WASHINGTON MUTUAL INVESTORS FUND (Form: 485BPOS, Received: 06/30/2010 09:02:32)

Washington Mutual

Investors Fund SM

Class

R-1

R-2

Ticker

AWSHX

RWMAX

RWMBX

R-3

R-4

R-5

R-6

RWMCX

RWMEX

RWMFX

RWMGX


	Retirement plan prospectus
	July 1, 2010
	Table of contents
	Investment objective 1 Fees and expenses of the fund 1 Principal investment strategies 3 Principal risks 3 Investment results 4 Management 6 Purchase and sale of fund shares 7 Tax information 7 Payments to broker-dealers and other financial intermediaries 7 Investment objective, strategies and risks 8		Additional investment results 10 Management and organization 11 Purchase, exchange and sale of shares 15 Sales charges 19 Sales charge reductions 21 Rollovers from retirement plans to IRAs 23 Plans of distribution 23 Other compensation to dealers 24 Distributions and taxes 25 Financial highlights 26
	The Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

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I nvestment objective

The fund’s investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.

F ees and expenses of the fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional and in the “Sales charge reductions” section on page 21 of the retirement plan prospectus and in the “Sales charge reductions and waivers” section on page 62 of the fund’s statement of additional information.

Shareholder fees

(fees paid directly from your investment)

	Class A	All R share classes
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	5.75%	none
Maximum deferred sales charge (load) (as a percentage of the amount redeemed)	none	none
Maximum sales charge (load) imposed on reinvested dividends	none	none
Redemption or exchange fees	none	none

Annual fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Share classes
	A	R-1	R-2	R-3	R-4	R-5	R-6
Management fees	0.29%	0.29%	0.29%	0.29%	0.29%	0.29%	0.29%
Distribution and/or service (12b-1) fees	0.23	0.99	0.75	0.50	0.25	none	none
Other expenses	0.18	0.19	0.48	0.24	0.18	0.13	0.08
Total annual fund operating expenses	0.70	1.47	1.52	1.03	0.72	0.42	0.37

Page 1

Example

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Share classes	1 year	3 years	5 years	10 years
A	$642	$786	$942	$1,395
R-1	150	465	803	1,757
R-2	155	480	829	1,813
R-3	105	328	569	1,259
R-4	74	230	401	894
R-5	43	135	235	530
R-6	38	119	208	468

Portfolio turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 22% of the average value of its portfolio.

Page 2

Principal investment strategies

The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential yield as well as the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average yield in its quarterly income distribution in relation to Standard & Poor’s 500 Composite Index (a broad, unmanaged index). The fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.

The fund has Investment Standards originally 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" — based on the Investment Standards and approved by the fund’s board of trustees — of investments considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. 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 trustees regarding changes necessary for continued compliance with the fund’s Investment Standards.

The investment adviser uses a system of multiple portfolio counselors in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual counselors who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.

Page 3

Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

Market risks — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline in response to certain events taking place around the world, including those directly involving the issuers whose securities are owned by the fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

Investment results

The bar chart below shows how the fund’s investment results have varied from year to year, and the table on page 5 shows how the fund’s average annual total returns for various periods compare with different broad measures of market results. Lipper Growth & Income Funds Index includes the fund and other mutual funds that disclose investment objectives that are reasonably comparable to those of the fund. This information provides some indication of the risks of investing in the fund. Past results are not predictive of future results. Updated information on the fund’s results can be obtained by visiting americanfunds.com.

Highest/Lowest quarterly results during this time period were:

Highest 15.94% (quarter ended June 30, 2003)

Lowest –20.22% (quarter ended December 31, 2008)

The fund’s total return for the three months ended March 31, 2010, was 3.94%.

Page 4

Average annual total returns

For the periods ended December 31, 2009 (with maximum sales charge):

Share class	Inception date	1 year	5 years	10 years	Lifetime
A	7/31/1952	12.12%	–0.95%	2.20%	11.62%

Share classes	Inception date	1 year	5 years	Lifetime
R-1	5/29/2002	18.10%	–0.59%	1.29%
R-2	5/31/2002	18.03	–0.60	1.32
R-3	6/4/2002	18.62	–0.11	2.11
R-4	5/20/2002	19.02	0.18	1.95
R-5	5/15/2002	19.40	0.48	2.23

Indexes	1 year	5 years	10 years	Lifetime (from Class A inception)
S &P 500 (reflects no deductions for fees, expenses or taxes)	26.47%	0.42%	–0.95%	10.43%
Lipper Growth & Income Funds Index (reflects no deductions for fees or taxes)	29.10	0.75	1.20	N/A
Class A annualized 30-day yield at April 30, 2010: 2.40% (For current yield information, please call American FundsLine ® at 800/325-3590.)

Page 5

Management

Investment adviser

Capital Research and Management Company

Portfolio counselors

The individuals primarily responsible for the portfolio management of the fund are:

Portfolio counselor/ Fund title (if applicable)	Portfolio counselor experience in this fund	Primary title with investment adviser
Alan N. Berro	13 years	Senior Vice President - Capital World Investors
James K. Dunton	32 years	Senior Vice President - Capital Research Global Investors
Gregory D. Johnson	9 years	Senior Vice President - Capital World Investors
Jeffrey T. Lager	6 years	Senior Vice President - Capital World Investors
Robert G. O’Donnell	18 years	Senior Vice President - Capital World Investors
James F. Rothenberg	11 years	Chairman of the Board, Capital Research and Management Company
Ronald B. Morrow	5 years	Senior Vice President - Capital World Investors
Eugene P. Stein	2 years	Senior Vice President - Capital World Investors

Page 6

Purchase and sale of fund shares

Eligible retirement plans generally may open an account and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares. Investment dealers may impose transaction charges in addition to those described in this prospectus.

Please contact your plan administrator or recordkeeper in order to sell (redeem) shares from your retirement plan.

Tax information

Dividends and capital gains distributed by the fund to tax-deferred retirement plan accounts are not currently taxable.

Payments to broker-dealers and other financial intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual financial adviser or visit your financial intermediary’s website for more information.

Page 7

Investment objective, strategies and risks

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 fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential yield as well as the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average yield in its quarterly income distribution in relation to Standard & Poor’s 500 Composite Index (a broad, unmanaged index). The fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.

The fund is designed to provide fiduciaries, organizations, institutions and individuals with a convenient and prudent medium of investment in common stocks and securities convertible into common stocks, such as convertible bonds and debentures and convertible preferred stocks, that meet the fund’s criteria for investing. It is especially designed to serve those individuals who are charged with the responsibility of investing retirement plan trusts, other fiduciary-type reserves or family funds but who are reluctant to undertake the selection and supervision of individual stocks.

Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

Page 8

The prices of, and the income generated by, the common stocks and other securities held by the fund may decline in response to certain events taking place around the world, including those directly involving the issuers whose securities are owned by the fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.

Although the fund’s policy is to maintain at all times a fully invested and widely diversified portfolio of securities, the fund may hold, to a limited extent, short-term U.S. government securities, other money market instruments, cash and cash equivalents.

The fund’s investment results will depend on the ability of the fund’s investment adviser to navigate the risks discussed above.

In addition to the principal investment strategies described above, the fund has other non-principal investment practices that are described in the statement of additional information. You should consider how this fund fits into your overall investment program.

