1519 10804 20804 1943 20738 15144 35882 13617 49499.07 3340.018
4/30/70 10000 1663 12467 22467 2839 15468 13949 29417 11999 41416.38 3674.923
4/30/71 10000 1847 14314 24314 1396 17871 19117 36988 17030 54017.04 3989.442
4/30/72 10000 1998 16312 26312 559 18057 18863 36920 18330 55251.06 4192.038
4/30/73 10000 2123 18435 28435 1425 15786 17920 33706 18075 51781.48 4471.630
4/30/74 10000 2259 20694 30694 984 14462 17519 31981 18894 50875.68 4768.105
4/30/75 10000 2793 23487 33487 381 15161 18746 33907 22960 56867.48 5100.223
4/30/76 10000 3180 26667 36667 204 20089 23251 43340 31824 75164.93 5392.032
4/30/77 10000 3570 30237 40237 1941 20409 25291 45700 35479 81179.98 11597.139
4/30/78 10000 3962 34199 44199 2087 19052 26319 45371 38118 83488.89 12517.075
4/30/79 10000 4502 38701 48701 1127 21740 28481 50221 44104 94325.75 13360.587
4/30/80 10000 5302 44003 54003 3073 22034 28869 50903 45026 95929.61 14601.159
4/30/81 10000 8447 52450 62450 12469 19204 49277 68481 64800 133281.56 17537.048
4/30/82 10000 7709 60159 70159 6214 17663 51562 69225 67148 136373.10 19509.743
4/30/83 10000 8975 69134 79134 10353 24460 81812 106272 103285 209557.23 21648.474
4/30/84 10000 10137 79271 89271 19932 21756 93030 114786 101258 216044.80 25092.311
4/30/85 10000 12021 91292 101292 17447 23399 117519 140918 120815 261733.52 28264.959
4/30/86 10000 14102 105394 115394 13166 29741 162128 191869 168930 360799.66 30654.177
4/30/87 10000 16328 121722 131722 20712 33632 204866 238498 208012 446510.52 33546.996
4/30/88 10000 17824 139546 149546 13544 30044 196765 226809 202873 429682.43 36138.135
4/30/89 10000 16102 155648 165648 0 35629 233338 268967 258325 527292.31 37396.618
4/30/90 10000 24114 179762 189762 25980 34744 252282 287026 274649 561675.21 40849.106
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/91 10000 25781 205543 215543 2294 37953 278104 316057 328155 644212.94 42890.342
4/30/92 10000 24477 230020 240020 13104 40985 314664 355649 380316 735965.18 45373.932
4/30/93 10000 25813 255833 265833 8310 44447 350011 394458 439848 834306.17 47430.709
4/30/94 10000 27024 282857 292857 18789 43234 358470 401704 453843 855547.38 50002.769
4/30/95 10000 31847 314704 324704 20827 47682 418584 466266 534801 1001067.77 53050.756
TOTAL $ 230919
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/56 10000.00 9.19 5.75 % 1088.139 8.660 9423
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/57 10000 264 264 10264 0 9743 0 9743 257 10000.70 1118.647
4/30/58 10000 377 641 10641 492 8602 429 9031 594 9624.90 1222.986
4/30/59 10000 404 1045 11045 245 12013 911 12924 1279 14203.19 1298.281
4/30/60 10000 434 1479 11479 571 10543 1264 11807 1468 13275.35 1394.470
4/30/61 10000 502 1981 11981 725 11995 2290 14285 2248 16532.99 1526.591
4/30/62 10000 524 2505 12505 611 11805 2771 14576 2636 17212.70 1629.990
4/30/63 10000 585 3090 13090 815 12104 3821 15925 3401 19326.27 1777.946
4/30/64 10000 626 3716 13716 569 12805 4557 17362 4172 21534.76 1889.014
4/30/65 10000 668 4384 14384 793 14623 6147 20770 5510 26280.37 2018.461
4/30/66 10000 753 5137 15137 828 14848 7025 21873 6287 28160.43 2144.739
4/30/67 10000 872 6009 16009 944 14646 7979 22625 7211 29836.82 2300.449
4/30/68 10000 1020 7029 17029 736 15857 8946 24803 8426 33229.26 2437.950
4/30/69 10000 1201 8230 18230 1536 17632 11249 28881 10238 39119.15 2639.619
4/30/70 10000 1314 9544 19544 2244 13190 10465 23655 9077 32731.39 2904.294
4/30/71 10000 1460 11004 21004 1104 15311 14419 29730 12958 42689.71 3152.859
4/30/72 10000 1578 12582 22582 441 15409 14248 29657 14007 43664.96 3312.971
4/30/73 10000 1678 14260 24260 1126 13481 13580 27061 13861 40922.95 3533.933
4/30/74 10000 1786 16046 26046 777 12361 13305 25666 14540 40207.09 3768.237
4/30/75 10000 2207 18253 28253 301 12956 14250 27206 17735 44942.43 4030.711
4/30/76 10000 2513 20766 30766 161 17073 17682 34755 24648 59402.90 4261.327
4/30/77 10000 2821 23587 33587 1534 17331 19291 36622 27535 64156.62 9165.231
4/30/78 10000 3131 26718 36718 1650 16213 20130 36343 29638 65981.35 9892.258
4/30/79 10000 3560 30278 40278 890 18383 21812 40195 34351 74545.74 10558.886
4/30/80 10000 4191 34469 44469 2429 18512 22179 40691 35122 75813.28 11539.312
4/30/81 10000 6676 41145 51145 9854 16540 38154 54694 50638 105332.56 13859.548
4/30/82 10000 6092 47237 57237 4911 15212 40024 55236 52539 107775.82 15418.572
4/30/83 10000 7094 54331 64331 8182 21066 63650 84716 80897 165613.34 17108.816
4/30/84 10000 8012 62343 72343 15752 18738 72627 91365 79375 170740.49 19830.487
4/30/85 10000 9500 71843 81843 13789 20152 91914 112066 94782 206848.34 22337.834
4/30/86 10000 11145 82988 92988 10405 25615 126907 152522 132618 285140.44 24226.036
4/30/87 10000 12903 95891 105891 16369 28966 160524 189490 163387 352877.83 26512.234
4/30/88 10000 14087 109978 119978 10704 25876 154269 180145 159433 339578.57 28560.014
4/30/89 10000 12726 122704 132704 0 30686 182943 213629 203090 416719.79 29554.595
4/30/90 10000 19058 141762 151762 20532 29924 197951 227875 216017 443892.61 32283.099
4/30/91 10000 20377 162139 172139 1813 32688 218226 250914 258208 509122.26 33896.289
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/92 10000 19343 181482 191482 10356 35299 246995 282294 299340 581634.15 35859.072
4/30/93 10000 20398 201880 211880 6568 38281 274787 313068 346285 659353.13 37484.544
4/30/94 10000 21355 223235 233235 14849 37236 281522 318758 357382 676140.04 39517.244
4/30/95 10000 25170 248405 258405 16460 41066 328848 369914 421230 791144.98 41926.072
TOTAL $ 182066
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/57 10000.00 8.93 5.75 % 1119.821 8.420 9429
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/58 10000 271 271 10271 0 8822 0 8822 269 9091.59 1155.222
4/30/59 10000 382 653 10653 231 12307 304 12611 805 13416.21 1226.345
4/30/60 10000 410 1063 11063 540 10779 717 11496 1043 12539.80 1317.205
4/30/61 10000 474 1537 11537 685 12282 1610 13892 1724 15616.93 1442.007
4/30/62 10000 494 2031 12031 577 12069 2084 14153 2105 16259.00 1539.678
4/30/63 10000 552 2583 12583 770 12396 3050 15446 2808 18255.46 1679.436
4/30/64 10000 591 3174 13174 537 13098 3722 16820 3521 20341.61 1784.351
4/30/65 10000 632 3806 13806 749 14966 5136 20102 4723 24824.27 1906.626
4/30/66 10000 712 4518 14518 782 15183 5962 21145 5454 26600.18 2025.909
4/30/67 10000 822 5340 15340 891 14987 6868 21855 6328 28183.70 2172.991
4/30/68 10000 964 6304 16304 695 16162 7763 23925 7463 31388.19 2302.876
4/30/69 10000 1134 7438 17438 1451 17928 9886 27814 9137 36951.77 2493.372
4/30/70 10000 1241 8679 18679 2119 13448 9310 22758 8159 30917.95 2743.385
4/30/71 10000 1379 10058 20058 1042 15683 12912 28595 11729 40324.55 2978.179
4/30/72 10000 1492 11550 21550 417 15724 12780 28504 12741 41245.77 3129.421
4/30/73 10000 1585 13135 23135 1064 13765 12228 25993 12661 38655.65 3338.139
4/30/74 10000 1687 14822 24822 734 12632 12013 24645 13334 37979.47 3559.463
4/30/75 10000 2085 16907 26907 285 13238 12880 26118 16334 42452.45 3807.395
4/30/76 10000 2374 19281 29281 152 17353 15990 33343 22768 56111.76 4025.234
4/30/77 10000 2665 21946 31946 1449 17603 17507 35110 25491 60602.09 8657.442
4/30/78 10000 2959 24905 34905 1558 16502 18325 34827 27499 62325.73 9344.188
4/30/79 10000 3363 28268 38268 841 18597 19888 38485 31931 70415.60 9973.882
4/30/80 10000 3959 32227 42227 2294 18612 20296 38908 32704 71612.91 10899.986
4/30/81 10000 6306 38533 48533 9308 17021 35228 52249 47247 99496.71 13091.673
4/30/82 10000 5754 44287 54287 4639 15655 37059 52714 49090 101804.60 14564.320
4/30/83 10000 6700 50987 60987 7728 21680 59089 80769 75668 156437.68 16160.917
4/30/84 10000 7567 58554 68554 14879 19283 67683 86966 74314 161280.74 18731.793
4/30/85 10000 8975 67529 77529 13025 20739 85832 106571 88817 195388.06 21100.223
4/30/86 10000 10527 78056 88056 9829 26361 118618 144979 124363 269342.44 22883.810
4/30/87 10000 12189 90245 100245 15462 29810 150207 180017 153309 333326.91 25043.344
4/30/88 10000 13307 103552 113552 10111 26629 144451 171080 149684 320764.48 26977.669
4/30/89 10000 12021 115573 125573 0 31579 171300 202879 190752 393631.77 27917.147
4/30/90 10000 18001 133574 143574 19394 30795 185514 216309 202990 419299.13 30494.482
4/30/91 10000 19248 152822 162822 1712 33639 204530 238169 242745 480914.82 32018.297
4/30/92 10000 18273 171095 181095 9782 36327 231577 267904 281505 549409.24 33872.333
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/93 10000 19270 190365 200365 6204 39395 257683 297078 325744 622822.25 35407.746
4/30/94 10000 20174 210539 220539 14026 38320 264096 302416 336263 638679.12 37327.827
4/30/95 10000 23773 234312 244312 15548 42262 308611 350873 396439 747312.27 39603.194
TOTAL $ 171510
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/58 10000.00 8.05 5.75 % 1242.236 7.590 9429
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/59 10000 300 300 10300 0 13606 0 13606 328 13934.75 1273.743
4/30/60 10000 426 726 10726 560 11901 475 12376 647 13024.46 1368.115
4/30/61 10000 492 1218 11218 711 13576 1359 14935 1285 16220.52 1497.739
4/30/62 10000 514 1732 11732 599 13326 1863 15189 1698 16887.40 1599.186
4/30/63 10000 573 2305 12305 800 13704 2851 16555 2406 18961.03 1744.345
4/30/64 10000 614 2919 12919 558 14466 3536 18002 3125 21127.78 1853.314
4/30/65 10000 655 3574 13574 778 16535 4956 21491 4292 25783.72 1980.316
4/30/66 10000 739 4313 14313 812 16767 5811 22578 5050 27628.25 2104.208
4/30/67 10000 855 5168 15168 926 16558 6754 23312 5960 29272.97 2256.975
4/30/68 10000 1000 6168 16168 722 17806 7674 25480 7121 32601.30 2391.879
4/30/69 10000 1178 7346 17346 1507 19717 9849 29566 8813 38379.91 2589.737
4/30/70 10000 1290 8636 18636 2201 14819 9344 24163 7949 32112.86 2849.411
4/30/71 10000 1431 10067 20067 1083 17338 13010 30348 11534 41882.99 3093.278
4/30/72 10000 1550 11617 21617 433 17336 12889 30225 12614 42839.79 3250.364
4/30/73 10000 1646 13263 23263 1105 15186 12361 27547 12602 40149.58 3467.149
4/30/74 10000 1752 15015 25015 763 13942 12163 26105 13342 39447.27 3697.026
4/30/75 10000 2165 17180 27180 296 14610 13049 27659 16433 44093.11 3954.539
4/30/76 10000 2466 19646 29646 158 19079 16204 35283 22996 58280.33 4180.798
4/30/77 10000 2767 22413 32413 1505 19344 17778 37122 25822 62944.20 8992.028
4/30/78 10000 3071 25484 35484 1619 18160 18643 36803 27931 64734.46 9705.316
4/30/79 10000 3492 28976 38976 873 20376 20251 40627 32510 73136.96 10359.344
4/30/80 10000 4112 33088 43088 2383 20300 20710 41010 33370 74380.55 11321.240
4/30/81 10000 6550 39638 49638 9668 18882 36130 55012 48329 103341.97 13597.628
4/30/82 10000 5977 45615 55615 4818 17366 38068 55434 50305 105739.05 15127.189
4/30/83 10000 6960 52575 62575 8027 24050 60787 84837 77646 162483.52 16785.488
4/30/84 10000 7860 60435 70435 15454 21391 69778 91169 76344 167513.77 19455.722
4/30/85 10000 9321 69756 79756 13528 23006 88588 111594 91345 202939.25 21915.686
4/30/86 10000 10934 80690 90690 10208 29242 122490 151732 128019 279751.76 23768.204
4/30/87 10000 12660 93350 103350 16059 33068 155207 188275 157934 346209.02 26011.196
4/30/88 10000 13820 107170 117170 10501 29540 149314 178854 154307 333161.09 28020.277
4/30/89 10000 12485 119655 129655 0 35031 177067 212098 196746 408844.49 28996.063
4/30/90 10000 18696 138351 148351 20144 34161 191851 226012 209491 435503.79 31673.003
4/30/91 10000 19991 158342 168342 1779 37317 211526 248843 250657 499500.75 33255.709
4/30/92 10000 18978 177320 187320 10160 40298 239545 279843 290799 570642.29 35181.399
4/30/93 10000 20014 197334 207334 6444 43702 266577 310279 336613 646892.53 36776.153
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/94 10000 20955 218289 228289 14568 42509 273267 315776 347586 663362.21 38770.439
4/30/95 10000 24694 242983 252983 16149 46882 319396 366278 409915 776193.81 41133.747
TOTAL $ 177899
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/59 10000.00 11.06 5.75 % 904.159 10.420 9421
