=====================================================
SEC File Nos. 2-11051
811-604
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 96
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 24
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 JUNE 11, 1996, IT FILED ITS 24F-2 NOTICE FOR FISCAL 1996.
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
$ IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE ON JUNE 22, 1996,
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
[American Funds Logo]
JUNE 22, 1996
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, 1996,
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.
01-010-0696
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 Funds
Shareholder 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-Registered Trademark- 800/325-3590
(24-hour information)
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 WITH A
MAXIMUM SALES CHARGE.
This table is designed to help you understand costs of investing in the Fund.
These are historical expenses; your actual expenses may vary.
<TABLE>
<S> <C>
Shareholder Transaction Expenses
Maximum sales charge on purchases 5.75%1
(as a percentage of offering price)
The Fund has no sales charge on reinvested dividends, deferred sales charge2,
redemption fees or exchange fees.
Annual Fund Operating Expenses (for the fiscal year ended April 30, 1996, as a
percentage of average net assets)
Management fees 0.34%
12b-1 expenses 0.22%3
Other expenses (audit, legal, shareholder services, transfer agent and 0.10%
custodian)
Total Fund operating expenses 0.66%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
You would pay the following $64 $77 $92 $135
cumulative expenses on a
$1,000 investment, assuming
a 5% annual return.4
</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 employer-sponsored 403(b) plan or 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 made 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.
FINANCIAL
HIGHLIGHTS
(FOR A SHARE OUTSTANDING
THROUGHOUT THE
FISCAL YEAR)
The following information has been audited by Price Waterhouse LLP, independent
accountants, whose unqualified report covering each of the most recent five
years is included in the statement of additional information. This information
should be read in conjunction with the financial statements and accompanying
notes which appear in the statement of additional information.
<TABLE>
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
YEAR ENDED
APRIL 30
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, $18.87 $17.11 $17.59 $16.22 $15.02 $13.75 $14.10 $11.89 $13.31 $11.77
Beginning of
Year
Income From
Investment
Operations:
Net investment .63 .63 .59 .56 .56 .58 .59 .58 .55 .53
income
Net realized and 4.98 2.16 (.12) 1.55 1.50 1.37 .36 2.07 (1.06) 2.18
unrealized gain
(loss) on
investments
Total Income from 5.61 2.79 .47 2.11 2.06 1.95 .95 2.65 (.51) 2.71
Investment
Operations
Less
Distributions:
Dividends from net (.62) (.62) (.56) (.56) (.56) (.62) (.62) (.44) (.52) (.52)
investment
income
Distributions from (1.09) (.41) (.39) (.18) (.30) (.06) (.68) -- (.39) (.65)
net realized
gains
Total (1.71) (1.03) (.95) (.74) (.86) (.68) (1.30) (.44) (.91) (1.17)
Distributions
Net Asset Value, $22.77 $18.87 $17.11 $17.59 $16.22 $15.02 $13.75 $14.10 $11.89 $13.31
End of Year
30.40% 17.01% 2.55% 13.36% 14.24% 14.69% 6.52% 22.72% (3.77)% 23.76%
Total Return1
Ratios/Supplementa
l Data:
Net assets, end of $20,689 $14,426 $12,405 $11,306 $8,896 $6,596 $4,778 $3,250 $2,623 $2,609
year
(in millions)
Ratio of expenses .66% .69% .69% .70% .74% .77% .69% .67% .58% .54%
to
average net
assets
Ratio of net 2.98% 3.57% 3.29% 3.33% 3.58% 4.24% 4.01% 4.54% 4.25% 4.03%
income to
average net
assets
Portfolio turnover 23.41% 25.45% 23.86% 18.60% 10.36% 10.86% 7.38% 21.27% 11.83% 12.04%
rate
</TABLE>
1Excludes maximum sales charge of 5.75% of the Fund's offering price. 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 OBJECTIVE
AND POLICIES
THE FUND'S GOAL IS
TO PROVIDE YOU WITH
INCOME AND AN OPPORTUNITY FOR
GROWTH OF PRINCIPAL.
The Fund's investment objective is to produce income and to provide an
opportunity for growth of principal consistent with sound common stock
investing. From time to time capital gains or losses may be realized upon the
sales of securities owned by the Fund but active trading with a view to
realization of capital gains is not a policy of the Fund.
The Fund was founded to provide fiduciaries, 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 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 patterned after the historic Prudent Man Rule.
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
a prudent investor rule portfolio. 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.
<R/>
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 TECHNIQUES
INVESTING IN STOCKS
INVOLVES CERTAIN RISKS.
Risks of Investing Because the Fund invests in equity-type securities such as
common stocks and convertible preferred stocks, the Fund's portfolio is subject
to market risks, including, for example, the possibility that stock prices in
general may decline over short or 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. Counselors decide how their
respective segments will be invested (within the limits provided by the Fund's
objective and policies 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 for the Fund
are listed on the next page.
<TABLE>
PORTFOLIO COUNSELORS PRIMARY TITLE(S) YEARS OF EXPERIENCE AS WITH CAPITAL TOTAL YEARS
FOR WASHINGTON MUTUAL PORTFOLIO COUNSELOR RESEARCH AND
INVESTORS (AND RESEARCH MANAGEMENT COMPANY
FUND PROFESSIONAL, IF OR ITS AFFILIATES
APPLICABLE) FOR
WASHINGTON MUTUAL
INVESTORS FUND
YEARS OF EXPERIENCE
AS INVESTMENT
PROFESSIONAL
(APPROXIMATE)
<S> <C> <C> <C> <C>
Timothy D. Armour Executive Vice 6 years (plus 4 years as a research 13 years 13 years
President and Director, professional prior to becoming a
Capital Research portfolio counselor for the Fund)
Company*
Stephen E. Bepler Senior Vice President, 15 years (plus 8 years as a research 24 years 30 years
Capital Research professional prior to becoming a
Company* portfolio counselor for the Fund)
James K. Dunton Senior Vice President 18 years (plus 7 years as a research 34 years 34 years
and Director, Capital professional prior to becoming a
Research and Management portfolio counselor for the Fund)
Company
Gregg E. Ireland Vice President, Capital 6 years (plus 7 years as a research 23 years 23 years
Research and Management professional prior to becoming a
Company portfolio counselor for the Fund)
James B. Lovelace Vice President, Capital 6 years (plus 2 years as a research 14 years 14 years
Research and Management professional prior to becoming a
Company portfolio counselor for the Fund)
Robert G. O'Donnell Senior Vice President 3 years (plus 17 years as a research 21 years 24 years
and Director, Capital professional prior to becoming a
Research and Management portfolio counselor for the Fund)
Company
James F. Rothenberg President and Director, 2 years (plus 9 years as a research 26 years 26 years
Capital Research and professional-1971-1979-prior to
Management Company becoming a portfolio counselor for the
Fund)
* Company affiliated
with Capital Research
and Management Company.
</TABLE>
INVESTMENT RESULTS
THE FUND HAS AVERAGED
A TOTAL RETURN OF 13.21%
A YEAR (ASSUMING THE
MAXIMUM SALES
CHARGE WAS PAID)
OVER ITS LIFETIME
(JULY 31, 1952 THROUGH
MARCH 31, 1996).
The Fund may from time to time compare its investment results to various
unmanaged indices or other mutual funds in reports to shareholders, sales
literature and advertisements. The results may be calculated on a total return,
yield and/or distribution rate basis for various periods, with or without sales
charges. Results calculated without a sales charge will be higher. Total returns
assume the reinvestment of all dividends and capital gain distributions.
The Fund's distribution rate is calculated by dividing the dividends paid by the
Fund over the last 12 months by the sum of the month-end price and the capital
gains paid over the last 12 months. The SEC yield reflects income the Fund
expects to earn based on its current portfolio of securities, while the
distribution rate is based solely on the Fund's past dividends. Accordingly, the
Fund's SEC yield and distribution rate may differ. For the 30-day period ended
March 31, 1996, the Fund's SEC yield was 2.65% and the distribution rate was
2.46% at maximum offering price.
The Fund's total return over the past 12 months and average annual total returns
over the past five-year and ten-year periods as of March 31, 1996, were 26.31%,
13.82% and 12.75%, respectively. These results were calculated in accordance
with Securities and Exchange Commission rules which require that the maximum
sales charge be reflected. 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.
DIVIDENDS, DISTRIBUTIONS AND TAXES
INCOME DISTRIBUTIONS ARE USUALLY MADE QUARTERLY.
Dividends and Distributions Dividends are usually paid in March, June,
September and December. Capital gains, if any, are usually distributed in
December. When a dividend or capital gain is distributed, the net asset value
per share is reduced by the amount of the payment.
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.
FUND
ORGANIZATION AND MANAGEMENT
THE FUND IS A
MEMBER OF THE
AMERICAN FUNDS
GROUP, WHICH IS
MANAGED BY ONE OF
THE LARGEST AND
MOST EXPERIENCED
INVESTMENT ADVISERS.
Fund Organization and Voting Rights The Fund, an open-
end, diversified management investment company, was organized as a Delaware
corporation in 1952 and was reincorporated in the State of Maryland in 1990. The
Fund's board supervises Fund operations and performs duties required by
applicable state and federal law. Members of the board and advisory board who
are not affiliated with the Fund's management are paid certain fees for services
rendered to the Fund as described in the statement of additional information.
They may elect to defer all or a portion of these fees through a 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 compliance and responsibility for accounting and
recordkeeping facilities. Washington Management Corporation provides similar
services to other mutual funds. The Business Manager receives a monthly fee,
accrued daily, at the annual rate of 0.175% of the first $3 billion of the
Fund's net assets, 0.15% of net assets in excess of $3 billion but not exceeding
$5 billion, 0.135% of net assets in excess of $5 billion but not exceeding
$8 billion, 0.12% of net assets in excess of $8 billion but not exceeding
$12 billion, 0.095% of net assets in excess of $12 billion but not exceeding
$21 billion and 0.075% of net assets in excess of $21 billion.
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 0.225% of the first $3 billion of the Fund's net assets,
0.21% of net assets in excess of $3 billion but not exceeding $8 billion, 0.20%
of net assets in excess of $8 billion but not exceeding $21 billion and 0.195%
of net assets in excess of $21 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 who 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.)
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 $13,950,000 for the fiscal
year ended April 30, 1996. Telephone conversations with American Funds Service
Company may be recorded or monitored for verification, recordkeeping and quality
assurance purposes.
<TABLE>
American Funds Service Company Service Areas
SERVICE AREA ADDRESS AREAS SERVED
<S> <C> <C>
WEST P.O. Box 2205 AK, AZ, CA, HI, ID, MT, NV, OR, UT, WA and outside the U.S.
Brea, CA 92622-2205
Fax: 714/671-7080
CENTRAL- P.O. Box 659522 AR, CO, IA, KS, LA, MN, MO, ND, NE, NM, OK, SD, TX, and WY
WEST San Antonio, TX 78265-9522
Fax: 210/530-4050
CENTRAL- P.O. Box 6007 AL, IL, IN, KY, MI, MS, OH, TN and WI
EAST Indianapolis, IN 46206-6007 Fax:
317/735-6620
EAST P.O. Box 2280 CT, DE, FL, GA, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, WV and
Norfolk, VA 23501-2280 Washington, D.C.
Fax: 804/670-4773
ALL SHAREHOLDERS MAY
CALL AMERICAN FUNDS
SERVICE COMPANY AT
800/421-0180 FOR
SERVICE.
[Photo of United States showing service areas]
West (light grey);
Central-West (white);
Central-East (dark
grey), East (orange)
</TABLE>
<PAGE>
[THE AMERICAN FUNDS SHAREHOLDER GUIDE]
PURCHASING SHARES METHOD INITIAL INVESTMENT ADDITIONAL INVESTMENTS
---------------------------------------------------------
---------------------------------------------------------
Your investment By See "Investment $50 minimum (except
dealer can help contacting Minimums and Fund where a lower
you establish your your Numbers" for minimum is noted
account--and help investment initial under "Investment
you add to it dealer investment Minimums and Fund
whenever you like. minimums. Numbers").
Visit any Mail directly to
investment dealer your investment
who is registered dealer's address
in the state printed on your
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 pay-
account able 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 enve-
account lope provided with
application. your account state-
ment.
---------------------------------------------------------
By Please contact Complete the "Invest-
telephone your investment ments by Phone"
dealer to open section on the ac-
account, then count application or
follow the American FundsLink
procedures for Authorization Form.
additional Once you establish
investments. the privilege, you,
your financial advi-
sor or any person
with your account in-
formation can call
American FundsLine(R)
and make investments
by telephone (subject
to conditions noted
in "Telephone Pur-
chases, Redemptions
and Exchanges" below)
---------------------------------------------------------
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 offering price
next determined after the order is received by the fund
or American Funds Service Company. This price is the net
asset value plus a sales charge, if applicable. In the
case of orders sent directly to the fund or American
Funds Service Company, an investment dealer MUST be in-
dicated. Dealers are responsible for promptly transmit-
ting orders. (See the statement of additional informa-
tion 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 using the penny-rounding method
in accordance with rules of the Securities and Exchange
Commission.
11
<PAGE>
- -------------------------------------------------------------------------------
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.
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 AVAIL-
ABLE 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). Mini-
mums are reduced to $50 for purchases through "Auto-
matic 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 in-
vestments (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 employer-
sponsored 403(b) plan or 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, during
calendar year 1996, provide additional compensation to
dealers. Currently these payments are limited to the
top 100 dealers who have sold shares of the fund or
other funds in The American Funds Group. These payments
will be based on a pro rata share of a qualifying
dealer's sales. American Funds Distributors will, on an
annual basis, determine the advisability of continuing
these payments.
Any employer-sponsored 403(b) plan or 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 made within 12 months 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
13
<PAGE>
- -------------------------------------------------------------------------------
compensate them for providing certain services. (See
"Fund Organization and Management--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 with no
contingent deferred sales charge 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 registered representatives, retired
registered representatives with respect to accounts
established while active, or full-time employees (and
their spouses, parents, and children) of dealers who
have sales agreements with American Funds Distributors
(or who clear transactions through such dealers) and
plans for such persons or the dealers; (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
14
<PAGE>
- -------------------------------------------------------------------------------
other accounts and may not be aggregated with other
nominee or street name accounts unless otherwise
qualified as described above.
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 invest-
SERVICES ments through automatic charges to your bank account.
Once a plan is established, your account will be
The fund offers charged on or about the dates you select.
you a valuable
array of services AUTOMATIC REINVESTMENT Dividends and capital gain dis-
designed to tributions are reinvested in additional shares at no
increase the sales charge unless you indicate otherwise on the
convenience and account application. You also may elect to have divi-
flexibility of dends and/or capital gain distributions paid in cash by
your investment-- informing the fund, American Funds Service Company or
services you can your investment dealer.
use to alter your
investment program CROSS-REINVESTMENT You may cross-reinvest dividends or
as your needs and dividends and capital gain distributions paid by one
circumstances fund into another fund in The American Funds Group,
change. 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>
- -------------------------------------------------------------------------------
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 Purchases, Redemptions and Ex-
changes" below.) Shares held in corporate-type retire-
ment 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 simultaneously 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 (through electronic credits to your bank
account or by check) 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 dates you select. Electronic credits will
generally be deposited to your bank account within
three business days, 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. Purchases through automatic investment plans
will be confirmed at least quarterly.
AMERICAN FUNDSLINE(R) You may check your share balance,
the price of your shares, or your most recent account
transaction, purchase
16
<PAGE>
- -------------------------------------------------------------------------------
shares (up to $50,000 per transaction, additional
documentation required) 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 Purchases,
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
Purchases,
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, AND PROVIDED
THE ADDRESS HAS BEEN USED WITH THE ACCOUNT FOR AT LEAST
10 DAYS.
17
<PAGE>
- -------------------------------------------------------------------------------
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 PURCHASES, REDEMPTIONS AND EXCHANGES By using
the telephone (including American FundsLine(R)), fax or
telegraph, purchase, 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 made
within twelve months of purchase on investments of $1
million or more and on any investment made with no
initial sales charge by any employer-sponsored 403(b)
plan or 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 redemptions resulting from participant-
directed switches among investment options within a
participant-directed employer-sponsored retirement
plan; 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 a sales charge (any contingent deferred sales
charge paid will be credited to your
18
<PAGE>
- -------------------------------------------------------------------------------
account) in any fund in The American Funds Group. Send
a written 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 your
investment dealer or American Funds Distributors. 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 Fund(SM)
An opportunity for current income and capital growth through quality
common stocks
[American Funds Logo]
JUNE 22, 1996
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, 1996,
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.
RP 01-010-0696
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
SUMMARY
OF EXPENSES
AVERAGE ANNUAL
EXPENSES PAID OVER A
10-YEAR PERIOD WOULD
BE APPROXIMATELY
$8 PER YEAR,
ASSUMING A $1,000
INVESTMENT AND A 5%
ANNUAL RETURN WITH NO SALES CHARGE.
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
The Fund also has no sales charge on reinvested dividends, deferred sales
charge 1, redemption fees or exchange fees.
Annual Fund Operating Expenses (for the fiscal year ended April 30,
1996, as a percentage of average net assets)
Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.34%
12b-1 expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.22%2
Other expenses (audit, legal, shareholder services, transfer agent and
custodian) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%
Total Fund operating expenses . . . . . . . . . . . . . . . . . . . . . 0.66%
1 3 5 10
EXAMPLE YEAR YEARS YEARS YEARS
You would pay the following
cumulative expenses on a
$1,000 investment, $7 $21 $37 $82
assuming a 5% annual return 3.
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 employer-sponsored, 403(b) plan or 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 made 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.
FINANCIAL
HIGHLIGHTS
(FOR A SHARE OUTSTANDING
THROUGHOUT THE
FISCAL YEAR)
The following information has been audited by Price Waterhouse LLP, independent
accountants, whose unqualified report covering each of the most recent five
years is included in the statement of additional information. This information
should be read in conjunction with the financial statements and accompanying
notes which appear in the statement of additional information.
<TABLE>
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
YEAR ENDED APRIL 30
Net Asset Value,
Beginning of
Year . . . . $18.87 $17.11 $17.59 $16.22 $15.02 $13.75 $14.10 $11.89 $13.31 $11.77
Income From
Investment
Operations:
Net investment
income . . . .63 .63 .59 .56 .56 .58 .59 .58 .55 .53
Net realized and
unrealized
gain
(loss) on
investments . . 4.98 2.16 (.12) 1.55 1.50 1.37 .36 2.07 (1.06) 2.18
Total Income
from
Investment
Operations . 5.61 2.79 .47 2.11 2.06 1.95 .95 2.65 (.51) 2.71
Less
Distributions:
Dividends from
net investment
income . . . . (.62) (.62) (.56) (.56) (.56) (.62) (.62) (.44) (.52) (.52)
Distributions
from net
realized gains (1.09) (.41) (.39) (.18) (.30) (.06) (.68) -- (.39) (.65)
Total
Distributions (1.71) (1.03) (.95) (.74) (.86) (.68) (1.30) (.44) (.91) (1.17)
Net Asset Value,
End of Year . $22.77 $18.87 $17.11 $17.59 $16.22 $15.02 $13.75 $14.10 $11.89 $13.31
Total Return 1 30.40% 17.01% 2.55% 13.36% 14.24% 14.69% 6.52% 22.72% (3.77)% 23.76%
Ratios/Supplemen
tal Data:
Net assets, end
of year
(in millions) $20,689 $14,426 $12,405 $11,306 $8,896 $6,596 $4,778 $3,250 $2,623 $2,609
Ratio of
expenses to
average net
assets . . . . .66% .69% .69% .70% .74% .77% .69% .67% .58% .54%
Ratio of net
income to
average net
assets . . . . 2.98% 3.57% 3.29% 3.33% 3.58% 4.24% 4.01% 4.54% 4.25% 4.03%
Portfolio
turnover rate 23.41% 25.45% 23.86% 18.60% 10.36% 10.86% 7.38% 21.27% 11.83% 12.04%
</TABLE>
1 Excludes maximum sales charge of 5.75% of the Fund's offering price.
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 OBJECTIVE
AND POLICIES
THE FUND'S GOAL IS
TO PROVIDE YOU WITH
INCOME AND AN OPPORTUNITY FOR
GROWTH OF PRINCIPAL.