Page 9

Additional investment results

Unlike the table on page 5, the table below reflects the fund’s results calculated without a sales charge.

Average annual total returns

For the periods ended December 31, 2009 (without sales charge):

Share class	Inception date	1 year	5 years	10 years	Lifetime
A	7/31/1952	18.99%	0.23%	2.81%	11.74%

Share classes (before taxes)	Inception date	1 year	5 years	Lifetime
R-1	5/29/2002	18.10%	–0.59%	1.29%
R-2	5/31/2002	18.03	–0.60	1.32
R-3	6/4/2002	18.62	–0.11	2.11
R-4	5/20/2002	19.02	0.18	1.95
R-5	5/15/2002	19.40	0.48	2.23

Indexes	1 year	5 years	10 years	Lifetime (from Class A inception)
S&P 500 (reflects no deductions for fees, expenses or taxes)	26.47%	0.42%	–0.95%	10.43%
Lipper Growth & Income Funds Index (reflects no deductions for fees or taxes)	29.10	0.75	1.20	N/A
Class A distribution rate at December 31, 2009: 2.86% * (For current distribution rate information, please call American FundsLine at 800/325-3590.)

*	The distribution rate is based on actual dividends paid to Class A shareholders over a 12-month period. Capital gain distributions, if any, are added back to net asset value to determine the rate.

The investment results tables above and on page 5 show how the fund’s average annual total returns compare with various broad measures of market results. Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the average weighted results of 500 widely held common stocks. This index is unmanaged and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes. Lipper Growth & Income Funds Index is an equally weighted index of funds that combine a growth-of-earnings orientation and an income requirement for level and/or rising dividends. The results of the underlying funds in the index include the reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions and other fund expenses, but do not reflect the effect of sales charges or taxes. This index was not in existence as of the date the fund's Class A shares became available; therefore, lifetime results are not shown.

All fund results reflected in the “Investment results” section of this prospectus and this “Additional investment results” section reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results reflect any fee waivers and/or expense reimbursements in effect during the period presented.

Page 10

Management and organization

Business manager

Washington Management Corporation or its predecessors, since the fund’s inception, has provided the services necessary to carry on the fund’s general administrative and corporate affairs. These services encompass matters relating to general corporate governance, regulatory compliance and monitoring of the fund’s contractual service providers, including custodian operations, shareholder services and fund share distribution functions. Washington Management Corporation, a wholly owned subsidiary of The Johnston-Lemon Group, Incorporated, maintains its principal business address at 1101 Vermont Avenue, NW, Washington, D.C. 20005.

Investment adviser

Capital Research and Management Company, an experienced investment management organization founded in 1931, serves as investment adviser to the fund and other funds, including the American Funds. Capital Research and Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071, and 6455 Irvine Center Drive, Irvine, California 92618. Capital Research and Management Company manages the investment portfolio of the fund. The total management fee paid by the fund, as a percentage of average net assets, for the previous fiscal year appears in the Annual Fund Operating Expenses table under “Fees and expenses of the fund.” Please see the statement of additional information for further details. A discussion regarding the basis for the approval of the fund’s investment advisory agreement by the fund’s board of trustees is contained in the fund’s semi-annual report to shareholders for the fiscal period ended October 31, 2009.

Capital Research and Management Company manages equity assets through two investment divisions, Capital World Investors and Capital Research Global Investors, and manages fixed-income assets through its Fixed Income division. Capital World Investors and Capital Research Global Investors make investment decisions on an independent basis.

Rather than remain as investment divisions, Capital World Investors and Capital Research Global Investors may be incorporated into wholly owned subsidiaries of Capital Research and Management Company. In that event, Capital Research and Management Company would continue to be the investment adviser, and day-to-day investment management of equity assets would continue to be carried out through one or both of these subsidiaries. Although not currently contemplated, Capital Research and Management Company could incorporate its Fixed Income division in the future and engage it to provide day-to-day investment management of fixed-income assets. Capital Research and Management Company and each of the funds it advises have applied to the U.S. Securities and Exchange Commission for an exemptive order that would give Capital Research and Management Company the authority to use, upon approval of the fund’s board, its management subsidiaries and affiliates to provide day-to-day investment management services to the fund, including making changes to the management subsidiaries and affiliates providing such services. The fund’s shareholders approved this arrangement at a meeting of the fund’s shareholders on November 24, 2009. There is no assurance that Capital Research and Management Company will incorporate its investment divisions or exercise any authority, if granted, under an exemptive order.

Page 11

Execution of portfolio transactions

The investment adviser places orders with broker-dealers for the fund’s portfolio transactions. In selecting broker-dealers, the investment adviser strives to obtain “best execution” (the most favorable total price reasonably attainable under the circumstances) for the fund’s portfolio transactions, taking into account a variety of factors. Subject to best execution, the investment adviser may consider investment research and/or brokerage services provided to the adviser in placing orders for the fund’s portfolio transactions. The investment adviser may place orders for the fund’s portfolio transactions with broker-dealers who have sold shares of funds managed by the investment adviser or its affiliated companies; however, it does not give consideration to whether a broker-dealer has sold shares of the funds managed by the investment adviser or its affiliated companies when placing any such orders for the fund’s portfolio transactions. A more detailed description of the investment adviser’s policies is included in the fund’s statement of additional information.

Portfolio holdings

Portfolio holdings information for the fund is available on the American Funds website at americanfunds.com. To reach this information, access the fund’s detailed information page on the website. A list of the fund’s top 10 equity holdings, updated as of each month-end, is generally posted to this page within 14 days after the end of the applicable month. A link to the fund’s complete list of publicly disclosed portfolio holdings, updated as of each calendar quarter-end, is generally posted to this page within 45 days after the end of the applicable quarter. Both lists remain available on the website until new information for the next month or quarter is posted. Portfolio holdings information for the fund is also contained in reports filed with the U.S. Securities and Exchange Commission.

A description of the fund’s policies and procedures regarding disclosure of information about its portfolio holdings is available in the statement of additional information.

Page 12

Multiple portfolio counselor system

Capital Research and Management Company uses a system of multiple portfolio counselors in managing mutual fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual counselors who decide how their respective segments will be invested. In addition, Capital Research and Management Company’s investment analysts may make investment decisions with respect to a portion of a fund’s portfolio. Investment decisions are subject to a fund’s objective(s), policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions. The table below shows the investment experience and role in management of the fund for each of the fund’s primary portfolio counselors.