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/60 10000 218 218 10218 0 8620 0 8620 189 8809.86 925.406
4/30/61 10000 333 551 10551 481 9844 546 10390 581 10971.70 1013.084
4/30/62 10000 348 899 10899 405 9652 900 10552 871 11422.80 1081.704
4/30/63 10000 389 1288 11288 541 9939 1551 11490 1335 12825.43 1179.892
4/30/64 10000 415 1703 11703 378 10482 1999 12481 1810 14291.05 1253.601
4/30/65 10000 443 2146 12146 527 11985 2901 14886 2554 17440.36 1339.505
4/30/66 10000 499 2645 12645 549 12146 3477 15623 3064 18688.03 1423.307
4/30/67 10000 578 3223 13223 626 12001 4117 16118 3682 19800.55 1526.642
4/30/68 10000 677 3900 13900 489 12866 4727 17593 4458 22051.90 1617.894
4/30/69 10000 796 4696 14696 1019 14222 6163 20385 5575 25960.60 1751.727
4/30/70 10000 872 5568 15568 1489 10712 5933 16645 5076 21721.50 1927.374
4/30/71 10000 969 6537 16537 732 12575 8322 20897 7433 28330.13 2092.328
4/30/72 10000 1048 7585 17585 293 12539 8261 20800 8178 28977.35 2198.585
4/30/73 10000 1114 8699 18699 748 10989 7957 18946 8211 27157.67 2345.222
4/30/74 10000 1184 9883 19883 516 10094 7853 17947 8735 26682.60 2500.712
4/30/75 10000 1465 11348 21348 200 10577 8435 19012 10813 29825.11 2674.897
4/30/76 10000 1667 13015 23015 107 13758 10480 24238 15183 39421.49 2827.940
4/30/77 10000 1873 14888 24888 1018 13941 11542 25483 17093 42576.20 6082.313
4/30/78 10000 2077 16965 26965 1095 13108 12145 25253 18533 43787.14 6564.789
4/30/79 10000 2362 19327 29327 591 14639 13215 27854 21617 49470.69 7007.181
4/30/80 10000 2781 22108 32108 1612 14514 13568 28082 22230 50311.87 7657.819
4/30/81 10000 4431 26539 36539 6539 13743 23891 37634 32267 69901.73 9197.596
4/30/82 10000 4043 30582 40582 3259 12640 25246 37886 33637 71523.14 10232.209
4/30/83 10000 4707 35289 45289 5430 17505 40419 57924 51981 109905.79 11353.904
4/30/84 10000 5317 40606 50606 10454 15570 46578 62148 51160 113308.31 13160.082
4/30/85 10000 6306 46912 56912 9151 16745 59255 76000 61270 137270.52 14824.030
4/30/86 10000 7397 54309 64309 6905 21284 82005 103289 85938 189227.41 16077.095
4/30/87 10000 8563 62872 72872 10863 24069 104025 128094 106085 234179.89 17594.282
4/30/88 10000 9348 72220 82220 7103 21501 100141 121642 103712 225354.12 18953.248
4/30/89 10000 8445 80665 90665 0 25497 118754 144251 132296 276547.25 19613.280
4/30/90 10000 12647 93312 103312 13626 24864 128780 153644 140935 294579.93 21423.995
4/30/91 10000 13522 106834 116834 1203 27161 141996 169157 168711 337868.22 22494.555
4/30/92 10000 12836 119670 129670 6872 29331 160862 190193 195796 385989.22 23797.116
4/30/93 10000 13538 133208 143208 4358 31808 179048 210856 226709 437565.80 24875.827
4/30/94 10000 14174 147382 157382 9854 30940 183608 214548 234158 448706.09 26224.786
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/95 10000 16702 164084 174084 10923 34123 214683 248806 276220 525026.69 27823.354
TOTAL $ 119956
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/60 10000.00 9.46 5.75 % 1057.082 8.920 9429
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/61 10000 277 277 10277 0 11462 0 11462 297 11759.23 1085.802
4/30/62 10000 373 650 10650 434 11223 401 11624 619 12242.69 1159.346
4/30/63 10000 416 1066 11066 580 11574 1070 12644 1102 13746.01 1264.582
4/30/64 10000 445 1511 11511 405 12193 1526 13719 1597 15316.82 1343.581
4/30/65 10000 474 1985 11985 564 13949 2400 16349 2343 18692.16 1435.650
4/30/66 10000 535 2520 12520 589 14127 3014 17141 2887 20029.37 1525.466
4/30/67 10000 619 3139 13139 671 13965 3704 17669 3552 21221.74 1636.217
4/30/68 10000 725 3864 13864 524 14922 4338 19260 4373 23634.66 1734.018
4/30/69 10000 853 4717 14717 1092 16462 5822 22284 5539 27823.91 1877.457
4/30/70 10000 934 5651 15651 1596 12428 5750 18178 5103 23280.56 2065.711
4/30/71 10000 1039 6690 16690 785 14645 8169 22814 7549 30363.53 2242.506
4/30/72 10000 1123 7813 17813 314 14556 8136 22692 8365 31057.16 2356.386
4/30/73 10000 1194 9007 19007 801 12765 7893 20658 8449 29106.88 2513.547
4/30/74 10000 1270 10277 20277 553 11733 7829 19562 9035 28597.72 2680.198
4/30/75 10000 1570 11847 21847 214 12293 8425 20718 11248 31965.77 2866.885
4/30/76 10000 1788 13635 23635 115 15919 10478 26397 15853 42250.93 3030.913
4/30/77 10000 2006 15641 25641 1091 16120 11613 27733 17898 45632.07 6518.867
4/30/78 10000 2227 17868 27868 1173 15184 12288 27472 19458 46929.93 7035.971
4/30/79 10000 2532 20400 30400 633 16868 13406 30274 22746 53021.44 7510.118
4/30/80 10000 2981 23381 33381 1727 16632 13849 30481 23441 53923.00 8207.457
4/30/81 10000 4748 28129 38129 7009 16068 24746 40814 34104 74918.91 9857.751
4/30/82 10000 4333 32462 42462 3493 14778 26267 41045 35611 76656.70 10966.624
4/30/83 10000 5045 37507 47507 5819 20465 42226 62691 55103 117794.24 12168.826
4/30/84 10000 5699 43206 53206 11204 18203 48947 67150 54290 121440.95 14104.640
4/30/85 10000 6759 49965 59965 9807 19577 62460 82037 65086 147123.04 15888.017
4/30/86 10000 7928 57893 67893 7401 24884 86560 111444 91365 202809.12 17231.021
4/30/87 10000 9178 67071 77071 11642 28140 109985 138125 112863 250988.05 18857.104
4/30/88 10000 10018 77089 87089 7613 25137 105984 131121 110407 241528.80 20313.608
4/30/89 10000 9050 86139 96139 0 29810 125683 155493 140903 296396.30 21021.014
4/30/90 10000 13554 99693 109693 14603 29070 136467 165537 150186 315723.27 22961.692
4/30/91 10000 14492 114185 124185 1289 31755 150489 182244 179874 362118.58 24109.093
4/30/92 10000 13758 127943 137943 7366 34292 170573 204865 208828 413693.39 25505.141
4/30/93 10000 14511 142454 152454 4671 37188 189910 227098 241873 468971.86 26661.277
4/30/94 10000 15189 157643 167643 10561 36173 194851 231024 249887 480911.71 28107.055
4/30/95 10000 17902 175545 185545 11707 39894 227958 267852 294858 562710.17 29820.359
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL $ 128046
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/61 10000.00 10.98 5.75 % 910.747 10.350 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/62 10000 230 230 10230 0 9629 0 9629 203 9832.71 931.128
4/30/63 10000 334 564 10564 466 9942 522 10464 575 11040.08 1015.647
4/30/64 10000 357 921 10921 325 10466 874 11340 961 12301.70 1079.096
4/30/65 10000 382 1303 11303 453 11977 1524 13501 1511 15012.61 1153.042
4/30/66 10000 430 1733 11733 473 12124 2014 14138 1948 16086.59 1225.178
4/30/67 10000 497 2230 12230 539 11991 2571 14562 2483 17044.23 1314.127
4/30/68 10000 582 2812 12812 421 12779 3069 15848 3133 18982.18 1392.676
4/30/69 10000 686 3498 13498 877 14077 4229 18306 4041 22346.79 1507.880
4/30/70 10000 750 4248 14248 1282 10646 4271 14917 3780 18697.79 1659.076
4/30/71 10000 833 5081 15081 630 12581 6134 18715 5671 24386.46 1801.068
4/30/72 10000 901 5982 15982 252 12474 6125 18599 6344 24943.58 1892.533
4/30/73 10000 959 6941 16941 643 10946 5978 16924 6453 23377.20 2018.756
4/30/74 10000 1021 7962 17962 444 10066 5953 16019 6949 22968.28 2152.603
4/30/75 10000 1262 9224 19224 172 10545 6416 16961 8712 25673.33 2302.541
4/30/76 10000 1436 10660 20660 92 13609 7985 21594 12339 33933.88 2434.281
4/30/77 10000 1611 12271 22271 876 13774 8895 22669 13979 36649.43 5235.633
4/30/78 10000 1789 14060 24060 942 12993 9453 22446 15246 37691.79 5650.944
4/30/79 10000 2034 16094 26094 509 14375 10335 24710 17873 42584.19 6031.755
4/30/80 10000 2394 18488 28488 1387 14114 10728 24842 18465 43308.27 6591.822
4/30/81 10000 3814 22302 32302 5629 13843 19385 33228 26943 60171.14 7917.255
4/30/82 10000 3480 25782 35782 2805 12732 20646 33378 28188 61566.84 8807.846
4/30/83 10000 4052 29834 39834 4674 17632 33289 50921 43685 94606.44 9773.393
4/30/84 10000 4577 34411 44411 8998 15683 38757 54440 43095 97535.29 11328.141
4/30/85 10000 5427 39838 49838 7877 16867 49568 66435 51726 118161.89 12760.463
4/30/86 10000 6366 46204 56204 5944 21439 68762 90201 72685 162886.16 13839.096
4/30/87 10000 7371 53575 63575 9351 24244 87477 111721 89860 201581.05 15145.083
4/30/88 10000 8048 61623 71623 6114 21658 84354 106012 87971 193983.86 16314.875
4/30/89 10000 7269 68892 78892 0 25683 100033 125716 112334 238050.69 16883.028
4/30/90 10000 10887 79779 89779 11729 25046 108717 133763 119810 253573.14 18441.683
4/30/91 10000 11639 91418 101418 1036 27359 119897 147256 143579 290835.53 19363.218
4/30/92 10000 11050 102468 112468 5916 29545 135950 165495 166762 332257.84 20484.454
4/30/93 10000 11652 114120 124120 3752 32040 151392 183432 193222 376654.71 21413.002
4/30/94 10000 12200 126320 136320 8482 31166 155391 186557 199687 386244.25 22574.182
4/30/95 10000 14379 140699 150699 9403 34372 181868 216240 235700 451940.71 23950.223
TOTAL $ 102493
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/62 10000.00 10.59 5.75 % 944.287 9.980 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/63 10000 248 248 10248 0 10275 0 10275 266 10541.50 969.779
4/30/64 10000 341 589 10589 310 10808 316 11124 621 11746.13 1030.362
4/30/65 10000 365 954 10954 433 12371 859 13230 1104 14334.62 1100.969
4/30/66 10000 411 1365 11365 451 12518 1324 13842 1518 15360.10 1169.848
4/30/67 10000 475 1840 11840 515 12385 1858 14243 2032 16274.52 1254.782
4/30/68 10000 557 2397 12397 402 13164 2318 15482 2643 18124.94 1329.783
4/30/69 10000 655 3052 13052 838 14475 3379 17854 3484 21337.60 1439.784
4/30/70 10000 717 3769 13769 1224 10969 3566 14535 3318 17853.40 1584.152
4/30/71 10000 797 4566 14566 602 13003 5226 18229 5056 23285.18 1719.733
4/30/72 10000 861 5427 15427 241 12859 5244 18103 5713 23817.14 1807.067
4/30/73 10000 915 6342 16342 614 11289 5174 16463 5858 22321.49 1927.590
4/30/74 10000 974 7316 17316 424 10386 5189 15575 6355 21931.04 2055.393
4/30/75 10000 1204 8520 18520 164 10880 5609 16489 8025 24513.95 2198.561
4/30/76 10000 1371 9891 19891 88 13992 6990 20982 11419 32401.45 2324.351
4/30/77 10000 1538 11429 21429 837 14153 7855 22008 12986 34994.38 4999.197
4/30/78 10000 1707 13136 23136 900 13368 8412 21780 14209 35989.70 5395.756
4/30/79 10000 1940 15076 25076 486 14727 9230 23957 16704 40661.16 5759.370
4/30/80 10000 2286 17362 27362 1325 14390 9661 24051 17301 41352.54 6294.146
4/30/81 10000 3641 21003 31003 5375 14353 17786 32139 25314 57453.92 7559.726
4/30/82 10000 3323 24326 34326 2679 13201 19048 32249 26537 58786.59 8410.098
4/30/83 10000 3869 28195 38195 4463 18281 30865 49146 41188 90334.20 9332.045
4/30/84 10000 4370 32565 42565 8592 16261 36187 52448 40682 93130.79 10816.584
4/30/85 10000 5182 37747 47747 7521 17488 46448 63936 48889 112825.90 12184.222
4/30/86 10000 6079 43826 53826 5675 22229 64536 86765 68765 155530.50 13214.146
4/30/87 10000 7039 50865 60865 8928 25137 82259 107396 85082 192478.00 14461.157
4/30/88 10000 7684 58549 68549 5838 22455 79413 101868 83355 185223.89 15578.124
4/30/89 10000 6940 65489 75489 0 26629 94174 120803 106497 227300.76 16120.621
4/30/90 10000 10395 75884 85884 11199 25968 102499 128467 113655 242122.22 17608.889
4/30/91 10000 11115 86999 96999 989 28366 113053 141419 136282 277701.90 18488.808
4/30/92 10000 10549 97548 107548 5649 30633 128267 158900 158353 317253.66 19559.412
4/30/93 10000 11126 108674 118674 3582 33220 142881 176101 183544 359645.65 20446.029
4/30/94 10000 11646 120320 130320 8099 32314 146745 179059 189743 368802.10 21554.769
4/30/95 10000 13728 134048 144048 8978 35637 171859 207496 224035 431531.82 22868.671
TOTAL $ 97421
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/63 10000.00 11.11 5.75 % 900.090 10.470 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/64 10000 236 236 10236 0 10272 0 10272 237 10509.17 921.857
4/30/65 10000 326 562 10562 387 11761 443 12204 621 12825.06 985.028
4/30/66 10000 368 930 10930 404 11896 857 12753 989 13742.55 1046.652
4/30/67 10000 424 1354 11354 461 11772 1337 13109 1451 14560.64 1122.640
4/30/68 10000 498 1852 11852 359 12489 1740 14229 1987 16216.19 1189.742
4/30/69 10000 587 2439 12439 750 13716 2664 16380 2711 19090.54 1288.160
4/30/70 10000 642 3081 13081 1095 10408 2912 13320 2653 15973.24 1417.324