The Fund's investment objective is to produce income and to provide an
opportunity for growth of principal consistent with sound common stock
investing. From time to time capital gains or losses may be realized upon the
sales of securities owned by the Fund but active trading with a view to
realization of capital gains is not a policy of the Fund.
The Fund was founded to provide fiduciaries, 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 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 patterned after the historic Prudent Man Rule.
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
a prudent investor rule portfolio. 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 TECHNIQUES
INVESTING IN STOCKS INVOLVES CERTAIN RISKS.
Risks of Investing Because the Fund invests in equity-type securities such as
common stocks and convertible preferred stocks, the Fund's portfolio is subject
to market risks, including, for example, the possibility that stock prices in
general may decline over short or 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. Counselors decide how their
respective segments will be invested (within the limits provided by the Fund's
objective and policies 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 for the Fund
are listed on the next page.
<TABLE>
PORTFOLIO COUNSELORS PRIMARY TITLE(S) YEARS OF EXPERIENCE AS WITH CAPITAL TOTAL YEARS
FOR WASHINGTON MUTUAL PORTFOLIO COUNSELOR RESEARCH AND
INVESTORS (AND RESEARCH MANAGEMENT COMPANY
FUND PROFESSIONAL, IF OR ITS AFFILIATES
APPLICABLE) FOR
WASHINGTON MUTUAL
INVESTORS FUND
YEARS OF EXPERIENCE AS
INVESTMENT PROFESSIONAL
(APPROXIMATE)
<S> <C> <C> <C> <C>
Timothy D. Armour Executive Vice President 6 years (plus 4 years as a research 13 years 13 years
and Director, Capital professional prior to becoming a portfolio
Research Company* counselor for the Fund)
Stephen E. Bepler Senior Vice President, 15 years (plus 8 years as a research 24 years 30 years
Capital Research Company* professional prior to becoming a portfolio
counselor for the Fund)
James K. Dunton Senior Vice President and 18 years (plus 7 years as a research 34 years 34 years
Director, Capital Research professional prior to becoming a portfolio
and Management Company counselor for the Fund)
Gregg E. Ireland Vice President, Capital 6 years (plus 7 years as a research 23 years 23 years
Research and Management professional prior to becoming a portfolio
Company counselor for the Fund)
James B. Lovelace Vice President, Capital 6 years (plus 2 years as a research 14 years 14 years
Research and Management professional prior to becoming a portfolio
Company counselor for the Fund)
Robert G. O'Donnell Senior Vice President and 3 years (plus 17 years as a research 21 years 24 years
Director, Capital Research professional prior to becoming a portfolio
and Management Company counselor for the Fund)
James F. Rothenberg President and Director, 2 years (plus 9 years as a research 26 years 26 years
Capital Research and professional-1971-1979-prior to becoming a
Management Company portfolio counselor for the Fund)
* Company affiliated with Capital Research and Management Company.
</TABLE>
INVESTMENT RESULTS
THE FUND HAS AVERAGED
A TOTAL RETURN
(AT NO SALES CHARGE)
OF 13.36% A YEAR
OVER ITS LIFETIME
(JULY 31, 1952 THROUGH
MARCH 31, 1996).
The Fund may from time to time compare its investment results to various
unmanaged indices or other mutual funds in reports to shareholders, sales
literature and advertisements. The results may be calculated on a total return,
yield and/or distribution rate basis for various periods, with or without sales
charges. Results calculated without a sales charge will be higher. Total returns
assume the reinvestment of all dividends and capital gain distributions.
The Fund's distribution rate is calculated by dividing the dividends paid by the
Fund over the last 12 months by the sum of the month-end price and the capital
gains paid over the last 12 months. The SEC yield reflects income the Fund
expects to earn based on its current portfolio of securities, while the
distribution rate is based solely on the Fund's past dividends. Accordingly, the
Fund's SEC yield and distribution rate may differ. For the 30-day period ended
March 31, 1996, the Fund's SEC yield was 2.81% and the distribution rate was
2.61% with no sales charge.
The Fund's total return over the past 12 months and average annual total returns
over the past five-year and ten-year periods as of March 31, 1996, were 34.04%,
15.17% and 13.42%, respectively. These results were calculated with no sales
charge in accordance with Securities and Exchange Commission requirements. 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.
DIVIDENDS, DISTRIBUTIONS AND TAXES
INCOME DISTRIBUTIONS ARE USUALLY MADE QUARTERLY.
Dividends and Distributions Dividends are usually paid in March, June,
September and December. Capital gains, if any, are usually distributed in
December. When a dividend or capital gain is distributed, the net asset value
per share is reduced by the amount of the payment.
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 AND MANAGEMENT
THE FUND IS A MEMBER OF THE AMERICAN FUNDS GROUP, WHICH IS MANAGED BY ONE OF
THE LARGEST AND
MOST EXPERIENCED
INVESTMENT ADVISERS.
Fund Organization and Voting Rights The Fund, an open-
end, diversified management investment company, was organized as a Delaware
corporation in 1952 and was reincorporated in the State of Maryland in 1990. The
Fund's board supervises Fund operations and performs duties required by
applicable state and federal law. Members of the board and advisory board who
are not affiliated with the Fund's management are paid certain fees for services
rendered to the Fund as described in the statement of additional information.
They may elect to defer all or a portion of these fees through a 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 compliance and responsibility for accounting and
recordkeeping facilities. Washington Management Corporation provides similar
services to other mutual funds. The Business Manager receives a monthly fee,
accrued daily, at the annual rate of 0.175% of the first $3 billion of the
Fund's net assets, 0.15% of net assets in excess of $3 billion but not exceeding
$5 billion, 0.135% of net assets in excess of $5 billion but not exceeding $8
billion, 0.12% of net assets in excess of $8 billion but not exceeding $12
billion, 0.095% of net assets in excess of $12 billion but not exceeding $21
billion and 0.075% of net assets in excess of $21 billion.
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 0.225% of the first $3 billion of the Fund's net assets, 0.21% of net
assets in excess of $3 billion but not exceeding $8 billion, 0.20% of net assets
in excess of $8 billion but not exceeding $21 billion and 0.195% of net assets
in excess of $21 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 who 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, 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 $13,950,000 for the fiscal year
ended April 30, 1996. 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 PURCHASE SHARES OF THE FUND THROUGH YOUR PLAN OR
LIMITATIONS ON THE AMOUNT THAT MAY BE PURCHASED, PLEASE CONSULT 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 retirement plan assets of $100
million or more may purchase shares at net asset value. In addition, any
employer-sponsored 403(b) plan or 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% is imposed on certain
redemptions made within twelve months of such purchase. (See "Redeeming Shares--
Contingent 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 additional information.)
The minimum initial investment 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.
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 employer-sponsored
403(b) plan or 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, during calendar year 1996, provide additional compensation to
dealers. Currently these payments are limited to the top one hundred dealers who
have sold shares of the Fund or other funds in The American Funds Group. These
payments will be based on a pro rata share of a qualifying dealer's sales.
American Funds Distributors will, on an annual basis, determine the advisability
of continuing these payments.
Qualified dealers currently are paid a continuing service fee not to exceed
0.25% of average net assets annually in order to promote selling efforts and to
compensate them for providing certain services. (See "Fund Organization and
Management--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.
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 next determined 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 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
SERVICES
Subject to any restrictions contained in your plan, you 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 Your plan administrator/trustee must send a letter of
administrator/trustee instruction specifying the name of the fund, the
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 an Shares may also be redeemed through an investment
investment dealer dealer; however you or 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 made within twelve months of purchase on
investments of $1 million or more and on any investment made with no initial
sales charge by any employer-sponsored 403(b) plan or 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 redemptions
resulting from participant-directed switches among investment options within a
participant-directed employer-sponsored retirement plan; 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.
THIS PROSPECTUS HAS BEEN PRINTED ON RECYCLED
PAPER THAT MEETS THE GUIDELINES OF THE
Y 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.
WASHINGTON MUTUAL INVESTORS FUND, INC.
PART B
STATEMENT OF ADDITIONAL INFORMATION
June 22, 1996
This document is not a prospectus but should be read in conjunction with the
current Prospectus dated June 22, 1996 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 Members and Officers B- 3
Director and Advisory Board Compensation B- 3
Management B- 8
Dividends, Distributions and Federal Taxes B-11
Purchase of Shares B-12
Shareholder Account Services and Privileges B-13
Redemption of Shares B-14
Execution of Portfolio Transactions B-14
General Information B-14
Investment Results B-15
Financial Statements B-22
</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 Prudent Investor Rule in some jurisdictions
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 MEMBERS AND OFFICERS
(WITH THEIR PRINCIPAL OCCUPATIONS DURING THE PAST FIVE YEARS)#
DIRECTOR AND ADVISORY BOARD COMPENSATION
<TABLE>
<CAPTION>
NAME, ADDRESS AND AGE 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
4/30/96 GROUP DIRECTOR
SERVES/2/
<S> <C> <C> <C> <C> <C>
Charles T. Akre Director Emeritus Miller & Chevalier, $12,675 $12,675 1
700 John Ringling Blvd. Chartered,
Apt. 1108 Of Counsel
Sarasota, FL 34236
Age: 86
Cyrus A. Ansary Director Investment Services $39,150 $42,050 3
1725 K Street, N.W., Suite 410 International Co.,
Washington, D.C. 20006 President
Age: 62
Nathan A. Baily Director Emeritus Management, Marketing, $12,375 $12,375 1
5516 Greystone Street Education Consultant
Chevy Chase, MD 20815
Age: 75
John A. Beck* Director Reed Smith Shaw & none/4/ none/4/ 1
1200 18th Street, N.W McClay, Of Counsel
Washington, D.C. 20036
Age: 70
Mary K. Bush Advisory Board Independent Consultant $5,250 $5,250 1
2000 Pennsylvania Avenue, N.W., Member
Suite 8500
Washington, D.C. 20006
Age: 48
Daniel J. Callahan III Advisory Board Willow Creek Corp., $5,250 $5,250 1
4601 Fairfax Drive Member President
Arlington, VA 22203
Age: 64
Frank M. Ewing Director Emeritus Frank M. Ewing Co., Inc. $12,975 $15,675 3
P. O. Box 2248 President and Chairman of
Gaithersburg, MD 20886 the Board
Age: 81
Stephen Hartwell*{ Chairman of the Board Washington Management none/4/ none/4/ 3
Age: 81 Corporation, Chairman of
the Board
Vernon W. Holleman, Jr. Advisory Board Vernon W. Holleman, Jr. $4,250/3/ $4,250 1
7500 Old Georgetown Road Member Company, President
Suite 801
Bethesda, MD 20814
Age: 60
James H. Lemon, Jr.*{ Vice Chairman of the The Johnston-Lemon none/4/ none/4/ 3
Age: 60 Board Group, Incorporated,
Chairman of the Board
and
Chief Executive Officer
Harry J. Lister*{ President Washington Management none/4/ none/4/ 3
Age: 60 Corporation, President
and
Director
James C. Miller III Director Citizens for a Sound $39,950 $39,950 1
1250 H Street, N.W., Suite 700 Economy, Counselor
Washington, D.C. 20005
Age: 53
Bernard J. Nees Chairman Emeritus of Johnston, Lemon & Co. $6,950 $6,950 1
1101 Vermont Avenue, N.W. the Board Incorporated,
Washington, D.C. 20005 Executive Vice President
Age: 88 and
Director Emeritus
Thomas J. Owen Director The CAFRITZ Company, $41,250 $41,250 1
6006 Onondaga Road President and Chief
Bethesda, MD 20816 Executive Officer
Age: 61
Jean Head Sisco Director Sisco Associates, $38,850 $41,750 3
2517 Massachusetts Avenue, N.W. Management Consulting
Washington, D.C. 20008 Firm, Partner
Age: 70
T. Eugene Smith Director T. Eugene Smith, Inc., $40,650 $42,975 3
2830 Graham Road, Suite 200 President
Falls Church, VA 22042
Age: 65
William B. Snyder Advisory Board Southern Heritage $5,250 $5,250 1
P. O. Box 30690 Member Holdings, Inc.
Bethesda, MD 20824 and Merastar Corporation
Age: 66 Chairman, President and
CEO
Leonard P. Steuart II Advisory Board Steuart Investment $5,250 $5,250 1
4646 40th Street, N.W. Member Company, Vice President
Washington, D.C. 20016
Age: 61
Robert F. Tardio Advisory Board Independent Consultant $5,250 $5,250 1
11517 Highland Farm Road Member
Potomac, MD 20854
Age: 67
W. Reid Thompson Advisory Board Potomac Electric Power $5,250 $5,250 1
1900 Pennsylvania Avenue, N.W. Member Company, Advisory
Washington, D.C. 20006 Director
Age: 71
Margita E. White Director Association for Maximum $40,250 $40,250 1
1776 Massachusetts Avenue, N.W. Service Television Inc.,
Suite 310 President
Washington, D.C. 20036
Age: 58
Stephen G. Yeonas Director Stephen G. Yeonas $42,350/3/ $45,850 3
1611 North Kent Street, Suite 802 Company, Chairman of
Arlington, VA 22209 the Board and Chief
Age: 71 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 and Advisory Board members
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
or Advisory Board member.
/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 (8/1/94 -- 7/31/95).
/3/Since the plan's adoption, the total amount of deferred compensation accrued
by the fund (plus earnings thereon) through 3/31/96, the latest calendar
quarter, for particpants is as follows: Director Stephen G. Yeonas ($101,358)
and Advisory Board member Vernon W. Holleman, Jr. ($9,749). Amounts deferred
and accumulated earnings thereon are not funded and are general unsecured
liabilites of the Fund until paid to the participant.
/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.
HOWARD L. KITZMILLER (Age: 66)
Senior Vice President, Secretary
and Assistant Treasurer
Washington Management Corporation,
Senior Vice President, Secretary,
Assistant Treasurer and Director
RALPH S. RICHARD (Age: 77)
Vice President and Treasurer
Johnston, Lemon & Co. Incorporated,
Executive Vice President and Director
LOIS A. ERHARD (Age: 44)
Vice President
Washington Management Corporation,
Vice President
MICHAEL W. STOCKTON (Age: 29)
Assistant Treasurer
Washington Management Corporation,
Assistant Vice President and Assistant Treasurer
# 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 $7,500 quarterly and an attendance fee of $2,000 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 $2,000 semi-annually plus $1,000 per
meeting attended. No Director compensation is paid by the Fund to any officer
or Director who is a director, officer or employee of the Business Manager, the
Investment Adviser or affiliated companies. Directors Emeritus receive from
the Fund $3,750 quarterly plus $500 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. For
deferred compensation, see footnote 3 at page 7. As of May 31, 1996 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, 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 1996. During the fiscal years ended April 30, 1996, 1995
and 1994, the Business Manager's fees amounted to $22,468,000, $18,180,000 and
$17,344,000, 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 more than $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, 1996, 1995 and 1994, the Investment Adviser's fees amounted to $36,371,000,
$27,370,000 and $25,679,000, 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, 1996 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, 1996 amounted to $16,734,000 after
allowance of $87,955,000 to dealers including $746,000 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, 1995 and 1994, the
Principal Underwriter retained $7,073,000 and $12,119,000, 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 employer-sponsored 403(b) plan or 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, 1996, the Fund paid
or accrued $37,753,000 under the Plan, for compensation to dealers. As of
April 30, 1996, distribution expenses accrued but unbilled amounted to
$6,606,000.
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 as a regulated investment company, 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 by the Fund or American Funds
Service Company. 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 (excluding treasury shares), 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 Principal Underwriter 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 subject to the following statement of intention (the Statement)
terms. The Statement is not a binding obligation to purchase the indicated
amount. When a shareholder elects to utilize a Statement in order to qualify
for a reduced sales charge, shares equal 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 45 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. Existing holdings
eligible for rights of accumulation (see the Prospectus and account
application) may be credited toward satisfying the Statement. During the
Statement period reinvested dividends and capital gains distributions,
investments in money market funds, and investments made under a right of
reinstatement will not be credited toward satisfying the Statement.
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 handled as follows: The regular monthly payroll
deduction investment will be multiplied by 13 and then multiplied by 1.5. The
current value of existing American Funds investments(other than money market
fund instruments) and any rollovers or transfers reasonably anticipated to be
invested in non-money market American Funds during the 13-month period are
added to the figure determined above. The sum is the statement amount and
applicable breakpoint level. On the first investment and on all other
investments made pursuant to the Statement, 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.
Shareholders purchasing shares at a reduced sales charge under a Statement
indicate their acceptance of these terms with their first purchase.
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 by any employer-sponsored 403(b) plan or 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 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 less than $1 million).
SHAREHOLDER ACCOUNT SERVICES AND PRIVILEGES
AUTOMATIC INVESTMENT PLAN - The automatic investment plan enables shareholders
to make regular 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 day of the month the shareholder selects. 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 at least quarterly. 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 the 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
REDEMPTIONS - 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. The Fund will not pay a mark-up for research
in principal transactions.
As of the end of the Fund's most recent fiscal year, it held certain equity
securities of some of its regular brokers and dealers or their parents that
derive more than 15% of gross revenues from securities-related activities which
included securities of American Express Co., Bankers Trust New York Corp. and
Morgan (J.P.) & Co. in the amounts of $150,350,000, $112,734,000 and
$260,258,000 respectively, at the year ended April 30, 1996.
Brokerage commissions paid on portfolio transactions, including dealer
concessions on underwritings, for the fiscal years ended April 30, 1996, 1995
and 1994 amounted to $13,383,000, $11,529,000 and $11,819,000, respectively.
During fiscal years 1996, 1995 and 1994 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 LLP 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 LLP, 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, 1996
Net asset value and redemption price per share
(Net assets divided by shares outstanding) . . . . . . . . . . .
$22.77
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). . . . . $24.16
INVESTMENT RESULTS
The Fund's yield is 2.61% based on a 30-day (or one month) period ended
April 30, 1996, 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 total return over the past year and average total returns for the
five- and ten-year periods ending on April 30, 1996 was +22.92%, +13.81% and
+13.05%, 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 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 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 calculate a distribution rate on a taxable and tax
equivalent basis. The distribution rate is computed by dividing the dividends
paid by the Fund over the last 12 months by the sum of the month-end net asset
value or maximum offering price and the capital gains paid over the last 12
months. The distribution rate may differ from the yield.