Portfolio counselor	Investment experience	Experience in this fund	Role in management of the fund
Alan N. Berro	Investment professional for 24 years in total; 19 years with Capital Research and Management Company or affiliate	13 years (plus 6 years of prior experience as an investment analyst for the fund)	Serves as an equity portfolio counselor
James K. Dunton	Investment professional for 48 years, all with Capital Research and Management Company or affiliate	32 years (plus 7 years of prior experience as an investment analyst for the fund)	Serves as an equity portfolio counselor
Gregory D. Johnson	Investment professional for 17 years, all with Capital Research and Management Company or affiliate	9 years (plus 7 years of prior experience as an investment analyst for the fund)	Serves as an equity portfolio counselor
Jeffrey T. Lager	Investment professional for 15 years in total; 14 years with Capital Research and Management Company or affiliate	6 years (plus 7 years of prior experience as an investment analyst for the fund)	Serves as an equity portfolio counselor

Page 13

Portfolio counselor

Investment

experience

Experience

in this fund

Role in

management

of the fund

Robert G. O’Donnell	Investment professional for 38 years in total; 35 years with Capital Research and Management Company or affiliate	18 years (plus 17 years of prior experience as an investment analyst for the fund)	Serves as an equity portfolio counselor
James F. Rothenberg	Investment professional for 40 years, all with Capital Research and Management Company or affiliate	11 years (plus 9 years of prior experience as an investment analyst for the fund)	Serves as an equity portfolio counselor
Ronald B. Morrow	Investment professional for 42 years in total; 13 years with Capital Research and Management Company or affiliate	5 years	Serves as an equity portfolio counselor
Eugene P. Stein	Investment professional for 39 years in total; 38 years with Capital Research and Management Company or affiliate	2 years	Serves as an equity portfolio counselor

Information regarding the portfolio counselors’ compensation, their ownership of securities in the fund and other accounts they manage is in the statement of additional information.

Certain privileges and/or services described on the following pages of this prospectus and in the statement of additional information may not be available to you, depending on your investment dealer or retirement plan recordkeeper. Please see your financial adviser, investment dealer or retirement plan recordkeeper for more information.

Page 14

Purchase, exchange and sale of shares

American Funds Service Company, the fund's transfer agent, on behalf of the fund and American Funds Distributors, ® the fund's distributor, is required by law to obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your or such person’s identity. If you do not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal activity, the fund and American Funds Distributors reserve the right to close your account or take such other action they deem reasonable or required by law.

Purchases and exchanges

Eligible retirement plans generally may open an account and purchase Class A or

R shares by contacting any investment dealer (who may impose transaction charges in addition to those described in this prospectus) authorized to sell these classes of the fund’s shares. Some or all R share classes may not be available through certain investment dealers. Additional shares may be purchased through a plan’s administrator or recordkeeper.

Class A shares are generally not available for retirement plans using the PlanPremier ® or Recordkeeper Direct ® recordkeeping programs.

Class R shares are generally available only to 401(k) plans, 457 plans, 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans. Class R shares also are generally available only to retirement plans where plan level or omnibus accounts are held on the books of the fund. Class R-5 and R-6 shares are generally available only to fee-based programs or through retirement plan intermediaries. In addition, Class R-6 shares are available for investment by American Funds Target Date Retirement Series, ® and Class R-5 shares are available to other registered investment companies approved by the fund. Class R shares generally are not available to retail nonretirement accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and 529 college savings plans.

Shares of the fund offered through this prospectus generally may be exchanged into shares of the same class of other American Funds. Exchanges of Class A shares from American Funds Money Market Fund ® purchased without a sales charge generally will be subject to the appropriate sales charge.

Frequent trading of fund shares

The fund and American Funds Distributors reserve the right to reject any purchase order for any reason. The fund is not designed to serve as a vehicle for frequent trading. Frequent trading of fund shares may lead to increased costs to the fund and less efficient management of the fund’s portfolio, potentially resulting in dilution of the value of the shares held by long-term shareholders. Accordingly, purchases, including those that are part of exchange activity that the fund or American Funds Distributors has determined could involve actual or potential harm to the fund, may be rejected.

Page 15

The fund, through its transfer agent, American Funds Service Company, maintains surveillance procedures that are designed to detect frequent trading in fund shares. Under these procedures, various analytics are used to evaluate factors that may be indicative of frequent trading. For example, transactions in fund shares that exceed certain monetary thresholds may be scrutinized. American Funds Service Company also may review transactions that occur close in time to other transactions in the same account or in multiple accounts under common ownership or influence. Trading activity that is identified through these procedures or as a result of any other information available to the fund will be evaluated to determine whether such activity might constitute frequent trading. These procedures may be modified from time to time as appropriate to improve the detection of frequent trading, to facilitate monitoring for frequent trading in particular retirement plans or other accounts, and to comply with applicable laws.

In addition to the fund’s broad ability to restrict potentially harmful trading as described above, the fund’s board of trustees has adopted a “purchase blocking policy” under which any shareholder redeeming shares having a value of $5,000 or more from the fund will be precluded from investing in the fund for 30 calendar days after the redemption transaction. This policy also applies to redemptions and purchases that are part of exchange transactions. Under the fund’s purchase blocking policy, certain purchases will not be prevented and certain redemptions will not trigger a purchase block, such as purchases and redemptions of shares having a value of less than $5,000; transactions in Class 529 shares; purchases and redemptions resulting from reallocations by American Funds Target Date Retirement Series ® ; retirement plan contributions, loans and distributions (including hardship withdrawals) identified as such on the retirement plan recordkeeper’s system; purchase transactions involving transfers of assets, rollovers, Roth IRA conversions and IRA recharacterizations, where the entity maintaining the shareholder account is able to identify the transaction as one of these types of transactions; and systematic redemptions and purchases, where the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase. Generally, purchases and redemptions will not be considered “systematic” unless the transaction is pre-scheduled for a specific date.

The fund reserves the right to waive the purchase blocking policy with respect to specific shareholder accounts in those instances where American Funds Service Company determines that its surveillance procedures are adequate to detect frequent trading in fund shares.

American Funds Service Company will work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan record-keepers, insurance company separate accounts and bank trust companies) to apply their own procedures, provided that American Funds Service Company believes the intermediary’s procedures are reasonably designed to enforce the frequent trading policies of the fund. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you.

Page 16

If American Funds Service Company identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner’s transactions or restrict the account owner’s trading. If American Funds Service Company is not satisfied that the intermediary has taken appropriate action, American Funds Service Company may terminate the intermediary’s ability to transact in fund shares.

There is no guarantee that all instances of frequent trading in fund shares will be prevented.

Notwithstanding the fund’s surveillance procedures and purchase blocking policy, all transactions in fund shares remain subject to the right of the fund and American Funds Distributors to restrict potentially abusive trading generally (including the types of transactions described above that will not be prevented or trigger a block under the purchase blocking policy). See the statement of additional information for more information about how American Funds Service Company may address other potentially abusive trading activity in the American Funds.

Valuing shares

The net asset value of each share class of the fund is the value of a single share. The fund calculates the net asset value each day the New York Stock Exchange is open for trading as of approximately 4 p.m. New York time, the normal close of regular trading. The fund will not calculate net asset values on days that the New York Stock Exchange is closed for trading. Assets are valued primarily on the basis of market quotations. However, the fund has adopted procedures for making “fair value” determinations if market quotations are not readily available or are not considered reliable. Use of these procedures is intended to result in more appropriate net asset values.

Your shares will be purchased at the net asset value (plus any applicable sales charge in the case of Class A shares) or sold at the net asset value next determined after American Funds Service Company receives your request, provided that your request contains all information and legal documentation necessary to process the transaction.

Moving between share classes and accounts

Please see the statement of additional information for details and limitations on moving investments in certain share classes to different share classes and on moving investments held in certain accounts to different accounts.

Page 17

Fund expenses

In periods of market volatility, assets of the fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in the Annual Fund Operating Expenses table in this prospectus.