4/30/71 10000 712 3793 13793 539 12365 4331 16696 4136 20833.00 1538.626
4/30/72 10000 770 4563 14563 215 12207 4362 16569 4739 21308.94 1616.763
4/30/73 10000 819 5382 15382 550 10719 4338 15057 4912 19970.81 1724.595
4/30/74 10000 871 6253 16253 379 9867 4373 14240 5381 19621.48 1838.938
4/30/75 10000 1077 7330 17330 147 10335 4736 15071 6861 21932.36 1967.028
4/30/76 10000 1226 8556 18556 79 13255 5907 19162 9827 28989.23 2079.571
4/30/77 10000 1377 9933 19933 749 13403 6680 20083 11226 31309.08 4472.726
4/30/78 10000 1528 11461 21461 805 12673 7191 19864 12335 32199.58 4827.522
4/30/79 10000 1737 13198 23198 434 13916 7911 21827 14552 36379.08 5152.845
4/30/80 10000 2046 15244 25244 1185 13551 8326 21877 15120 36997.65 5631.301
4/30/81 10000 3257 18501 28501 4809 13681 15518 29199 22204 51403.36 6763.600
4/30/82 10000 2972 21473 31473 2396 12583 16680 29263 23332 52595.70 7524.421
4/30/83 10000 3461 24934 34934 3993 17426 27112 44538 36283 80821.00 8349.277
4/30/84 10000 3910 28844 38844 7687 15500 31929 47429 35894 83323.09 9677.479
4/30/85 10000 4637 33481 43481 6729 16670 41076 57746 43198 100944.08 10901.089
4/30/86 10000 5439 38920 48920 5078 21188 57129 78317 60834 139151.41 11822.550
4/30/87 10000 6297 45217 55217 7988 23960 72906 96866 75341 172207.93 12938.237
4/30/88 10000 6874 52091 62091 5224 21404 70433 91837 73880 165717.75 13937.574
4/30/89 10000 6210 58301 68301 0 25383 83524 108907 94456 203363.45 14422.940
4/30/90 10000 9299 67600 77600 10020 24752 90991 115743 100881 216624.06 15754.477
4/30/91 10000 9943 77543 87543 885 27039 100367 127406 121050 248456.78 16541.730
4/30/92 10000 9440 86983 96983 5054 29199 113917 143116 140727 283843.33 17499.589
4/30/93 10000 9954 96937 106937 3205 31665 126921 158586 163184 321770.97 18292.835
4/30/94 10000 10424 107361 117361 7246 30801 130403 161204 168759 329963.12 19284.811
4/30/95 10000 12282 119643 129643 8032 33969 152781 186750 199336 386086.65 20460.342
TOTAL $ 86884
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/64 10000.00 11.56 5.75 % 865.052 10.900 9429
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/65 10000 226 226 10226 0 11272 0 11272 237 11509.26 883.967
4/30/66 10000 331 557 10557 362 11398 369 11767 565 12332.61 939.270
4/30/67 10000 382 939 10939 413 11282 803 12085 981 13066.78 1007.461
4/30/68 10000 447 1386 11386 322 11945 1153 13098 1455 14552.47 1067.679
4/30/69 10000 526 1912 11912 673 13103 1951 15054 2078 17131.91 1155.999
4/30/70 10000 576 2488 12488 983 9956 2271 12227 2106 14334.45 1271.912
4/30/71 10000 639 3127 13127 483 11857 3466 15323 3372 18695.62 1380.769
4/30/72 10000 691 3818 13818 193 11682 3511 15193 3929 19122.71 1450.889
4/30/73 10000 735 4553 14553 493 10263 3537 13800 4121 17921.86 1547.657
4/30/74 10000 783 5336 15336 340 9450 3595 13045 4563 17608.35 1650.268
4/30/75 10000 967 6303 16303 132 9898 3906 13804 5878 19682.15 1765.215
4/30/76 10000 1101 7404 17404 71 12660 4878 17538 8477 26014.98 1866.211
4/30/77 10000 1235 8639 18639 672 12796 5570 18366 9730 28096.82 4013.832
4/30/78 10000 1372 10011 20011 722 12112 6044 18156 10739 28895.96 4332.228
4/30/79 10000 1558 11569 21569 390 13257 6674 19931 12715 32646.65 4624.172
4/30/80 10000 1835 13404 23404 1064 12862 7084 19946 13255 33201.75 5053.540
4/30/81 10000 2924 16328 26328 4315 13149 13444 26593 19536 46129.48 6069.668
4/30/82 10000 2668 18996 28996 2151 12093 14525 26618 20581 47199.49 6752.431
4/30/83 10000 3106 22102 32102 3583 16747 23716 40463 32065 72528.92 7492.657
4/30/84 10000 3509 25611 35611 6899 14896 28107 43003 31771 74774.31 8684.589
4/30/85 10000 4161 29772 39772 6039 16021 36274 52295 38292 90587.42 9782.659
4/30/86 10000 4880 34652 44652 4557 20363 50521 70884 53990 124874.77 10609.581
4/30/87 10000 5651 40303 50303 7169 23028 64581 87609 66930 154539.79 11610.803
4/30/88 10000 6169 46472 56472 4688 20571 62452 83023 65692 148715.48 12507.610
4/30/89 10000 5573 52045 62045 0 24394 74060 98454 84044 182498.81 12943.178
4/30/90 10000 8346 60391 70391 8992 23789 80783 104572 89826 194398.90 14138.102
4/30/91 10000 8923 69314 79314 794 25986 89117 115103 107862 222965.68 14844.586
4/30/92 10000 8471 77785 87785 4535 28062 101200 129262 125459 254721.64 15704.170
4/30/93 10000 8932 86717 96717 2876 30433 112783 143216 145542 288758.00 16416.032
4/30/94 10000 9353 96070 106070 6503 29602 115938 145540 150569 296109.66 17306.234
4/30/95 10000 11021 107091 117091 7208 32647 135908 168555 177920 346475.05 18361.158
TOTAL $ 77622
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/65 10000.00 13.29 5.75 % 752.445 12.530 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/66 10000 212 212 10212 0 9888 0 9888 208 10097.38 769.032
4/30/67 10000 312 524 10524 338 9791 356 10147 551 10698.49 824.864
4/30/68 10000 366 890 10890 264 10349 635 10984 931 11914.90 874.167
4/30/69 10000 430 1320 11320 551 11340 1265 12605 1422 14026.82 946.479
4/30/70 10000 471 1791 11791 805 8627 1601 10228 1508 11736.40 1041.384
4/30/71 10000 523 2314 12314 396 10293 2520 12813 2493 15307.12 1130.511
4/30/72 10000 566 2880 12880 158 10126 2570 12696 2960 15656.81 1187.922
4/30/73 10000 602 3482 13482 404 8898 2626 11524 3149 14673.60 1267.151
4/30/74 10000 640 4122 14122 279 8196 2694 10890 3526 14416.91 1351.164
4/30/75 10000 791 4913 14913 108 8584 2937 11521 4594 16114.86 1445.279
4/30/76 10000 902 5815 15815 58 10955 3674 14629 6671 21299.91 1527.971
4/30/77 10000 1012 6827 16827 550 11069 4239 15308 7696 23004.43 3286.348
4/30/78 10000 1122 7949 17949 592 10487 4639 15126 8532 23658.71 3547.034
4/30/79 10000 1276 9225 19225 319 11446 5142 16588 10141 26729.61 3786.064
4/30/80 10000 1502 10727 20727 871 11072 5506 16578 10606 27184.10 4137.610
4/30/81 10000 2393 13120 23120 3533 11437 10642 22079 15689 37768.72 4969.569
4/30/82 10000 2185 15305 25305 1761 10519 11556 22075 16569 38644.78 5528.581
4/30/83 10000 2543 17848 27848 2934 14567 18953 33520 25863 59383.36 6134.645
4/30/84 10000 2873 20721 30721 5648 12957 22599 35556 25665 61221.79 7110.545
4/30/85 10000 3407 24128 34128 4944 13935 29255 43190 30978 74168.85 8009.595
4/30/86 10000 3996 28124 38124 3731 17713 40799 58512 43729 102241.75 8686.640
4/30/87 10000 4627 32751 42751 5869 20030 52237 72267 54263 126530.10 9506.394
4/30/88 10000 5051 37802 47802 3838 17893 50562 68455 53306 121761.44 10240.659
4/30/89 10000 4562 42364 52364 0 21219 59960 81179 68242 149421.69 10597.283
4/30/90 10000 6834 49198 59198 7362 20692 65481 86173 72991 159164.95 11575.633
4/30/91 10000 7307 56505 66505 650 22603 72243 94846 87708 182554.15 12154.071
4/30/92 10000 6936 63441 73441 3713 24409 82079 106488 102066 208554.47 12857.859
4/30/93 10000 7315 70756 80756 2355 26471 91497 117968 118453 236421.84 13440.696
4/30/94 10000 7658 78414 88414 5324 25749 94104 119853 122588 242441.05 14169.553
4/30/95 10000 9024 87438 97438 5902 28397 110369 138766 144911 283677.96 15033.278
TOTAL $ 63257
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/66 10000.00 13.37 5.75 % 747.943 12.600 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/67 10000 227 227 10227 0 9710 0 9710 251 9961.43 768.037
4/30/68 10000 341 568 10568 246 10245 251 10496 598 11094.07 813.945
4/30/69 10000 401 969 10969 513 11214 811 12025 1035 13060.53 881.277
4/30/70 10000 440 1409 11409 749 8542 1206 9748 1179 10927.87 969.643
4/30/71 10000 487 1896 11896 368 10212 1995 12207 2044 14252.61 1052.630
4/30/72 10000 527 2423 12423 147 10030 2057 12087 2491 14578.21 1106.086
4/30/73 10000 561 2984 12984 376 8817 2148 10965 2698 13662.75 1179.857
4/30/74 10000 596 3580 13580 260 8124 2233 10357 3067 13423.75 1258.083
4/30/75 10000 737 4317 14317 101 8507 2447 10954 4050 15004.71 1345.714
4/30/76 10000 839 5156 15156 54 10831 3067 13898 5933 19832.57 1422.709
4/30/77 10000 941 6097 16097 512 10940 3592 14532 6887 21419.69 3059.956
4/30/78 10000 1046 7143 17143 551 10374 3978 14352 7676 22028.91 3302.685
4/30/79 10000 1188 8331 18331 297 11291 4433 15724 9164 24888.26 3525.249
4/30/80 10000 1399 9730 19730 811 10889 4803 15692 9619 25311.46 3852.580
4/30/81 10000 2229 11959 21959 3290 11369 9507 20876 14290 35166.94 4627.229
4/30/82 10000 2034 13993 23993 1640 10456 10390 20846 15136 35982.65 5147.732
4/30/83 10000 2368 16361 26361 2732 14480 17135 31615 23677 55292.59 5712.044
4/30/84 10000 2675 19036 29036 5259 12880 20587 33467 23537 57004.34 6620.713
4/30/85 10000 3172 22208 32208 4604 13852 26749 40601 28458 69059.51 7457.830
4/30/86 10000 3722 25930 35930 3474 17607 37365 54972 40226 95198.53 8088.235
4/30/87 10000 4308 30238 40238 5465 19910 47934 67844 49969 117813.68 8851.516
4/30/88 10000 4703 34941 44941 3574 17786 46449 64235 49138 113373.50 9535.198
4/30/89 10000 4249 39190 49190 0 21092 55083 76175 62953 139128.28 9867.254
4/30/90 10000 6362 45552 55552 6855 20568 60242 80810 67390 148200.36 10778.208
4/30/91 10000 6801 52353 62353 605 22468 66471 88939 81039 169978.28 11316.796
4/30/92 10000 6458 58811 68811 3457 24263 75566 99829 94358 194187.51 11972.103
4/30/93 10000 6812 65623 75623 2193 26313 84262 110575 109560 220135.19 12514.792
4/30/94 10000 7132 72755 82755 4957 25595 86715 112310 113429 225739.76 13193.440
4/30/95 10000 8405 81160 91160 5495 28227 101767 129994 134141 264135.92 13997.664
TOTAL $ 58585
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/67 10000.00 13.29 5.75 % 752.445 12.530 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/68 10000 235 235 10235 0 10269 0 10269 233 10502.66 770.555
4/30/69 10000 380 615 10615 485 11230 512 11742 622 12364.27 834.296
4/30/70 10000 415 1030 11030 709 8564 944 9508 837 10345.32 917.953
4/30/71 10000 461 1491 11491 349 10257 1644 11901 1592 13492.81 996.515
4/30/72 10000 500 1991 11991 140 10059 1713 11772 2029 13801.06 1047.121
4/30/73 10000 532 2523 12523 356 8844 1827 10671 2263 12934.38 1116.959
4/30/74 10000 564 3087 13087 246 8151 1923 10074 2633 12708.12 1191.014
4/30/75 10000 697 3784 13784 95 8536 2116 10652 3553 14204.80 1273.973
4/30/76 10000 795 4579 14579 51 10846 2658 13504 5271 18775.29 1346.864
4/30/77 10000 892 5471 15471 485 10952 3153 14105 6172 20277.78 2896.826
4/30/78 10000 990 6461 16461 521 10394 3528 13922 6931 20854.53 3126.615
4/30/79 10000 1124 7585 17585 281 11285 3950 15235 8327 23561.44 3337.315
4/30/80 10000 1325 8910 18910 768 10851 4321 15172 8789 23962.06 3647.193
4/30/81 10000 2109 11019 21019 3114 11437 8720 20157 13135 33292.13 4380.544
4/30/82 10000 1925 12944 22944 1552 10519 9579 20098 13966 34064.35 4873.298
4/30/83 10000 2241 15185 25185 2586 14567 15864 30431 21913 52344.87 5407.528
4/30/84 10000 2532 17717 27717 4979 12957 19172 32129 21836 53965.40 6267.758
4/30/85 10000 3002 20719 30719 4358 13935 24982 38917 26460 65377.90 7060.248
4/30/86 10000 3523 24242 34242 3289 17713 34939 52652 37471 90123.42 7657.045
4/30/87 10000 4078 28320 38320 5174 20030 44888 64918 46614 111532.96 8379.636
4/30/88 10000 4452 32772 42772 3383 17893 43535 61428 45901 107329.48 9026.870
4/30/89 10000 4022 36794 46794 0 21219 51626 72845 58866 131711.27 9341.225
4/30/90 10000 6024 42818 52818 6489 20692 56524 77216 63083 140299.71 10203.615
4/30/91 10000 6441 49259 59259 573 22603 62374 84977 75939 160916.62 10713.490
4/30/92 10000 6116 55375 65375 3273 24409 70940 95349 88486 183835.23 11333.861
4/30/93 10000 6449 61824 71824 2076 26471 79122 105593 102806 208399.57 11847.616
4/30/94 10000 6751 68575 78575 4693 25749 81461 107210 106495 213705.37 12490.086
4/30/95 10000 7956 76531 86531 5202 28397 95646 124043 126011 250054.62 13251.437
TOTAL $ 55227
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/68 10000.00 13.66 5.75 % 732.064 12.870 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/69 10000 251 251 10251 0 10866 0 10866 237 11103.47 749.222
4/30/70 10000 373 624 10624 637 8297 490 8787 502 9290.40 824.348
4/30/71 10000 414 1038 11038 313 9957 1036 10993 1123 12116.94 894.899
4/30/72 10000 449 1487 11487 125 9749 1116 10865 1529 12393.76 940.346
4/30/73 10000 476 1963 11963 320 8575 1268 9843 1772 11615.49 1003.065