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 Stock 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 January 1, 1966 (121 in all), those funds have had better
total returns than the Standard & Poor's 500 Composite Stock Index in 94 of the
121 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>
1986-1996 +241% +333% +279% +68%
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 Stock 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, 1996
Number of Years 5/1-4/30 Value
<S> <C> <C>
1 1995 - 1996 12,291
2 1994 - 1996 14,384
3 1993 - 1996 14,750
4 1992 - 1996 16,717
5 1991 - 1996 19,094
6 1990 - 1996 21,903
7 1989 - 1996 23,334
8 1988 - 1996 28,624
9 1987 - 1996 27,559
10 1986 - 1996 34,096
11 1985 - 1996 47,032
12 1984 - 1996 56,920
13 1983 - 1996 58,716
14 1982 - 1996 90,177
15 1981 - 1996 92,355
16 1980 - 1996 128,507
17 1979 - 1996 130,304
18 1978 - 1996 147,562
19 1977 - 1996 151,658
20 1976 - 1996 163,787
21 1975 - 1996 216,524
22 1974 - 1996 241,623
23 1973 - 1996 237,591
24 1972 - 1996 222,792
25 1971 - 1996 227,592
26 1970 - 1996 295,381
27 1969 - 1996 248,812
28 1968 - 1996 292,831
29 1967 - 1996 326,081
30 1966 - 1996 344,444
31 1965 - 1996 369,927
32 1964 - 1996 451,817
33 1963 - 1996 503,472
34 1962 - 1996 562,735
35 1961 - 1996 589,349
36 1960 - 1996 733,796
37 1959 - 1996 684,656
38 1958 - 1996 1,012,187
39 1957 - 1996 974,525
40 1956 - 1996 1,031,684
41 1955 - 1996 1,305,432
42 1954 - 1996 1,850,871
43 1953 - 1996 2,280,544
44 1952*- 1996 2,256,889
</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, 1996)
<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 23,202 71,603
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
1996 58,187 603,577 613,577 85,844 982,808 1,188,237 2,256,889
</TABLE>
The dollar amount of capital gain distributions from inception was $501,144
/*/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
(5/1/86-4/30/96) (5/1/76 - 4/30/96) (5/1/66 - 4/30/96) (5/1/56-4/30/96)
$3,410 $16,378 $34,446 $103,168
</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
(5/1/86-4/30/96) (5/1/76 - 4/30/96) (5/1/66 - 4/30/96) (5/1/56-4/30/96)
$12,337 $72,180 $214,071 $594,514
</TABLE>
<TABLE>
<CAPTION>
$2,000 invested in WMIF on May 1 of each year 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
(5/1/86-4/30/96) (5/1/76 - 4/30/96) (5/1/66 - 4/30/96) (5/1/56-4/30/96)
$42,528 $256,712 $789,361 $2,181,253
</TABLE>
<TABLE>
Washington Mutual Investors Fund
Investment Portfolio
April 30, 1996
<S> <C> <C> <C>
Market Percent
Value of Net
Common Stocks Shares (000) Assets
Energy
Energy Sources (9.62%)
Amoco Corp. 3,450,000 $ 251,850 1.22%
Ashland Inc. 2,800,000 115,150 .56
Atlantic Richfield Co. 1,580,000 186,045 .90
Chevron Corp. 7,450,000 432,100 2.09
Exxon Corp. 3,450,000 293,250 1.42
Kerr-McGee Corp. 1,800,000 114,975 .55
Mobil Corp. 825,000 94,875 .46
Texaco Inc. 4,735,000 404,843 1.96
Unocal Corp. 3,000,000 96,375 .46
----------- -------
1,989,463 9.62
----------- -------
Utilities: Electric & Gas (7.59%)
American Electric Power Company, Inc. 2,700,000 109,688 .53
Atlantic Energy, Inc. 1,650,000 26,813 .13
Baltimore Gas and Electric Co. 2,000,000 52,750 .26
Brooklyn Union Gas Co. 900,000 23,625 .11
Carolina Power & Light Co. 500,000 18,000 .09
Central and South West Corp. 1,900,000 51,775 .25
CINergy Corp. 700,000 20,300 .10
Consolidated Edison Co. of
New York, Inc. 5,000,000 146,875 .71
Consolidated Natural Gas Co. 1,158,900 54,179 .26
Dominion Resources, Inc. 595,000 22,908 .11
DTE Energy Co. 2,344,800 72,689 .35
Duke Power Co. 1,600,000 75,200 .36
Edison International (formerly SCEcorp.) 5,671,000 90,736 .44
Florida Progress Corp. 2,196,000 72,468 .35
Houston Industries Inc. 5,480,000 117,135 .57
Kansas City Power & Light Co. 1,400,000 36,750 .18
Northeast Utilities 5,300,000 84,138 .41
Oklahoma Gas and Electric Co. 400,000 15,100 .07
Pacific Gas and Electric Co. 4,050,000 92,137 .45
PECO Energy Co. 1,850,000 46,019 .22
PP & L Resources, Inc. 4,700,000 106,337 .51
Public Service Enterprise Group Inc. 3,820,000 99,797 .48
Puget Sound Power & Light Co. 810,000 19,237 .09
Southern Co. 1,000,000 22,000 .11
Unicom Corp. 455,000 12,512 .06
Union Electric Co. 2,100,000 81,112 .39
----------- -------
1,570,280 7.59
----------- -------
Total Energy 3,559,743 17.21
----------- -------
Materials
Building Materials & Components (.17%)
Masco Corp. 1,250,000 34,063 .17
----------- -------
Chemicals (3.72%)
E.I. du Pont de Nemours and Co. 6,800,000 546,550 2.64
Monsanto Co. 1,011,600 153,257 .74
Sherwin-Williams Co. 1,500,000 70,125 .34
----------- -------
769,932 3.72
----------- -------
Forest Products & Paper (2.51%)
International Paper Co. 9,200,000 366,850 1.77
Westvaco Corp. 4,938,850 153,104 .74
----------- -------
519,954 2.51
----------- -------
Total Materials 1,323,949 6.40
----------- -------
Capital Equipment
Aerospace & Military Technology (1.31%)
Boeing Co. 1,150,000 94,444 .46
Raytheon Co. 2,288,800 115,870 .56
United Technologies Corp. 550,000 60,775 .29
----------- -------
271,089 1.31
----------- -------
Data Processing & Reproduction (1.58%)
Xerox Corp. 2,225,000 325,963 1.58
----------- -------
Electrical & Electronics (1.16%)
Emerson Electric Co. 600,000 50,175 .24
General Electric Co. 2,450,000 189,875 .92
----------- -------
240,050 1.16
----------- -------
Electronic Components (.19%)
Thomas & Betts Corp. 1,020,000 40,163 .19
----------- -------
Industrial Components (2.36%)
Dana Corp. 2,540,000 84,455 .41
Eaton Corp. 2,100,000 127,050 .61
Goodyear Tire & Rubber Co. 1,300,000 67,762 .33
Johnson Controls, Inc. 1,076,400 76,963 .37
TRW Inc. 1,400,000 131,425 .64
----------- -------
487,655 2.36
----------- -------
Machinery & Engineering (.20%)
Parker Hannifin Corp. 1,000,000 42,250 .20
----------- -------
Total Capital Equipment 1,407,170 6.80
----------- -------
Consumer Goods
Appliances & Household Durables (.19%)
Maytag Corp. 1,800,000 38,700 .19
----------- -------
Beverages (.49%)
PepsiCo, Inc. 1,600,000 101,600 .49
----------- -------
Food & Household Products (2.37%)
Colgate-Palmolive Co. 1,900,000 145,587 .70
CPC International Inc. 1,840,000 127,190 .62
General Mills, Inc. 3,915,600 217,316 1.05
----------- -------
490,093 2.37
----------- -------
Health & Personal Care (11.55%)
American Home Products Corp. 4,280,000 451,540 2.18
Bristol-Myers Squibb Co. 3,160,000 259,910 1.26
Johnson & Johnson 500,000 46,250 .22
Kimberly-Clark Corp. 1,850,000 134,356 .65
Eli Lilly and Co. 5,762,300 339,976 1.64
McKesson Corp. 750,000 35,719 .17
Merck & Co., Inc. 5,250,000 317,625 1.54
Pfizer Inc 1,110,600 76,493 .37
Pharmacia & Upjohn, Inc. 5,772,500 220,798 1.07
Schering-Plough Corp. 1,855,800 106,476 .51
Tambrands Inc. 835,400 39,995 .19
Warner-Lambert Co. 3,232,100 361,187 1.75
----------- -------
2,390,325 11.55
----------- -------
Recreation & Other Consumer
Products (.18%)
Eastman Kodak Co. 500,000 38,250 .18
----------- -------
Textiles & Apparel (.17%)
VF Corp. 600,000 34,200 .17
----------- -------
Total Consumer Goods 3,093,168 14.95
----------- -------
Services
Broadcasting & Publishing (.67%)
Dow Jones & Co., Inc. 1,000,000 37,375 .18
Gannett Co., Inc. 900,000 61,537 .30
Times Mirror Co., Series A 900,386 38,379 .19
----------- -------
137,291 .67
----------- -------
Business & Public Services (4.68%)
Browning-Ferris Industries, Inc. 2,100,000 67,725 .33
Deluxe Corp. 600,000 21,000 .10
Dun & Bradstreet Corp. 6,721,400 409,165 1.98
Pitney Bowes Inc. 5,375,000 262,031 1.26
WMX Technologies, Inc. 6,000,000 208,500 1.01
----------- -------
968,421 4.68
----------- -------
Merchandising (3.39%)
J.C. Penney Co., Inc. 8,420,000 416,790 2.01
Walgreen Co. 2,200,000 70,400 .34
Wal-Mart Stores, Inc. 9,000,000 214,875 1.04
----------- -------
702,065 3.39
----------- -------
Telecommunications (10.61%)
ALLTEL Corp. 2,500,000 82,188 .40
Ameritech Corp. 5,776,000 337,174 1.63
AT&T Corp. 8,200,000 502,250 2.43
Bell Atlantic Corp. 1,910,000 124,150 .60
GTE Corp. 2,850,000 123,619 .60
NYNEX Corp. 1,200,000 58,950 .28
Pacific Telesis Group 13,265,000 454,326 2.19
SBC Communications Inc. 1,410,000 70,500 .34
Sprint Corp. 1,020,000 42,967 .21
U S WEST Communications Group 12,170,000 398,568 1.93
----------- -------
2,194,692 10.61
----------- -------
Transportation: Rail (3.37%)
Conrail, Inc. 1,156,500 80,666 .39
Norfolk Southern Corp. 3,935,000 330,540 1.60
Union Pacific Corp. 4,200,000 286,125 1.38
----------- -------
697,331 3.37
----------- -------
Total Services 4,699,800 22.72
----------- -------
Finance
Banking (15.72%)
Banc One Corp. 6,490,000 225,528 1.09
Bank of New York Co., Inc. 6,900,000 334,650 1.62
BankAmerica Corp. 2,275,000 172,331 .83
Bankers Trust New York Corp. 1,625,000 112,734 .54
Barnett Banks, Inc. 913,680 57,904 .28
Chase Manhattan Corp. 4,150,000 285,831 1.38
Comerica Inc. 950,000 41,325 .20
CoreStates Financial Corp 1,500,000 58,500 .28
First Chicago NBD Corp. 4,179,000 172,384 .83
First Union Corp. 2,850,000 175,275 .85
Fleet Financial Group, Inc. 5,690,000 244,670 1.18
KeyCorp 1,850,000 71,456 .35
J.P. Morgan & Co. Inc. 3,093,700 260,258 1.26
National City Corp. 6,688,379 246,634 1.19
NationsBank Corp. 3,100,000 247,225 1.20
Norwest Corp. 2,900,000 104,763 .51
PNC Bank Corp. 4,900,000 148,225 .72
Signet Banking Corp. 1,238,800 30,351 .15
SunTrust Banks, Inc. 1,855,000 130,777 .63
Wachovia Corp. 2,970,000 130,680 .63
----------- -------
3,251,501 15.72
----------- -------
Financial Services (3.26%)
American Express Co. 3,100,000 150,350 .73
Beneficial Corp. 2,000,000 110,500 .53
Federal National Mortgage Assn. 5,850,000 179,156 .87
Household International, Inc. 2,650,000 183,181 .88
Student Loan Marketing Assn. 700,000 51,275 .25
----------- -------
674,462 3.26
----------- -------
Insurance (5.47%)
Aetna Life and Casualty Co. 3,570,000 254,363 1.23
Allstate Corp. 5,325,000 207,009 1.00
American General Corp. 6,400,000 224,800 1.09
CIGNA Corp. 1,150,000 130,381 .63
General Re Corp. 200,000 28,575 .14
Lincoln National Corp. 2,600,000 125,450 .60
Marsh & McLennan Companies, Inc. 915,000 86,010 .41
St. Paul Companies, Inc. 1,430,000 75,969 .37
----------- -------
1,132,557 5.47
----------- -------
Total Finance 5,058,520 24.45
----------- -------
Multi-Industry
Multi-Industry (2.12%)
AlliedSignal Inc. 800,000 46,500 .22
Minnesota Mining and Manufacturing Co. 5,395,000 354,722 1.71
Whitman Corp. 1,525,000 38,506 .19
----------- -------
Total Multi-Industry 439,728 2.12
----------- -------
Principal
Amount
Convertible Debentures (000)
Business & Public Services (.00%)
Browning-Ferris Industries,
Inc. 6.25% 2012 $0 0 .00
----------- -------
Total Convertible Debentures .00
----------- -------
Miscellaneous
Common stocks in initial period of
acquisition 251,087 1.21
----------- -------
TOTAL INVESTMENT SECURITIES
(cost: $13,945,388,000) 19,833,165 95.86
Excess of United States Treasury bills,
cash, and receivables over payables 856,237 4.14
----------- -------
NET ASSETS 20,689,402 100.00
=========== =======
See Notes to Financial Statements
</TABLE>
<TABLE>
Washington Mutual Investors Fund
Financial Statements
Statement of Assets and Liabilities
April 30, 1996 (dollars in thousands)
<S> <C> <C>
Assets:
Investment securities at market
(cost: $13,945,388) $19,833,165
United States Treasury bills
(cost: $869,949) 869,886
Cash 242
Receivables for--
Sales of investments $ 246,412
Sales of Fund's shares 44,348
Dividends and interest 46,535 337,295
------------ ------------
21,040,588
Liabilities:
Payables for--
Purchases of investments 321,679
Repurchases of Fund's shares 15,633
Management services 5,540
Accrued expenses 8,334 351,186
------------ ------------
Net Assets at April 30, 1996
Equivalent to $22.77 per share on
908,578,891 shares of $1 par value
capital stock outstanding (authorized
capital stock -- 1,000,000,000 shares) $20,689,402
============
Statement of Operations
for the year ended April 30, 1996
(dollars in thousands)
Investment Income:
Income:
Dividends $ 597,468
Interest 40,609 $ 638,077
------------
Expenses:
Investment management fee 36,371
Business management fee 22,468
Distribution expenses 37,753
Transfer agent fee 13,950
Reports to shareholders 790
Registration statement and prospectus 481
Postage, stationery and supplies 3,077
Directors' and Advisory Board fees 366
Auditing and legal fees 121
Custodian fee 253
Other expenses 193 115,823
------------ ------------
Net investment income 522,254
------------
Realized Gain and Unrealized
Appreciation on Investments:
Net realized gain 1,227,501
Net increase in unrealized appreciation
on investments:
Beginning of year 3,129,816
End of year 5,887,714
------------
Net increase in unrealized
appreciation on investments 2,757,898
------------
Net realized gain and unrealized
appreciation on investments 3,985,399
------------
Net Increase in Net Assets
Resulting from Operations $4,507,653
============
Statement of Changes in Net Assets
(dollars in thousands)
Year ended April 30
1996 1995
------------ ------------
Operations:
Net investment income $ 522,254 $ 468,176
Net realized gain on investments 1,227,501 381,437
Net change in unrealized
appreciation on investments 2,757,898 1,242,019
------------ ------------
Net Increase in Net Assets
Resulting from Operations 4,507,653 2,091,632
------------ ------------
Dividends and Distributions Paid to
Shareholders:
Dividends from net investment income (503,739) (459,553)
Distributions from net realized gain
on investments (879,840) (299,287)
------------ ------------
Total Dividends and Distributions (1,383,579) (758,840)
------------ ------------
Capital Share Transactions:
Proceeds from shares sold:
172,566,749 and 94,281,478
shares, respectively 3,741,201 1,668,041
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
61,317,672 and 40,423,865 shares,
respectively 1,323,273 698,310
Cost of shares repurchased:
89,667,381 and 95,400,583
shares, respectively (1,924,927) (1,678,501)
------------ ------------
Net Increase in Net Assets Resulting
from Capital Share Transactions 3,139,547 687,850
------------ ------------
Total Increase in Net Assets 6,263,621 2,020,642
Net Assets:
Beginning of year 14,425,781 12,405,139
------------ ------------
End of year (including undistributed
net investment income: $71,944 and
$53,429, respectively) $20,689,402 $14,425,781
============ ============
See Notes to Financial Statements
</TABLE>
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 Fund's investment objective is to produce income and
to provide an opportunity for growth of principal consistent with sound common
stock investing. 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 a national securities exchange on the last business day of
the fiscal 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 $253,000 included $114,000 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, 1996, net unrealized appreciation on investments for book and
federal income tax purposes aggregated $5,887,714,000, of which $5,995,907,000
related to appreciated securities and $108,193,000 related to depreciated
securities. There was no difference between book and tax realized gains on
securities transactions for the year ended April 30, 1996. The cost of
portfolio securities for book and federal income tax purposes was
$14,815,337,000 at April 30, 1996.
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 $22,468,000 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 $746,000 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 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 $36,371,000 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, 1996, distribution
expenses under the Plan were $37,753,000 including accrued expenses of
$6,606,000.
American Funds Service Company, the transfer agent for the Fund, was paid a
fee of $13,950,000. AFD has informed the Fund that it has received $16,734,000
(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 April 30, 1996, aggregate amounts deferred and earnings thereon
were $122,000.
4. As of April 30, 1996, accumulated undistributed net realized gain on
investments was $656,091,000 and additional paid-in capital was
$13,165,074,000.
The Fund made purchases and sales of investment securities, excluding
short-term securities, of $5,884,163,000 and $3,940,656,000, respectively,
during the year ended April 30, 1996.
<TABLE>
Per-Share
Data and Ratios
Year ended April 30
<S> <C> <C> <C> <C> <C>
1996 1995 1994 1993 1992
Net Asset Value,
Beginning of Year $18.87 $17.11 $17.59 $16.22 $15.02
------- ------- ------- ------- -------
Income from Investment
Operations:
Net investment income .63 .63 .59 .56 .56
Net realized and
unrealized gain (loss)
on investments 4.98 2.16 (.12) 1.55 1.50
------- ------- ------- ------- -------
Total income from
investment operation 5.61 2.79 .47 2.11 2.06
------- ------- ------- ------- -------
Less Distributions:
Dividends from net
investment income (.62) (.62) (.56) (.56) (.56)
Distributions from net
realized gains (1.09) (.41) (.39) (.18) (.30)
------- ------- ------- ------- -------
Total distributions (1.71) (1.03) (.95) (.74) (.86)
------- ------- ------- ------- -------
Net Asset Value,
End of Year $22.77 $18.87 $17.11 $17.59 $16.22
======= ======= ======= ======= =======
Total Return (*) 30.40% 17.01% 2.55% 13.36% 14.24%
Ratios/Supplemental Data:
Net assets, end of
year (in millions) $20,689 $14,426 $12,405 $11,306 $8,896
Ratio of expenses to
average net assets .66% .69% .69% .70% .74%
Ratio of net income to
average net assets 2.98% 3.57% 3.29% 3.33% 3.58%
Portfolio turnover rate 23.41 % 25.45 % 23.86 % 18.60 % 10.36 %
(*)Excludes maximum
sales charge of 5.75%
of the Fund's offering price.
Total Return figures
for 1992 and 1993
have been revised.
Previously shown for
these years were
14.27% and 13.38%,
respectively.
</TABLE>
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, 1996, 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, 1996 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, 1996
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. Form of Bank Selling Group Agreement
7. None
8. Custodial Agreement and Fee Schedule
9. On file (see SEC files nos. 811-604 and 2-11051)
10. Not applicable to this filing.
11. Consent of Independent Accountants
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 (EDGAR)
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.
None
ITEM 26. NUMBER OF HOLDERS OF SECURITIES.
As of April 30, 1996
<TABLE>
<CAPTION>
Number of
Title of Class Record-Holders
<S> <C>
Common Stock 1,233,371
($1.00 par value)
</TABLE>
ITEM 27. INDEMNIFICATION.
Registrant is a joint-insured under an Investment Advisor/Mutual Fund Errors
and Omissions Policy written by American International Surplus Lines Insurance
Company, Chubb Custom Insurance Company and ICI Mutual Insurance Company which
insures its officers and directors against certain liabilities.
