Washington Mutual Investors Fund
(photograph of rotunda)
Semi-Annual Report
October 31, 1995
(Logo)
The American Funds Group (R)
THE FIGURES IN THIS REPORT REFLECT PAST RESULTS AND WERE CALCULATED WITHOUT
A SALES CHARGE. ALL INVESTMENTS ARE SUBJECT TO CERTAIN RISKS. FOR
EXAMPLE, THOSE WHICH INCLUDE COMMON STOCKS ARE AFFECTED BY FLUCTUATING
STOCK PRICES SO YOU MAY GAIN OR LOSE MONEY BY INVESTING IN THE FUND.
INVESTORS SHOULD MAINTAIN A LONG-TERM INVESTMENT PERSPECTIVE. FUND SHARES
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.
Washington Mutual Investors Fund / 1995 Semi-Annual Report
Fellow Shareholders:
In our semi-annual report to you 12 months ago, we remarked that
business activity appeared to be gathering strength and noted that the
Federal Reserve was increasing interest rates to restrain inflation and
prevent the economy from overheating. Since then, the picture has changed.
While business generally has continued to expand, retail sales have slowed
to such an extent that the Federal Reserve reversed course and reduced
short-term interest rates in July.
In this recent environment of falling interest rates, the stock market
has gained ground in an impressive fashion. For the six months ended
October 31, the unmanaged Standard & Poor's 500 Composite Index rose 14.4%
with all distributions reinvested. Washington Mutual recorded a similar
gain, rising 14.8% on a reinvested basis. About two-thirds of your Fund's
investments posted increases during the period.
The portfolio appearing in this report reflects ownership of 127
companies in 25 industries. On October 31 the largest industry positions
as a percentage of net assets were Banking (16.0%), Health & Personal Care
(12.9%), Telecommunications (12.4%), Energy Sources (8.1%), Electric & Gas
Utilities (7.0%), Business & Public Services (5.2%) and Insurance (5.1%).
Four new names have appeared in your Fund's portfolio since July 31:
Colgate-Palmolive, KeyCorp, PP & L Resources and SCANA. Meanwhile, six
holdings were eliminated: Allegheny Power System, BellSouth, First
Fidelity, PPG Industries, Wells Fargo and Winn-Dixie Stores.
Since a vast majority of investments in Washington Mutual's portfolio
have appreciated substantially, the portfolio changes deemed necessary by
our investment adviser have resulted in larger than usual realized capital
gains. Also, the steady flow of dividend increases by companies
represented in the portfolio, which we have commented on in past reports,
will result in the payment of an extra income dividend in calendar 1995.
These gains and the extra dividend must be distributed prior to December
31st to avoid the payment of Federal excise tax. As you may recall, our
regular quarterly dividend was increased in March.
While the stock market has been rising, it also has shown considerable
volatility from day to day, chiefly because of the well-publicized conflict
between Congress and the President over deficit reduction. Interestingly,
the dispute has not been about the goal of reduction, but over the means of
achieving it. Although there undoubtedly will be further disputes, and
bumps along the way, we believe the end result could be a significant
lowering of the budget deficit. In the long run, that should have a
positive influence on the economy and the market.
Your questions and comments are always welcome.