4/30/74 10000 507 2470 12470 221 7906 1381 9287 2125 11412.31 1069.570
4/30/75 10000 627 3097 13097 86 8279 1539 9818 2939 12756.38 1144.070
4/30/76 10000 714 3811 13811 46 10491 1944 12435 4425 16860.80 1209.526
4/30/77 10000 800 4611 14611 435 10590 2386 12976 5233 18210.08 2601.440
4/30/78 10000 888 5499 15499 468 10062 2740 12802 5926 18728.01 2807.798
4/30/79 10000 1010 6509 16509 253 10889 3102 13991 7167 21158.90 2997.012
4/30/80 10000 1190 7699 17699 689 10434 3474 13908 7610 21518.67 3275.293
4/30/81 10000 1896 9595 19595 2797 11127 7325 18452 11445 29897.37 3933.864
4/30/82 10000 1729 11324 21324 1394 10234 8137 18371 12219 30590.85 4376.374
4/30/83 10000 2014 13338 23338 2322 14173 13603 27776 19231 47007.34 4856.130
4/30/84 10000 2273 15611 25611 4471 12606 16645 29251 19211 48462.62 5628.643
4/30/85 10000 2697 18308 28308 3914 13558 21819 35377 23334 58711.38 6340.322
4/30/86 10000 3163 21471 31471 2953 17233 30594 47827 33106 80933.64 6876.265
4/30/87 10000 3662 25133 35133 4646 19488 39426 58914 41246 100160.08 7525.175
4/30/88 10000 3998 29131 39131 3038 17408 38305 55713 40672 96385.25 8106.413
4/30/89 10000 3612 32743 42743 0 20644 45425 66069 52211 118280.84 8388.712
4/30/90 10000 5408 38151 48151 5828 20132 49846 69978 56015 125993.51 9163.164
4/30/91 10000 5785 43936 53936 515 21991 55016 77007 67501 144508.17 9621.050
4/30/92 10000 5489 49425 59425 2939 23748 62628 86376 78713 165089.79 10178.162
4/30/93 10000 5790 55215 65215 1864 25754 69885 95639 91510 187149.40 10639.534
4/30/94 10000 6060 61275 71275 4215 25051 72018 97069 94845 191914.18 11216.492
4/30/95 10000 7144 68419 78419 4672 27628 84639 112267 112289 224556.98 11900.211
TOTAL $ 49161
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/69 10000.00 14.69 5.75 % 680.735 13.850 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/70 10000 240 240 10240 0 7682 0 7682 211 7893.83 700.428
4/30/71 10000 352 592 10592 266 9239 367 9606 688 10295.47 760.375
4/30/72 10000 380 972 10972 106 9029 457 9486 1045 10530.68 798.989
4/30/73 10000 405 1377 11377 272 7945 643 8588 1281 9869.38 852.278
4/30/74 10000 431 1808 11808 188 7328 772 8100 1597 9696.74 908.785
4/30/75 10000 532 2340 12340 73 7672 887 8559 2279 10838.77 972.087
4/30/76 10000 606 2946 12946 39 9698 1135 10833 3493 14326.20 1027.705
4/30/77 10000 681 3627 13627 370 9785 1509 11294 4178 15472.67 2210.381
4/30/78 10000 755 4382 14382 398 9306 1829 11135 4777 15912.74 2385.719
4/30/79 10000 858 5240 15240 215 10039 2117 12156 5822 17978.21 2546.490
4/30/80 10000 1010 6250 16250 586 9585 2478 12063 6221 18283.91 2782.939
4/30/81 10000 1610 7860 17860 2376 10347 5636 15983 9420 25403.08 3342.511
4/30/82 10000 1469 9329 19329 1184 9517 6373 15890 10102 25992.34 3718.503
4/30/83 10000 1711 11040 21040 1973 13179 10810 23989 15952 39941.02 4126.138
4/30/84 10000 1932 12972 22972 3799 11722 13476 25198 15979 41177.53 4782.524
4/30/85 10000 2292 15264 25264 3325 12607 17823 30430 19455 49885.68 5387.222
4/30/86 10000 2687 17951 27951 2509 16025 25085 41110 27657 68767.39 5842.599
4/30/87 10000 3113 21064 31064 3948 18121 32470 50591 34512 85103.62 6393.961
4/30/88 10000 3397 24461 34461 2581 16188 31627 47815 34081 81896.23 6887.824
4/30/89 10000 3069 27530 37530 0 19197 37506 56703 43797 100500.41 7127.689
4/30/90 10000 4596 32126 42126 4952 18720 41289 60009 47044 107053.69 7785.723
4/30/91 10000 4914 37040 47040 437 20449 45583 66032 56753 122785.15 8174.777
4/30/92 10000 4667 41707 51707 2497 22083 51959 74042 66230 140272.86 8648.142
4/30/93 10000 4918 46625 56625 1584 23948 58019 81967 77049 159016.40 9040.159
4/30/94 10000 5152 51777 61777 3581 23295 59868 83163 79901 163064.87 9530.384
4/30/95 10000 6070 57847 67847 3970 25691 70456 96147 94653 190800.65 10111.322
TOTAL $ 41229
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/70 10000.00 11.42 5.75 % 875.657 10.760 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/71 10000 309 309 10309 0 11863 0 11863 358 12222.50 902.695
4/30/72 10000 451 760 10760 126 11577 125 11702 800 12501.72 948.537
4/30/73 10000 480 1240 11240 323 10190 395 10585 1132 11716.66 1011.801
4/30/74 10000 512 1752 11752 223 9400 575 9975 1536 11511.69 1078.884
4/30/75 10000 632 2384 12384 86 9841 696 10537 2330 12867.48 1154.034
4/30/76 10000 720 3104 13104 46 12413 909 13322 3685 17007.64 1220.061
4/30/77 10000 808 3912 13912 439 12521 1351 13872 4496 18368.67 2624.095
4/30/78 10000 897 4809 14809 472 11919 1747 13666 5225 18891.10 2832.250
4/30/79 10000 1019 5828 15828 255 12822 2073 14895 6447 21343.17 3023.112
4/30/80 10000 1200 7028 17028 695 12205 2539 14744 6962 21706.08 3303.817
4/30/81 10000 1913 8941 18941 2821 13310 6192 19502 10655 30157.74 3968.124
4/30/82 10000 1745 10686 20686 1406 12242 7107 19349 11508 30857.28 4414.489
4/30/83 10000 2030 12716 22716 2343 16953 12196 29149 18267 47416.71 4898.420
4/30/84 10000 2294 15010 25010 4510 15079 15433 30512 18372 48884.66 5677.661
4/30/85 10000 2721 17731 27731 3948 16217 20550 36767 22455 59222.69 6395.539
4/30/86 10000 3191 20922 30922 2979 20613 29006 49619 32019 81638.50 6936.151
4/30/87 10000 3694 24616 34616 4687 23310 37672 60982 40050 101032.38 7590.712
4/30/88 10000 4034 28650 38650 3065 20823 36765 57588 39636 97224.67 8177.012
4/30/89 10000 3643 32293 42293 0 24694 43599 68293 51017 119310.96 8461.770
4/30/90 10000 5457 37750 47750 5878 24081 48113 72194 54896 127090.82 9242.969
4/30/91 10000 5836 43586 53586 519 26305 53128 79433 66333 145766.73 9704.842
4/30/92 10000 5538 49124 59124 2965 28406 60617 89023 77504 166527.63 10266.808
4/30/93 10000 5839 54963 64963 1880 30806 67721 98527 90252 188779.35 10732.197
4/30/94 10000 6115 61078 71078 4251 29965 69948 99913 93672 193585.53 11314.175
4/30/95 10000 7207 68285 78285 4713 33047 82402 115449 111063 226512.56 12003.845
TOTAL $ 48630
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/71 10000.00 14.07 5.75 % 710.732 13.260 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/72 10000 251 251 10251 0 9376 0 9376 255 9632.63 730.852
4/30/73 10000 369 620 10620 248 8255 219 8474 554 9027.73 779.597
4/30/74 10000 395 1015 11015 172 7618 364 7982 888 8869.80 831.284
4/30/75 10000 487 1502 11502 67 7975 453 8428 1486 9914.43 889.187
4/30/76 10000 554 2056 12056 36 10045 599 10644 2460 13104.46 940.062
4/30/77 10000 623 2679 12679 338 10131 939 11070 3083 14153.13 2021.875
4/30/78 10000 691 3370 13370 364 9648 1248 10896 3659 14555.67 2182.260
4/30/79 10000 785 4155 14155 196 10363 1495 11858 4587 16444.99 2329.319
4/30/80 10000 925 5080 15080 536 9845 1864 11709 5016 16724.60 2545.602
4/30/81 10000 1473 6553 16553 2174 10803 4655 15458 7778 23236.64 3057.453
4/30/82 10000 1344 7897 17897 1083 9936 5369 15305 8470 23775.64 3401.379
4/30/83 10000 1565 9462 19462 1805 13760 9250 23010 13524 36534.77 3774.253
4/30/84 10000 1768 11230 21230 3475 12239 11760 23999 13666 37665.83 4374.661
4/30/85 10000 2095 13325 23325 3042 13163 15693 28856 16775 45631.31 4927.787
4/30/86 10000 2459 15784 25784 2295 16731 22170 38901 24001 62902.75 5344.329
4/30/87 10000 2846 18630 28630 3611 18920 28824 47744 30101 77845.78 5848.669
4/30/88 10000 3107 21737 31737 2361 16901 28147 45048 29863 74911.93 6300.415
4/30/89 10000 2807 24544 34544 0 20043 33378 53421 38508 91929.49 6519.822
4/30/90 10000 4204 28748 38748 4529 19545 36862 56407 41516 97923.91 7121.739
4/30/91 10000 4495 33243 43243 400 21350 40707 62057 50256 112313.73 7477.612
4/30/92 10000 4268 37511 47511 2285 23056 46459 69515 58795 128310.03 7910.606
4/30/93 10000 4499 42010 52010 1449 25004 51912 76916 68539 145455.03 8269.189
4/30/94 10000 4710 46720 56720 3276 24321 53635 77956 71202 149158.27 8717.608
4/30/95 10000 5551 52271 62271 3631 26823 63204 90027 84501 174528.63 9249.000
TOTAL $ 37373
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/72 10000.00 13.47 5.75 % 742.390 12.700 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/73 10000 262 262 10262 0 8605 0 8605 232 8837.27 763.150
4/30/74 10000 387 649 10649 168 7941 158 8099 583 8682.69 813.748
4/30/75 10000 476 1125 11125 65 8314 236 8550 1155 9705.29 870.430
4/30/76 10000 542 1667 11667 35 10455 332 10787 2040 12828.03 920.232
4/30/77 10000 609 2276 12276 331 10542 664 11206 2648 13854.61 1979.230
4/30/78 10000 677 2953 12953 356 10047 975 11022 3226 14248.66 2136.231
4/30/79 10000 769 3722 13722 192 10768 1208 11976 4121 16098.12 2280.188
4/30/80 10000 905 4627 14627 524 10208 1591 11799 4572 16371.84 2491.909
4/30/81 10000 1441 6068 16068 2128 11284 4267 15551 7195 22746.53 2992.965
4/30/82 10000 1315 7383 17383 1060 10379 4989 15368 7906 23274.16 3329.636
4/30/83 10000 1532 8915 18915 1767 14373 8685 23058 12706 35764.14 3694.643
4/30/84 10000 1730 10645 20645 3402 12784 11183 23967 12904 36871.35 4282.387
4/30/85 10000 2051 12696 22696 2978 13749 15008 28757 15911 44668.81 4823.846
4/30/86 10000 2407 15103 25103 2247 17476 21253 38729 22846 61575.97 5231.603
4/30/87 10000 2786 17889 27889 3535 19762 27708 47470 28733 76203.82 5725.306
4/30/88 10000 3042 20931 30931 2311 17654 27099 44753 28578 73331.85 6167.523
4/30/89 10000 2748 23679 33679 0 20935 32136 53071 36919 89990.46 6382.302
4/30/90 10000 4117 27796 37796 4434 20416 35560 55976 39882 95858.43 6971.522
4/30/91 10000 4402 32198 42198 391 22301 39275 61576 48368 109944.75 7319.890
4/30/92 10000 4177 36375 46375 2236 24083 44860 68943 56660 125603.63 7743.750
4/30/93 10000 4407 40782 50782 1418 26117 50145 76262 66124 142386.97 8094.768
4/30/94 10000 4612 45394 55394 3207 25405 51851 77256 68756 146012.14 8533.731
4/30/95 10000 5435 50829 60829 3554 28018 61151 89169 81678 170847.41 9053.917
TOTAL $ 36339
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/73 10000.00 11.90 5.75 % 840.336 11.220 9429
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/74 10000 297 297 10297 0 8974 0 8974 285 9259.47 867.805
4/30/75 10000 509 806 10806 69 9394 76 9470 880 10350.00 928.251
4/30/76 10000 579 1385 11385 37 11799 138 11937 1743 13680.16 981.360
4/30/77 10000 650 2035 12035 353 11894 491 12385 2389 14774.91 2110.702
4/30/78 10000 721 2756 12756 380 11341 831 12172 3022 15195.14 2278.132
4/30/79 10000 819 3575 13575 205 12136 1071 13207 3960 17167.47 2431.653
4/30/80 10000 964 4539 14539 559 11481 1498 12979 4479 17459.37 2657.438
4/30/81 10000 1537 6076 16076 2269 12773 4304 17077 7180 24257.50 3191.776
4/30/82 10000 1402 7478 17478 1131 11748 5094 16842 7978 24820.18 3550.813
4/30/83 10000 1634 9112 19112 1884 16269 8949 25218 12921 38139.83 3940.065
4/30/84 10000 1844 10956 20956 3628 14471 11647 26118 13202 39320.59 4566.851
4/30/85 10000 2188 13144 23144 3175 15563 15705 31268 16368 47636.02 5144.279
4/30/86 10000 2566 15710 25710 2396 19782 22284 42066 23600 65666.27 5579.122
4/30/87 10000 2971 18681 28681 3770 22370 29117 51487 29778 81265.82 6105.621
4/30/88 10000 3244 21925 31925 2465 19983 28514 48497 29706 78203.05 6577.212
4/30/89 10000 2931 24856 34856 0 23697 33814 57511 38457 95968.25 6806.259
4/30/90 10000 4389 29245 39245 4728 23109 37477 60586 41640 102226.01 7434.619
4/30/91 10000 4694 33939 43939 417 25244 41397 66641 50607 117248.06 7806.129
4/30/92 10000 4452 38391 48391 2385 27261 47315 74576 59371 133947.14 8258.147
4/30/93 10000 4698 43089 53089 1513 29563 52907 82470 69375 151845.43 8632.486
4/30/94 10000 4917 48006 58006 3420 28756 54741 83497 72214 155711.33 9100.604
4/30/95 10000 5797 53803 63803 3791 31714 64602 96316 85880 182196.34 9655.344
TOTAL $ 38575
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/74 10000.00 11.02 5.75 % 907.441 10.390 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/75 10000 341 341 10341 0 10129 0 10129 397 10525.62 944.002
4/30/76 10000 589 930 10930 38 12704 45 12749 1163 13912.28 998.012
4/30/77 10000 661 1591 11591 359 12804 404 13208 1817 15025.60 2146.515
4/30/78 10000 734 2325 12325 386 12216 754 12970 2483 15452.95 2316.785
4/30/79 10000 834 3159 13159 209 13050 994 14044 3414 17458.75 2472.910