The “Other expenses” items in the table on page 1 include custodial, legal, transfer agent and subtransfer agent/recordkeeping payments, as well as various other expenses. Sub-transfer agent/recordkeeping payments may be made to the fund’s investment adviser, affiliates of the adviser and unaffiliated third parties for providing recordkeeping and other administrative services to retirement plans invested in the fund in lieu of the transfer agent providing such services. The amount paid for subtransfer agent/ recordkeeping services will vary depending on the share class selected and the entity receiving the payments. The table below shows the maximum payments to entities providing these services to retirement plans.

	Payments to affiliated entities	Payments to unaffiliated entities
Class A	.05% of assets or $12 per participant position 1	.05% of assets or $12 per participant position 1
Class R-1	.10% of assets	.10% of assets
Class R-2	.15% of assets plus $27 per participant position 2 or .35% of assets 3	.25% of assets
Class R-3	.10% of assets plus $12 per participant position 2 or .19% of assets 3	.15% of assets
Class R-4	.10% of assets	.10% of assets
Class R-5	.05% of assets	.05% of assets
Class R-6	none	none

1	Payment amount depends on the date upon which services commenced.

2	Payment with respect to Recordkeeper Direct program.

3	Payment with respect to PlanPremier program.

Page 18

Sales charges

Class A shares

The initial sales charge you pay each time you buy Class A shares differs depending upon the amount you invest and may be reduced or eliminated for larger purchases as indicated below. The “offering price,” the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

	Sales charge as a percentage of:
Investment	Offering price	Net amount invested	Dealer commission as a percentage of offering price
Less than $25,000	5.75%	6.10%	5.00%
$25,000 but less than $50,000	5.00	5.26	4.25
$50,000 but less than $100,000	4.50	4.71	3.75
$100,000 but less than $250,000	3.50	3.63	2.75
$250,000 but less than $500,000	2.50	2.56	2.00
$500,000 but less than $750,000	2.00	2.04	1.60
$750,000 but less than $1 million	1.50	1.52	1.20
$1 million or more and certain other investments described below	none	none	see below

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares.

Class A share purchases not subject to sales charges

The following investments are not subject to any initial or contingent deferred sales charge if American Funds Service Company is properly notified of the nature of the investment:

·	investments made by accounts that are part of certain qualified fee-based programs and that purchased Class A shares before the discontinuation of your investment dealer’s load-waived Class A share program with the American Funds; and

·	certain rollover investments from retirement plans to IRAs (see “Rollovers from retirement plans to IRAs” in this prospectus for more information).

Page 19

The distributor may pay dealers a commission of up to 1% on investments made in Class A shares with no initial sales charge. The fund may reimburse the distributor for these payments through its plans of distribution (see “Plans of distribution” in this prospectus).

Certain other investors may qualify to purchase shares without a sales charge, such as employees of investment dealers and registered investment advisers authorized to sell American Funds and employees of The Capital Group Companies, Inc. Please see the statement of additional information for more information.

Employer-sponsored retirement plans

Employer-sponsored retirement plans that are eligible to purchase Class R shares may instead purchase Class A shares and pay the applicable Class A sales charge, provided that their recordkeepers can properly apply a sales charge on plan investments. These plans are not eligible to make initial purchases of $1 million or more in Class A shares and thereby invest in Class A shares without a sales charge, nor are they eligible to establish a statement of intention that qualifies them to purchase Class A shares without a sales charge. More information about statements of intention can be found under “Sales charge reductions” in this prospectus. Plans investing in Class A shares with a sales charge may purchase additional Class A shares in accordance with the sales charge table in this prospectus.

Employer-sponsored retirement plans that invested in Class A shares without any sales charge before April 1, 2004, and that continue to meet the eligibility requirements in effect as of that date for purchasing Class A shares at net asset value, may continue to purchase Class A shares without any initial or contingent deferred sales charge.

A 403(b) plan may not invest in Class A or C shares, unless it was invested in Class A or C shares before January 1, 2009.

Class R shares

Class R shares are sold without any initial or contingent deferred sales charge. The distributor will pay dealers annually asset-based compensation of up to 1.00% for sales of Class R-1 shares, up to .75% for Class R-2 shares, up to .50% for Class R-3 shares and up to .25% for Class R-4 shares. No dealer compensation is paid from fund assets on sales of Class R-5 or R-6 shares. The fund may reimburse the distributor for these payments through its plans of distribution (see “Plans of distribution” in this prospectus).

Page 20

Sales charge reductions

To receive a reduction in your Class A initial sales charge, you must let your financial adviser or American Funds Service Company know at the time you purchase shares that you qualify for such a reduction. If you do not let your adviser or American Funds Service Company know that you are eligible for a reduction, you may not receive a sales charge discount to which you are otherwise entitled. In order to determine your eligibility to receive a sales charge discount, it may be necessary for you to provide your adviser or American Funds Service Company with information and records (including account statements) of all relevant accounts invested in the American Funds.

In addition to the information in this prospectus, you may obtain more information about share classes, sales charges and sales charge reductions through a link on the home page of the American Funds website at americanfunds.com, from the statement of additional information or from your financial adviser.

Reducing your Class A initial sales charge

Consistent with the policies described in this prospectus, two or more retirement plans of an employer or employer’s affiliates may combine all of their American Funds investments to reduce their Class A sales charge. Certain investments in the American Funds Target Date Retirement Series may also be combined for this purpose. Please see the American Funds Target Date Retirement Series prospectus for further information. However, for this purpose, investments representing direct purchases of American Funds Money Market Fund are excluded. Following are different ways that you may qualify for a reduced Class A sales charge:

Concurrent purchases

Simultaneous purchases of any class of shares of two or more American Funds (excluding American Funds Money Market Fund) may be combined to qualify for a reduced Class A sales charge.

Rights of accumulation

You may take into account your accumulated holdings in all share classes of the American Funds (excluding American Funds Money Market Fund) to determine the initial sales charge you pay on each purchase of Class A shares. Subject to your investment dealer’s or recordkeeper’s capabilities, your accumulated holdings will be calculated as the higher of ( a ) the current value of your existing holdings (as of the day prior to your additional American Funds investment) or ( b ) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals. Please see the statement of additional information for further details. You should retain any records necessary to substantiate the historical amounts you have invested.

Page 21

Statement of intention

You may reduce your Class A sales charge by establishing a statement of intention. A statement of intention allows you to combine all purchases of all share classes of the American Funds (excluding American Funds Money Market Fund) you intend to make over a 13-month period to determine the applicable sales charge; however, purchases made under a right of reinvestment, appreciation of your holdings, and reinvested dividends and capital gains do not count as purchases made during the statement period. Your accumulated holdings (as described under “Rights of accumulation” above) eligible to be aggregated as of the day immediately before the start of the statement period may be credited toward satisfying the statement. A portion of your account may be held in escrow to cover additional Class A sales charges that may be due if your total purchases over the statement period do not qualify you for the applicable sales charge reduction. Employer-sponsored retirement plans may be restricted from establishing statements of intention. See “Sales charges” in this prospectus for more information.