Cordially,
(Signatures)
Stephen Hartwell James H. Lemon, Jr. Harry J. Lister
Chairman Vice Chairman President
December 13, 1995
Washington Mutual Investors Fund / 1995 Semi-Annual Report
Investment Portfolio
October 31, 1995<F1>
Market Percent
Value of Net
Securities<F2> Shares (000) Assets
ENERGY
Energy Sources (8.07%)
Amoco Corp. 3,570,000 $ 228,034 1.34%
Ashland Inc. 2,500,000 79,063 .46
Atlantic Richfield Co. 650,000 69,387 .41
Chevron Corp. 5,725,000 267,644 1.57
Exxon Corp. 2,625,000 200,484 1.18
Kerr-McGee Corp. 1,550,000 85,444 .50
Mobil Corp. 1,600,000 161,200 .95
Texaco Inc. 3,690,000 251,381 1.48
Unocal Corp. 1,165,000 30,581 .18
1,373,218 8.07
Utilities: Electric & Gas (7.00%)
American Electric Power Company, Inc. 700,000 26,687 .16
Atlantic Energy, Inc. 1,650,000 31,969 .19
Brooklyn Union Gas Co. 900,000 22,612 .13
Carolina Power & Light Co. 3,007,000 98,479 .58
Central and South West Corp. 2,850,000 76,238 .45
CINergy Corp. 700,000 19,863 .12
Consolidated Edison Co. of New York, Inc. 4,865,500 147,790 .87
Consolidated Natural Gas Co. 1,154,900 43,886 .26
Detroit Edison Co. 2,344,800 79,137 .46
Dominion Resources, Inc. 595,000 23,651 .14
Duke Power Co. 1,600,000 71,600 .42
Houston Industries Inc. 2,490,000 115,474 .68
Kansas City Power & Light Co. 1,400,000 34,825 .20
Northeast Utilities 1,600,000 39,600 .23
Pacific Gas and Electric Co. 1,200,000 35,250 .21
PECO Energy Co. 2,200,000 64,350 .38
PP & L Resources Inc. 4,656,000 104,760 .61
Public Service Enterprise Group Inc. 1,620,000 47,587 .28
Puget Sound Power & Light Co. 810,000 18,428 .11
SCANA Corp. 55,000 1,396 .01
SCEcorp. 4,060,000 69,020 .40
Unicom Corp. 555,000 18,176 .11
1,190,778 7.00
Total Energy 2,563,996 15.07
MATERIALS
Building Materials & Components (.21%)
Masco Corp. 1,300,000 36,563 .21%
Chemicals (3.35%)
E.I. du Pont de Nemours and Co. 5,487,000 342,252 2.01
Monsanto Co. 2,180,700 228,428 1.34
570,680 3.35
Forest Products & Paper (1.75%)
International Paper Co. 6,700,000 247,900 1.46
Westvaco Corp. 1,801,350 49,987 .29
297,887 1.75
Total Materials 905,130 5.31
CAPITAL EQUIPMENT
Aerospace & Military Technology (2.65%)
Boeing Co. 1,750,000 114,844 .67
Raytheon Co. 3,238,800 141,293 .83
United Technologies Corp. 2,198,100 195,081 1.15
451,218 2.65
Data Processing & Reproduction (1.77%)
Xerox Corp. 2,325,000 301,669 1.77
Electrical & Electronics (1.15%)
General Electric Co. 3,100,000 196,075 1.15
Electronic Components (.19%)
Thomas & Betts Corp. 510,000 32,959 .19
Industrial Components (1.39%)
Dana Corp. 2,040,000 52,275 .31
Eaton Corp. 1,250,000 64,062 .38
Johnson Controls, Inc. 1,041,000 60,638 .36
TRW Inc. 890,000 58,518 .34
235,493 1.39
Total Capital Equipment 1,217,414 7.15
CONSUMER GOODS
Appliances & Household Durables (.31%)
Maytag Corp. 2,750,000 52,250 .31%
Beverages (.31%)
PepsiCo, Inc. 1,000,000 52,750 .31
Food & Household Products (2.77%)
Clorox Co. 400,000 28,700 .17
Colgate-Palmolive Co. 1,850,000 128,113 .75
CPC International Inc. 1,840,000 122,130 .72
General Mills, Inc. 3,365,600 193,101 1.13
472,044 2.77
Health & Personal Care (12.90%)
American Home Products Corp. 4,280,000 379,315 2.23
Bristol-Myers Squibb Co. 3,675,000 280,219 1.65
Johnson & Johnson 1,000,000 81,500 .48
Kimberly-Clark Corp. 1,245,400 90,447 .53
Eli Lilly and Co. 3,525,000 340,603 2.00
McKesson Corp. 750,000 35,812 .21
Merck & Co., Inc. 6,050,000 347,875 2.04
Pfizer Inc. 510,600 29,296 .17
Schering-Plough Corp. 1,100,000 58,988 .35
Tambrands Inc. 1,149,300 51,431 .30
Upjohn Co. 4,250,000 215,687 1.27
Warner-Lambert Co. 3,332,100 283,645 1.67
2,194,818 12.90
Recreation & Other Consumer Products (.18%)
Eastman Kodak Co. 500,000 31,313 .18
Textiles & Apparel (.17%)
VF Corp. 600,000 28,725 .17
Total Consumer Goods 2,831,900 16.64
SERVICES
Broadcasting & Publishing (1.38%)
CBS Inc. 455,075 36,747 .22%
Dow Jones & Co., Inc. 900,000 31,725 .19
Gannett Co., Inc. 1,566,500 85,179 .50
McGraw-Hill, Inc. 250,000 20,469 .12
Times Mirror Co. 900,386 26,111 .15
Times Mirror Co., convertible preferred
equity redemption cumulative stock, Series B 1,400,000 33,775 .20
234,006 1.38
Business & Public Services (5.10%)