4/30/80 10000 981 4140 14140 569 12323 1436 13759 3996 17755.61 2702.527
4/30/81 10000 1564 5704 15704 2308 13793 4269 18062 6607 24669.08 3245.931
4/30/82 10000 1428 7132 17132 1150 12686 5081 17767 7474 25241.28 3611.056
4/30/83 10000 1660 8792 18792 1916 17568 8963 26531 12255 38786.95 4006.916
4/30/84 10000 1877 10669 20669 3689 15626 11722 27348 12639 39987.74 4644.337
4/30/85 10000 2225 12894 22894 3229 16806 15840 32646 15798 48444.27 5231.563
4/30/86 10000 2610 15504 25504 2437 21361 22494 43855 22925 66780.44 5673.784
4/30/87 10000 3023 18527 28527 3834 24156 29422 53578 29066 82644.68 6209.217
4/30/88 10000 3298 21825 31825 2507 21579 28829 50408 29121 79529.97 6688.812
4/30/89 10000 2981 24806 34806 0 25590 34187 59777 37819 97596.60 6921.745
4/30/90 10000 4463 29269 39269 4809 24955 37917 62872 41088 103960.53 7560.766
4/30/91 10000 4773 34042 44042 425 27260 41886 69146 50091 119237.50 7938.582
4/30/92 10000 4530 38572 48572 2425 29437 47887 77324 58895 136219.94 8398.270
4/30/93 10000 4777 43349 53349 1538 31924 53554 85478 68943 154421.89 8778.959
4/30/94 10000 5001 48350 58350 3478 31053 55426 86479 71874 158353.41 9255.021
4/30/95 10000 5893 54243 64243 3855 34247 65429 99676 85611 185287.81 9819.174
TOTAL $ 39161
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/75 10000.00 11.53 5.75 % 867.303 10.870 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/76 10000 324 324 10324 0 12107 0 12107 360 12467.16 894.345
4/30/77 10000 592 916 10916 322 12199 321 12520 944 13464.83 1923.547
4/30/78 10000 658 1574 11574 346 11645 636 12281 1567 13847.79 2076.131
4/30/79 10000 747 2321 12321 187 12420 850 13270 2375 15645.25 2216.040
4/30/80 10000 879 3200 13200 510 11706 1250 12956 2955 15911.28 2421.808
4/30/81 10000 1401 4601 14601 2068 13183 3779 16962 5144 22106.64 2908.769
4/30/82 10000 1279 5880 15880 1031 12125 4511 16636 5983 22619.42 3235.968
4/30/83 10000 1489 7369 17369 1717 16791 7973 24764 9994 34758.05 3590.708
4/30/84 10000 1682 9051 19051 3306 14935 10452 25387 10447 35834.11 4161.918
4/30/85 10000 1994 11045 21045 2894 16062 14138 30200 13212 43412.24 4688.147
4/30/86 10000 2339 13384 23384 2184 20416 20086 40502 19341 59843.79 5084.434
4/30/87 10000 2708 16092 26092 3435 23088 26284 49372 24688 74060.15 5564.249
4/30/88 10000 2957 19049 29049 2246 20624 25762 46386 24882 71268.96 5994.025
4/30/89 10000 2670 21719 31719 0 24458 30550 55008 32450 87458.94 6202.762
4/30/90 10000 3999 25718 35718 4309 23851 33895 57746 35415 93161.83 6775.406
4/30/91 10000 4277 29995 39995 380 26054 37443 63497 43354 106851.89 7113.974
4/30/92 10000 4060 34055 44055 2173 28135 42813 70948 51122 122070.31 7525.913
4/30/93 10000 4281 38336 48336 1378 30512 47884 78396 59985 138381.55 7867.058
4/30/94 10000 4483 42819 52819 3116 29679 49564 79243 62661 141904.71 8293.671
4/30/95 10000 5283 48102 58102 3454 32732 58518 91250 74791 166041.30 8799.221
TOTAL $ 35056
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/76 10000.00 14.15 5.75 % 706.714 13.340 9428
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/77 10000 286 286 10286 0 9907 0 9907 278 10185.28 1455.040
4/30/78 10000 497 783 10783 262 9462 247 9709 765 10474.98 1570.462
4/30/79 10000 566 1349 11349 141 10074 400 10474 1361 11834.63 1676.293
4/30/80 10000 665 2014 12014 386 9474 724 10198 1837 12035.86 1831.943
4/30/81 10000 1060 3074 13074 1564 10742 2583 13325 3397 16722.26 2200.297
4/30/82 10000 967 4041 14041 780 9880 3159 13039 4071 17110.15 2447.804
4/30/83 10000 1126 5167 15167 1299 13682 5680 19362 6930 26292.26 2716.143
4/30/84 10000 1272 6439 16439 2501 12170 7594 19764 7342 27106.23 3148.227
4/30/85 10000 1507 7946 17946 2189 13088 10359 23447 9391 32838.60 3546.285
4/30/86 10000 1770 9716 19716 1652 16636 14767 31403 13865 45268.00 3846.049
4/30/87 10000 2048 11764 21764 2599 18813 19400 38213 17808 56021.78 4208.999
4/30/88 10000 2236 14000 24000 1699 16806 19056 35862 18048 53910.45 4534.100
4/30/89 10000 2020 16020 26020 0 19929 22598 42527 23630 66157.14 4691.996
4/30/90 10000 3026 19046 29046 3260 19435 25141 44576 25895 70471.02 5125.165
4/30/91 10000 3236 22282 32282 288 21230 27779 49009 31817 80826.65 5381.268
4/30/92 10000 3071 25353 35353 1644 22926 31798 54724 37614 92338.38 5692.872
4/30/93 10000 3240 28593 38593 1043 24862 35584 60446 44230 104676.81 5950.927
4/30/94 10000 3391 31984 41984 2357 24184 36872 61056 46285 107341.86 6273.633
4/30/95 10000 3996 35980 45980 2613 26671 43581 70252 55347 125599.70 6656.052
TOTAL $ 26277
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/77 10000.00 7.11 5.75 % 1406.470 6.700 9423
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/78 10000 299 299 10299 0 9392 0 9392 307 9699.27 1454.164
4/30/79 10000 523 822 10822 131 9982 133 10115 843 10958.23 1552.157
4/30/80 10000 616 1438 11438 357 9372 453 9825 1320 11144.57 1696.281
4/30/81 10000 982 2420 12420 1449 10689 2122 12811 2672 15483.91 2037.357
4/30/82 10000 895 3315 13315 722 9831 2677 12508 3335 15843.07 2266.534
4/30/83 10000 1043 4358 14358 1203 13615 4916 18531 5814 24345.19 2514.999
4/30/84 10000 1178 5536 15536 2316 12110 6726 18836 6262 25098.87 2915.084
4/30/85 10000 1397 6933 16933 2027 13024 9263 22287 8119 30406.72 3283.663
4/30/86 10000 1639 8572 18572 1530 16554 13256 29810 12105 41915.67 3561.229
4/30/87 10000 1897 10469 20469 2406 18720 17491 36211 15662 51873.09 3897.302
4/30/88 10000 2071 12540 22540 1573 16723 17223 33946 15972 49918.11 4198.327
4/30/89 10000 1870 14410 24410 0 19831 20424 40255 21002 61257.89 4344.531
4/30/90 10000 2801 17211 27211 3018 19339 22791 42130 23122 65252.30 4745.622
4/30/91 10000 2995 20206 30206 266 21125 25189 46314 28527 74841.09 4982.762
4/30/92 10000 2842 23048 33048 1522 22813 28867 51680 33820 85500.36 5271.292
4/30/93 10000 3000 26048 36048 965 24740 32324 57064 39861 96925.07 5510.237
4/30/94 10000 3141 29189 39189 2183 24065 33534 57599 41793 99392.74 5809.044
4/30/95 10000 3699 32888 42888 2420 26540 39684 66224 50074 116298.51 6163.143
TOTAL $ 24088
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/78 10000.00 6.84 5.75 % 1461.988 6.450 9430
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/79 10000 324 324 10324 0 10338 0 10338 323 10662.33 1510.245
4/30/80 10000 599 923 10923 347 9690 323 10013 830 10843.62 1650.475
4/30/81 10000 955 1878 11878 1409 11111 1918 13029 2036 15065.79 1982.341
4/30/82 10000 872 2750 12750 702 10219 2470 12689 2726 15415.25 2205.329
4/30/83 10000 1014 3764 13764 1170 14152 4597 18749 4938 23687.79 2447.086
4/30/84 10000 1145 4909 14909 2253 12588 6379 18967 5454 24421.13 2836.368
4/30/85 10000 1359 6268 16268 1972 13538 8835 22373 7212 29585.66 3194.996
4/30/86 10000 1594 7862 17862 1488 17208 12671 29879 10904 40783.85 3465.068
4/30/87 10000 1845 9707 19707 2341 19459 16762 36221 14251 50472.40 3792.066
4/30/88 10000 2014 11721 21721 1531 17383 16529 33912 14658 48570.20 4084.962
4/30/89 10000 1821 13542 23542 0 20614 19601 40215 19388 59603.76 4227.217
4/30/90 10000 2726 16268 26268 2937 20102 21910 42012 21478 63490.30 4617.476
4/30/91 10000 2914 19182 29182 259 21959 24219 46178 26642 72820.14 4848.212
4/30/92 10000 2766 21948 31948 1481 23713 27775 51488 31703 83191.52 5128.947
4/30/93 10000 2918 24866 34866 939 25716 31112 56828 37479 94307.75 5361.441
4/30/94 10000 3052 27918 37918 2124 25015 32299 57314 39394 96708.78 5652.179
4/30/95 10000 3601 31519 41519 2354 27588 38249 65837 47320 113157.99 5996.714
TOTAL $ 23307
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/79 10000.00 7.11 5.75 % 1406.470 6.700 9423
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/80 10000 357 357 10357 0 9263 0 9263 311 9575.42 1457.446
4/30/81 10000 843 1200 11200 1245 10689 1340 12029 1274 13303.78 1750.497
4/30/82 10000 769 1969 11969 620 9831 1856 11687 1925 13612.37 1947.407
4/30/83 10000 896 2865 12865 1033 13615 3608 17223 3694 20917.40 2160.888
4/30/84 10000 1012 3877 13877 1990 12110 5232 17342 4222 21564.98 2504.643
4/30/85 10000 1200 5077 15077 1742 13024 7370 20394 5731 26125.50 2821.328
4/30/86 10000 1409 6486 16486 1314 16554 10641 27195 8819 36014.00 3059.813
4/30/87 10000 1630 8116 18116 2067 18720 14182 32902 11667 44569.44 3348.568
4/30/88 10000 1779 9895 19895 1352 16723 14042 30765 12124 42889.72 3607.209
4/30/89 10000 1607 11502 21502 0 19831 16652 36483 16149 52632.86 3732.827
4/30/90 10000 2407 13909 23909 2593 19339 18708 38047 18017 56064.87 4077.445
4/30/91 10000 2573 16482 26482 229 21125 20687 41812 22491 64303.56 4281.196
4/30/92 10000 2442 18924 28924 1308 22813 23772 46585 26876 73461.99 4529.099
4/30/93 10000 2574 21498 31498 830 24740 26655 51395 31883 83278.04 4734.397
4/30/94 10000 2698 24196 34196 1875 24065 27725 51790 33608 85398.29 4991.133
4/30/95 10000 3181 27377 37377 2079 26540 32897 59437 40486 99923.71 5295.374
TOTAL $ 20277
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/80 10000.00 6.49 5.75 % 1540.832 6.120 9430
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/81 10000 645 645 10645 767 11710 762 12472 648 13120.28 1726.352
4/30/82 10000 759 1404 11404 612 10770 1316 12086 1338 13424.62 1920.546
4/30/83 10000 884 2288 12288 1019 14915 2846 17761 2867 20628.89 2131.084
4/30/84 10000 998 3286 13286 1962 13267 4526 17793 3474 21267.54 2470.097
4/30/85 10000 1184 4470 14470 1718 14268 6587 20855 4910 25765.14 2782.413
4/30/86 10000 1388 5858 15858 1296 18136 9628 27764 7753 35517.25 3017.608
4/30/87 10000 1606 7464 17464 2039 20508 13007 33515 10439 43954.65 3302.378
4/30/88 10000 1754 9218 19218 1333 18320 12973 31293 11005 42298.09 3557.451
4/30/89 10000 1584 10802 20802 0 21726 15385 37111 14795 51906.82 3681.335
4/30/90 10000 2373 13175 23175 2557 21186 17438 38624 16667 55291.49 4021.199
4/30/91 10000 2537 15712 25712 226 23143 19297 42440 20976 63416.56 4222.141
4/30/92 10000 2408 18120 28120 1290 24992 22250 47242 25206 72448.69 4466.627
4/30/93 10000 2540 20660 30660 818 27103 24993 52096 30033 82129.38 4669.095
4/30/94 10000 2658 23318 33318 1850 26364 26084 52448 31772 84220.33 4922.287
4/30/95 10000 3134 26452 36452 2050 29075 31054 60129 38416 98545.37 5222.330
TOTAL $ 19537
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/81 10000.00 8.06 5.75 % 1240.695 7.600 9429
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/82 10000 545 545 10545 440 8672 441 9113 535 9648.00 1380.257
4/30/83 10000 635 1180 11180 732 12010 1348 13358 1467 14825.56 1531.566
4/30/84 10000 716 1896 11896 1410 10682 2632 13314 1970 15284.53 1775.207
4/30/85 10000 850 2746 12746 1234 11489 4066 15555 2961 18516.87 1999.662
4/30/86 10000 998 3744 13744 931 14603 6071 20674 4851 25525.52 2168.693
4/30/87 10000 1156 4900 14900 1465 16514 8388 24902 6687 31589.30 2373.351
4/30/88 10000 1261 6161 16161 958 14752 8467 23219 7179 30398.76 2556.666
4/30/89 10000 1139 7300 17300 0 17494 10040 27534 9770 37304.37 2645.700
4/30/90 10000 1706 9006 19006 1838 17060 11541 28601 11135 39736.87 2889.954
4/30/91 10000 1825 10831 20831 162 18635 12785 31420 14156 45576.13 3034.363
4/30/92 10000 1732 12563 22563 927 20124 14821 34945 17122 52067.32 3210.069
4/30/93 10000 1826 14389 24389 588 21824 16694 38518 20506 59024.67 3355.581
4/30/94 10000 1909 16298 26298 1329 21228 17512 38740 21787 60527.38 3537.544
4/30/95 10000 2254 18552 28552 1473 23412 20958 44370 26452 70822.54 3753.182
TOTAL $ 13487
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/82 10000.00 7.42 5.75 % 1347.709 6.990 9420
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/83 10000 620 620 10620 715 13046 719 13765 710 14475.94 1495.448
4/30/84 10000 700 1320 11320 1377 11604 2039 13643 1281 14924.09 1733.344
4/30/85 10000 831 2151 12151 1205 12480 3400 15880 2200 18080.20 1952.505
4/30/86 10000 974 3125 13125 909 15863 5202 21065 3858 24923.55 2117.549
4/30/87 10000 1128 4253 14253 1431 17938 7370 25308 5536 30844.34 2317.381
4/30/88 10000 1231 5484 15484 936 16024 7534 23558 6123 29681.89 2496.374
4/30/89 10000 1113 6597 16597 0 19003 8934 27937 8487 36424.66 2583.309