Right of reinvestment

If you notify American Funds Service Company, you may reinvest proceeds from a redemption, dividend payment or capital gain distribution without a sales charge in the same fund or other American Funds, provided that the reinvestment occurs within 90 days after the date of the redemption or distribution and is made into the same account from which you redeemed the shares or received the distribution. If the account has been closed, you may reinvest without a sales charge if the new receiving account has the same registration as the closed account. Proceeds will be reinvested in the same share class from which the original redemption or distribution was made. Redemption proceeds of Class A shares representing direct purchases in American Funds Money Market Fund that are reinvested in other American Funds will be subject to a sales charge.

Proceeds will be reinvested at the next calculated net asset value after your request is received by American Funds Service Company, provided that your request contains all information and legal documentation necessary to process the transaction. For purposes of this “right of reinvestment policy,” automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. You may not reinvest proceeds in the American Funds as described in this paragraph if such proceeds are subject to a purchase block as described under “Frequent trading of fund shares” in this prospectus. This paragraph does not apply to certain rollover investments as described under “Rollovers from retirement plans to IRAs” in this prospectus.

Page 22

Rollovers from retirement plans to IRAs

Assets from retirement plans may be invested in Class A, C or F shares through an IRA rollover, subject to the other provisions of this prospectus and the prospectus for nonretirement plan shareholders. More information on Class C and F shares can be found in the fund’s prospectus for nonretirement plan shareholders. Rollovers invested in Class A shares from retirement plans will be subject to applicable sales charges. The following rollovers to Class A shares will be made without a sales charge:

·	rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian; and

·	rollovers to IRAs that are attributable to American Funds investments, if they meet the following requirements:

—	the assets being rolled over were invested in American Funds at the time of distribution; and

—	the rolled over assets are contributed to an American Funds IRA with Capital Bank and Trust Company as custodian.

IRA rollover assets that roll over without a sales charge as described above will not be subject to a contingent deferred sales charge, and investment dealers will be compensated solely with an annual service fee that begins to accrue immediately. IRA rollover assets invested in Class A shares that are not attributable to American Funds investments, as well as future contributions to the IRA, will be subject to sales charges and the terms and conditions generally applicable to Class A share investments as described in this prospectus and the statement of additional information.

Plans of distribution

The fund has plans of distribution or “12b-1 plans” for certain share classes, under which it may finance activities primarily intended to sell shares, provided that the categories of expenses are approved in advance by the fund’s board of trustees. The plans provide for payments, based on annualized percentages of average daily net assets, of up to .25% for Class A shares, up to 1.00% for Class R-1 and R-2 shares, up to .75% for Class R-3 shares and up to .50% for Class R-4 shares. For all share classes indicated above, up to .25% of these expenses may be used to pay service fees to qualified dealers for providing certain shareholder services. The amount remaining for each share class may be used for distribution expenses.

Page 23

The 12b-1 fees paid by each share class of the fund, as a percentage of average net assets for the previous fiscal year, are indicated in the Annual Fund Operating Expenses table under “Fees and expenses of the fund” in this prospectus. Since these fees are paid out of the fund’s assets or income on an ongoing basis, over time they may cost you more than paying other types of sales charges and reduce the return of your investment.

Other compensation to dealers

American Funds Distributors, at its expense, currently provides additional compensation to investment dealers. These payments may be made, at the discretion of American Funds Distributors, to the top 100 dealers (or their affiliates) that have sold shares of the American Funds. The level of payments made to a qualifying firm in any given year will vary and in no case would exceed the sum of (a) .10% of the previous year’s American Funds sales by that dealer and (b) .02% of American Funds assets attributable to that dealer. For calendar year 2009, aggregate payments made by American Funds Distributors to dealers were less than .02% of the average assets of the American Funds. Aggregate payments may also change from year to year. A number of factors will be considered in determining payments, including the qualifying dealer’s sales, assets and redemption rates, and the quality of the dealer’s relationship with American Funds Distributors. American Funds Distributors makes these payments to help defray the costs incurred by qualifying dealers in connection with efforts to educate financial advisers about the American Funds so that they can make recommendations and provide services that are suitable and meet shareholder needs. American Funds Distributors will, on an annual basis, determine the advisability of continuing these payments. American Funds Distributors may also pay expenses associated with meetings conducted by dealers outside the top 100 firms to facilitate educating financial advisers and shareholders about the American Funds. If investment advisers, distributors or other affiliates of mutual funds pay additional compensation or other incentives in differing amounts, dealer firms and their advisers may have financial incentives for recommending a particular mutual fund over other mutual funds or investments. You should consult with your financial adviser and review carefully any disclosure by your financial adviser’s firm as to compensation received.

Page 24

Distributions and taxes

Dividends and distributions

The fund intends to distribute dividends to shareholders, usually 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.

All dividends and capital gain distributions paid to retirement plan shareholders will be automatically reinvested.

Taxes on dividends and distributions

Dividends and capital gains distributed by the fund to tax-deferred retirement plan accounts are not currently taxable.

Taxes on transactions

Exchanges within a tax-deferred retirement plan account will not result in a capital gain or loss for federal or state income tax purposes. With limited exceptions, distributions from a retirement plan account are taxable as ordinary income.

Please see your tax adviser for more information.

Page 25

Financial highlights

The Financial Highlights table is intended to help you understand the fund’s results for the past five fiscal years. Certain information reflects financial results for a single share of a particular class. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and capital gain distributions). Where indicated, figures in the table reflect the impact, if any, of certain reimbursements/waivers from Capital Research and Management Company and Washington Management Corporation. For more information about these reimbursements/waivers, see the fund’s statement of additional information and annual report. The information in the Financial Highlights table has been audited by PricewaterhouseCoopers LLP, whose report, along with the fund’s financial statements, is included in the statement of additional information, which is available upon request.

		Income (loss) from investment operations 1			Dividends and distributions
	Net asset value, beginning of year	Net investment income	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of year	Total return 2,3	Net assets, end of year (in millions)	Ratio of expenses to average net assets before reim-bursements/ waivers	Ratio of expenses to average net assets after reim-bursements/ waivers 3	Ratio of net income to average net assets 3
Class A:
Year ended 4/30/2010	$19.81	$.65	$ 6.06	$ 6.71	$(.68)	$ —	$ (.68)	$25.84	34.29%	$39,349	.70%	.70%	2.80%
Year ended 4/30/2009	31.92	.64	(11.53)	(10.89)	(.72)	(.50)	(1.22)	19.81	(34.50)	34,012	.67	.65	2.60
Year ended 4/30/2008	36.55	.71	(2.68)	(1.97)	(.72)	(1.94)	(2.66)	31.92	(5.78)	60,782	.60	.58	2.02
Year ended 4/30/2007	32.66	.68	4.71	5.39	(.66)	(.84)	(1.50)	36.55	16.85	70,811	.60	.57	2.00
Year ended 4/30/2006	29.85	.66	3.20	3.86	(.62)	(.43)	(1.05)	32.66	13.11	64,202	.60	.57	2.13
Class R-1:
Year ended 4/30/2010	19.68	.46	6.01	6.47	(.50)	—	(.50)	25.65	33.21	67	1.47	1.47	1.98
Year ended 4/30/2009	31.72	.45	(11.46)	(11.01)	(.53)	(.50)	(1.03)	19.68	(34.99)	44	1.43	1.41	1.85
Year ended 4/30/2008	36.33	.42	(2.66)	(2.24)	(.43)	(1.94)	(2.37)	31.72	(6.55)	67	1.42	1.40	1.20
Year ended 4/30/2007	32.48	.39	4.68	5.07	(.38)	(.84)	(1.22)	36.33	15.86	69	1.43	1.41	1.15
Year ended 4/30/2006	29.71	.39	3.17	3.56	(.36)	(.43)	(.79)	32.48	12.10	47	1.47	1.44	1.26
Class R-2:
Year ended 4/30/2010	19.62	.45	6.01	6.46	(.49)	—	(.49)	25.59	33.23	694	1.52	1.52	1.96
Year ended 4/30/2009	31.64	.43	(11.44)	(11.01)	(.51)	(.50)	(1.01)	19.62	(35.07)	548	1.50	1.48	1.77
Year ended 4/30/2008	36.25	.41	(2.66)	(2.25)	(.42)	(1.94)	(2.36)	31.64	(6.57)	865	1.44	1.41	1.19
Year ended 4/30/2007	32.40	.39	4.68	5.07	(.38)	(.84)	(1.22)	36.25	15.91	985	1.47	1.41	1.15
Year ended 4/30/2006	29.64	.40	3.16	3.56	(.37)	(.43)	(.80)	32.40	12.13	812	1.53	1.41	1.29