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., 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
John A. Agar Regional Vice President None
1501 N. University Drive
Little Rock, AR 72207
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
John A. Blanchard Regional Vice President None
6421 Aberdeen Road
Mission Hills, KS 66208
Ian B. Bodell Senior Vice President None
3100 West End Ave., Suite 870
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 Senior Vice President None
and Director
@ 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
Denise M. Cassin Regional Vice President None
1425 Vallejo, #203
San Francisco, CA 94109
* 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
4116 Woodbine St.
Chevy Chase, MD 20815
* Carl D. Cutting Vice President None
Michael A. Dilella Vice President None
P.O. Box 661
Ramsey, NJ 07446
G. Michael Dill Senior Vice President None
3622 E. 87th Street
Tulsa, OK 74137
Kirk D. Dodge Regional 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
^
* Paul H. Fieberg Senior Vice President None
John Fodor Regional Vice President None
15 Latisquama Road
Southborough, MA 01722
^
* 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 None
Controller
Michael J. Johnston Chairman of the Board None
630 Fifth Ave., 36th Floor
New York, NY 10111
* Victor J. Kriss Senior Vice President None
P.O. Box 274
Surfside, CA 90743
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
* Susan G. Lindgren Vice President - Institutional None
Investment Services Division
^
Steve A. Malbasa Regional Vice President None
13405 Lake Shore Blvd.
Cleveland, OH 44110
Steven M. Markel Vice President None
5241 South Race Street
Littleton, CO 80121
* John C. Massar Senior Vice President None
0 E. Lee McClennahan Senior Vice President None
Laurie B. McCurdy Regional Vice President None
6008 E. Anderson Drive
Scottsdale, AZ 85255
% John V. McLaughlin Senior Vice President None
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 Road
Charlotte, NC 28226
* Barbara G. Nicholich Assistant Vice President - None
Institutional Investment
Services Division
William E. Noe Regional Vice President None
304 River Oaks Road
Brentwood, TN 37027
Peter A. Nyhus Regional Vice President None
3084 Wilds Ridge Court
Prior Lake, MN 55372
Eric P. Olson Regional Vice President None
62 Park Drive
Glenview, IL 60025
Fredric Phillips Regional Vice President None
32 Ridge Avenue
Newton Center, MA 02159
# Candance D. Pilgrim Assistant Vice President None
Carl S. Platou Regional Vice President None
4021 96th Avenue, SE
Mercer Island, WA 98040
* John O. Post, Jr. Vice President None
Steven J. Reitman Vice President None
212 The Lane
Hinsdale, IL 60521
Brian A. Roberts Regional Vice President None
12025 Delmahoy Drive
Charlotte, NC 28277
^
George S. Ross Vice President None
55 Madison Avenue
Morristown, NJ 07962
* Julie D. Roth Vice President None
* James F. Rothenberg Director None
Douglas F. Rowe Regional Vice President None
30309 Oak Tree Drive
Georgetown, TX 78628
Christopher Rowey Regional Vice President None
9417 Beverlywood Street
Los Angeles, CA 90034
Dean B. Rydquist Vice President None
1080 Bay Pointe Crossing
Alpharetta, GA 30202
Richard R. Samson Vice President None
4604 Glencoe, Ave., No. 4
Marina del Rey, CA 90292
Joe D. Scarpitti Regional Vice President None
25760 Kensington Drive
Westlake, OH 44145
* R. Michael Shanahan Director None
David W. Short Senior 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
^
* Mary E. Smith Assistant Vice President - None
Institutional Investment
Services Division
Rodney G. Smith Regional Vice President None
2350 Lakeside Blvd., #850
Richardson, TX 75082
Nicholas D. Spadaccini Regional Vice President None
855 Markley Woods Way
Cincinnati, OH 45230
Daniel S. Spradling Senior Vice President None
#4 West Fourth Avenue, Suite 406
San Mateo, CA 94402
Thomas A. Stout Regional Vice President None
2603 Kresson Place
Bowie, MD 20715
Craig R. Strauser Regional Vice President None
17040 Summer Place
Lake Oswego, OR 97035
Francis N. Strazzeri Regional Vice President None
31641 Saddletree Drive
Westlake Village, CA 91361
# 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 - None
Institutional Investment
Services Division
Thomas E. Warren Regional Vice President None
4001 Crockers Lake Blvd., #1012
Sarasota, FL 34238
0 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 Senior Vice President None
and Director
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, 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,
5300 Robin Hood Road, Norfolk, VA 23513 .
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., One Chase Manhattan Plaza, New
York, New York, 10081.
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 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 14th day of June, 1996.
Counsel reports that the amendment does not contain certain disclosures that
would make the amendment ineligible for effectiveness under the provisions of
Rule 485(b).
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
the Registration Statement has been signed below on June 14, 1996, by the
following persons in the capacities indicated.
SIGNATURE TITLE
(1) PRINCIPAL EXECUTIVE OFFICER:
Stephen Hartwell Chairman of the Board
(2) PRINCIPAL FINANCIAL OFFICER AND
PRINCIPAL ACCOUNTING OFFICER:
Ralph S. Richard Vice President and Treasurer
(3) DIRECTORS
Stephen Hartwell Chairman of the Board
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
POWER OF ATTORNEY
The undersigned directors of Washington Mutual Investors Fund, Inc. a Maryland
Corporation, do each hereby constitute and appoint Stephen Hartwell, Harry J.
Lister and Howard L. Kitzmiller, or any of them to act as attorneys-in-fact for
and in his or her name, place and stead (1) to sign his or her name as a
director of said Corporation to any and all amendments to the Registration
Statement of Washington Mutual Investors Fund, Inc., File No. 2-11051 under the
Securities Act of 1933, as amended, or under the Investment Company Act of
1940, as amended, File No. 811-604, said amendments to be filed with the
Securities and Exchange Commission, and to any and all reports, applications or
renewal of applications required by any State in the United States of America
in which this Corporation is registered to sell shares, and (2) to deliver any
and all such amendments to such Registration Statement, so signed, for filing
with the Securities and Exchange Commission under the provisions of the
Securities Act of 1933, as amended, and the Investment Company Act of 1940, as
amended, granting to said attorneys-in-fact, and each of them, full power and
authority to do and perform every act and thing whatsoever requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as the undersigned might or could do if personally present, hereby
ratifying and approving the acts of said attorneys-in-fact.
EXECUTED at Washington, D.C., this 21st day of December, 1995.
Cyrus A. Ansary James C. Miller III
John A. Beck Thomas J. Owen
Stephen Hartwell Jean Head Sisco
James H. Lemon, Jr. T. Eugene Smith
Harry J. Lister Margita E. White
Stephen G. Yeonas
[American Funds Distributors(SM) logo]
American Funds Distributors
- ------------------------------------------------------------------------------
- --------------------------------------
333 South Hope Street - Los Angeles, California 90071
Telephone 800/421-9900, ext. 11
BANK SELLING GROUP AGREEMENT
Gentlemen:
We have entered into principal underwriting agreements with each of the Funds
in The American Funds Group (hereafter called the "Companies") under which we
are appointed exclusive agent for the respective Companies for the sale of
their shares. You have indicated that you wish to act as agent for your
customers in connection with the purchase, sale and redemption of shares of
such Companies as are qualified for sale in your state. We agree to honor your
request, subject to the terms set forth below.
1. In placing orders for the purchase and sale of shares of the Companies,
you will be acting as agent for your customers. We shall execute transactions
for each of your customers only upon your authorization, at the regular public
price currently determined by the respective Companies in the manner described
in their offering Prospectuses. This Agreement on your part runs to us and to
the respective Companies and is for the benefit of and enforceable by each.
The offering Prospectuses and this Agreement set forth the terms applicable to
sales of shares of the Companies through you and all other representations or
documents are subordinate.
2. On each order for shares of Companies listed in Category 1 on the attached
Schedule A that is accepted by us, you will be entitled to receive the
applicable commission as set forth below:
<TABLE>
<CAPTION>
Purchases Commission as Sales Charge as
Percentage of Percentage of
Offering Price Offering Price
<S> <C> <C>
Less than $50,000 5.00% 5.75%
$50,000 but less than $100,000 3.75% 4.50%
$100,000 but less than $250,000 2.75% 3.50%
$250,000 but less than $500,000 2.00% 2.50%
$500,000 but less than $1,000,000 1.60% 2.00%
$1,000,000 or more see below none
</TABLE>
For purchases a) amounting to $1 million or more or b) made at net asset value
to retirement plans of organizations with collective retirement plan assets of
$100 million or more, you will be paid a commission of 1.00% on sales to $2
million, plus 0.80% on amounts over $2 million up to $3 million, plus 0.50% on
amounts over $3 million up to $50 million, plus 0.25% on amounts over $50
million up to $100 million, plus 0.15% on amounts over $100 million. For each
account of a shareholder of the respective Companies (and accounts related by
the right of accumulation), only such net asset value sales made over a 12
month period (commencing from the date of the first such sale) will be
considered for purposes of determining the level of commissions to be paid
during that period with respect to such account(s). No commissions are paid on
any other sales of shares at net asset value, except that commissions may be
paid on sales of fund shares to accounts managed by affiliates of The Capital
Group, Inc. as set forth in this agreement. Sales of shares of Washington
Mutual Investors Fund below $1 million made in connection with certain accounts
established before September 1, 1969 are subject to reduced commissions and
sales charges as described in the Washington Mutual Investors Fund Prospectus.
The schedule of sales charges above applies to single purchases, concurrent
purchases of two or more of the Companies (except those listed in Category 3 on
the attached Schedule A), and purchases made under a statement of intention and
pursuant to the right of accumulation, both of which are described in the
Prospectuses.
3. On sales of shares of Companies listed in Category 2 on the attached
Schedule A you will be paid the same commissions indicated in paragraph 2 above
except as follows:
<TABLE>
<CAPTION>
Purchases Commission as Sale
Percentage of Charge
Offering Price as Percentage of
Offering Price
<S> <C> <C>
Less than $25,000 4.00% 4.75%
$25,000 but less than $50,000 3.75% 4.50%
$50,000 but less than $100,000 3.25% 4.00%
</TABLE>
With respect to sales of shares of any tax-exempt fund, the commission
schedule for sales of shares to retirement plans of organizations with assets
of $100 million or more is inapplicable.
4. On sales of shares of Companies listed in Category 3 on the attached
Schedule A no commission will be paid.
5. We are also authorized to pay you continuing service fees with respect to
the shares of all the Companies to compensate you for providing certain
services for your clients such as processing purchase and redemption
transactions, establishing shareholder accounts and providing certain
information and assistance with respect to the Companies, provided you meet
certain service-related criteria and have executed a "Supplemental Selling
Group Agreement" available from us upon request.
6. Any order by you for the purchase of shares of the respective Companies
through us shall be accepted at the time when it is received by us (or any
clearinghouse agency that we may designate from time to time), and at the
offering and sale price next determined, unless rejected by us or the
respective Companies. In addition to the right to reject any order, the
Companies have reserved the right to withhold shares from sale temporarily or
permanently. We will not accept any order from you which is placed on a
conditional basis or subject to any delay or contingency prior to execution.
The procedure relating to the handling of orders shall be subject to
instructions which we shall forward from time to time to you. The shares
purchased will be issued by the respective Companies only against receipt of
the purchase price, in collected New York or Los Angeles Clearing House funds
subject to deduction of all commissions on such sale (reallowance of any
commissions to which you are entitled on purchases at net asset value will be
paid through our direct purchase commission system). If payment for the shares
purchased is not received within seven days after the date of confirmation the
sale may be cancelled forthwith, by us or by the respective Companies, without
any responsibility or liability on our part or on the part of the Companies,
and we and/or the respective Companies may hold you responsible for any loss,
expense, liability or damage, including loss of profit suffered by us and/or
the respective Companies resulting from your delay or failure to make payment
as aforesaid.
7. You are obliged to date and time stamp all orders received by you and
promptly to transmit all orders to us in time to provide for processing at the
price next determined after receipt by you, in accordance with the
Prospectuses. You are not to withhold placing with us orders received from any
customers for the purchase of shares so as to profit yourself as a result of
such withholding. You shall not purchase shares through us except for the
purpose of covering purchase orders already received by you, or for your bona
fide investment.
8. If any share is repurchased by any of the respective Companies or is
tendered thereto for redemption within seven business days after confirmation
by us of the original purchase order from you for such security you shall
forthwith refund to us the full commissions paid to you on the original sale.
9. You shall not, if acting as principal, purchase any share of any of the
respective Companies from a record holder at a price lower than the net asset
value next determined by or for the respective Companies' shares. You shall,
however, be permitted to sell any shares for the account of a shareholder of
the respective Companies at the net asset value currently quoted by or for the
respective Companies' shares, and may charge a fair service fee for handling
the transaction provided you disclose the fee to the record owner.
10. We shall furnish you without charge reasonable quantities of offering
Prospectuses, with any supplements currently in effect, and copies of current
shareholder reports of the respective Companies, and sales materials issued by
us from time to time. In the purchase of shares through us, you are entitled
to rely only on the information contained in the offering Prospectus(es). You
may not publish any advertisement or distribute sales literature or other
written material to the public which makes reference to us or any of the
Companies (except material which we furnished to you) without prior written
approval.
11. This Agreement is in all respects subject to statements regarding the
sale and repurchase or redemption of shares made in offering Prospectuses of
the respective Companies, which shall control and override any provision to the
contrary in this Agreement.
12. You shall make available shares of the respective Companies only through
us. In no transaction (whether of purchase or sale) shall you have any
authority to act as agent for, partner of, or participant in a joint venture
with us or with the respective Companies or any other entity having either a
Selling Group Agreement or other Agreement with us.
13. We act solely as agent for the Companies, and are not responsible for
qualifying the Companies or their shares for sale in any jurisdiction. Upon
written request we will provide you with a list of the jurisdictions in which
the respective Companies or their shares are qualified for sale. We also are
not responsible for the issuance, form, validity, enforceability or value of
shares of the Companies.
14. You represent that you are (a) properly registered or licensed broker or
dealer under applicable federal and state securities laws and regulations and a
member in good standing of the National Association of Securities Dealers,
Inc., or (b) a "bank" as defined in Section 3(a)(6) of the Securities Exchange
Act of 1934 (or other financial institution) and not otherwise required to
register as a broker or dealer under such Act or any state laws. You agree to
notify us immediately in writing if this representation ceases to be true. You
also agree that, if you are a bank or other financial institution as set forth
above, you will maintain adequate records with respect to your customers and
their transactions, and that such transactions will be without recourse against
you by your customers. We recognize that, in addition to applicable provisions
of state and federal securities laws, you may be subject to the provisions of
the Glass-Steagall Act and other laws governing, among other things, the
conduct of activities by federal and state chartered and supervised financial
institutions and their affiliated organizations. Because you will be the only
entity having a direct relationship with the customer in connection with
securities purchases hereunder, you will be responsible in that relationship
for insuring compliance with all laws and regulations, including those of all
applicable federal and state regulatory authorities and bodies having
jurisdiction over you or your customers to the extent applicable to securities
purchases hereunder.
15. Either of us may cancel this Agreement at any time by written notice to
the other.
16. All communications to us should be sent to the above address. Any notice
to you shall be duly given if mailed or telegraphed to you at the address
specified by you below.
Execute this Agreement in duplicate and return one of the duplicate originals
to us for our file. This Agreement (i) may be amended by notification from us
and orders received following such notification shall be deemed to be an
acceptance of any such amendment and (ii) shall be construed in accordance with
the laws of the State of California.
Very truly yours,
AMERICAN FUNDS DISTRIBUTORS, INC.
By: /s/ Mark Freeman
Accepted:
________________________________________
Firm
By _____________________________________
Officer or Partner
________________________________________
Print Name of Officer or Partner
Address: ________________________________
Date: __________________________________
SCHEDULE A
October 5, 1993
(supersedes Schedule A dated
February 1, 1991)
Category 1
AMCAP Fund
American Balanced Fund
American Mutual Fund
Capital Income Builder
Capital World Growth and Income Fund
EuroPacific Growth Fund
Fundamental Investors
Growth Fund of America
Income Fund of America
Investment Company of America
New Economy Fund
New Perspective Fund
SMALLCAP World Fund
Washington Mutual Investors Fund
Category 2
American High-Income Trust
Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America
Limited Term Tax-Exempt Bond Fund of America
Tax-Exempt Bond Fund of America
Tax-Exempt Fund of California
Tax-Exempt Fund of Maryland
Tax-Exempt Fund of Virginia
U.S. Government Securities Fund
Category 3
Cash Management Trust of America
Tax-Exempt Money Fund of America
U.S. Treasury Money Fund of America
GLOBAL CUSTODY AGREEMENT
This AGREEMENT is effective March 8, 1993, and is between THE CHASE MANHATTAN
BANK, N.A. (the "Bank") and Washington Mutual Investors Fund, Inc. the
"Customer").
1. CUSTOMER ACCOUNTS.
The Bank agrees to establish and maintain the following accounts ("Accounts"):
(a) A custody account in the name of the Customer ("Custody Account") for any
and all stocks, shares, bonds, debentures, notes, mortgages or other
obligations for the payment of money, bullion, coin and any certificates,
receipts, warrants or other instruments representing rights to receive,
purchase or subscribe for the same or evidencing or representing any other
rights or interests therein and other similar property whether certificated or
uncertificated as may be received by the Bank or its Subcustodian (as defined
in Section 3) for the account of the Customer ("Securities"); and
(b) A deposit account in the name of the Customer ("Deposit Account") for any
and all cash in any currency received by the Bank or its Subcustodian for the
account of the Customer, which cash shall not be subject to withdrawal by draft
or check.
The Customer warrants its authority to: 1) deposit the cash and Securities
("Assets") received in the Accounts and 2) give Instructions (as defined in
Section 11) concerning the Accounts. The Bank may deliver securities of the
same class in place of those deposited in the Custody Account.
Upon written agreement between the Bank and the Customer, additional Accounts
may be established and separately accounted for as additional Accounts under
the terms of this Agreement.
2. MAINTENANCE OF SECURITIES AND CASH AT BANK AND SUBCUSTODIAN LOCATIONS.
Unless Instructions specifically require another location acceptable to the
Bank:
(a) Securities will be held in the country or other jurisdiction in which the
principal trading market for such Securities is located, where such Securities
are to be presented for payment or where such Securities are acquired; and
(b) Cash will be credited to an account in a country or other jurisdiction in
which such cash may be legally deposited or is the legal currency for the
payment of public or private debts.
Cash may be held pursuant to Instructions in either interest or non-interest
bearing accounts as may be available for the particular currency. To the
extent Instructions are issued and the Bank can comply with such Instructions,
the Bank is authorized to maintain cash balances on deposit for the Customer
with itself or one of its affiliates at such reasonable rates of interest as
may from time to time be paid on such accounts, or in non-interest bearing
accounts as the Customer may direct, if acceptable to the Bank.
If the Customer wishes to have any of its Assets held in the custody of an
institution other than the established Subcustodians or their securities
depositories, such arrangement must be authorized by a written agreement,
signed by the Bank and the Customer.
3. SUBCUSTODIANS AND SECURITIES DEPOSITORIES.
The Bank may act under this Agreement through the subcustodians listed in
Schedule A of this Agreement with which the Bank has entered into subcustodial
agreements ("Subcustodians"). The Customer authorizes the Bank to hold Assets
in the Accounts in accounts which the Bank has established with one or more of
its branches or Subcustodians. The Bank and Subcustodians are authorized to
hold any of the Securities in their account with any securities depository in
which they participate.
The Bank reserves the right to add new, replace or remove Subcustodians. The
Customer will be given reasonable notice by the Bank of any amendment to
Schedule A. Upon request by the Customer, the Bank will identify the name,
address and principal place of business of any Subcustodian of the Customer's
Assets and the name and address of the governmental agency or other regulatory
authority that supervises or regulates such Subcustodian.
4. USE OF SUBCUSTODIAN.
(a) The Bank will identify such Assets on its books as belonging to the
Customer.
(b) A Subcustodian will hold such Assets together with assets belonging to
other customers of the Bank in accounts identified on such Subcustodian's books
as special custody accounts for the exclusive benefit of customers of the Bank.
(c) Any Assets in the Accounts held by a Subcustodian will be subject only to
the instructions of the Bank or its agent. Any Securities held in a securities
depository for the account of a Subcustodian will be subject only to the
instructions of such Subcustodian.
(d) Any agreement the Bank enters into with a Subcustodian for holding its
customer's assets shall provide that such assets will not be subject to any
right, charge, security interest, lien or claim of any kind in favor of such
Subcustodian except for safe custody or administration, and that the beneficial
ownership of such assets will be freely transferable without the payment of
money or value other than for safe custody or administration. The foregoing
shall not apply to the extent of any special agreement or arrangement made by
the Customer with any particular Subcustodian.