4/30/90 10000 1666 8263 18263 1795 18531 10421 28952 9847 38799.78 2821.802
4/30/91 10000 1781 10044 20044 158 20243 11557 31800 12701 44501.38 2962.808
4/30/92 10000 1692 11736 21736 905 21860 13471 35331 15508 50839.47 3134.369
4/30/93 10000 1783 13519 23519 574 23706 15215 38921 18711 57632.70 3276.447
4/30/94 10000 1865 15384 25384 1298 23059 16044 39103 19997 59100.03 3454.122
4/30/95 10000 2200 17584 27584 1439 25431 19300 44731 24421 69152.38 3664.673
TOTAL $ 12742
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/83 10000.00 10.27 5.75 % 973.710 9.680 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/84 10000 456 456 10456 897 8384 911 9295 422 9717.31 1128.607
4/30/85 10000 541 997 10997 785 9017 1766 10783 989 11772.30 1271.307
4/30/86 10000 634 1631 11631 592 11461 2818 14279 1949 16228.12 1378.770
4/30/87 10000 734 2365 12365 932 12960 4155 17115 2968 20083.26 1508.885
4/30/88 10000 802 3167 13167 609 11577 4330 15907 3419 19326.36 1625.430
4/30/89 10000 724 3891 13891 0 13729 5135 18864 4852 23716.68 1682.034
4/30/90 10000 1084 4975 14975 1169 13389 6120 19509 5754 25263.16 1837.321
4/30/91 10000 1161 6136 16136 103 14625 6799 21424 7551 28975.55 1929.131
4/30/92 10000 1099 7235 17235 589 15794 7987 23781 9321 33102.44 2040.841
4/30/93 10000 1162 8397 18397 374 17128 9056 26184 11341 37525.63 2133.350
4/30/94 10000 1217 9614 19614 845 16660 9619 26279 12201 38480.95 2249.033
4/30/95 10000 1431 11045 21045 937 18374 11654 30028 14998 45026.20 2386.126
TOTAL $ 7832
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/84 10000.00 9.14 5.75 % 1094.092 8.610 9420
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/85 10000 524 524 10524 761 10131 762 10893 519 11412.27 1232.427
4/30/86 10000 615 1139 11139 574 12877 1524 14401 1330 15731.83 1336.604
4/30/87 10000 712 1851 11851 903 14562 2662 17224 2245 19469.06 1462.739
4/30/88 10000 778 2629 12629 591 13009 2978 15987 2748 18735.32 1575.721
4/30/89 10000 702 3331 13331 0 15427 3531 18958 4033 22991.38 1630.594
4/30/90 10000 1051 4382 14382 1133 15044 4522 19566 4924 24490.55 1781.131
4/30/91 10000 1125 5507 15507 100 16433 5050 21483 6606 28089.43 1870.135
4/30/92 10000 1066 6573 16573 571 17746 6079 23825 8265 32090.09 1978.427
4/30/93 10000 1128 7701 17701 362 19245 6974 26219 10159 36378.05 2068.110
4/30/94 10000 1177 8878 18878 819 18720 7569 26289 11015 37304.21 2180.258
4/30/95 10000 1389 10267 20267 908 20646 9361 30007 13642 43649.25 2313.156
TOTAL $ 6722
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 10000.00 9.82 5.75 % 1018.330 9.260 9430
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 10000 508 508 10508 474 11986 460 12446 552 12998.88 1104.408
4/30/87 10000 589 1097 11097 746 13554 1295 14849 1237 16086.87 1208.630
4/30/88 10000 642 1739 11739 488 12108 1653 13761 1719 15480.58 1301.983
4/30/89 10000 580 2319 12319 0 14358 1960 16318 2679 18997.25 1347.323
4/30/90 10000 869 3188 13188 936 14002 2802 16804 3432 20236.00 1471.709
4/30/91 10000 929 4117 14117 83 15295 3152 18447 4762 23209.64 1545.249
4/30/92 10000 882 4999 14999 472 16517 3920 20437 6078 26515.29 1634.728
4/30/93 10000 930 5929 15929 299 17912 4567 22479 7579 30058.30 1708.829
4/30/94 10000 971 6900 16900 677 17424 5092 22516 8307 30823.55 1801.493
4/30/95 10000 1148 8048 18048 750 19216 6453 25669 10397 36066.33 1911.305
TOTAL $ 4925
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/86 10000.00 12.49 5.75 % 800.641 11.770 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/87 10000 426 426 10426 541 10657 562 11219 443 11662.18 876.197
4/30/88 10000 466 892 10892 354 9520 862 10382 840 11222.67 943.875
4/30/89 10000 421 1313 11313 0 11289 1022 12311 1461 13772.08 976.743
4/30/90 10000 630 1943 11943 679 11009 1642 12651 2019 14670.11 1066.917
4/30/91 10000 671 2614 12614 60 12026 1860 13886 2939 16825.91 1120.234
4/30/92 10000 641 3255 13255 342 12986 2383 15369 3853 19222.29 1185.098
4/30/93 10000 672 3927 13927 217 14083 2813 16896 4894 21790.77 1238.816
4/30/94 10000 706 4633 14633 491 13699 3207 16906 5439 22345.54 1305.993
4/30/95 10000 831 5464 15464 544 15108 4144 19252 6894 26146.35 1385.604
TOTAL $ 3228
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/87 10000.00 14.12 5.75 % 708.215 13.310 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/88 10000 376 376 10376 286 8421 290 8711 360 9071.08 762.917
4/30/89 10000 339 715 10715 0 9986 344 10330 801 11131.72 789.484
4/30/90 10000 510 1225 11225 548 9738 858 10596 1261 11857.59 862.370
4/30/91 10000 545 1770 11770 48 10637 990 11627 1973 13600.04 905.462
4/30/92 10000 516 2286 12286 277 11487 1372 12859 2677 15536.99 957.891
4/30/93 10000 546 2832 12832 175 12458 1673 14131 3482 17613.06 1001.311
4/30/94 10000 569 3401 13401 397 12118 2008 14126 3935 18061.47 1055.609
4/30/95 10000 672 4073 14073 440 13364 2705 16069 5064 21133.51 1119.953
TOTAL $ 2171
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/88 10000.00 12.62 5.75 % 792.393 11.890 9422
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/89 10000 353 353 10353 0 11173 0 11173 388 11561.82 819.987
4/30/90 10000 529 882 10882 570 10895 542 11437 878 12315.74 895.690
4/30/91 10000 566 1448 11448 50 11902 648 12550 1575 14125.54 940.449
4/30/92 10000 535 1983 11983 287 12853 1014 13867 2270 16137.36 994.905
4/30/93 10000 567 2550 12550 182 13938 1292 15230 3063 18293.76 1040.009
4/30/94 10000 592 3142 13142 412 13558 1652 15210 3549 18759.51 1096.406
4/30/95 10000 698 3840 13840 457 14952 2331 17283 4667 21950.34 1163.240
TOTAL $ 1958
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/89 10000.00 14.96 5.75 % 668.449 14.100 9425
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/90 10000 431 431 10431 464 9191 442 9633 406 10039.70 730.160
4/30/91 10000 460 891 10891 41 10040 528 10568 947 11515.04 766.647
4/30/92 10000 437 1328 11328 234 10842 827 11669 1486 13155.09 811.041
4/30/93 10000 462 1790 11790 149 11758 1053 12811 2101 14912.85 847.803
4/30/94 10000 481 2271 12271 336 11437 1346 12783 2509 15292.54 893.778
4/30/95 10000 570 2841 12841 372 12614 1900 14514 3379 17893.65 948.259
TOTAL $ 1596
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/90 10000.00 14.59 5.75 % 685.401 13.750 9424
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/91 10000 434 434 10434 38 10295 42 10337 472 10809.14 719.650
4/30/92 10000 411 845 10845 220 11117 286 11403 945 12348.59 761.319
4/30/93 10000 432 1277 11277 139 12056 458 12514 1484 13998.61 795.828
4/30/94 10000 453 1730 11730 315 11727 747 12474 1881 14355.03 838.985
4/30/95 10000 534 2264 12264 349 12934 1214 14148 2648 16796.64 890.124
TOTAL $ 1061
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/91 10000.00 15.94 5.75 % 627.353 15.020 9423
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/92 10000 358 358 10358 192 10176 210 10386 378 10764.91 663.681
4/30/93 10000 377 735 10735 122 11035 356 11391 812 12203.31 693.764
4/30/94 10000 395 1130 11130 275 10734 609 11343 1171 12514.01 731.386
4/30/95 10000 467 1597 11597 305 11838 1012 12850 1792 14642.52 775.968
TOTAL $ 894
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/92 10000.00 17.21 5.75 % 581.058 16.220 9425
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/93 10000 330 330 10330 106 10221 112 10333 351 10684.13 607.398
4/30/94 10000 346 676 10676 241 9942 340 10282 674 10956.17 640.337
4/30/95 10000 408 1084 11084 267 10965 672 11637 1182 12819.73 679.371
TOTAL $ 614
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/93 10000.00 18.66 5.75 % 535.906 17.590 9427
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/94 10000 305 305 10305 212 9169 203 9372 294 9666.57 564.966
4/30/95 10000 359 664 10664 235 10113 487 10600 710 11310.77 599.405
TOTAL $ 447
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/94 10000.00 18.15 5.75 % 550.964 17.110 9427
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/95 10000 352 352 10352 229 10397 256 10653 377 11030.44 584.549
TOTAL $ 229
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/95 10000.00 20.02 5.75 % 499.500 18.870 9426
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/95 10000 0 0 10000 0 9426 0 9426 0 9425.57 499.500
TOTAL $ 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/75 1000.00 11.53 5.75 % 86.730 10.870 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/76 1000 32 32 1032 0 1210 0 1210 36 1246.72 89.435
4/30/77 1000 58 90 1090 32 1220 32 1252 94 1346.50 192.358
4/30/78 1000 65 155 1155 35 1165 64 1229 156 1384.80 207.615
4/30/79 1000 75 230 1230 19 1242 85 1327 237 1564.55 221.607
4/30/80 1000 89 319 1319 51 1171 125 1296 295 1591.15 242.184
4/30/81 1000 140 459 1459 207 1318 378 1696 514 2210.70 290.881
4/30/82 1000 127 586 1586 103 1212 451 1663 598 2261.97 323.601
4/30/83 1000 149 735 1735 172 1679 797 2476 999 3475.85 359.075
4/30/84 1000 168 903 1903 331 1493 1045 2538 1045 3583.45 416.196
4/30/85 1000 200 1103 2103 289 1606 1414 3020 1321 4341.25 468.818
4/30/86 1000 234 1337 2337 218 2042 2009 4051 1933 5984.43 508.448
4/30/87 1000 271 1608 2608 344 2309 2628 4937 2469 7406.10 556.431
4/30/88 1000 296 1904 2904 225 2062 2576 4638 2488 7126.96 599.408
4/30/89 1000 267 2171 3171 0 2446 3055 5501 3244 8745.98 620.282
4/30/90 1000 400 2571 3571 431 2385 3389 5774 3542 9316.26 677.546
4/30/91 1000 428 2999 3999 38 2605 3744 6349 4336 10685.27 711.403
4/30/92 1000 406 3405 4405 217 2814 4281 7095 5112 12207.14 752.598
4/30/93 1000 428 3833 4833 138 3051 4788 7839 5999 13838.25 786.711
4/30/94 1000 448 4281 5281 312 2968 4956 7924 6266 14190.54 829.371
4/30/95 1000 528 4809 5809 345 3273 5852 9125 7479 16604.24 879.928
TOTAL $ 3507
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/65 1000.00 13.29 5.75 % 75.245 12.530 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/66 1000 21 21 1021 0 989 0 989 20 1009.75 76.904
4/30/67 1000 31 52 1052 34 979 36 1015 54 1069.89 82.489
4/30/68 1000 37 89 1089 26 1034 64 1098 93 1191.50 87.418
4/30/69 1000 42 131 1131 55 1133 126 1259 142 1402.68 94.648
4/30/70 1000 46 177 1177 80 864 160 1024 150 1173.63 104.138
4/30/71 1000 52 229 1229 40 1030 252 1282 249 1530.72 113.051
4/30/72 1000 57 286 1286 16 1013 257 1270 295 1565.68 118.792
4/30/73 1000 61 347 1347 40 890 263 1153 314 1467.36 126.715
4/30/74 1000 64 411 1411 28 820 269 1089 352 1441.70 135.117
4/30/75 1000 79 490 1490 11 859 294 1153 459 1611.49 144.528
4/30/76 1000 90 580 1580 6 1096 367 1463 667 2130.01 152.798
4/30/77 1000 102 682 1682 55 1106 424 1530 769 2300.44 328.635
4/30/78 1000 112 794 1794 59 1049 464 1513 852 2365.86 354.703
4/30/79 1000 128 922 1922 32 1144 514 1658 1014 2672.96 378.606
4/30/80 1000 150 1072 2072 87 1107 551 1658 1060 2718.40 413.759
4/30/81 1000 239 1311 2311 353 1144 1064 2208 1568 3776.84 496.952
4/30/82 1000 218 1529 2529 176 1052 1156 2208 1656 3864.44 552.853
4/30/83 1000 255 1784 2784 293 1457 1895 3352 2586 5938.28 613.459
4/30/84 1000 287 2071 3071 565 1296 2260 3556 2566 6122.11 711.047
4/30/85 1000 341 2412 3412 494 1394 2925 4319 3097 7416.81 800.951
4/30/86 1000 399 2811 3811 373 1771 4080 5851 4373 10224.06 868.654
4/30/87 1000 462 3273 4273 587 2003 5224 7227 5425 12652.87 950.629
4/30/88 1000 506 3779 4779 384 1789 5056 6845 5331 12176.01 1024.055
4/30/89 1000 457 4236 5236 0 2122 5996 8118 6824 14942.04 1059.719
4/30/90 1000 682 4918 5918 736 2069 6548 8617 7299 15916.37 1157.554
4/30/91 1000 730 5648 6648 65 2260 7224 9484 8771 18255.25 1215.396
4/30/92 1000 695 6343 7343 371 2441 8208 10649 10206 20855.25 1285.774
4/30/93 1000 730 7073 8073 235 2647 9150 11797 11844 23641.98 1344.058
4/30/94 1000 765 7838 8838 532 2575 9410 11985 12258 24243.89 1416.943
4/30/95 1000 902 8740 9740 590 2840 11037 13877 14490 28367.54 1503.314
TOTAL $ 6323
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/55 1000.00 15.83 5.75 % 63.171 14.920 943
DIVIDENDS AND CAPITAL GAINS REINVESTED
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/56 1000 29 29 1029 0 1159 0 1159 30 1189.53 129.861