Page 26

Income (loss) from investment operations 1

Dividends and distributions

Net

asset value, beginning of year

Net investment income

Net gains

(losses) on securities

(both

realized and unrealized)

Total from investment operations

Dividends (from net investment income)

Distributions (from

capital

gains)

Total

dividends

and

distributions

Net asset value,

end of year

Total return 2,3

Net

assets,

end of

year

(in millions)

Ratio of

expenses

to average

net

assets

before

reim-bursements/

waivers

Ratio of

expenses

to average

net

assets

after

reim-bursements/

waivers 3

Ratio

of net income

average

net

assets 3

Class R-3:
Year ended 4/30/2010	$19.70	$.57	$ 6.02	$ 6.59	$(.60)	$ —	$ (.60)	$25.69	33.85%	$1,280	1.03%	1.03%	2.45%
Year ended 4/30/2009	31.76	.56	(11.48)	(10.92)	(.64)	(.50)	(1.14)	19.70	(34.72)	1,010	.97	.95	2.29
Year ended 4/30/2008	36.38	.58	(2.67)	(2.09)	(.59)	(1.94)	(2.53)	31.76	(6.13)	1,827	.95	.93	1.67
Year ended 4/30/2007	32.51	.55	4.70	5.25	(.54)	(.84)	(1.38)	36.38	16.45	2,199	.96	.93	1.63
Year ended 4/30/2006	29.73	.54	3.18	3.72	(.51)	(.43)	(.94)	32.51	12.68	1,878	.97	.94	1.75
Class R-4:
Year ended 4/30/2010	19.75	.64	6.04	6.68	(.67)	—	(.67)	25.76	34.29	1,121	.72	.72	2.75
Year ended 4/30/2009	31.83	.63	(11.50)	(10.87)	(.71)	(.50)	(1.21)	19.75	(34.52)	782	.69	.67	2.59
Year ended 4/30/2008	36.46	.68	(2.68)	(2.00)	(.69)	(1.94)	(2.63)	31.83	(5.87)	1,125	.67	.65	1.95
Year ended 4/30/2007	32.57	.65	4.72	5.37	(.64)	(.84)	(1.48)	36.46	16.82	1,213	.67	.64	1.92
Year ended 4/30/2006	29.78	.64	3.18	3.82	(.60)	(.43)	(1.03)	32.57	13.00	1,013	.68	.65	2.06
Class R-5:
Year ended 4/30/2010	19.80	.72	6.05	6.77	(.74)	—	(.74)	25.83	34.62	868	.42	.42	3.08
Year ended 4/30/2009	31.92	.70	(11.53)	(10.83)	(.79)	(.50)	(1.29)	19.80	(34.31)	1,129	.39	.37	2.91
Year ended 4/30/2008	36.55	.78	(2.67)	(1.89)	(.80)	(1.94)	(2.74)	31.92	(5.57)	1,319	.37	.35	2.24
Year ended 4/30/2007	32.65	.76	4.72	5.48	(.74)	(.84)	(1.58)	36.55	17.15	1,154	.37	.35	2.22
Year ended 4/30/2006	29.85	.73	3.19	3.92	(.69)	(.43)	(1.12)	32.65	13.34	883	.38	.35	2.34
Class R-6:
Year ended 4/30/2010	19.95	.71	5.93	6.64	(.74)	—	(.74)	25.85	33.79	807	.37	.37	3.03

	Year ended April 30
	2010	2009	2008	2007	2006
Portfolio turnover rate for all classes of shares	22%	39%	18%	19%	13%

1	Based on average shares outstanding.

2	Total returns exclude any applicable sales charges

This column reflects the impact, if any, of certain reimbursements/waivers from Capital Research and Management Company and Washington Management Corporation. During the years shown, Capital Research and Management Company and Washington Management Corporation reduced fees for investment advisory and business management services. In addition, during some of the years shown, Capital Research and Management Company paid a portion of the fund’s transfer agent fees for certain retirement plan share classes.

Page 27

Notes

Page 28

Notes

Page 29


	For shareholder services	American Funds Service Company 800/421-0180
	For retirement plan services	Call your employer or plan administrator
	For 24-hour information	americanfunds.com For Class R share information, visit AmericanFundsRetirement.com
	Telephone calls you have with American Funds may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to American Funds on the telephone, you consent to such monitoring and recording.

Multiple translations This prospectus may be translated into other languages. If there is any inconsistency or ambiguity in the meaning of any translated word or phrase, the English text will prevail.

Annual/Semi-annual report to shareholders The shareholder reports contain additional information about the fund, including financial statements, investment results, portfolio holdings, a discussion of market conditions and the fund’s investment strategies and the independent registered public accounting firm’s report (in the annual report).

Statement of additional information (SAI) and codes of ethics The current SAI, as amended from time to time, contains more detailed information about the fund, including the fund’s financial statements, and is incorporated by reference into this prospectus. This means that the current SAI, for legal purposes, is part of this prospectus. The codes of ethics describe the personal investing policies adopted by the fund, the fund's business manager, the fund’s investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the U.S. Securities and Exchange Commission (SEC). These and other related materials about the fund are available for review or to be copied at the SEC’s Public Reference Room in Washington, D.C. (202/551-8090), on the EDGAR database on the SEC’s website at sec.gov or, after payment of a duplicating fee, via e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. The codes of ethics, current SAI and shareholder reports are also available, free of charge, on our website, americanfunds.com.

E-delivery and household mailings Each year you are automatically sent an updated summary prospectus and annual and semi-annual reports for the fund. You may also occasionally receive proxy statements for the fund. In order to reduce the volume of mail you receive, when possible, only one copy of these documents will be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, americanfunds.com.

If you would like to opt out of household-based mailings or receive a complimentary copy of the current SAI, codes of ethics or annual/semi-annual report to shareholders please call American Funds Service Company at 800/421-0180 or write to the secretary of the fund at 1101 Vermont Avenue, NW, Washington, D.C. 20005.

Securities Investor Protection Corporation (SIPC) Shareholders may obtain information about SIPC ® on its website at sipc.org or by calling 202/371-8300.