Browning-Ferris Industries, Inc. 1,950,000 56,794 .33
Deluxe Corp. 2,278,800 61,243 .36
Dun & Bradstreet Corp. 6,138,000 366,745 2.15
Pitney Bowes Inc. 5,375,000 234,484 1.38
WMX Technologies, Inc. 5,300,000 149,063 .88
868,329 5.10
Merchandising (2.19%)
Melville Corp. 2,250,000 72,000 .42
J.C. Penney Co., Inc. 3,000,000 126,375 .74
Wal-Mart Stores, Inc. 5,200,000 112,450 .66
Walgreen Co. 2,200,000 62,700 .37
373,525 2.19
Telecommunications (12.35%)
ALLTEL Corp. 2,200,000 67,375 .40
Ameritech Corp. 4,825,000 260,550 1.53
AT&T Corp. 5,295,000 338,880 1.99
Bell Atlantic Corp. 2,317,200 147,432 .87
GTE Corp. 3,850,000 158,812 .93
NYNEX Corp. 1,200,000 56,400 .33
Pacific Telesis Group 14,165,000 430,262 2.53
SBC Communications Inc. 1,410,000 78,784 .46
Sprint Corp. 3,710,000 142,835 .84
U S WEST, Inc. 8,835,000 420,767 2.47
2,102,097 12.35
Transportation: Rail (3.43%)
Conrail, Inc. 1,156,500 79,509 .47
Norfolk Southern Corp. 3,935,000 303,979 1.79
Union Pacific Corp. 3,050,000 199,394 1.17
582,882 3.43
Total Services 4,160,839 24.45
FINANCE
Banking (15.95%)
Banc One Corp. 5,900,000 199,125 1.17%
Bank of New York Co., Inc. 6,800,000 285,600 1.68
BankAmerica Corp. 2,275,000 130,813 .77
Bankers Trust New York Corp. 1,925,000 122,719 .72
Barnett Banks, Inc. 496,600 27,437 .16
Barnett Banks, Inc. $4.50 cumulative
convertible preferred, Series A 100,000 10,500 .06
Chase Manhattan Corp. 1,800,000 102,600 .60
Chemical Banking Corp. 4,600,000 261,625 1.54
Comerica Inc. 950,000 31,944 .19
First Chicago Corp. 1,825,000 123,872 .73
First Union Corp. 2,625,000 130,266 .76
Fleet Financial Group, Inc. 4,700,000 182,125 1.07
KeyCorp 1,000,000 33,750 .20
J.P. Morgan & Co. Inc. 3,015,200 232,547 1.37
National City Corp. 6,450,000 199,144 1.17
National City Corp. 8.00% cumulative
convertible preferred 100,000 7,375 .04
NationsBank Corp. 2,400,000 157,800 .93
Norwest Corp. 2,900,000 85,550 .50
PNC Bank Corp. 5,100,000 133,875 .79
Signet Banking Corp. 231,800 5,505 .03
SunTrust Banks, Inc. 1,855,000 119,647 .70
Wachovia Corp. 2,970,000 131,051 .77
2,714,870 15.95
Financial Services (3.37%)
American Express Co. 3,100,000 125,937 .74
Beneficial Corp. 2,000,000 98,000 .58
Federal National Mortgage Assn. 1,400,000 146,825 .86
Household International, Inc. 2,650,000 149,063 .88
Student Loan Marketing Assn. 900,000 52,988 .31
572,813 3.37
Insurance (5.08%)
Aetna Life and Casualty Co. 2,470,000 173,826 1.02
Allstate Corp. 6,625,000 243,469 1.43
American General Corp. 4,025,000 132,322 .78
CIGNA Corp. 1,150,000 113,994 .67
Lincoln National Corp. 2,600,000 116,025 .68
Marsh & McLennan Companies, Inc. 285,000 23,334 .14
St. Paul Companies, Inc. 1,210,000 61,407 .36
864,377 5.08
Total Finance 4,152,060 24.40
MULTI-INDUSTRY
Multi-Industry (2.14%)
AlliedSignal Inc. 800,000 34,000 .20%
Minnesota Mining and Manufacturing Co. 5,795,000 329,591 1.94
Total Multi-Industry 363,591 2.14
Principal
Amount
(000)
CONVERTIBLE DEBENTURES
Business & Public Services (.06%)
Browning-Ferris Industries, Inc. 6.25% 2012 $10,000 9,950 .06
Total Convertible Debentures 9,950 .06
MISCELLANEOUS
Stocks in initial period of acquisition 174,985 1.03
TOTAL INVESTMENT SECURITIES
(cost: $11,912,407,000) 16,379,865 96.25
Excess of United States Treasury bills,
cash, and receivables over payables 638,728 3.75
NET ASSETS $17,018,593 100.00%
[FN]
<F1> Unaudited
<F2> Securities listed are common stocks unless otherwise indicated
[/FN]
See Notes to Financial Statements
Washington Mutual Investors Fund / 1995 Semi-Annual Report
Financial Statements
Statement of Assets and Liabilities
October 31, 1995
Unaudited (dollars in thousands)
Assets:
Investment securities at market
(cost: $11,912,407) $16,379,865
United States Treasury bills
(cost: $605,251) 605,229
Cash 134
Receivables for-
Sales of investments $27,219
Sales of Fund's shares 24,105
Dividends and interest 43,969 95,293
17,080,521
Liabilities:
Payables for-
Purchases of investments 39,988
Repurchases of Fund's shares 10,018
Management services 4,899
Accrued expenses 7,023 61,928
Net Assets at October 31, 1995
Equivalent to $21.35 per share on