4/30/57 1000 43 72 1072 55 1137 55 1192 72 1265.39 141.543
4/30/58 1000 47 119 1119 62 1002 104 1106 111 1217.84 154.745
4/30/59 1000 51 170 1170 31 1401 184 1585 211 1797.14 164.273
4/30/60 1000 55 225 1225 72 1233 219 1452 227 1679.75 176.444
4/30/61 1000 63 288 1288 92 1400 358 1758 333 2091.94 193.162
4/30/62 1000 65 353 1353 77 1381 416 1797 381 2177.94 206.244
4/30/63 1000 75 428 1428 103 1413 552 1965 480 2445.38 224.966
4/30/64 1000 80 508 1508 72 1496 648 2144 580 2724.82 239.019
4/30/65 1000 84 592 1592 100 1708 860 2568 757 3325.26 255.397
4/30/66 1000 95 687 1687 105 1735 972 2707 855 3563.16 271.375
4/30/67 1000 110 797 1797 119 1711 1092 2803 972 3775.25 291.076
4/30/68 1000 129 926 1926 93 1860 1217 3077 1127 4204.50 308.474
4/30/69 1000 152 1078 2078 194 2074 1514 3588 1361 4949.73 333.990
4/30/70 1000 166 1244 2244 284 1547 1395 2942 1200 4141.49 367.480
4/30/71 1000 186 1430 2430 140 1787 1912 3699 1702 5401.53 398.931
4/30/72 1000 200 1630 2630 56 1807 1886 3693 1832 5524.92 419.190
4/30/73 1000 213 1843 2843 143 1579 1792 3371 1807 5177.98 447.149
4/30/74 1000 227 2070 3070 98 1446 1752 3198 1888 5087.41 476.796
4/30/75 1000 280 2350 3350 38 1515 1875 3390 2295 5686.57 510.006
4/30/76 1000 318 2668 3668 20 2008 2325 4333 3182 7516.26 539.187
4/30/77 1000 357 3025 4025 194 2041 2529 4570 3547 8117.75 1159.679
4/30/78 1000 397 3422 4422 209 1906 2632 4538 3811 8348.62 1251.667
4/30/79 1000 451 3873 4873 113 2174 2848 5022 4410 9432.26 1336.015
4/30/80 1000 531 4404 5404 307 2203 2887 5090 4502 9592.64 1460.067
4/30/81 1000 845 5249 6249 1247 1920 4928 6848 6479 13327.72 1753.647
4/30/82 1000 771 6020 7020 621 1766 5156 6922 6714 13636.85 1950.909
4/30/83 1000 898 6918 7918 1035 2446 8181 10627 10328 20955.02 2164.775
4/30/84 1000 1014 7932 8932 1993 2176 9303 11479 10124 21603.76 2509.148
4/30/85 1000 1202 9134 10134 1745 2340 11751 14091 12081 26172.49 2826.403
4/30/86 1000 1409 10543 11543 1317 2974 16212 19186 16892 36078.80 3065.319
4/30/87 1000 1633 12176 13176 2071 3363 20486 23849 20800 44649.62 3354.592
4/30/88 1000 1783 13959 14959 1354 3004 19676 22680 20286 42966.88 3613.699
4/30/89 1000 1611 15570 16570 0 3563 23333 26896 25831 52727.56 3739.543
4/30/90 1000 2411 17981 18981 2598 3474 25227 28701 27464 56165.73 4084.780
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/91 1000 2578 20559 21559 229 3795 27809 31604 32815 64419.23 4288.897
4/30/92 1000 2446 23005 24005 1310 4099 31465 35564 38030 73594.13 4537.246
4/30/93 1000 2581 25586 26586 831 4445 35000 39445 43982 83427.91 4742.917
4/30/94 1000 2702 28288 29288 1879 4323 35846 40169 45382 85551.92 5000.112
4/30/95 1000 3185 31473 32473 2083 4768 41857 46625 53478 100103.48 5304.901
TOTAL $ 23090
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 1000.00 9.82 5.75 % 101.833 9.260 943
ANNUAL INVESTMENTS OF $ 500.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 1000 51 51 1051 47 1199 46 1245 54 1299.89 110.441
4/30/87 1500 81 132 1632 102 1888 158 2046 145 2191.81 164.674
4/30/88 2000 106 238 2238 81 2108 223 2331 231 2562.76 215.539
4/30/89 2500 114 352 2852 0 3058 264 3322 401 3723.03 264.045
4/30/90 3000 192 544 3544 207 3442 454 3896 571 4467.80 324.931
4/30/91 3500 227 771 4271 20 4275 519 4794 870 5664.81 377.151
4/30/92 4000 231 1002 5002 125 5125 697 5822 1186 7008.14 432.068
4/30/93 4500 260 1262 5762 84 6069 845 6914 1563 8477.11 481.928
4/30/94 5000 291 1553 6553 202 6362 1015 7377 1799 9176.28 536.311
4/30/95 5500 359 1912 7412 235 7536 1381 8917 2371 11288.60 598.230
TOTAL $ 1103
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/75 1000.00 11.53 5.75 % 86.730 10.870 943
ANNUAL INVESTMENTS OF $ 500.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/76 1000 32 32 1032 0 1210 0 1210 36 1246.72 89.435
4/30/77 1500 72 104 1604 32 1716 32 1748 108 1855.77 265.110
4/30/78 2000 106 210 2210 48 2107 76 2183 210 2393.52 358.848
4/30/79 2500 145 355 2855 32 2762 112 2874 363 3237.30 458.542
4/30/80 3000 200 555 3555 105 3061 200 3261 510 3771.11 573.989
4/30/81 3500 364 919 4419 529 4065 814 4879 1016 5895.49 775.722
4/30/82 4000 369 1288 5288 297 4173 1047 5220 1294 6514.64 931.994
4/30/83 4500 460 1748 6248 530 6431 1983 8414 2320 10734.49 1108.935
4/30/84 5000 542 2290 7290 1066 6139 2847 8986 2566 11552.68 1341.775
4/30/85 5500 670 2960 8460 971 7109 4034 11143 3423 14566.42 1573.048
4/30/86 6000 811 3771 9771 756 9635 5861 15496 5233 20729.77 1761.238
4/30/87 6500 959 4730 11230 1217 11429 7892 19321 6916 26237.42 1971.256
4/30/88 7000 1067 5797 12797 810 10631 7873 18504 7198 25702.15 2161.661
4/30/89 7500 981 6778 14278 0 13165 9336 22501 9617 32118.94 2277.939
4/30/90 8000 1491 8269 16269 1606 13298 10633 23931 10784 34715.27 2524.747
4/30/91 8500 1615 9884 18384 144 15041 11774 26815 13542 40357.12 2686.892
4/30/92 9000 1550 11434 20434 830 16752 13623 30375 16266 46641.47 2875.553
4/30/93 9500 1652 13086 22586 532 18677 15335 34012 19394 53406.28 3036.173
4/30/94 10000 1745 14831 24831 1213 18632 16080 34712 20543 55255.60 3229.433
4/30/95 10500 2074 16905 27405 1357 21075 19248 40323 24889 65212.66 3455.891
TOTAL $ 12075
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/65 1000.00 13.29 5.75 % 75.245 12.530 943
ANNUAL INVESTMENTS OF $ 500.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/66 1000 21 21 1021 0 989 0 989 20 1009.75 76.904
4/30/67 1500 43 64 1564 34 1465 36 1501 67 1567.96 120.891
4/30/68 2000 67 131 2131 39 2061 76 2137 134 2271.38 166.646
4/30/69 2500 95 226 2726 105 2799 193 2992 236 3229.18 217.893
4/30/70 3000 120 346 3346 185 2517 292 2809 287 3096.58 274.763
4/30/71 3500 154 500 4000 104 3606 504 4110 539 4649.83 343.414
4/30/72 4000 185 685 4685 48 4004 530 4534 703 5237.68 397.396
4/30/73 4500 214 899 5399 135 3952 588 4540 811 5350.62 462.057
4/30/74 5000 248 1147 6147 102 4092 640 4732 987 5720.00 536.082
4/30/75 5500 332 1479 6979 43 4791 716 5507 1413 6919.94 620.623
4/30/76 6000 403 1882 7882 25 6664 909 7573 2196 9769.82 700.848
4/30/77 6500 478 2360 8860 252 7220 1164 8384 2676 11060.92 1580.131
4/30/78 7000 555 2915 9915 284 7339 1390 8729 3131 11860.48 1778.183
4/30/79 7500 656 3571 11071 160 8418 1606 10024 3909 13933.09 1973.525
4/30/80 8000 801 4372 12372 454 8473 1888 10361 4287 14648.77 2229.645
4/30/81 8500 1323 5695 14195 1942 9862 4433 14295 6713 21008.55 2764.283
4/30/82 9000 1242 6937 15937 1001 9504 5083 14587 7391 21978.27 3144.244
4/30/83 9500 1477 8414 17914 1704 13814 8752 22566 11930 34496.63 3563.701
4/30/84 10000 1691 10105 20105 3326 12706 11166 23872 12178 36050.45 4187.044
4/30/85 10500 2032 12137 22637 2949 14172 14961 29133 15111 44244.95 4778.072
4/30/86 11000 2409 14546 25546 2249 18613 21196 39809 21832 61641.61 5237.180
4/30/87 11500 2810 17356 28856 3566 21588 27675 49263 27613 76876.22 5775.824
4/30/88 12000 3088 20444 32444 2346 19712 27106 46818 27620 74438.32 6260.582
4/30/89 12500 2807 23251 35751 0 23942 32144 56086 35848 91934.28 6520.162
4/30/90 13000 4228 27479 40479 4553 23813 35681 59494 38943 98437.79 7159.112
4/30/91 13500 4539 32018 45518 404 26534 39421 65955 47495 113450.76 7553.313
4/30/92 14000 4327 36345 50345 2317 29175 45106 74281 55877 130158.62 8024.576
4/30/93 14500 4581 40926 55426 1475 32163 50473 82636 65459 148095.84 8419.320
4/30/94 15000 4813 45739 60739 3346 31754 52303 84057 68304 152361.08 8904.797
4/30/95 15500 5689 51428 66928 3721 35553 61835 97388 81452 178840.82 9477.521
TOTAL $ 36869
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/55 1000.00 15.83 5.75 % 63.171 14.920 943
ANNUAL INVESTMENTS OF $ 500.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/56 1000 29 29 1029 0 1159 0 1159 30 1189.53 129.861
4/30/57 1500 57 86 1586 55 1625 55 1680 85 1765.45 197.477
4/30/58 2000 80 166 2166 87 1874 126 2000 154 2153.67 273.656
4/30/59 2500 106 272 2772 55 3298 244 3542 332 3874.84 354.190
4/30/60 3000 129 401 3401 156 3325 341 3666 396 4062.21 426.702
4/30/61 3500 167 568 4068 222 4359 648 5007 640 5646.98 521.420
4/30/62 4000 191 759 4759 209 4766 817 5583 787 6370.77 603.293
4/30/63 4500 228 987 5487 302 5410 1195 6605 1075 7680.13 706.544
4/30/64 5000 260 1247 6247 226 6227 1475 7702 1381 9083.24 796.775
4/30/65 5500 293 1540 7040 335 7680 2078 9758 1902 11660.36 895.573
4/30/66 6000 346 1886 7886 367 8281 2464 10745 2254 12999.39 990.053
4/30/67 6500 413 2299 8799 436 8665 2909 11574 2697 14271.32 1100.333
4/30/68 7000 500 2799 9799 352 9804 3347 13151 3268 16419.12 1204.631
4/30/69 7500 606 3405 10905 759 11372 4403 15775 4109 19884.59 1341.740
4/30/70 8000 681 4086 12086 1140 8961 4298 13259 3772 17032.34 1511.299
4/30/71 8500 775 4861 13361 574 11146 6089 17235 5590 22825.44 1685.778
4/30/72 9000 856 5717 14717 236 11543 6066 17609 6219 23828.52 1807.930
4/30/73 9500 928 6645 16145 615 10555 5900 16455 6319 22774.03 1966.669
4/30/74 10000 1008 7653 17653 433 10154 5870 16024 6814 22838.63 2140.452
4/30/75 10500 1271 8924 19424 171 11144 6329 17473 8581 26054.69 2336.743
4/30/76 11000 1474 10398 21398 93 14961 7880 22841 12220 35061.27 2515.155
4/30/77 11500 1680 12078 23578 905 15631 8818 24449 13927 38376.32 5482.331
4/30/78 12000 1888 13966 25966 987 15236 9421 24657 15295 39952.77 5989.921
4/30/79 12500 2171 16137 28637 539 17276 10333 27609 18062 45671.75 6469.087
4/30/80 13000 2585 18722 31722 1488 17298 10820 28118 18809 46927.10 7142.634
4/30/81 13500 4165 22887 36387 6138 18075 20043 38118 27737 65855.03 8665.135
4/30/82 14000 3836 26723 40723 3092 17063 21540 38603 29268 67871.03 9709.733
4/30/83 14500 4499 31222 45722 5189 24291 35045 59336 45691 105027.46 10849.944
4/30/84 15000 5104 36326 51326 10036 22035 41372 63407 45369 108776.43 12633.732
4/30/85 15500 6080 42406 57906 8824 24217 53329 77546 54818 132364.96 14294.272
4/30/86 16000 7159 49565 65565 6683 31395 74258 105653 77476 183129.94 15559.043
4/30/87 16500 8310 57875 74375 10540 36048 94928 130976 96254 227230.90 17072.194
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/88 17000 9090 66965 83965 6907 32633 91815 124448 94683 219131.42 18429.892
4/30/89 17500 8229 75194 92694 0 39271 108881 148152 121351 269503.11 19113.696
4/30/90 18000 12347 87541 105541 13302 38772 118844 157616 129979 287595.80 20916.058
4/30/91 18500 13226 100767 119267 1177 42886 131114 174000 156417 330417.00 21998.469
4/30/92 19000 12571 113338 132338 6731 46838 148955 195793 182238 378031.71 23306.517
4/30/93 19500 13273 126611 146111 4274 51323 166047 217370 211725 429095.75 24394.301
4/30/94 20000 13914 140525 160525 9674 50396 170789 221185 219335 440520.31 25746.365
4/30/95 20500 16417 156942 177442 10736 56118 200337 256455 259563 516018.96 27345.997
TOTAL $ 114045
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/85 2000.00 9.82 5.75 % 203.666 9.260 1886
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/86 2000 101 101 2101 95 2397 92 2489 110 2599.79 220.883
4/30/87 4000 203 304 4304 257 4842 371 5213 336 5549.83 416.967
4/30/88 6000 297 601 6601 226 6010 561 6571 583 7154.90 601.758
4/30/89 8000 339 940 8940 0 9361 665 10026 1066 11092.64 786.712
4/30/90 10000 593 1533 11533 639 10967 1257 12224 1599 13823.91 1005.375
4/30/91 12000 721 2254 14254 64 14039 1444 15483 2534 18017.15 1199.544
4/30/92 14000 748 3002 17002 405 17196 2002 19198 3531 22729.20 1401.307
4/30/93 16000 859 3861 19861 278 20692 2465 23157 4739 27896.46 1585.927
4/30/94 18000 966 4827 22827 671 21962 3040 25002 5538 30540.03 1784.923
4/30/95 20000 1208 6035 26035 789 26300 4234 30534 7406 37940.68 2010.635
TOTAL $ 3424
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/75 2000.00 11.53 5.75 % 173.461 10.870 1886
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/76 2000 65 65 2065 0 2421 0 2421 72 2493.43 178.869
4/30/77 4000 175 240 4240 64 4421 64 4485 245 4730.02 675.716
4/30/78 6000 291 531 6531 122 6100 177 6277 527 6804.40 1020.150
4/30/79 8000 432 963 8963 92 8563 277 8840 980 9820.08 1390.946
4/30/80 10000 623 1586 11586 320 9902 550 10452 1450 11902.14 1811.589
