Ex-99.CODE ETH Code of Ethics subject of the disclosure  requirement required by
Item 2

                         Code of Professional Standards
                        Washington Mutual Investors Fund
                            As adopted June 19, 2003

     Preamble: The above named Fund has adopted this Code of Professional
Standards (the "Code") in accordance with the requirements of Form N-CSR adopted
by the Securities and Exchange Commission (the "SEC") pursuant to Section 406 of
the Sarbanes-Oxley Act of 2002.

     1. The Fund has adopted this Code for the purpose of deterring wrongdoing
and promoting honest and ethical conduct. The Code applies to the principal
executive officer and principal financial and accounting officer (together the
"Officers") of the Fund.

     2. The  Officers  shall  conduct  themselves  in such a manner  as to deter
wrongdoing and to promote:  (a) honest and ethical conduct in the affairs of the
Fund, including the ethical handling of actual or apparent conflicts of interest
between  personal and  professional  relationships;  (b) full,  fair,  accurate,
timely and  understandable  disclosure  in reports and  documents  that the Fund
files with, or submits to, the Securities  and Exchange  Commission and in other
public  communications  made by the Fund;  and (c)  compliance  with  applicable
governmental laws, rules and regulations.

     It is the responsibility of the Officers, by their words and actions, to
foster a corporate culture that encourages honest and ethical conduct, including
the ethical resolution of, and appropriate disclosure of, conflicts of interest.
The Officers should work to assure a working environment that is characterized
by respect for law and compliance with applicable rules and regulations.

     The Officers must:

     o    act with integrity;

     o    familiarize  themselves  with the  disclosure  requirements  generally
          applicable  to the Fund and,  to the  extent  appropriate  within  the
          Officer's area of responsibility, take appropriate steps with the goal
          of  promoting  full,  fair,   accurate,   timely  and   understandable
          disclosure in reports and documents the Fund files with the SEC and in
          other public communications made by the Fund;

     o    not knowingly  misrepresent,  or cause others to  misrepresent,  facts
          about  the  Fund;  and  o  not  use  personal  influence  or  personal
          relationships  to  improperly   influence   investment   decisions  or
          financial  reporting  whereby the Officer would benefit  personally to
          the detriment of the Fund.

     3. Reporting. Upon receipt of this Code and annually thereafter, the
Officers must sign an acknowledgement stating that he or she has received, read
and understands the Code.

     4. Violations. Any person who becomes aware of an apparent violation of
this Code must report it to the Fund's Compliance Officer or Chairman of the
Fund. The Compliance Officer is authorized to investigate any such violations
and report his or her findings to the Chairman of the Board. The Chairman may
report violations of the Code to the Board of Directors, if he or she believes
such reporting is appropriate. The Chairman may also determine the appropriate
sanction for any violations of this Code, including removal from office,
provided that removal from office shall only be carried out with the approval of
the Board of Directors of the Fund.


     5. Amendments. Technical, administrative or other non-substantive
amendments to this Code must be approved by the Chairman of the Fund and any
material amendment must be approved by the Board of Directors. Amendments must
be filed with the SEC as required by applicable rules. All amendments must be in
writing.

     6. Relationship to Codes of Ethics. The Fund and its principal service
providers have adopted codes of ethics under Rule 17j-1 under the Investment
Company Act of 1940. Those codes are separate requirements and are not part of
this Code.

     7. Confidentiality. All reports and records prepared or maintained pursuant
to this Code shall be confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone.