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.