4/30/81 12000 1178 2764 14764 1700 13625 2501 16126 3034 19160.53 2521.122
4/30/82 14000 1218 3982 17982 981 14266 3286 17552 3982 21534.58 3080.770
4/30/83 16000 1541 5523 21523 1778 22365 6337 28702 7284 35986.24 3717.587
4/30/84 18000 1831 7354 25354 3602 21570 9298 30868 8175 39043.78 4534.702
4/30/85 20000 2277 9631 29631 3305 25224 13309 38533 11050 49583.14 5354.551
4/30/86 22000 2773 12404 34404 2590 34488 19426 53914 17068 70982.30 6030.782
4/30/87 24000 3299 15703 39703 4185 41161 26316 67477 22732 90209.32 6777.560
4/30/88 26000 3678 19381 45381 2794 38476 26347 64823 23824 88647.17 7455.607
4/30/89 28000 3393 22774 50774 0 47893 31244 79137 31991 111128.87 7881.480
4/30/90 30000 5170 27944 57944 5570 48586 35772 84358 36073 120431.25 8758.636
4/30/91 32000 5617 33561 65561 500 55182 39625 94807 45534 140341.94 9343.671
4/30/92 34000 5399 38960 72960 2894 61675 45958 107633 54895 162528.55 10020.256
4/30/93 36000 5763 44723 80723 1857 68977 51799 120776 65650 186426.74 10598.450
4/30/94 38000 6101 50824 88824 4242 68972 54452 123424 69728 193152.00 11288.837
4/30/95 40000 7263 58087 98087 4749 78196 65352 143548 84715 228263.63 12096.642
TOTAL $ 41345
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/65 2000.00 13.29 5.75 % 150.489 12.530 1886
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/66 2000 42 42 2042 0 1978 0 1978 41 2019.49 153.807
4/30/67 4000 108 150 4150 68 3900 71 3971 160 4132.00 318.581
4/30/68 6000 188 338 6338 102 6173 177 6350 352 6702.34 491.734
4/30/69 8000 292 630 8630 310 8930 518 9448 663 10111.02 682.255
4/30/70 10000 388 1018 11018 580 8342 848 9190 848 10038.77 890.751
4/30/71 12000 509 1527 13527 338 12366 1512 13878 1660 15537.51 1147.527
4/30/72 14000 625 2152 16152 161 13989 1608 15597 2222 17818.98 1351.971
4/30/73 16000 737 2889 18889 460 14025 1825 15850 2617 18467.46 1594.772
4/30/74 18000 865 3754 21754 351 14728 2020 16748 3248 19996.30 1874.067
4/30/75 20000 1166 4920 24920 150 17446 2277 19723 4733 24456.45 2193.403
4/30/76 22000 1432 6352 28352 88 24468 2900 27368 7450 34818.90 2497.769
4/30/77 24000 1710 8062 32062 899 26666 3810 30476 9166 39642.33 5663.191
4/30/78 26000 1995 10057 36057 1019 27258 4630 31888 10820 42709.68 6403.251
4/30/79 28000 2368 12425 40425 576 31380 5394 36774 13611 50385.85 7136.806
4/30/80 30000 2905 15330 45330 1641 31703 6452 38155 15026 53182.22 8094.706
4/30/81 32000 4814 20144 52144 7068 37218 15610 52828 23718 76546.51 10071.909
4/30/82 34000 4538 24682 58682 3658 35987 18030 54017 26258 80275.89 11484.390
4/30/83 36000 5409 30091 66091 6239 52481 31241 83722 42568 126290.39 13046.528
4/30/84 38000 6202 36293 74293 12196 48397 40184 88581 43609 132190.12 15353.092
4/30/85 40000 7463 43756 83756 10831 54126 54061 108187 54297 162484.16 17546.886
4/30/86 42000 8859 52615 94615 8270 71250 76727 147977 78666 226643.78 19256.056
4/30/87 44000 10344 62959 106959 13121 82754 100403 183157 99715 282872.70 21252.645
4/30/88 46000 11370 74329 120329 8639 75668 98465 174133 99955 274088.49 23052.018
4/30/89 48000 10345 84674 132674 0 92045 116767 208812 129934 338746.42 24024.569
4/30/90 50000 15581 100255 150255 16786 91662 129851 221513 141399 362912.25 26393.618
4/30/91 52000 16749 117004 169004 1490 102259 143482 245741 172737 418478.89 27861.444
4/30/92 54000 15967 132971 186971 8552 112534 164305 276839 203461 480300.65 29611.631
4/30/93 56000 16910 149881 205881 5445 124153 183928 308081 238601 546682.32 31079.154
4/30/94 58000 17772 167653 225653 12355 122672 190752 313424 249186 562610.47 32881.968
4/30/95 60000 21016 188669 248669 13744 137452 225711 363163 297435 660598.41 35007.865
TOTAL $ 135137
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WASHINGTON MUTUAL INVESTORS FUND, INC.
SALES NET ASSET INITIAL
INITIAL OFFERING CHARGE SHARES VALUE NET ASSET
DATE INVESTMENT PRICE INCLUDED PURCHASED PER SHARE VALUE
5/01/55 2000.00 15.83 5.75 % 126.342 14.920 1885
ANNUAL INVESTMENTS OF $ 2000.00 -- SAME DAY AS INITIAL INVESTMENT
DIVIDENDS AND CAPITAL GAINS REINVESTED
RIGHT OF ACCUMULATION DISCOUNT REFLECTED WHERE APPLICABLE IN THIS ILLUSTRATION
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/56 2000 59 59 2059 0 2318 0 2318 61 2379.11 259.727
4/30/57 4000 140 199 4199 109 4224 111 4335 196 4531.01 506.824
4/30/58 6000 225 424 6424 223 5490 294 5784 395 6179.07 785.142
4/30/59 8000 320 744 8744 157 10389 610 10999 906 11905.23 1088.229
4/30/60 10000 407 1151 11151 479 10834 929 11763 1126 12889.47 1353.936
4/30/61 12000 542 1693 13693 704 14633 1876 16509 1895 18404.23 1699.375
4/30/62 14000 629 2322 16322 680 16301 2436 18737 2390 21127.42 2000.702
4/30/63 16000 767 3089 19089 1000 18812 3677 22489 3340 25829.99 2376.265
4/30/64 18000 883 3972 21972 760 21912 4603 26515 4368 30883.53 2709.082
4/30/65 20000 1004 4976 24976 1138 27304 6593 33897 6094 39991.16 3071.518
4/30/66 22000 1190 6166 28166 1259 29652 7914 37566 7306 44871.53 3417.482
4/30/67 24000 1434 7600 31600 1504 31239 9453 40692 8842 49535.05 3819.203
4/30/68 26000 1740 9340 35340 1222 35517 10956 46473 10821 57294.97 4203.593
4/30/69 28000 2121 11461 39461 2648 41401 14586 55987 13713 69700.91 4703.165
4/30/70 30000 2389 13850 43850 3998 32816 14406 47222 12696 59918.94 5316.676
4/30/71 32000 2734 16584 48584 2020 41120 20541 61661 18965 80625.91 5954.646
4/30/72 34000 3035 19619 53619 834 42691 20500 63191 21230 84420.69 6405.212
4/30/73 36000 3298 22917 58917 2178 39202 20029 59231 21678 80909.39 6986.994
4/30/74 38000 3591 26508 64508 1537 37876 19992 57868 23501 81369.60 7626.017
4/30/75 40000 4535 31043 71043 610 41729 21584 63313 29772 93084.98 8348.429
4/30/76 42000 5272 36315 78315 334 56091 26890 82981 42581 125561.88 9007.309
4/30/77 44000 6021 42336 86336 3243 58755 30244 88999 48697 137695.66 19670.808
4/30/78 46000 6782 49118 95118 3541 57477 32459 89936 53663 143599.36 21529.139
4/30/79 48000 7812 56930 104930 1938 65175 35681 100856 63566 164422.09 23289.248
4/30/80 50000 9315 66245 116245 5357 65225 37567 102792 66388 169179.82 25750.353
4/30/81 52000 15029 81274 133274 22146 69006 70487 139493 98246 237739.23 31281.478
4/30/82 54000 13861 95135 149135 11174 65241 76051 141292 103935 245227.42 35082.607
4/30/83 56000 16267 111402 167402 18763 93023 124179 217202 162593 379795.00 39235.021
4/30/84 58000 18468 129870 187870 36309 84474 147362 231836 161726 393562.88 45709.975
4/30/85 60000 22008 151878 211878 31941 92949 190462 283411 195744 479155.38 51744.641
4/30/86 62000 25922 177800 239800 24201 120622 265532 386154 277049 663203.05 56346.903
4/30/87 64000 30101 207901 271901 38184 138620 339959 478579 344598 823177.90 61846.574
CONTINUED ON NEXT PAGE
WASHINGTON MUTUAL INVESTORS FUND, INC.
============COST OF SHARES============= ================VALUE OF SHARES=====================
CURRENT CUM. TOTAL CURRENT FROM FROM
CUM INCOME INCOME INVM'T CAP GAIN FROM CAP GAINS SUB- DIVS TOTAL SHARES
DATE INV'M'T DIVS DIVS COST DISTRIB'N INV'M'T REINV'D TOTAL REINV'D VALUE HELD
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/30/88 66000 32939 240840 306840 25029 125582 329110 454692 339348 794040.32 66782.197
4/30/89 68000 29829 270669 338669 0 151249 390282 541531 435295 976826.27 69278.459
4/30/90 70000 44760 315429 385429 48225 149406 426510 575916 466693 1042609.16 75826.121
4/30/91 72000 47945 363374 435374 4266 165265 470591 635856 562125 1197981.59 79759.094
4/30/92 74000 45581 408955 482955 24406 180503 534899 715402 655348 1370750.43 84509.891
4/30/93 76000 48134 457089 533089 15499 197793 596433 794226 761816 1556042.59 88461.773
4/30/94 78000 50461 507550 585550 35084 194230 613788 808018 789574 1597592.20 93371.841
4/30/95 80000 59539 567089 647089 38937 216288 720374 936662 934871 1871533.36 99180.358
TOTAL $ 411637
</TABLE>
SCHEDULE FOR COMPUTATION OF EACH PERFORMANCE QUOTATION
PROVIDED IN THE WMIF REGISTRATION STATEMENT
(1) ENDING REDEMPTION VALUE AND TOTAL RETURN
Value of an initial investment at the end of a period and total return for the
period are computed as set forth below.
(A) INITIAL INVESTMENT divided by
PUBLIC OFFERING PRICE FOR ONE SHARE AT
BEGINNING OF PERIOD equals
NUMBER OF SHARES INITIALLY PURCHASED
(B) NUMBER OF SHARES INITIALLY PURCHASED plus
NUMBER OF SHARES ACQUIRED AT NET ASSET
VALUE THROUGH REINVESTMENT OF DIVIDENDS
AND CAPITAL GAIN DISTRIBUTIONS DURING
PERIOD equals
NUMBER OF SHARES PURCHASED DURING PERIOD
(C) NUMBER OF SHARES PURCHASED DURING PERIOD multiplied by
NET ASSET VALUE OF ONE SHARE AS OF THE
LAST DAY OF THE PERIOD equals
VALUE OF INVESTMENT AT END OF PERIOD
(D) VALUE OF INVESTMENT AT END OF PERIOD divided by
INITIAL INVESTMENT
MINUS ONE AND THEN MULTIPLIED BY 100 equals
TOTAL RETURN FOR THE PERIOD EXPRESSED
AS A PERCENTAGE
(2) AVERAGE ANNUAL TOTAL RETURN
Average annual total return quotations for the 1, 5 and 10-year periods ended
on the date of the most recent balance sheet are computed according to the
formula set forth below.
P(1+T)/n/ = ERV
WHERE: P = a hypothetical initial investment of $1,000
T = average annual total return
n = number of years
ERV = ending value of a hypothetical $1,000 investment as of the end of 1, 5
and 10-year periods (computed in accordance with the formula set forth
in (1), above)
THUS:
AVERAGE ANNUAL TOTAL RETURN AT PUBLIC OFFERING PRICE:
1 Year Total Return 1,000(1+T)/1/ = $
1,103.05
T = + 10.31 %
5 Year Average Annual Total Return 1,000(1+T)/5/ = $ 1,679.62
T = + 10.93 %
10 Year Average Annual Total Return 1,000(1+T)/10/ = $ 3,606.59
T = + 13.69 %
Hypothetical illustrations based on $1,000 and $10,000 initial investments used
to obtain ending values over various time periods are attached. Illustrations
which show the benefits of systematic investing are also included.
(3) YIELD
Yield is computed as set forth below.
(A) DIVIDENDS AND INTEREST EARNED DURING THE PERIOD minus
EXPENSES ACCRUED FOR THE PERIOD equals
NET INVESTMENT INCOME
(B) NET INVESTMENT INCOME divided by
AVERAGE DAILY NUMBER OF SHARES OUTSTANDING DURING
THE PERIOD THAT WERE ENTITLED TO RECEIVE DIVIDENDS equals
NET INVESTMENT INCOME PER SHARE EARNED DURING THE
PERIOD
(C) NET INVESTMENT INCOME PER SHARE EARNED DURING
THE PERIOD divided by
MAXIMUM OFFERING PRICE PER SHARE ON LAST DAY
OF THE PERIOD equals
CURRENT MONTH'S YIELD
(D) CURRENT MONTH'S YIELD plus one
raised to the sixth power
equals
SEMIANNUAL COMPOUNDED YIELD
(E) SEMIANNUAL COMPOUNDED YIELD minus one
multiplied by two
equals
ANNUALIZED RATE
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 11,419,667
<INVESTMENTS-AT-VALUE> 14,549,483
<RECEIVABLES> 112,547
<ASSETS-OTHER> 44
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,662,074
<PAYABLE-FOR-SECURITIES> 199,072
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,221
<TOTAL-LIABILITIES> 236,293
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,169,748
<SHARES-COMMON-STOCK> 764,362
<SHARES-COMMON-PRIOR> 725,057
<ACCUMULATED-NII-CURRENT> 53,429
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 308,426
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,129,816
<NET-ASSETS> 14,425,781
<DIVIDEND-INCOME> 533,586
<INTEREST-INCOME> 24,422
<OTHER-INCOME> 0
<EXPENSES-NET> 89,832
<NET-INVESTMENT-INCOME> 468,176
<REALIZED-GAINS-CURRENT> 381,437
<APPREC-INCREASE-CURRENT> 1,242,019
<NET-CHANGE-FROM-OPS> 2,091,632
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 459,553
<DISTRIBUTIONS-OF-GAINS> 299,287
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94,281
<NUMBER-OF-SHARES-REDEEMED> 95,401
<SHARES-REINVESTED> 40,424
<NET-CHANGE-IN-ASSETS> 2,020,642
<ACCUMULATED-NII-PRIOR> 44,806
<ACCUMULATED-GAINS-PRIOR> 226,276
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89,832
<AVERAGE-NET-ASSETS> 13,100,103
<PER-SHARE-NAV-BEGIN> 17.11
<PER-SHARE-NII> .63
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> .62
<PER-SHARE-DISTRIBUTIONS> .41
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.87
<EXPENSE-RATIO> .69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