797,146,210 shares of $1 par value
capital stock outstanding (authorized
capital stock - 1,000,000,000 shares) $17,018,593
See Notes to Financial Statements
Statement of Operations
for the six months ended October 31, 1995
Unaudited (dollars in thousands)
Investment Income:
Income:
Dividends $ 283,602
Interest 18,687 $ 302,289
Expenses:
Investment management fee 16,588
Business management fee 10,491
Distribution expenses 16,962
Transfer agent fee 6,260
Reports to shareholders 273
Registration statement and prospectus 199
Postage, stationery and supplies 1,587
Directors' and Advisory Board fees 183
Auditing and legal fees 97
Custodian fee 119
Other expenses 59 52,818
Net investment income 249,471
Realized Gain and Unrealized
Appreciation on Investments:
Net realized gain 561,792
Net in unrealized appreciation
on investments:
Beginning of period 3,129,816
End of period 4,467,436
Net unrealized appreciation
on investments 1,337,620
Net realized gain and unrealized
appreciation on investments 1,899,412
Net Increase in Net Assets
Resulting from Operations $2,148,883
See Notes to Financial Statements
Washington Mutual Investors Fund / 1995 Semi-Annual Report
Statement of Changes in Net Assets
Six Months Ended Year Ended
(dollars in thousands) October 31, 1995<F1>April 30, 1995
Operations:
Net investment income $ 249,471 $ 468,176
Net realized gain on investments 561,792 381,437
Net in unrealized appreciation
on investments 1,337,620 1,242,019
Net Increase in Net Assets
Resulting from Operations 2,148,883 2,091,632
Dividends and Distributions
Paid to Shareholders:
Dividends from net investment income (225,683) (459,553)
Distributions from net realized gain
on investments - (299,287)
Total Dividends and Distributions (225,683) (758,840)
Capital Share Transactions:
Proceeds from shares sold:
63,233,091 and 94,281,478
shares, respectively 1,287,154 1,668,041
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
10,124,586 and 40,423,865 shares,
respectively 206,381 698,310
Cost of shares repurchased:
40,573,318 and 95,400,583
shares, respectively (823,923) (1,678,501)
Net Increase in Net Assets Resulting
from Capital Share Transactions 669,612 687,850
Total Increase in Net Assets 2,592,812 2,020,642
Net Assets:
Beginning of period 14,425,781 12,405,139
End of period (including undistributed
net investment income: $77,217 and
$53,429, respectively) $17,018,593 $14,425,781
[FN]
<F1> Unaudited
[/FN]
See Notes to Financial Statements
Notes to Financial Statements<F1>
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 period 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 $119,000 included $69,000 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 October 31, 1995, net unrealized appreciation on investments for
book and federal income tax purposes aggregated $4,467,436,000, of which
$4,532,543,000 related to appreciated securities and $65,107,000 related to
depreciated securities. There was no difference between book and tax
realized gains on securities transactions for the six months ended October
31, 1995. The cost of portfolio securities for book and federal income tax
purposes was $12,517,658,000 at October 31, 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. WMC, business manager of the Fund, was paid a fee of
$10,491,000 for business management services. 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 $308,000 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 $16,588,000 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 six months ended October
31, 1995, distribution expenses under the Plan were $16,962,000 including
accrued expenses of $5,889,000.
American Funds Service Company, the transfer agent for the Fund, was
paid a fee of $6,260,000. AFD has informed the Fund that it has received
$5,792,000 (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 and Advisory Board members of the Fund who are unaffiliated
with WMC may elect to defer part or all of the fees earned for such
services. Amounts deferred are not funded and are general unsecured
liabilities of the Fund. As of October 31, 1995, aggregate amounts
deferred were $71,000.