5. DEPOSIT ACCOUNT TRANSACTIONS.
(a) The Bank or its Subcustodians will make payments from the Deposit Account
upon receipt of Instructions which include all information required by the
Bank.
(b) In the event that any payment to be made under this Section 5 exceeds the
funds available in the Deposit Account, the Bank, in its discretion, may
advance the Customer such excess amount which shall be deemed a loan payable on
demand, bearing interest at the rate customarily charged by the Bank on similar
loans.
(c) If the Bank credits the Deposit Account on a payable date, or at any time
prior to actual collection and reconciliation to the Deposit Account, with
interest, dividends, redemptions or any other amount due, the Customer will
promptly return any such amount upon oral or written notification: (i) that
such amount has not been received in the ordinary course of business or (ii)
that such amount was incorrectly credited. If the Customer does not promptly
return any amount upon such notification, the Bank shall be entitled, upon oral
or written notification to the Customer, to reverse such credit by debiting the
Deposit Account for the amount previously credited. The Bank or its
Subcustodian shall have no duty or obligation to institute legal proceedings,
file a claim or a proof of claim in any insolvency proceeding or take any other
action with respect to the collection of such amount, but may act for the
Customer upon Instructions after consultation with the Customer.
6. CUSTODY ACCOUNT TRANSACTIONS.
(a) Securities will be transferred, exchanged or delivered by the Bank or its
Subcustodian upon receipt by the Bank of Instructions which include all
information required by the Bank. Settlement and payment for Securities
received for, and delivery of Securities out of, the Custody Account may be
made in accordance with the customary or established securities trading or
securities processing practices and procedures in the jurisdiction or market in
which the transaction occurs, including, without limitation, delivery of
Securities to a purchaser, dealer or their agents against a receipt with the
expectation of receiving later payment and free delivery. Delivery of
Securities out of the Custody Account may also be made in any manner
specifically required by Instructions acceptable to the Bank.
(b) The Bank, in its discretion, may credit or debit the Accounts on a
contractual settlement date with cash or Securities with respect to any sale,
exchange or purchase of Securities. Otherwise, such transactions will be
credited or debited to the Accounts on the date cash or Securities are actually
received by the Bank and reconciled to the Account.
(i) The Bank may reverse credits or debits made to the Accounts in its
discretion if the related transaction fails to settle within a reasonable
period, determined by the Bank in its discretion, after the contractual
settlement date for the related transaction.
(ii) If any Securities delivered pursuant to this Section 6 are returned by
the recipient thereof, the Bank may reverse the credits and debits of the
particular transaction at any time.
7. ACTIONS OF THE BANK.
The Bank shall follow Instructions received regarding assets held in the
Accounts. However, until it receives Instructions to the contrary, the Bank
will perform the following functions:
(a) Present for payment any Securities which are called, redeemed or retired
or otherwise become payable and all coupons and other income items which call
for payment upon presentation, to the extent that the Bank or Subcustodian is
actually aware of such opportunities.
(b) Execute in the name of the Customer such ownership and other certificates
as may be required to obtain payments in respect of Securities.
(c) Exchange interim receipts or temporary Securities for definitive
Securities.
(d) Appoint brokers and agents for any transaction involving the Securities,
including, without limitation, affiliates of the Bank or any Subcustodian.
(e) Issue statements to the Customer, at times mutually agreed upon,
identifying the Assets in the Accounts.
The Bank will send the Customer an advice or notification of any transfers of
Assets to or from the Accounts. Such statements, advices or notifications
shall indicate the identity of the entity having custody of the Assets. Unless
the Customer sends the Bank a written exception or objection to any Bank
statement within sixty (60) days of receipt, the Customer shall be deemed to
have approved such statement. In such event, or where the Customer has
otherwise approved any such statement, the Bank shall, to the extent permitted
by law, be released, relieved and discharged with respect to all matters set
forth in such statement or reasonably implied therefrom as though it had been
settled by the decree of a court of competent jurisdiction in an action where
the Customer and all persons having or claiming an interest in the Customer or
the Customer's Accounts were parties.
All collections of funds or other property paid or distributed in respect of
Securities in the Custody Account shall be made at the risk of the Customer.
The Bank shall have no liability for any loss occasioned by delay in the actual
receipt of notice by the Bank or by its Subcustodians of any payment,
redemption or other transaction regarding Securities in the Custody Account in
respect of which the Bank has agreed to take any action under this Agreement.
8. CORPORATE ACTIONS; PROXIES.
Whenever the Bank receives information concerning the Securities which
requires discretionary action by the beneficial owner of the Securities (other
than a proxy), such as subscription rights, bonus issues, stock repurchase
plans and rights offerings, or legal notices or other material intended to be
transmitted to securities holders ("Corporate Actions"), the Bank will give the
Customer notice of such Corporate Actions to the extent that the Bank's central
corporate actions department has actual knowledge of a Corporate Action in time
to notify its customers.
When a rights entitlement or a fractional interest resulting from a rights
issue, stock dividend, stock split or similar Corporate Action is received
which bears an expiration date, the Bank will endeavor to obtain Instructions
from the Customer or its Authorized Person, as defined in Section 10, but if
Instructions are not received in time for the Bank to take timely action, or
actual notice of such Corporate Action was received too late to seek
Instructions, the Bank is authorized to sell such rights entitlement or
fractional interest and to credit the Deposit Account with the proceeds or take
any other action it deems, in good faith, to be appropriate in which case it
shall be held harmless for any such action.
The Bank will deliver proxies to the Customer or its designated agent pursuant
to special arrangements which may have been agreed to in writing. Such proxies
shall be executed in the appropriate nominee name relating to Securities in the
Custody Account registered in the name of such nominee but without indicating
the manner in which such proxies are to be voted; and where bearer Securities
are involved, proxies will be delivered in accordance with Instructions.
9. NOMINEES.
Securities which are ordinarily held in registered form may be registered in a
nominee name of the Bank, Subcustodian or securities depository, as the case
may be. The Bank may without notice to the Customer cause any such Securities
to cease to be registered in the name of any such nominee and to be registered
in the name of the Customer. In the event that any Securities registered in a
nominee name are called for partial redemption by the issuer, the Bank may
allot the called portion to the respective beneficial holders of such class of
security in any manner the Bank deems to be fair and equitable. The Customer
agrees to hold the Bank, Subcustodians, and their respective nominees harmless
from any liability arising directly or indirectly from their status as a mere
record holder of Securities in the Custody Account.
10. AUTHORIZED PERSONS.
As used in this Agreement, the term "Authorized Person" means employees or
agents including investment managers as have been designated by written notice
from the Customer or its designated agent to act on behalf of the Customer
under this Agreement. Such persons shall continue to be Authorized Persons
until such time as the Bank receives Instructions from the Customer or its
designated agent that any such employee or agent is no longer an Authorized
Person.
11. INSTRUCTIONS.
The term "Instructions" means instructions of any Authorized Person received
by the Bank, via telephone, telex, TWX, facsimile transmission, bank wire or
other teleprocess or electronic instruction or trade information system
acceptable to the Bank which the Bank believes in good faith to have been given
by Authorized Persons or which are transmitted with proper testing or
authentication pursuant to terms and conditions which the Bank may specify.
Unless otherwise expressly provided, all Instructions shall continue in full
force and effect until canceled or superseded.
Any Instructions delivered to the Bank by telephone shall promptly thereafter
be confirmed in writing by an Authorized Person (which confirmation may bear
the facsimile signature of such Person), but the Customer will hold the Bank
harmless for the failure of an Authorized Person to send such confirmation in
writing, the failure of such confirmation to conform to the telephone
instructions received or the Bank's failure to produce such confirmation at any
subsequent time. Either Party may electronically record any Instructions given
by telephone, and any other telephone discussions with respect to the Custody
Account. The Customer shall be responsible for safeguarding any testkeys,
identification codes or other security devices which the Bank shall make
available to the Customer or its Authorized Persons.
12. STANDARD OF CARE; LIABILITIES.
(a) The Bank shall be responsible for the performance of only such duties as
are set forth in this Agreement or expressly contained in Instructions which
are consistent with the provisions of this Agreement.
(i) The Bank will use reasonable care with respect to its obligations under
this Agreement and the safekeeping of Assets. The Bank shall be liable to the
Customer for any loss which shall occur as the result of the failure of a
Subcustodian to exercise reasonable care with respect to the safekeeping of
such Assets to the same extent that the Bank would be liable to the Customer if
the Bank were holding such Assets in New York. In the event of any loss to the
Customer by reason of the failure of the Bank or its Subcustodian to utilize
reasonable care, the Bank shall be liable to the Customer only to the extent of
the Customer's direct damages, to be determined based on the market value of
the property which is the subject of the loss at the date of discovery of such
loss and without reference to any special conditions or circumstances.
(ii) The Bank will not be responsible for any act, omission, default or for
the solvency of any broker or agent which it or a Subcustodian appoints unless
such appointment was made negligently or in bad faith.
(iii) The Bank shall be indemnified by, and without liability to the Customer
for any action taken or omitted by the Bank whether pursuant to Instructions or
otherwise within the scope of this Agreement if such act or omission was in
good faith, without negligence. In performing its obligations under this
Agreement, the Bank may rely on the genuineness of any document which it
believes in good faith to have been validly executed.
(iv) The Customer agrees to pay for and hold the Bank harmless from any
liability or loss resulting from the imposition or assessment of any taxes or
other governmental charges, and any related expenses with respect to income
from or Assets in the Accounts.
(v) The Bank shall be entitled to rely, and may act, upon the advice of
counsel (who may be counsel for the Customer) on all matters and shall be
without liability for any action reasonably taken or omitted pursuant to such
advice.
(vi) The Bank need not maintain any insurance for the benefit of the Customer.
(vii) Without limiting the foregoing, the Bank shall not be liable for any
loss which results from: 1) the general risk of investing, or 2) investing or
holding Assets in a particular country including, but not limited to, losses
resulting from nationalization, expropriation or other governmental actions;
regulation of the banking or securities industry; currency restrictions,
devaluations or fluctuations; and market conditions which prevent the orderly
execution of securities transactions or affect the value of Assets.
(viii) Neither party shall be liable to the other for any loss due to forces
beyond their control including, but not limited to strikes or work stoppages,
acts of war or terrorism, insurrection, revolution, nuclear fusion, fission or
radiation, or acts of God.
(b) Consistent with and without limiting the first paragraph of this Section
12, it is specifically acknowledged that the Bank shall have no duty or
responsibility to:
(i) question Instructions or make any suggestions to the Customer or an
Authorized Person regarding such Instructions;
(ii) supervise or make recommendations with respect to investments or the
retention of Securities;
(iii) advise the Customer or an Authorized Person regarding any default in the
payment of principal or income of any security other than as provided in
Section 5(c) of this Agreement;
(iv) evaluate or report to the Customer or an Authorized Person regarding the
financial condition of any broker, agent or other party to which Securities are
delivered or payments are made pursuant to this Agreement; or
(v) review or reconcile trade confirmations received from brokers. The
Customer or its Authorized Persons issuing Instructions shall bear any
responsibility to review such confirmations against Instructions issued to and
statements issued by the Bank.
(c) The Customer authorizes the Bank to act under this Agreement
notwithstanding that the Bank or any of its divisions or affiliates may have a
material interest in a transaction, or circumstances are such that the Bank may
have a potential conflict of duty or interest including the fact that the Bank
or any of its affiliates may provide brokerage services to other customers, act
as financial advisor to the issuer of Securities, act as a lender to the issuer
of Securities, act in the same transaction as agent for more than one customer,
have a material interest in the issue of Securities, or earn profits from any
of the activities listed herein.
13. FEES AND EXPENSES.
The Customer agrees to pay the Bank for its services under this Agreement such
amount as may be agreed upon in writing, together with the Bank's reasonable
out-of-pocket or incidental expenses, including, but not limited to, legal
fees. The Bank shall have a lien on and is authorized to charge any Accounts
of the Customer for any amount owing to the Bank under any provision of this
Agreement.
14. MISCELLANEOUS.
(a) Foreign Exchange Transactions. To facilitate the administration of the
Customer's trading and investment activity, the Bank is authorized to enter
into spot or forward foreign exchange contracts with the Customer or an
Authorized Person for the Customer and may also provide foreign exchange
through its subsidiaries, affiliates or Subcustodians. Instructions, including
standing instructions, may be issued with respect to such contracts but the
Bank may establish rules or limitations concerning any foreign exchange
facility made available. In all cases where the Bank, its subsidiaries,
affiliates or Subcustodians enter into a foreign exchange contract related to
Accounts, the terms and conditions of the then current foreign exchange
contract of the Bank, its subsidiary, affiliate or Subcustodian and, to the
extent not inconsistent, this Agreement shall apply to such transaction.
(b) Certification of Residency, etc. The Customer certifies that it is a
resident of the United States and agrees to notify the Bank of any changes in
residency. The Bank may rely upon this certification or the certification of
such other facts as may be required to administer the Bank's obligations under
this Agreement. The Customer will indemnify the Bank against all losses,
liability, claims or demands arising directly or indirectly from any such
certifications.
(c) Access to Records. The Bank shall allow the Customer's independent public
accountant reasonable access to the records of the Bank relating to the Assets
as is required in connection with their examination of books and records
pertaining to the Customer's affairs. Subject to restrictions under applicable
law, the Bank shall also obtain an undertaking to permit the Customer's
independent public accountants reasonable access to the records of any
Subcustodian which has physical possession of any Assets as may be required in
connection with the examination of the Customer's books and records.
(d) Governing Law; Successors and Assigns. This Agreement shall be governed
by the laws of the State of New York and shall not be assignable by either
party, but shall bind the successors in interest of the Customer and the Bank.
(e) Entire Agreement; Applicable Riders. Customer represents that the Assets
deposited in the Accounts are (Check one):
Employee Benefit Plan or other assets subject to the Employee
Retirement Income
Security Act of 1974, as amended ("ERISA");
X Mutual Fund assets subject to certain Securities and Exchange Commission
("SEC") rules and regulations;
Neither of the above.
This Agreement consists exclusively of this document and the following
Rider(s) [Check applicable rider(s)]:
ERISA
X MUTUAL FUND
SPECIAL TERMS AND CONDITIONS
There are no other provisions of this Agreement and this Agreement supersedes
any other agreements, whether written or oral, between the parties. Any
amendment to this Agreement must be in writing, executed by both parties.
(f) Severability. In the event that one or more provisions of this Agreement
are held invalid, illegal or unenforceable in any respect on the basis of any
particular circumstances or in any jurisdiction, the validity, legality and
enforceability of any such provision and the remaining provisions, under
other circumstances or in other jurisdictions will not in any way be affected
or impaired.
(g) Waiver. Except as otherwise provided in this Agreement, no failure or
delay on the part of either party in exercising any power or right under this
Agreement operates as a waiver, nor does any single or partial exercise of any
power or right preclude any other or further exercise, or the exercise of any
other power or right. No waiver by a party of any provision of this Agreement,
or waiver of any breach or default, is effective unless in writing and signed
by the party against whom the waiver is to be enforced.
(h) Notices. All notices under this Agreement shall be effective when
actually received. Any notices or other communications which may be required
under this Agreement are to be sent to the parties at the following addresses
or such other addresses as may subsequently be given to the other party in
writing:
Bank: The Chase Manhattan Bank, N.A.
Global Securities Services
4 Chase MetroTech Center 18th Floor
Brooklyn, New York 11245
Customer: Washington Mutual Investors Fund, Inc.
1101 Vermont Avenue, NW
Washington, DC 20005
(i) Termination. This Agreement may be terminated by the Customer or the Bank
by giving sixty days written notice to the other, provided that such notice to
the Bank shall specify the names of the persons to whom the Bank shall deliver
the Assets in the Accounts. If notice of termination is given by the Bank, the
Customer shall, within sixty days following receipt of the notice, deliver to
the Bank Instructions specifying the names of the persons to whom the Bank
shall deliver the Assets. In either case the Bank will deliver the Assets to
the persons so specified, after deducting any amounts which the Bank determines
in good faith to be owed to it under Section 13. If within sixty days
following receipt of a notice of termination by the Bank, the Bank does not
receive Instructions from the Customer specifying the names of the persons to
whom the Bank shall deliver the Assets, the Bank, at its election, may deliver
the Assets to a bank or trust company doing business in the State of New York
to be held and disposed of pursuant to the provisions of this Agreement, or to
Authorized Persons, or may continue to hold the Assets until Instructions are
provided to the Bank.
CUSTOMER
By:____/s/ Howard L. Kitzmiller________________
Howard L. Kitzmiller
Senior Vice President & Secretary
Title
THE CHASE MANHATTAN BANK, N.A.
By:____/s/ Michael Ravensberger________________
Michael Ravensberger
Vice President
STATE OF )
: ss.
COUNTY OF )
On this 5th day of March, 1993, before me personally came Howard L.
Kitzmiller, to me known, who being by me duly sworn, did depose and say that
he/she resides in Alexandria, VA at 2320 Windsor Road; that he/she is Senior
Vice President & Secretary of Washington Mutual Investors Fund, Inc. ,
("Customer"), the Customer which executed the foregoing Agreement; and that
he/she signed his/her name thereto by like order.
Sworn to before me this 5th
day of March , 1993.
Martha R. Norton
Notary
STATE OF NEW YORK )
: ss.
COUNTY OF NEW YORK )
On this 4th day of March,1993, before me personally came Michael
Ravensbergen, to me known, who being by me duly sworn, did depose and say that
he/she resides in Hackensack, N.J. at 14 Brook Street; that he/she is a Vice
President of THE CHASE MANHATTAN BANK, N.A.("Bank"), the Bank which executed
the foregoing Agreement; that he/she knows the seal of the Bank; that the seal
affixed to the Agreement is such corporate seal, that it was so affixed by
order of the Board of Directors of the Bank, and that he/she signed his/her
name thereto by like order.
Sworn to before me this 4th
day of March, 1993.
Allen Hamlin
Notary
Mutual Fund Rider to Global Custody Agreement
Between The Chase Manhattan Bank, N.A. and
Washington Mutual Investors Fund, Inc.,
effective March 8, 1993
Customer represents that the Assets being placed in the Bank's custody are
subject to the Investment Company Act of 1940 (the Act), as the same may be
amended from time to time.
Except to the extent that the Bank has specifically agreed to comply with a
condition of a rule, regulation, interpretation promulgated by or under the
authority of the SEC or the Exemptive Order applicable to accounts of this
nature issued to the Bank (Investment Company Act of 1940, Release No. 12053,
November 20, 1981), as amended, or unless the Bank has otherwise specifically
agreed, the Customer shall be solely responsible to assure that the maintenance
of Assets under this Agreement complies with such rules, regulations,
interpretations or exemptive order promulgated by or under the authority of the
Securities Exchange Commission.
The following modifications are made to the Agreement:
Section 3. Subcustodians and Securities Depositories.
Add the following language to the end of Section 3:
The terms Subcustodian and securities depositories as used in this Agreement
shall mean a branch of a qualified U.S. bank, an eligible foreign custodian or
an eligible foreign securities depository, which are further defined as
follows:
(a) "qualified U.S. Bank" shall mean a qualified U.S. bank as defined in Rule
17f-5 under the Act;
(b) "eligible foreign custodian" shall mean (i) a banking institution or
trust company incorporated or organized under the laws of a country other than
the United States that is regulated as such by that country's government or an
agency thereof and that has shareholders' equity in excess of $200 million in
U.S. currency (or a foreign currency equivalent thereof), (ii) a majority owned
direct or indirect subsidiary of a qualified U.S. bank or bank holding company
that is incorporated or organized under the laws of a country other than the
United States and that has shareholders' equity in excess of $100 million in
U.S. currency (or a foreign currency equivalent thereof)(iii) a banking
institution or trust company incorporated or organized under the laws of a
country other than the United States or a majority owned direct or indirect
subsidiary of a qualified U.S. bank or bank holding company that is
incorporated or organized under the laws of a country other than the United
States which has such other qualifications as shall be specified in
Instructions and approved by the Bank; or (iv) any other entity that shall have
been so qualified by exemptive order, rule or other appropriate action of the
SEC; and
(c) "eligible foreign securities depository" shall mean a securities
depository or clearing agency, incorporated or organized under the laws of a
country other than the United States, which operates (i) the central system for
handling securities or equivalent book-entries in that country, or (ii) a
transnational system for the central handling of securities or equivalent
book-entries.