RPGEPR-901-0710P Litho in USA CGD/RRD/8045

Investment Company File No. 811-00604

The Capital Group Companies
American Funds	Capital Research and Management	Capital International	Capital Guardian	Capital Bank and Trust

Investment portfolio April 30, 2010

Industry sector diversification	Percent of net assets	Ten largest holdings	Percent of net assets
Industrials	17.13%	Chevron	5.28%
Energy	13.31	Verizon	3.57
Health care	12.72	McDonald’s	3.19
Utilities	9.66	Royal Dutch Shell	3.19
Consumer discretionary	9.19	Merck	2.90
Financials	8.53	AT&T	2.83
Consumer staples	8.15	Boeing	2.49
Information technology	7.71	United Technologies	2.44
Telecommunication services	6.40	Coca-Cola	2.25
Materials	3.11	Wells Fargo	1.97
Miscellaneous	1.97
Short-term securities & other assets less liabilities	2.12

Common stocks — 97.88%	Shares	Value (000)	Percent of net assets
Energy — 13.31%
Baker Hughes Inc.	2,000,000	$ 99,520	.19%
Chevron Corp.	33,016,800	2,688,888	5.28
ConocoPhillips	12,350,000	730,997	1.43
Diamond Offshore Drilling, Inc.	1,920,000	151,872	.30
Exxon Mobil Corp.	5,015,000	340,268	.67
Halliburton Co.	7,000,000	214,550	.42
Hess Corp.	2,140,000	135,997	.27
Marathon Oil Corp.	6,000,000	192,900	.38
Occidental Petroleum Corp.	1,700,000	150,722	.30
Royal Dutch Shell PLC, Class A (ADR)	886,700	55,640
Royal Dutch Shell PLC, Class B (ADR)	25,880,000	1,570,398	3.19
Schlumberger Ltd.	6,250,000	446,375	.88
		6,778,127	13.31

Materials — 3.11%
Air Products and Chemicals, Inc.	2,500,000	191,950	.38
Alcoa Inc.	8,500,000	114,240	.22
Dow Chemical Co.	15,032,826	463,462	.91
E.I. du Pont de Nemours and Co.	6,800,000	270,912	.53
Monsanto Co.	880,000	55,493	.11
Potash Corp. of Saskatchewan Inc.	425,000	46,962	.09
PPG Industries, Inc.	1,600,000	112,592	.22
Praxair, Inc.	2,900,000	242,933	.48
Weyerhaeuser Co.	1,690,000	83,689	.17
		1,582,233	3.11

Industrials — 17.13%
Boeing Co.	17,510,000	1,268,249	2.49
Caterpillar Inc.	2,000,000	136,180	.27
Deere & Co.	2,250,000	134,595	.27
Eaton Corp.	1,200,000	92,592	.18
Emerson Electric Co.	15,750,000	822,622	1.62
General Dynamics Corp.	2,950,000	225,262	.44
General Electric Co.	17,500,000	330,050	.65
Honeywell International Inc.	9,300,000	441,471	.87%
Illinois Tool Works Inc.	5,620,000	287,182	.56
Lockheed Martin Corp.	7,700,000	653,653	1.28
Masco Corp.	9,227,813	149,767	.29
Norfolk Southern Corp.	2,000,000	118,660	.23
Northrop Grumman Corp.	13,400,000	908,922	1.79
Pitney Bowes Inc.	10,274,000	260,960	.51
Rockwell Automation	3,000,000	182,160	.36
Southwest Airlines Co.	5,500,000	72,490	.14
Tyco International Ltd.	8,000,000	310,320	.61
United Parcel Service, Inc., Class B	12,175,900	841,842	1.65
United Technologies Corp.	16,565,000	1,241,547	2.44
Waste Management, Inc.	7,000,000	242,760	.48
		8,721,284	17.13

Consumer discretionary — 9.19%
Best Buy Co., Inc.	1,750,000	79,800	.16
Darden Restaurants, Inc.	2,000,000	89,500	.18
Harley-Davidson, Inc.	3,950,000	133,628	.26
Home Depot, Inc.	22,980,300	810,056	1.59
J.C. Penney Co., Inc.	1,600,000	46,672	.09
Johnson Controls, Inc.	21,698,200	728,842	1.43
Leggett & Platt, Inc.	5,000,000	122,650	.24
Lowe’s Companies, Inc.	6,400,000	173,568	.34
Mattel, Inc.	3,000,000	69,150	.14
McDonald’s Corp.	23,040,000	1,626,394	3.19
McGraw-Hill Companies, Inc.	11,300,000	381,036	.75
News Corp., Class A	7,060,000	108,865	.21
VF Corp.	2,800,000	241,976	.47
Walt Disney Co.	1,900,000	69,996	.14
		4,682,133	9.19

Consumer staples — 8.15%
Avon Products, Inc.	7,330,400	236,992	.47
Coca-Cola Co.	21,439,589	1,145,946	2.25
Colgate-Palmolive Co.	1,300,000	109,330	.21
H.J. Heinz Co.	3,700,000	173,419	.34
Kimberly-Clark Corp.	2,700,000	165,402	.32
Kraft Foods Inc., Class A	26,390,000	781,144	1.53
PepsiCo, Inc.	8,250,000	538,065	1.06
Procter & Gamble Co.	8,650,800	537,734	1.06
Walgreen Co.	2,500,000	87,875	.17
Wal-Mart Stores, Inc.	7,000,000	375,550	.74
		4,151,457	8.15

Health care — 12.72%
Abbott Laboratories	18,440,400	943,411	1.85
Aetna Inc.	7,400,000	218,670	.43
Baxter International Inc.	3,810,000	179,908	.35
Becton, Dickinson and Co.	1,000,000	76,370	.15
Bristol-Myers Squibb Co.	20,500,000	518,445	1.02
Cardinal Health, Inc.	13,823,700	479,544	.94
Eli Lilly and Co.	24,000,000	839,280	1.65
Health care (continued)
Johnson & Johnson	12,865,000	827,220	1.63
Medtronic, Inc.	12,015,000	524,935	1.03
Merck & Co., Inc.	42,190,000	1,478,338	2.90
Pfizer Inc	13,578,250	227,028	.45
Stryker Corp.	1,650,000	94,776	.19
UnitedHealth Group Inc.	2,250,000	68,198	.13
		6,476,123	12.72

Financials — 8.53%
Allstate Corp.	10,500,000	343,035	.67
American Express Co.	10,000,000	461,200	.91
BB&T Corp.	5,665,000	188,305	.37
Chubb Corp.	5,000,000	264,350	.52
HSBC Holdings PLC (ADR)	3,900,000	198,471	.39
JPMorgan Chase & Co.	6,349,100	270,345	.53
KeyCorp	7,000,000	63,140	.12
Marsh & McLennan Companies, Inc.	25,516,900	618,019	1.21
Moody’s Corp.	2,450,000	60,564	.12
PNC Financial Services Group, Inc.	1,645,000	110,560	.22
Toronto-Dominion Bank	1,300,000	96,798	.19
U.S. Bancorp	24,825,600	664,581	1.31
Wells Fargo & Co.	30,270,000	1,002,240	1.97
		4,341,608	8.53