4. As of October 31, 1995, accumulated undistributed net realized gain on
investments was $870,218,000 and additional paid-in capital was
$10,806,576,000.
The Fund made purchases and sales of investment securities, excluding
short-term securities, of $2,463,601,000 and $1,892,361,000, respectively,
during the six months ended October 31, 1995.
[FN]
<F1> Unaudited
[/FN]
Washington Mutual Investors Fund / 1995 Semi-Annual Report
Per-Share Data and Ratios
Six Months
Ended Year Ended April 30
10/31/95<F1> 1995 1994 1993 1992 1991
Net Asset Value,
Beginning of Period $18.87 $17.11 $17.59 $16.22 $15.02 $13.75
Income from Investment
Operations:
Net investment income .32 .63 .59 .56 .56 .58
Net realized and
unrealized gain (loss)
on investments 2.45 2.16 (.12) 1.55 1.50 1.37
Total income from
investment operations 2.77 2.79 .47 2.11 2.06 1.95
Less Distributions:
Dividends from net
investment income (.29) (.62) (.56) (.56) (.56) (.62)
Distributions from net
realized gains - (.41) (.39) (.18) (.30) (.06)
Total distributions (.29) (1.03) (.95) (.74) (.86) (.68)
Net Asset Value,
End of Period $21.35 $18.87 $17.11 $17.59 $16.22 $15.02
Total Return<F2> 14.76%<F3> 17.01% 2.55% 13.36% 14.24% 14.69%
Ratios/Supplemental Data:
Net assets, end of
period (in millions) $17,019 $14,426 $12,405 $11,306 $8,896 $6,596
Ratio of expenses to
average net assets .33%<F3> .69% .69% .70% .74% .77%
Ratio of net income to
average net assets 1.58%<F3> 3.57% 3.29% 3.33% 3.58% 4.24%
Portfolio turnover rate 12.45%<F3> 25.45% 23.86% 18.60% 10.36% 10.86%
[FN]
<F1> Unaudited
<F2> 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.
<F3> Based on operations for the period shown and, accordingly, not
representative of a full year's operations.
[/FN]
Board of Directors
Stephen Hartwell,
Chairman
James H. Lemon, Jr.,
Vice Chairman
Harry J. Lister,
President
Cyrus A. Ansary
John A. Beck
James C. Miller III
Thomas J. Owen
Jean Head Sisco
T. Eugene Smith
Margita E. White
Stephen G. Yeonas
Directors Emeritus
Bernard J. Nees,
Chairman Emeritus
Charles T. Akre
Nathan A. Baily
Frank M. Ewing
Advisory Board
Mary K. Bush
Daniel J. Callahan III
Vernon W. Holleman, Jr.
William B. Snyder
Leonard P. Steuart II
Robert F. Tardio
W. Reid Thompson
Other Officers
Howard L. Kitzmiller,
Senior Vice President, Secretary
and Assistant Treasurer
Ralph S. Richard,
Vice President and Treasurer
Lois A. Erhard,
Assistant Vice President
For information about your account or any of the Fund's services, please
contact your securities dealer or financial planner, or call the Fund's
transfer agent, toll-free, at 800/421- 0180.
Washington Mutual Investors Fund / 1995 Semi-Annual Report
Office of the Fund
and of the Business Manager
Washington Management Corporation
1101 Vermont Avenue, NW
Washington, DC 20005-3585
202/842-5665
Investment Manager
Capital Research and
Management Company
333 South Hope Street
Los Angeles, CA 90071-1443
135 South State College Boulevard
Brea, CA 92621-5804
Transfer Agent
American Funds Service Company
P.O. Box 2205
Brea, CA 92622-2205
P.O. Box 659522
San Antonio, TX 78265-9522
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian
The Chase Manhattan Bank, N.A.
One Chase Manhattan Plaza
New York, NY 10081-0001
Counsel
Thompson, O'Donnell, Markham,
Norton & Hannon
805 Fifteenth Street, NW
Washington, DC 20005-2216
Principal Underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1462
This report is for the information of shareholders of Washington Mutual
Investors Fund, Inc., but it may also be used as sales literature when
preceded or accompanied by the current prospectus, which gives details
about charges, expenses, investment objectives and operating policies of
the Fund. If used as sales material after December 31, 1995, this report
must be accompanied by an American Funds Group Statistical Update for the
most recently completed calendar quarter.
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