The Customer represents that its Board of Directors has approved each of the
Subcustodians listed in Schedule A to this Agreement and the terms of the
subcustody agreements between the Bank and each Subcustodian, which are
attached as Exhibits I through of Schedule A, and further represents that
its Board has determined that the use of each Subcustodian and the terms of
each subcustody agreement are consistent with the best interests of the Fund(s)
and its (their) shareholders. The Bank will supply the Customer with any
amendment to Schedule A for approval. The Customer has supplied or will supply
the Bank with certified copies of its Board of Directors resolution(s) with
respect to the foregoing prior to placing Assets with any Subcustodian so
approved.
Section 11. Instructions.
Add the following language to the end of Section 11:
Account Transactions made pursuant to Section 5 and 6 of this Agreement may be
made only for the purposes listed below. Instructions must specify the purpose
for which any transaction is to be made and Customer shall be solely
responsible to assure that Instructions are in accord with any limitations or
restrictions applicable to the Customer by law or as may be set forth in its
prospectus.
(a) In connection with the purchase or sale of Securities at prices as
confirmed by Instructions;
(b) When Securities are called, redeemed or retired, or otherwise become
payable;
(c) In exchange for or upon conversion into other securities alone or other
securities and cash pursuant to any plan or merger, consolidation,
reorganization, recapitalization or readjustment;
(d) Upon conversion of Securities pursuant to their terms into other
securities;
(e) Upon exercise of subscription, purchase or other similar rights
represented by Securities;
(f) For the payment of interest, taxes, management or supervisory fees,
distributions or operating expenses;
(g) In connection with any borrowings by the Customer requiring a pledge of
Securities, but only against receipt of amounts borrowed;
(h) In connection with any loans, but only against receipt of adequate
collateral as specified in Instructions which shall reflect any restrictions
applicable to the Customer;
(i) For the purpose of redeeming shares of the capital stock of the Customer
and the delivery to, or the crediting to the account of the Bank, its
Subcustodian or the Customer's transfer agent, such shares to be purchased or
redeemed;
(j) For the purpose of redeeming in kind shares of the Customer against
delivery of the shares to be redeemed to the Bank, its Subcustodian or the
Customer's transfer agent.
(k) For delivery in accordance with the provisions of any agreement among the
Customer, the Bank and a broker-dealer registered under the Securities Exchange
Act of 1934 (the "Exchange Act") and a member of The National Association of
Securities Dealers, Inc., relating to compliance with the rules of The Options
Clearing Corporation and of any registered national securities exchange, or of
any similar organization or organizations, regarding escrow or other
arrangements in connection with transactions by the Customer;
(l) For release of Securities to designated brokers under covered call
options, provided, however, that such Securities shall be released only upon
payment to the Bank of monies for the premium due and a receipt for the
Securities which are to be held in escrow. Upon exercise of the option, or at
expiration, the Bank will receive from brokers the Securities previously
deposited from brokers. The Bank will act strictly in accordance with
Instructions in the delivery of Securities to be held in escrow and will have
no responsibility or liability for any such Securities which are not returned
promptly when due other than to make proper request for such return;
(m) For spot or forward foreign exchange transactions to facilitate security
trading, receipt of income from Securities or related transactions;
(n) For other proper purposes as may be specified in Instructions issued by
an officer of the Customer which shall include a statement of the purpose for
which the delivery or payment is to be made, the amount of the payment or
specific Securities to be delivered, the name of the person or persons to whom
delivery or payment is to be made, and a certification that the purpose is a
proper purpose under the instruments governing the Customer;
(o) Upon the termination of this Agreement as set forth in Section 14(i).
Section 12. Standard of Care; Liabilities.
Add the following subsection (d) to Section 12:
() The Bank hereby warrants to the Customer that in its opinion, after due
inquiry, the established procedures to be followed by each of its branches,
each branch of a qualified U.S. bank, each eligible foreign custodian and each
eligible foreign securities depository holding the Customer's Securities
pursuant to this Agreement afford protection for such Securities at least equal
to that afforded by the Bank's established procedures with respect to similar
securities held by the Bank and its securities depositories in New York.
Section 14. Access to Records.
Add the following language to the end of Section 14(c):
Upon reasonable request from the Customer, the Bank shall furnish the Customer
such reports (or portions thereof) of the Bank's system of internal accounting
controls applicable to the Bank's duties under this Agreement. The Bank shall
endeavor to obtain and furnish the Customer with such similar reports as it may
reasonably request with respect to each Subcustodian and securities depository
holding the Customer's assets.
Rider to March 8, 1993 Global Custody Agreement
With Washington Mutual Investors Fund, Inc.
CUSTODIAN FEE SCHEDULE
(EFFECTIVE APRIL 1, 1996)
U.S. DOMESTIC ASSETS
Asset Holdings:
First $5 Billion 0.20 basis points (.000020) annually
Next $5 Billion 0.15 basis points (.000015) annually
Next $5 Billion 0.10 basis points (.000010) annually
Next $5 Billion 0.08 basis points (.000008) annually
Over $20 Billion 0.075 basis points (.0000075) annually
Transaction charges:
None.
Out-of-Pocket Expenses: (i.e., special legal, registration or transportation
costs, if any)
As incurred.
Fees are to be paid monthly and are based on the combined month's end market
value of the Fund as reported by the Capital Research and Management Company
and The Growth Fund of Washington, Inc. as reported by The Chase Manhattan
Bank, N.A. The Asset Holdings charges will be applied to such combined value
and billed to each Fund individually on a pro-rata basis based on each Fund's
respective market value as a percentage of the combined market value.
This fee schedule will remain in effect for three years from the effective date
above, unless otherwise agreed by both The Chase Manhattan Bank, N.A. and the
Fund. In the event that the combined asset value exceeds $25 billion, it is
agreed that both parties to this agreement will review this schedule for
changes as may be appropriate given market conditions despite the term of this
agreement.
Special Terms and Conditions
1. All withdrawals from the Washington Mutual Investors Fund (WMIF) Deposit
(checking) Account shall be by checks signed by two authorized officers of the
Fund. Transfers of funds from the WMIF Custody Account to the WMIF Deposit
Account shall be made upon written instructions from a Fund officer in
accordance with Resolutions adopted by the Fund's Board of Directors.
2. Chase will offset against the monthly Asset Holdings fees payable by the
Fund an amount equal to the Fund's average uninvested cash balance for the
month in its Custody and Deposit accounts (less the applicable reserve
requirement, currently 10%, and less the applicable FDIC premium, currently
0.23%) multiplied by an interest factor equal to the average 90-day Treasury
bill rate in effect for the month. The monthly calculations are based on the
actual number of days in the month divided by a 365 day year. Should the
Fund's interest credit for any month exceed the custodian fees payable by it
for such month, no fees shall be payable; however, Chase shall not in that
event be required to make any payment to the Fund, nor shall Chase be required
to return fees previously paid by the Fund. Interest credits shall be offset
only against the fees payable during the month in which such interest credits
were generated and shall not be carried forward into any succeeding month.
3. Chase shall act upon oral instructions confirmed in writing from the Fund to
purchase or sell U.S. Treasury bills. Additionally, Chase shall arrange for
the sale to the Fund of up to $1 million dollars (with a $50,000 minimum
principal amount) principal amount of U.S. Treasury bills daily on an as needed
basis between 2:30 pm and 5:00 pm New York time. The Fund must provide Chase
with oral instructions confirmed in writing to purchase such Treasury bills.
All Treasury bill transactions on behalf of the Fund will be confirmed by Chase
to the Fund in writing. Instructions received after 5:00 pm will be handled on
a $best effort" basis. The Fund has requested, where possible, that such Chase
arranged Treasury bills referred to herein mature no longer than three months
from the sale date. Depending on availability, Chase will accommodate this
request as closely as possible.
AGREED:
__/s/ Harry J. Lister_________ ___/s/Mary Kay Orr______________
Name: Harry J. Lister Name: Mary Kay Orr
Title: President Title: Senior Vice President
Washington Mutual Investors Fund, Inc. The Chase Manhattan Bank, N.A.
Date: May 20, 1996 Date: June 7, 1996
June 13, 1996
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Washington Mutual Investors Fund, Inc.
(the "Fund")
Post-Effective Amendment No. 96,
File No. 2-11051
Gentlemen:
As counsel to the Fund, I represent pursuant to Rule 485(b)(4) under the
Securities Act of 1933 (the "Act") that the Fund's Post-Effective Amendment No.
96 does not contain disclosures which would render it ineligible to become
effective pursuant to paragraph (b) of that Rule.
Very truly yours,
/S/ John Jude O'Donnell
JJO:cmr
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statement of Additional Information
constituting this Post-Effective Amendment No. 96 to the registration statement
on Form N-1A (the "Registration Statement") of our report dated May 31, 1996,
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 14, 1996
<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
4/01/95 1000.00 19.43 5.75 % 51.467 18.310 942
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>
3/31/96 1000 33 33 1033 57 1169 60 1229 34 1263.13 55.620
TOTAL $ 57
</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
4/01/91 1000.00 15.89 5.75 % 62.933 14.980 943
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>
3/31/92 1000 36 36 1036 19 979 20 999 36 1035.95 66.578
3/31/93 1000 36 72 1072 12 1108 36 1144 80 1224.91 69.597
3/31/94 1000 42 114 1114 28 1054 60 1114 115 1229.00 73.373
3/31/95 1000 48 162 1162 31 1152 99 1251 174 1425.36 77.846
3/31/96 1000 49 211 1211 86 1429 212 1641 269 1910.52 84.127
TOTAL $ 176
</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
4/01/86 1000.00 13.40 5.75 % 74.627 12.630 943
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>
3/31/87 1000 41 41 1041 50 1041 57 1098 45 1143.36 81.961
3/31/88 1000 45 86 1086 49 909 98 1007 81 1088.71 89.385
3/31/89 1000 53 139 1139 21 999 132 1131 146 1277.21 95.385
3/31/90 1000 61 200 1200 66 1060 205 1265 214 1479.50 104.190
3/31/91 1000 65 265 1265 6 1118 223 1341 297 1638.75 109.396
3/31/92 1000 63 328 1328 33 1161 266 1427 373 1800.82 115.734
3/31/93 1000 68 396 1396 21 1313 324 1637 492 2129.25 120.980
3/31/94 1000 68 464 1464 48 1250 353 1603 533 2136.36 127.544
3/31/95 1000 79 543 1543 53 1366 443 1809 668 2477.69 135.319
3/31/96 1000 86 629 1629 150 1695 706 2401 920 3321.06 146.238
TOTAL $ 497
</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
3/31/96 1000 5819 60366 61366 10140 8562 98022 106584 118511 225095.75 9911.746
TOTAL $ 50116
</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
4/01/95 1000.00 18.31 0.00 % 54.615 18.310 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>
3/31/96 1000 35 35 1035 60 1240 63 1303 37 1340.39 59.022
TOTAL $ 60
</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
4/01/91 1000.00 14.98 0.00 % 66.756 14.980 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>
3/31/92 1000 38 38 1038 20 1039 21 1060 38 1098.93 70.625
3/31/93 1000 44 82 1082 13 1175 38 1213 86 1299.32 73.825
3/31/94 1000 44 126 1126 29 1118 63 1181 122 1303.60 77.827
3/31/95 1000 50 176 1176 32 1222 105 1327 184 1511.88 82.571
3/31/96 1000 52 228 1228 91 1516 225 1741 285 2026.50 89.234
TOTAL $ 185
</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
4/01/86 1000.00 12.63 0.00 % 79.177 12.630 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>
3/31/87 1000 43 43 1043 53 1105 61 1166 47 1213.06 86.958
3/31/88 1000 47 90 1090 52 964 104 1068 87 1155.10 94.836
3/31/89 1000 56 146 1146 23 1060 140 1200 155 1355.11 101.203
3/31/90 1000 65 211 1211 70 1124 217 1341 228 1569.78 110.548
3/31/91 1000 71 282 1282 6 1186 236 1422 316 1738.77 116.073
3/31/92 1000 68 350 1350 35 1232 283 1515 395 1910.67 122.794
3/31/93 1000 68 418 1418 22 1394 343 1737 522 2259.19 128.363
3/31/94 1000 72 490 1490 51 1326 374 1700 566 2266.66 135.323
3/31/95 1000 87 577 1577 56 1450 470 1920 708 2628.80 143.572
3/31/96 1000 91 668 1668 159 1798 749 2547 976 3523.62 155.157
TOTAL $ 527
</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
3/31/96 1000 6173 64044 65044 10758 9084 104001 113085 125739 238824.26 10516.260
TOTAL $ 53169
</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 1000.00 20.02 5.75 % 49.950 18.870 943
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>
4/30/96 1000 31 31 1031 55 1137 58 1195 34 1229.17 53.982
TOTAL $ 55
</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 1000.00 15.94 5.75 % 62.735 15.020 942
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>
4/30/92 1000 36 36 1036 19 1018 21 1039 37 1076.49 66.368
4/30/93 1000 36 72 1072 12 1104 36 1140 80 1220.32 69.376
4/30/94 1000 42 114 1114 27 1073 61 1134 117 1251.37 73.137
4/30/95 1000 48 162 1162 30 1184 101 1285 179 1464.26 77.597
4/30/96 1000 49 211 1211 86 1428 212 1640 269 1909.45 83.858
TOTAL $ 174
</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 1000.00 12.49 5.75 % 80.064 11.770 942
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>
4/30/87 1000 43 43 1043 54 1066 56 1122 44 1166.24 87.621
4/30/88 1000 46 89 1089 35 952 86 1038 84 1122.27 94.388
4/30/89 1000 42 131 1131 0 1129 102 1231 146 1377.22 97.675
4/30/90 1000 63 194 1194 68 1101 164 1265 202 1467.02 106.692
4/30/91 1000 67 261 1261 6 1203 186 1389 293 1682.62 112.025
4/30/92 1000 67 328 1328 34 1299 238 1537 385 1922.26 118.512
4/30/93 1000 68 396 1396 22 1408 281 1689 490 2179.17 123.887
4/30/94 1000 68 464 1464 49 1370 321 1691 543 2234.63 130.604
4/30/95 1000 85 549 1549 54 1511 414 1925 689 2614.70 138.564
4/30/96 1000 88 637 1637 153 1823 661 2484 925 3409.67 149.744
TOTAL $ 475
</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
4/30/96 10000 879 6343 16343 1532 18231 6607 24838 9257 34095.87 1497.403
TOTAL $ 4760
</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
5/01/86 10000.00 1783.98 0.00 % 5.605 1783.980 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>
4/30/87 10000 388 388 10388 0 12816 0 12816 449 13265.46 5.802
4/30/88 10000 422 810 10810 0 11392 0 11392 795 12187.88 5.997
4/30/89 10000 512 1322 11322 0 13558 0 13558 1535 15093.31 6.240
4/30/90 10000 676 1998 11998 0 14892 0 14892 2366 17258.31 6.496
4/30/91 10000 674 2672 12672 0 16188 0 16188 3287 19475.80 6.744
4/30/92 10000 636 3308 13308 0 18829 0 18829 4526 23355.96 6.953
4/30/93 10000 719 4027 14027 0 19213 0 19213 5359 24572.11 7.169
4/30/94 10000 745 4772 14772 0 20637 0 20637 6504 27141.42 7.372
4/30/95 10000 806 5578 15578 0 24222 0 24222 8537 32759.55 7.581
4/30/96 10000 914 6492 16492 0 31217 0 31217 12043 43260.61 7.768
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
5/01/86 10000.00 235.52 0.00 % 42.459 235.520 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>
4/30/87 10000 358 358 10358 0 12244 0 12244 400 12644.59 43.850
4/30/88 10000 397 755 10755 0 11096 0 11096 740 11836.94 45.295
4/30/89 10000 458 1213 11213 0 13147 0 13147 1401 14548.44 46.985
4/30/90 10000 538 1751 11751 0 14046 0 14046 2025 16071.26 48.583
4/30/91 10000 596 2347 12347 0 15937 0 15937 2954 18891.37 50.330
4/30/92 10000 628 2975 12975 0 17618 0 17618 3929 21547.52 51.928
4/30/93 10000 655 3630 13630 0 18690 0 18690 4846 23536.08 53.468
4/30/94 10000 686 4316 14316 0 19145 0 19145 5637 24782.01 54.960
4/30/95 10000 731 5047 15047 0 21854 0 21854 7240 29094.50 56.526
4/30/96 10000 804 5851 15851 0 27776 0 27776 10105 37881.02 57.907
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
5/01/86 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>
4/30/87 10000 674 674 10674 0 10000 0 10000 673 10673.61 1067.361
4/30/88 10000 669 1343 11343 0 10000 0 10000 1342 11342.82 1134.282
4/30/89 10000 769 2112 12112 0 10000 0 10000 2112 12112.25 1211.225
4/30/90 10000 899 3011 13011 0 10000 0 10000 3011 13011.35 1301.135
4/30/91 10000 901 3912 13912 0 10000 0 10000 3911 13911.04 1391.104
4/30/92 10000 781 4693 14693 0 10000 0 10000 4691 14691.23 1469.123
4/30/93 10000 572 5265 15265 0 10000 0 10000 5263 15263.13 1526.313
4/30/94 10000 486 5751 15751 0 10000 0 10000 5748 15748.07 1574.807
4/30/95 10000 500 6251 16251 0 10000 0 10000 6246 16246.79 1624.679
4/30/96 10000 510 6761 16761 0 10000 0 10000 6756 16756.32 1675.632
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 10780.85 1078.085
4/30/87 10000 726 1508 11508 0 10000 0 10000 1507 11507.07 1150.707
4/30/88 10000 721 2229 12229 0 10000 0 10000 2228 12228.53 1222.853
4/30/89 10000 829 3058 13058 0 10000 0 10000 3058 13058.03 1305.803
4/30/90 10000 969 4027 14027 0 10000 0 10000 4027 14027.35 1402.735
4/30/91 10000 970 4997 14997 0 10000 0 10000 4997 14997.29 1499.729
4/30/92 10000 842 5839 15839 0 10000 0 10000 5838 15838.40 1583.840
4/30/93 10000 616 6455 16455 0 10000 0 10000 6454 16454.98 1645.498
4/30/94 10000 522 6977 16977 0 10000 0 10000 6977 16977.79 1697.779
4/30/95 10000 537 7514 17514 0 10000 0 10000 7515 17515.47 1751.547
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 11772.52 1177.252
4/30/87 10000 793 2565 12565 0 10000 0 10000 2565 12565.53 1256.553
4/30/88 10000 789 3354 13354 0 10000 0 10000 3353 13353.35 1335.335
4/30/89 10000 906 4260 14260 0 10000 0 10000 4259 14259.16 1425.916
4/30/90 10000 1058 5318 15318 0 10000 0 10000 5317 15317.63 1531.763
4/30/91 10000 1060 6378 16378 0 10000 0 10000 6376 16376.79 1637.679
4/30/92 10000 918 7296 17296 0 10000 0 10000 7295 17295.26 1729.526
4/30/93 10000 674 7970 17970 0 10000 0 10000 7968 17968.54 1796.854
4/30/94 10000 570 8540 18540 0 10000 0 10000 8539 18539.43 1853.943
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 12864.58 1286.458
4/30/87 10000 866 3729 13729 0 10000 0 10000 3731 13731.16 1373.116
4/30/88 10000 860 4589 14589 0 10000 0 10000 4592 14592.06 1459.206
4/30/89 10000 990 5579 15579 0 10000 0 10000 5581 15581.89 1558.189
4/30/90 10000 1157 6736 16736 0 10000 0 10000 6738 16738.55 1673.855
4/30/91 10000 1157 7893 17893 0 10000 0 10000 7895 17895.96 1789.596
4/30/92 10000 1003 8896 18896 0 10000 0 10000 8899 18899.64 1889.964
4/30/93 10000 735 9631 19631 0 10000 0 10000 9635 19635.38 1963.538
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 1029 4207 14207 0 10000 0 10000 4206 14206.91 1420.691
4/30/87 10000 958 5165 15165 0 10000 0 10000 5163 15163.91 1516.391
4/30/88 10000 950 6115 16115 0 10000 0 10000 6114 16114.64 1611.464
4/30/89 10000 1093 7208 17208 0 10000 0 10000 7207 17207.74 1720.774
4/30/90 10000 1278 8486 18486 0 10000 0 10000 8485 18485.09 1848.509
4/30/91 10000 1278 9764 19764 0 10000 0 10000 9763 19763.27 1976.327
4/30/92 10000 1108 10872 20872 0 10000 0 10000 10871 20871.68 2087.168
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 1142 5762 15762 0 10000 0 10000 5763 15763.02 1576.302
4/30/87 10000 1061 6823 16823 0 10000 0 10000 6824 16824.84 1682.484
4/30/88 10000 1055 7878 17878 0 10000 0 10000 7879 17879.72 1787.972
4/30/89 10000 1213 9091 19091 0 10000 0 10000 9092 19092.56 1909.256
4/30/90 10000 1417 10508 20508 0 10000 0 10000 10509 20509.82 2050.982
4/30/91 10000 1418 11926 21926 0 10000 0 10000 11927 21927.99 2192.799
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 7249 17249.11 1724.911
4/30/87 10000 1162 8410 18410 0 10000 0 10000 8411 18411.04 1841.104
4/30/88 10000 1154 9564 19564 0 10000 0 10000 9565 19565.36 1956.536
4/30/89 10000 1328 10892 20892 0 10000 0 10000 10892 20892.55 2089.255
4/30/90 10000 1550 12442 22442 0 10000 0 10000 12443 22443.42 2244.342
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
5/01/79 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>
4/30/80 10000 780 780 10780 0 10000 0 10000 779 10779.77 1077.977
4/30/81 10000 1017 1797 11797 0 10000 0 10000 1796 11796.06 1179.606
4/30/82 10000 1292 3089 13089 0 10000 0 10000 3088 13088.11 1308.811
4/30/83 10000 1367 4456 14456 0 10000 0 10000 4453 14453.80 1445.380
4/30/84 10000 1341 5797 15797 0 10000 0 10000 5794 15794.57 1579.457
4/30/85 10000 1453 7250 17250 0 10000 0 10000 7247 17247.40 1724.740
4/30/86 10000 1347 8597 18597 0 10000 0 10000 8594 18594.16 1859.416
4/30/87 10000 1252 9849 19849 0 10000 0 10000 9846 19846.70 1984.670
4/30/88 10000 1245 11094 21094 0 10000 0 10000 11091 21091.03 2109.103
4/30/89 10000 1431 12525 22525 0 10000 0 10000 12521 22521.70 2252.170
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
5/01/78 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>
4/30/79 10000 667 667 10667 0 10000 0 10000 667 10667.04 1066.704
4/30/80 10000 832 1499 11499 0 10000 0 10000 1498 11498.83 1149.883
4/30/81 10000 1084 2583 12583 0 10000 0 10000 2582 12582.91 1258.291
4/30/82 10000 1378 3961 13961 0 10000 0 10000 3961 13961.14 1396.114
4/30/83 10000 1457 5418 15418 0 10000 0 10000 5417 15417.93 1541.793
4/30/84 10000 1430 6848 16848 0 10000 0 10000 6848 16848.13 1684.813
4/30/85 10000 1549 8397 18397 0 10000 0 10000 8397 18397.87 1839.787
4/30/86 10000 1436 9833 19833 0 10000 0 10000 9834 19834.46 1983.446
4/30/87 10000 1336 11169 21169 0 10000 0 10000 11170 21170.54 2117.054
4/30/88 10000 1328 12497 22497 0 10000 0 10000 12497 22497.87 2249.787
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
4/30/96 10000 58187 603577 613577 101399 85844 982808 1068652 1188237 2256889.06 99116.779
TOTAL $ 501144
</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
4/30/96 10000 58797 609739 619739 102462 88341 993109 1081450 1199094 2280544.38 100155.660
TOTAL $ 506397
</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
4/30/96 10000 47719 494379 504379 83157 75963 805999 881962 968908 1850870.81 81285.499
TOTAL $ 410987
</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
4/30/96 10000 33656 348360 358360 58651 57536 566611 624147 681284 1305431.95 57331.223
TOTAL $ 289570
</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
4/30/96 10000 26598 275003 285003 46352 49554 445428 494982 536702 1031684.31 45308.929
TOTAL $ 228418
</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
4/30/96 10000 25125 259437 269437 43784 50997 418316 469313 505211 974524.74 42798.627
TOTAL $ 215294
</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
4/30/96 10000 26096 269079 279079 45476 56571 433105 489676 522511 1012187.41 44452.675
TOTAL $ 223375
</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
4/30/96 10000 17651 181735 191735 30761 41175 291316 332491 352164 684655.56 30068.316
TOTAL $ 150717
</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>
4/30/96 10000 18919 194464 204464 32968 48140 309650 357790 376006 733796.29 32226.451
TOTAL $ 161014
</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
4/30/96 10000 15195 155894 165894 26479 41475 247227 288702 300646 589348.53 25882.676
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 $ 128972
</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
4/30/96 10000 14509 148557 158557 25283 43003 233895 276898 285836 562734.52 24713.857
TOTAL $ 122704
</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
4/30/96 10000 12981 132624 142624 22620 40990 208082 249072 254400 503472.27 22111.211
TOTAL $ 109504
</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
4/30/96 10000 11648 118739 128739 20300 39394 185288 224682 227135 451817.14 19842.650
TOTAL $ 97922
</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
4/30/96 10000 9538 96976 106976 16620 34266 150612 184878 185049 369927.27 16246.257
TOTAL $ 79877
</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
4/30/96 10000 8882 90042 100042 15475 34061 139031 173092 171351 344443.68 15127.083
TOTAL $ 74060
</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
4/30/96 10000 8407 84938 94938 14650 34266 130779 165045 161036 326081.13 14320.647
TOTAL $ 69877
</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
4/30/96 10000 7550 75969 85969 13157 33338 115931 149269 143562 292831.17 12860.394
TOTAL $ 62318
</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
4/30/96 10000 6414 64261 74261 11179 31001 96742 127743 121068 248811.57 10927.166
TOTAL $ 52408
</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
4/30/96 10000 7615 75900 85900 13271 39877 113352 153229 142152 295381.32 12972.390
TOTAL $ 61901
</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
4/30/96 10000 5868 58139 68139 10225 32367 86992 119359 108233 227592.23 9995.267
TOTAL $ 47598
</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
4/30/96 10000 5745 56574 66574 10010 33808 84288 118096 104695 222791.77 9784.443
TOTAL $ 46349
</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
4/30/96 10000 6125 59928 69928 10675 38269 89149 127418 110173 237591.22 10434.397
TOTAL $ 49250
</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
4/30/96 10000 6229 60472 70472 10856 41325 90338 131663 109959 241622.60 10611.445
TOTAL $ 50017
</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
4/30/96 10000 5582 53684 63684 9728 39497 80815 120312 96212 216524.42 9509.197
TOTAL $ 44784
</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
4/30/96 10000 4222 40202 50202 7359 32184 60306 92490 71296 163786.96 7193.103
TOTAL $ 33636
</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
4/30/96 10000 3910 36798 46798 6814 32025 55032 87057 64600 151657.85 6660.424
TOTAL $ 30902
</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
4/30/96 10000 3805 35324 45324 6630 33289 53107 86396 61166 147562.47 6480.565
TOTAL $ 29937
</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
4/30/96 10000 3361 30738 40738 5854 32025 45836 77861 52443 130304.47 5722.638
TOTAL $ 26131
</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
4/30/96 10000 3313 29765 39765 5774 35085 43528 78613 49894 128507.05 5643.700
TOTAL $ 25311
</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
4/30/96 10000 2380 20932 30932 4149 28251 29641 57892 34463 92355.39 4056.012
TOTAL $ 17636
</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
4/30/96 10000 2325 19909 29909 4052 30687 27538 58225 31952 90177.42 3960.361
TOTAL $ 16794
</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
4/30/96 10000 1515 12560 22560 2638 22171 16829 39000 19715 58715.95 2578.654
TOTAL $ 10470
</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
4/30/96 10000 1467 11734 21734 2557 24912 13978 38890 18030 56920.35 2499.796
TOTAL $ 9279
</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
4/30/96 10000 1213 9261 19261 2113 23187 10003 33190 13841 47031.91 2065.521
TOTAL $ 7038
</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
4/30/96 10000 879 6343 16343 1532 18231 6607 24838 9257 34095.87 1497.403
TOTAL $ 4760
</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
4/30/96 10000 710 4783 14783 1238 16126 4563 20689 6869 27558.94 1210.318
TOTAL $ 3409
</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
4/30/96 10000 738 4578 14578 1286 18043 4162 22205 6419 28624.10 1257.097
TOTAL $ 3244
</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
4/30/96 10000 603 3444 13444 1048 15221 3392 18613 4721 23334.06 1024.772
TOTAL $ 2644
</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
4/30/96 10000 565 2829 12829 984 15607 2497 18104 3799 21903.49 961.945
TOTAL $ 2045
</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
4/30/96 10000 493 2090 12090 858 14285 2121 16406 2688 19094.44 838.579
TOTAL $ 1752
</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
4/30/96 10000 431 1515 11515 751 13231 1599 14830 1887 16717.44 734.187
TOTAL $ 1365
</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
4/30/96 10000 380 1044 11044 663 12203 1283 13486 1263 14749.68 647.768
TOTAL $ 1110
</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
4/30/96 10000 371 723 10723 646 12545 987 13532 852 14384.15 631.715
TOTAL $ 875
</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>
4/30/96 10000 317 317 10317 552 11374 579 11953 338 12291.29 539.802
TOTAL $ 552
</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
5/01/96 10000.00 24.16 5.75 % 413.907 22.770 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>
4/30/96 10000 0 0 10000 0 9425 0 9425 0 9424.66 413.907
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
5/01/76 1000.00 14.15 5.75 % 70.671 13.340 943
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>
4/30/77 1000 28 28 1028 0 990 0 990 27 1018.51 145.502
4/30/78 1000 50 78 1078 26 946 25 971 75 1047.49 157.045
4/30/79 1000 55 133 1133 14 1008 40 1048 136 1183.45 167.628
4/30/80 1000 66 199 1199 39 948 72 1020 184 1203.58 183.193
4/30/81 1000 106 305 1305 156 1074 258 1332 340 1672.21 220.027
4/30/82 1000 97 402 1402 78 988 316 1304 406 1710.99 244.777
4/30/83 1000 112 514 1514 130 1368 568 1936 693 2629.19 271.611
4/30/84 1000 128 642 1642 250 1217 759 1976 734 2710.58 314.818
4/30/85 1000 151 793 1793 219 1309 1036 2345 938 3283.82 354.624
4/30/86 1000 178 971 1971 165 1664 1477 3141 1385 4526.73 384.599
4/30/87 1000 205 1176 2176 260 1881 1940 3821 1781 5602.09 420.893
4/30/88 1000 224 1400 2400 170 1681 1906 3587 1803 5390.97 453.404
4/30/89 1000 203 1603 2603 0 1993 2260 4253 2362 6615.64 469.194
4/30/90 1000 303 1906 2906 326 1943 2514 4457 2590 7047.03 512.511
4/30/91 1000 323 2229 3229 29 2123 2778 4901 3181 8082.56 538.120
4/30/92 1000 307 2536 3536 164 2293 3180 5473 3760 9233.71 569.279
4/30/93 1000 325 2861 3861 104 2486 3558 6044 4423 10467.51 595.083
4/30/94 1000 339 3200 4200 236 2418 3687 6105 4628 10733.99 627.352
4/30/95 1000 399 3599 4599 261 2667 4358 7025 5534 12559.70 665.591
4/30/96 1000 423 4022 5022 736 3218 6030 9248 7130 16378.39 719.297
TOTAL $ 3363
</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 1000.00 13.37 5.75 % 74.794 12.600 942
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>
4/30/67 1000 23 23 1023 0 971 0 971 25 996.14 76.803
4/30/68 1000 34 57 1057 25 1025 25 1050 59 1109.40 81.394
4/30/69 1000 41 98 1098 51 1122 81 1203 103 1306.05 88.127
4/30/70 1000 44 142 1142 75 855 121 976 117 1092.80 96.965
4/30/71 1000 48 190 1190 37 1022 200 1222 203 1425.29 105.265
4/30/72 1000 53 243 1243 15 1003 206 1209 248 1457.89 110.613
4/30/73 1000 56 299 1299 38 882 215 1097 269 1366.34 117.991
4/30/74 1000 60 359 1359 26 812 223 1035 307 1342.44 125.814
4/30/75 1000 74 433 1433 10 850 245 1095 404 1500.53 134.577
4/30/76 1000 84 517 1517 5 1083 307 1390 592 1983.35 142.277
4/30/77 1000 94 611 1611 51 1094 359 1453 689 2142.07 306.010
4/30/78 1000 105 716 1716 55 1038 398 1436 767 2202.99 330.282
4/30/79 1000 119 835 1835 30 1129 443 1572 917 2488.93 352.540
4/30/80 1000 140 975 1975 81 1088 480 1568 962 2531.24 385.272
4/30/81 1000 223 1198 2198 329 1137 951 2088 1428 3516.80 462.737
4/30/82 1000 204 1402 2402 164 1046 1039 2085 1513 3598.38 514.790
4/30/83 1000 237 1639 2639 273 1448 1714 3162 2367 5529.46 571.225
4/30/84 1000 268 1907 2907 526 1288 2059 3347 2353 5700.65 662.096
4/30/85 1000 316 2223 3223 460 1385 2675 4060 2846 6906.24 745.814
4/30/86 1000 373 2596 3596 347 1761 3737 5498 4022 9520.26 808.858
4/30/87 1000 430 3026 4026 547 1991 4794 6785 4996 11781.88 885.190
4/30/88 1000 470 3496 4496 357 1779 4645 6424 4913 11337.84 953.561
4/30/89 1000 425 3921 4921 0 2109 5509 7618 6295 13913.43 986.768
4/30/90 1000 636 4557 5557 686 2057 6025 8082 6738 14820.67 1077.867
4/30/91 1000 680 5237 6237 61 2247 6647 8894 8104 16998.57 1131.729
4/30/92 1000 646 5883 6883 346 2426 7557 9983 9436 19419.65 1197.266
4/30/93 1000 681 6564 7564 219 2631 8427 11058 10956 22014.50 1251.535
4/30/94 1000 713 7277 8277 496 2559 8672 11231 11344 22575.02 1319.405
4/30/95 1000 841 8118 9118 550 2823 10177 13000 13414 26414.83 1399.832
4/30/96 1000 888 9006 10006 1548 3406 13904 17310 17136 34446.00 1512.780
TOTAL $ 7408
</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 1000.00 9.19 5.75 % 108.814 8.660 942
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>
4/30/57 1000 27 27 1027 0 974 0 974 25 1000.07 111.865
4/30/58 1000 38 65 1065 49 860 43 903 59 962.48 122.298
4/30/59 1000 40 105 1105 24 1201 91 1292 127 1420.31 129.827
4/30/60 1000 43 148 1148 57 1055 126 1181 146 1327.54 139.447
4/30/61 1000 50 198 1198 73 1199 229 1428 225 1653.29 152.659
4/30/62 1000 52 250 1250 61 1181 277 1458 263 1721.25 162.997
4/30/63 1000 58 308 1308 82 1210 382 1592 340 1932.60 177.793
4/30/64 1000 63 371 1371 57 1280 456 1736 417 2153.45 188.899
4/30/65 1000 67 438 1438 79 1462 615 2077 551 2628.00 201.843
4/30/66 1000 75 513 1513 83 1484 702 2186 629 2816.02 214.472
4/30/67 1000 87 600 1600 94 1465 798 2263 721 2983.65 230.042
4/30/68 1000 102 702 1702 74 1586 895 2481 842 3322.90 243.793
4/30/69 1000 121 823 1823 154 1763 1125 2888 1023 3911.90 263.960
4/30/70 1000 132 955 1955 224 1319 1046 2365 908 3273.13 290.428
4/30/71 1000 146 1101 2101 110 1531 1442 2973 1295 4268.95 315.284
4/30/72 1000 157 1258 2258 44 1541 1425 2966 1400 4366.48 331.296
4/30/73 1000 168 1426 2426 113 1348 1358 2706 1386 4092.28 353.392
4/30/74 1000 178 1604 2604 78 1236 1331 2567 1453 4020.70 376.823
4/30/75 1000 221 1825 2825 30 1296 1425 2721 1773 4494.24 403.071
4/30/76 1000 252 2077 3077 16 1707 1768 3475 2464 5940.31 426.134
4/30/77 1000 282 2359 3359 153 1733 1929 3662 2753 6415.66 916.524
4/30/78 1000 313 2672 3672 165 1622 2013 3635 2963 6598.12 989.224
4/30/79 1000 356 3028 4028 89 1838 2181 4019 3435 7454.55 1055.885
4/30/80 1000 419 3447 4447 243 1851 2218 4069 3512 7581.31 1153.928
4/30/81 1000 668 4115 5115 985 1654 3815 5469 5064 10533.24 1385.953
4/30/82 1000 609 4724 5724 491 1521 4002 5523 5254 10777.57 1541.855
4/30/83 1000 709 5433 6433 818 2107 6365 8472 8089 16561.32 1710.880
4/30/84 1000 801 6234 7234 1575 1874 7263 9137 7937 17074.03 1983.047
4/30/85 1000 950 7184 8184 1379 2015 9191 11206 9478 20684.81 2233.781
4/30/86 1000 1115 8299 9299 1041 2561 12691 15252 13262 28514.01 2422.601
4/30/87 1000 1290 9589 10589 1637 2897 16052 18949 16338 35287.76 2651.222
4/30/88 1000 1409 10998 11998 1070 2588 15427 18015 15942 33957.84 2856.000
4/30/89 1000 1272 12270 13270 0 3069 18294 21363 20308 41671.96 2955.458
4/30/90 1000 1907 14177 15177 2053 2992 19795 22787 21602 44389.24 3228.308
4/30/91 1000 2038 16215 17215 181 3269 21823 25092 25820 50912.18 3389.626
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 1000 1935 18150 19150 1036 3530 24699 28229 29934 58163.36 3585.904
4/30/93 1000 2039 20189 21189 657 3828 27479 31307 34628 65935.25 3748.451
4/30/94 1000 2134 22323 23323 1485 3724 28152 31876 35737 67613.98 3951.723
4/30/95 1000 2517 24840 25840 1646 4107 32885 36992 42122 79114.48 4192.606
4/30/96 1000 2660 27500 28500 4635 4955 44543 49498 53670 103168.39 4530.891
TOTAL $ 22841
</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 1000.00 12.49 5.75 % 80.064 11.770 942
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>
4/30/87 1000 43 43 1043 54 1066 56 1122 44 1166.24 87.621
4/30/88 1500 66 109 1609 50 1373 101 1474 101 1575.84 132.535
4/30/89 2000 77 186 2186 0 2187 119 2306 205 2511.92 178.150
4/30/90 2500 137 323 2823 147 2592 256 2848 329 3177.68 231.104
4/30/91 3000 169 492 3492 15 3346 296 3642 543 4185.10 278.635
4/30/92 3500 177 669 4169 95 4122 424 4546 771 5317.68 327.847
4/30/93 4000 202 871 4871 65 4982 528 5510 1050 6560.77 372.983
4/30/94 4500 227 1098 5598 158 5304 666 5970 1241 7211.10 421.455
4/30/95 5000 286 1384 6384 187 6370 943 7313 1676 8989.16 476.373
4/30/96 5500 318 1702 7202 554 8255 1719 9974 2362 12336.79 541.800
TOTAL $ 1325
</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 1000.00 14.15 5.75 % 70.671 13.340 943
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>
4/30/77 1000 28 28 1028 0 990 0 990 27 1018.51 145.502
4/30/78 1500 65 93 1593 26 1416 25 1441 91 1532.45 229.752
4/30/79 2000 99 192 2192 21 2024 47 2071 194 2264.47 320.747
4/30/80 2500 146 338 2838 74 2363 111 2474 307 2781.74 423.400
4/30/81 3000 277 615 3615 400 3284 565 3849 671 4520.86 594.850
4/30/82 3500 289 904 4404 233 3454 754 4208 900 5108.12 730.776
4/30/83 4000 367 1271 5271 424 5436 1470 6906 1667 8573.16 885.657
4/30/84 4500 438 1709 6209 860 5254 2182 7436 1888 9324.44 1082.978
4/30/85 5000 545 2254 7254 791 6157 3138 9295 2571 11866.97 1281.530
4/30/86 5500 665 2919 8419 621 8426 4590 13016 3992 17008.54 1445.076
4/30/87 6000 790 3709 9709 1003 10061 6234 16295 5337 21632.17 1625.257
4/30/88 6500 883 4592 11092 670 9409 6250 15659 5611 21270.46 1788.937
4/30/89 7000 815 5407 12407 0 11716 7411 19127 7553 26680.50 1892.234
4/30/90 7500 1243 6650 14150 1338 11885 8501 20386 8536 28922.22 2103.434
4/30/91 8000 1348 7998 15998 120 13497 9418 22915 10797 33712.77 2244.525
4/30/92 8500 1297 9295 17795 695 15084 10931 26015 13035 39050.83 2407.573
4/30/93 9000 1383 10678 19678 446 16869 12326 29195 15606 44801.43 2546.983
4/30/94 9500 1470 12148 21648 1020 16867 12966 29833 16592 46425.38 2713.348
4/30/95 10000 1746 13894 23894 1142 19122 15574 34696 20177 54873.41 2907.971
4/30/96 10500 1860 15754 26254 3243 23651 22194 45845 26334 72179.76 3169.950
TOTAL $ 13127
</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 1000.00 13.37 5.75 % 74.794 12.600 942
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>
4/30/67 1000 23 23 1023 0 971 0 971 25 996.14 76.803
4/30/68 1500 46 69 1569 25 1539 25 1564 71 1634.54 119.922
4/30/69 2000 71 140 2140 76 2226 107 2333 146 2479.42 167.302
4/30/70 2500 95 235 2735 142 2081 192 2273 195 2469.25 219.099
4/30/71 3000 125 360 3360 83 3088 352 3440 392 3831.63 282.986
4/30/72 3500 155 515 4015 40 3493 376 3869 532 4400.81 333.900
4/30/73 4000 182 697 4697 114 3502 432 3934 632 4566.33 394.329
4/30/74 4500 214 911 5411 87 3678 482 4160 789 4949.43 463.864
4/30/75 5000 289 1200 6200 37 4357 545 4902 1156 6058.62 543.374
4/30/76 5500 355 1555 7055 22 6112 695 6807 1824 8631.33 619.178
4/30/77 6000 424 1979 7979 223 6661 920 7581 2251 9831.35 1404.478
4/30/78 6500 496 2475 8975 253 6810 1125 7935 2661 10595.92 1588.594
4/30/79 7000 588 3063 10063 143 7837 1313 9150 3353 12504.38 1771.158
4/30/80 7500 721 3784 11284 407 7911 1578 9489 3706 13195.75 2008.486
4/30/81 8000 1194 4978 12978 1754 9287 3844 13131 5858 18989.78 2498.655
4/30/82 8500 1125 6103 14603 907 8975 4447 13422 6490 19912.66 2848.736
4/30/83 9000 1342 7445 16445 1547 13081 7714 20795 10527 31322.51 3235.797
4/30/84 9500 1538 8983 18483 3024 12055 9935 21990 10788 32778.07 3806.977
4/30/85 10000 1850 10833 20833 2685 13471 13373 26844 13436 40280.54 4349.950
4/30/86 10500 2196 13029 23529 2050 17722 18984 36706 19470 56176.66 4772.868
4/30/87 11000 2564 15593 26593 3252 20581 24848 45429 24684 70113.02 5267.695
4/30/88 11500 2818 18411 29911 2141 18812 24372 43184 24746 67930.00 5713.204
4/30/89 12000 2564 20975 32975 0 22874 28902 51776 32171 83947.48 5953.722
4/30/90 12500 3861 24836 37336 4160 22772 32145 54917 35013 89930.18 6540.377
4/30/91 13000 4151 28987 41987 369 25397 35519 60916 42776 103692.97 6903.660
4/30/92 13500 3957 32944 46444 2119 27948 40676 68624 50387 119011.07 7337.304
4/30/93 14000 4191 37135 51135 1349 30831 45536 76367 59091 135458.71 7700.893
4/30/94 14500 4402 41537 56037 3061 30459 47227 77686 61716 139402.19 8147.410
4/30/95 15000 5208 46745 61745 3405 34125 55885 90010 73667 163677.70 8673.964
4/30/96 15500 5519 52264 67764 9618 41760 77523 119283 94788 214071.49 9401.471
TOTAL $ 43093
</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 1000.00 9.19 5.75 % 108.814 8.660 942
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>
4/30/57 1000 27 27 1027 0 974 0 974 25 1000.07 111.865
4/30/58 1500 51 78 1578 49 1301 43 1344 72 1417.06 180.059
4/30/59 2000 74 152 2152 36 2496 106 2602 185 2787.86 254.831
4/30/60 2500 95 247 2747 112 2619 186 2805 241 3046.23 319.982
4/30/61 3000 129 376 3376 166 3558 405 3963 418 4381.71 404.589
4/30/62 3500 149 525 4025 162 3975 540 4515 537 5053.49 478.550
4/30/63 4000 183 708 4708 239 4603 834 5437 764 6201.09 570.478
4/30/64 4500 213 921 5421 183 5370 1054 6424 1011 7435.19 652.209
4/30/65 5000 242 1163 6163 274 6703 1526 8229 1420 9649.14 741.101
4/30/66 5500 288 1451 6951 304 7286 1844 9130 1713 10844.28 825.917
4/30/67 6000 347 1798 7798 363 7687 2216 9903 2085 11987.92 924.281
4/30/68 6500 421 2219 8719 296 8735 2578 11313 2562 13876.09 1018.055
4/30/69 7000 513 2732 9732 641 10181 3451 13632 3259 16890.81 1139.731
4/30/70 7500 579 3311 10811 969 8075 3426 11501 3027 14527.40 1289.033
4/30/71 8000 664 3975 11975 490 10124 4898 15022 4535 19558.38 1444.489
4/30/72 8500 736 4711 13211 202 10507 4892 15399 5087 20486.83 1554.388
4/30/73 9000 801 5512 14512 528 9650 4787 14437 5204 19642.18 1696.216
4/30/74 9500 872 6384 15884 373 9326 4784 14110 5651 19761.58 1852.069
4/30/75 10000 1102 7486 17486 148 10276 5167 15443 7172 22615.26 2028.274
4/30/76 10500 1281 8767 19267 81 13805 6439 20244 10270 30515.19 2189.038
4/30/77 11000 1463 10230 21230 788 14457 7254 21711 11756 33466.44 4780.919
4/30/78 11500 1648 11878 23378 861 14141 7796 21937 12966 34903.26 5232.873
4/30/79 12000 1899 13777 25777 471 16021 8575 24596 15370 39966.82 5661.023
4/30/80 12500 2265 16042 28542 1302 16020 9042 25062 16063 41125.17 6259.539
4/30/81 13000 3654 19696 32696 5384 16981 17023 34004 23790 57794.03 7604.478
4/30/82 13500 3371 23067 36567 2717 16057 18385 34442 25181 59623.06 8529.766
4/30/83 14000 3955 27022 41022 4563 22898 30046 52944 39409 92353.25 9540.625
4/30/84 14500 4491 31513 46013 8830 20792 35701 56493 39211 95704.46 11115.501
4/30/85 15000 5352 36865 51865 7767 22874 46172 69046 47476 116522.05 12583.375
4/30/86 15500 6304 43169 58669 5886 29688 64388 94076 67214 161290.49 13703.525
4/30/87 16000 7321 50490 66490 9287 34118 82464 116582 83621 200203.32 15041.572
4/30/88 16500 8012 58502 75002 6087 30909 79849 110758 82364 193122.48 16242.429
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 17000 7256 65758 82758 0 37226 94691 131917 105668 237585.80 16850.057
4/30/90 17500 10888 76646 94146 11730 36773 103508 140281 113310 253591.95 18443.051
4/30/91 18000 11663 88309 106309 1038 40702 114209 154911 136505 291416.34 19401.887
4/30/92 18500 11091 99400 117900 5937 44480 129832 174312 159164 333476.36 20559.578
4/30/93 19000 11714 111114 130114 3771 48765 144777 193542 185044 378586.77 21522.841
4/30/94 19500 12279 123393 142893 8537 47909 149009 196918 191807 388725.38 22719.192
4/30/95 20000 14487 137880 157880 9475 53375 174910 228285 227129 455414.24 24134.300
4/30/96 20500 15327 153207 173707 26711 64994 239074 304068 290446 594514.02 26109.531
TOTAL $ 126758
</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 2000.00 12.49 5.75 % 160.128 11.770 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>
4/30/87 2000 86 86 2086 108 2131 112 2243 89 2332.43 175.239
4/30/88 4000 169 255 4255 128 3588 230 3818 240 4058.76 341.359
4/30/89 6000 223 478 6478 0 6490 273 6763 530 7293.15 517.245
4/30/90 8000 420 898 8898 452 8167 697 8864 912 9776.69 711.032
4/30/91 10000 535 1433 11433 48 10980 814 11794 1581 13375.20 890.493
4/30/92 12000 574 2007 14007 310 13892 1218 15110 2316 17426.15 1074.362
4/30/93 14000 673 2680 16680 218 17110 1551 18661 3223 21884.74 1244.158
4/30/94 16000 772 3452 19452 535 18477 2022 20499 3876 24375.27 1424.621
4/30/95 18000 977 4429 22429 639 22457 2943 25400 5327 30727.38 1628.372
4/30/96 20000 1096 5525 25525 1911 29373 5556 34929 7598 42527.96 1867.719
TOTAL $ 4349
</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 2000.00 14.15 5.75 % 141.343 13.340 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>
4/30/77 2000 57 57 2057 0 1981 0 1981 55 2037.05 291.007
4/30/78 4000 159 216 4216 52 3771 49 3820 214 4034.84 604.924
4/30/79 6000 283 499 6499 54 6079 107 6186 504 6691.03 947.737
4/30/80 8000 447 946 8946 218 7561 300 7861 859 8719.88 1327.227
4/30/81 10000 898 1844 11844 1287 10988 1745 12733 2006 14739.19 1939.367
4/30/82 12000 962 2806 14806 775 11841 2384 14225 2785 17010.66 2433.571
4/30/83 14000 1244 4050 18050 1434 19007 4743 23750 5284 29034.57 2999.439
4/30/84 16000 1495 5545 21545 2941 18583 7208 25791 6085 31876.90 3702.311
4/30/85 18000 1878 7423 25423 2726 22012 10482 32494 8406 40900.61 4416.912
4/30/86 20000 2305 9728 29728 2152 30375 15408 45783 13198 58981.26 5011.152
4/30/87 22000 2756 12484 34484 3496 36510 21056 57566 17791 75357.33 5661.708
4/30/88 24000 3084 15568 39568 2344 34321 21190 55511 18843 74354.89 6253.565
4/30/89 26000 2859 18427 44427 0 42965 25129 68094 25495 93589.85 6637.578
4/30/90 28000 4367 22794 50794 4705 43762 28985 72747 28980 101727.66 7398.375
4/30/91 30000 4759 27553 57553 423 49912 32128 82040 36849 118889.85 7915.436
4/30/92 32000 4586 32139 64139 2457 55985 37384 93369 44652 138021.17 8509.320
4/30/93 34000 4900 37039 71039 1580 62806 42209 105015 53629 158644.60 9019.022
4/30/94 36000 5200 42239 78239 3616 62969 44523 107492 57170 164662.58 9623.763
4/30/95 38000 6202 48441 86441 4055 71575 53629 125204 69724 194928.46 10330.072
4/30/96 40000 6619 55060 95060 11534 88698 76809 165507 91204 256711.80 11274.124
TOTAL $ 45849
</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 2000.00 13.37 5.75 % 149.589 12.600 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>
4/30/67 2000 45 45 2045 0 1941 0 1941 50 1992.28 153.607
4/30/68 4000 114 159 4159 49 4103 50 4153 166 4319.34 316.899
4/30/69 6000 206 365 6365 200 6662 265 6927 378 7305.63 492.958
4/30/70 8000 293 658 8658 419 6617 528 7145 546 7691.46 682.472
4/30/71 10000 405 1063 11063 259 10306 1008 11314 1162 12476.03 921.420
4/30/72 12000 512 1575 13575 129 11964 1094 13058 1629 14687.55 1114.382
4/30/73 14000 617 2192 16192 379 12246 1300 13546 1986 15532.67 1341.336
4/30/74 16000 738 2930 18930 295 13088 1481 14569 2543 17112.85 1603.828
4/30/75 18000 1008 3938 21938 128 15729 1690 17419 3814 21233.42 1904.343
4/30/76 20000 1252 5190 25190 76 22278 2166 24444 6114 30558.83 2192.169
4/30/77 22000 1508 6698 28698 789 24453 2962 27415 7626 35041.37 5005.910
4/30/78 24000 1771 8469 32469 901 25161 3703 28864 9113 37977.88 5693.834
4/30/79 26000 2113 10582 36582 512 29091 4366 33457 11582 45039.87 6379.585
4/30/80 28000 2603 13185 41185 1467 29465 5350 34815 12905 47720.80 7263.439
4/30/81 30000 4331 17516 47516 6356 34874 13476 48350 20575 68925.84 9069.189
4/30/82 32000 4097 21613 53613 3302 33831 15711 49542 22936 72478.46 10368.878
4/30/83 34000 4896 26509 60509 5647 49495 27433 76928 37380 114308.51 11808.730
4/30/84 36000 5623 32132 68132 11056 45741 35640 81381 38456 119837.29 13918.384
4/30/85 38000 6775 38907 76907 9834 51270 48175 99445 48073 147518.98 15930.775
4/30/86 40000 8053 46960 86960 7518 67620 68515 136135 69879 206014.26 17503.336
4/30/87 42000 9411 56371 98371 11937 78649 89886 168535 88807 257342.50 19334.523
4/30/88 44000 10351 66722 110722 7865 72000 88284 160284 89236 249520.46 20985.741
4/30/89 46000 9423 76145 122145 0 87696 104694 192390 116207 308597.37 21886.338
4/30/90 48000 14201 90346 138346 15301 87421 116663 204084 126713 330797.31 24057.986
4/30/91 50000 15273 105619 155619 1359 97626 128932 226558 155086 381644.70 25409.101
4/30/92 52000 14567 120186 172186 7802 107531 147772 255303 182917 438220.35 27017.284
4/30/93 54000 15433 135619 189619 4970 118728 165498 284226 214753 498979.17 28367.207
4/30/94 56000 16223 151842 207842 11281 117395 171795 289190 224502 513692.79 30022.957
4/30/95 58000 19196 171038 229038 12553 131632 203475 335107 268253 603360.31 31974.579
4/30/96 60000 20351 191389 251389 35465 161201 282725 443926 345434 789360.94 34666.708
TOTAL $ 157849
</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 2000.00 9.19 5.75 % 217.628 8.660 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>
4/30/57 2000 53 53 2053 0 1948 0 1948 51 2000.15 223.730
4/30/58 4000 130 183 4183 98 3485 86 3571 172 3743.31 475.643
4/30/59 6000 217 400 6400 95 7585 243 7828 482 8310.83 759.674
4/30/60 8000 297 697 8697 334 8369 491 8860 670 9529.89 1001.039
4/30/61 10000 415 1112 11112 521 11832 1161 12993 1227 14220.27 1313.044
4/30/62 12000 496 1608 13608 525 13540 1604 15144 1627 16771.45 1588.205
4/30/63 14000 619 2227 16227 794 15986 2573 18559 2379 20939.14 1926.324
4/30/64 16000 724 2951 18951 616 18918 3306 22224 3209 25433.77 2231.033
4/30/65 18000 834 3785 21785 937 23888 4873 28761 4579 33340.43 2560.709
4/30/66 20000 999 4784 24784 1050 26180 5971 32151 5594 37745.05 2874.718
4/30/67 22000 1213 5997 27997 1265 27817 7269 35086 6898 41984.30 3237.032
4/30/68 24000 1482 7479 31479 1036 31770 8523 40293 8565 48858.45 3584.626
4/30/69 26000 1816 9295 35295 2258 37225 11556 48781 10987 59768.99 4032.995
4/30/70 28000 2057 11352 39352 3428 29700 11614 41314 10294 51608.79 4579.307
4/30/71 30000 2364 13716 43716 1740 37520 16714 54234 15554 69787.44 5154.169
4/30/72 32000 2633 16349 48349 722 39053 16723 55776 17558 73334.61 5564.083
4/30/73 34000 2872 19221 53221 1892 36023 16440 52463 18057 70519.48 6089.765
4/30/74 36000 3138 22359 58359 1340 34964 16483 51447 19715 71161.44 6669.301
4/30/75 38000 3976 26335 64335 534 38674 17829 56503 25171 81674.59 7325.075
4/30/76 40000 4633 30968 70968 293 52044 22233 74277 36202 110480.14 7925.404
4/30/77 42000 5305 36273 78273 2853 54644 25177 79821 41585 121406.98 17343.855
4/30/78 44000 5987 42260 86260 3122 53639 27186 80825 46022 126847.38 19017.599
4/30/79 46000 6908 49168 95168 1712 60797 29975 90772 54723 145495.73 20608.459
4/30/80 48000 8252 57420 105420 4740 60791 31782 92573 57359 149931.66 22820.648
4/30/81 50000 13334 70754 120754 19645 65136 60609 125745 85251 210996.45 27762.691
4/30/82 52000 12316 83070 135070 9927 61682 65714 127396 90468 217864.32 31168.000
4/30/83 54000 14465 97535 151535 16686 88093 107775 195868 141879 337747.58 34891.279
4/30/84 56000 16433 113968 169968 32310 80090 128706 208796 141417 350213.73 40675.230
4/30/85 58000 19596 133564 191564 28440 88233 166893 255126 171512 426638.82 46073.307
4/30/86 60000 23092 156656 216656 21559 114627 233016 347643 243165 590808.98 50196.175
4/30/87 62000 26825 183481 245481 34029 131842 298869 430711 302875 733586.04 55115.405
4/30/88 64000 29362 212843 276843 22311 119527 289644 409171 298654 707825.00 59531.119
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 66000 26598 239441 305441 0 144069 343480 487549 383476 871025.64 61774.868
4/30/90 68000 39923 279364 347364 43012 142404 375907 518311 411598 929909.63 67629.791
4/30/91 70000 42774 322138 392138 3806 157698 414808 572506 496301 1068807.26 71158.939
4/30/92 72000 40673 362811 434811 21778 172332 471784 644116 579062 1223178.47 75411.743
4/30/93 74000 42961 405772 479772 13833 188932 526229 715161 673590 1388751.82 78951.212
4/30/94 76000 45043 450815 526815 31317 185610 541888 727498 698544 1426042.29 83345.546
4/30/95 78000 53154 503969 581969 34761 206782 636419 843201 827603 1670804.49 88542.898
4/30/96 80000 56236 560205 640205 98001 251794 870738 1122532 1058721 2181253.33 95795.052
TOTAL $ 463320
</TABLE>
EXHIBIT 16
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/ = $1,229.17
T = +22.92%
5 Year Average Annual Total Return 1,000(1+T)/5/ = $1,909.45
T = +13.81%
10 Year Average Annual Total Return 1,000(1+T)/10/ = $3,409.67
T = +13.05%
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.
2
(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
3
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
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<PER-SHARE-NAV-BEGIN> 18.87
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