Information technology — 7.71%
Automatic Data Processing, Inc.	5,395,000	233,927	.46
Google Inc., Class A 1	450,000	236,448	.47
Hewlett-Packard Co.	10,810,000	561,796	1.10
Intel Corp.	19,700,000	449,751	.88
International Business Machines Corp.	3,935,000	507,615	1.00
Linear Technology Corp.	7,790,000	234,168	.46
Microsoft Corp.	21,730,000	663,634	1.30
Oracle Corp.	12,213,300	315,592	.62
Paychex, Inc.	10,950,000	335,070	.66
Texas Instruments Inc.	14,825,000	385,598	.76
		3,923,599	7.71

Telecommunication services — 6.40%
AT&T Inc.	55,215,000	1,438,903	2.83
Verizon Communications Inc.	62,950,000	1,818,625	3.57
		3,257,528	6.40

Utilities — 9.66%
Ameren Corp.	1,400,000	36,344	.07
American Electric Power Co., Inc.	3,800,000	130,340	.25
Consolidated Edison, Inc.	2,800,000	126,560	.25
Dominion Resources, Inc.	8,550,000	357,390	.70
Duke Energy Corp.	45,100,000	756,778	1.49
Entergy Corp.	7,380,000	599,920	1.18
Exelon Corp.	18,660,000	813,389	1.60
FirstEnergy Corp.	15,200,000	575,624	1.13
FPL Group, Inc.	5,550,000	288,878	.57
NiSource Inc.	2,500,000	40,750	.08
PPL Corp.	14,917,904	369,367	.72
Southern Co.	17,300,000	597,888	1.17
Xcel Energy Inc.	10,500,000	228,375	.45
		4,921,603	9.66

Miscellaneous — 1.97%
Other common stocks in initial period of acquisition		1,003,092	1.97

Total common stocks (cost: $41,048,669,000)		49,838,787	97.88



Short-term securities — 2.17%	Principal amount (000)

Colgate-Palmolive Co. 0.18% due 5/10/2010 2	$ 21,700	21,699	.04
Fannie Mae 0.18%–0.25% due 6/14–8/16/2010	167,400	167,312	.33
Federal Farm Credit Banks 0.17% due 5/27/2010	12,500	12,499	.02
Federal Home Loan Bank 0.17%–0.19% due 6/9–7/28/2010	100,000	99,968	.20
Freddie Mac 0.16%–0.18% due 6/28–6/29/2010	82,124	82,101	.16
General Electric Co. 0.18% due 5/3/2010	71,500	71,499	.14
Jupiter Securitization Co., LLC 0.22% due 5/11/2010 2	32,000	31,998	.06
Merck & Co. Inc. 0.19% due 5/24/2010 2	64,900	64,892	.13
NetJets Inc. 0.21% due 6/30/2010 2	55,000	54,976	.11
Paccar Financial Corp. 0.16% due 5/13/2010	23,400	23,398	.05
PepsiCo Inc. 0.19%–0.20% due 6/15–6/16/2010 2	90,000	89,978	.18
Pfizer Inc 0.18% due 6/21/2010 2	27,600	27,593	.05
Procter & Gamble International Funding S.C.A. 0.18%–0.19% due 5/14–6/4/2010 2	134,700	134,684	.26
Straight-A Funding LLC 0.17%–0.26% due 5/5–7/21/2010 2	129,582	129,555	.25
U.S. Treasury Bills 0.155%–0.161% due 5/27–6/24/2010	95,800	95,780	.19

Total short-term securities (cost: $1,107,922,000)		1,107,932	2.17

Total investment securities (cost: $42,156,591,000)		50,946,719	100.05
Other assets less liabilities		(26,848)	(.05)

Net assets		$50,919,871	100.00%


"Miscellaneous" securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

1 Security did not produce income during the last 12 months. 2 Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $555,375,000, which represented 1.09% of the net assets of the Fund.


Key to abbreviation
ADR = American Depositary Receipts


See Notes to financial statements

Financial statements

Statement of assets and liabilities at April 30, 2010

(dollars in thousands)

Assets:
Investment securities, at value (cost: $42,156,591)			$	50,946,719
Cash				1,803
Receivables for:
Sales of investments	$	121,657
Sales of Fund’s shares		47,311
Dividends		112,587		281,555
				51,230,077
Liabilities:
Payables for:
Purchases of investments		180,831
Repurchases of Fund’s shares		87,438
Management services		12,041
Services provided by affiliates		26,643
Directors’ and advisory board’s deferred compensation		2,385
Other		868		310,206
Net assets at April 30, 2010			$	50,919,871

Net assets consist of:
Capital paid in on shares of capital stock			$	48,364,370
Undistributed net investment income				300,340
Accumulated net realized loss				(6,534,956	)
Net unrealized appreciation				8,790,117
Net assets at April 30, 2010			$	50,919,871


(dollars and shares in thousands, except per-share amounts)

Total authorized capital stock — 4,000,000 shares, $.001 par value (1,972,765 total shares outstanding)
	Net assets	Shares outstanding	Net asset value per share *
Class A	$39,349,284	1,522,919	$25.84
Class B	1,249,015	48,681	25.66
Class C	1,829,809	71,487	25.60
Class F-1	1,770,442	68,689	25.77
Class F-2	415,858	16,094	25.84
Class 529-A	932,374	36,132	25.80
Class 529-B	144,592	5,630	25.68
Class 529-C	287,911	11,217	25.67
Class 529-E	52,643	2,048	25.70
Class 529-F-1	51,215	1,988	25.77
Class R-1	66,709	2,600	25.65
Class R-2	694,004	27,125	25.59
Class R-3	1,280,555	49,840	25.69
Class R-4	1,120,816	43,516	25.76
Class R-5	867,869	33,593	25.83
Class R-6	806,775	31,206	25.85

* Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Classes A and 529-A, for which the maximum offering prices per share were $27.42 and $27.37, respectively.

See Notes to financial statements

Statement of operations for the year ended April 30, 2010

(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $808)	$	1,687,241
Interest		1,803	$	1,689,044

Fees and expenses*:
Investment advisory services		95,872
Business management services		43,565
Distribution services		143,302
Transfer agent services		54,327
Administrative services		17,151
Reports to shareholders		3,026
Registration statement and prospectus		8,775
Directors’ and advisory board’s compensation		2,140
Auditing and legal		305
Custodian		301
State and local taxes	— †
Other		2,632		371,396
Net investment income				1,317,648

Net realized gain and unrealized appreciation on investments:
Net realized gain on investments				2,207,034
Net unrealized appreciation on investments				10,515,745
Net realized gain and unrealized appreciation on investments				12,722,779
Net increase in net assets resulting from operations			$	14,040,427

*Additional information related to class-specific fees and expenses is included in the Notes to financial statements.

† Amount less than one thousand.

Statements of changes in net assets

(dollars in thousands)

	Year ended April 30
Operations:	2010	2009
Net investment income	$ 1,317,648	$ 1,424,548
Net realized gain (loss) on investments	2,207,034	(8,718,989)
Net unrealized appreciation (depreciation) on investments	10,515,745	(18,332,108)
Net increase (decrease) in net assets resulting from operations	14,040,427	(25,626,549)

Dividends and distributions paid to shareholders:
Dividends from net investment income	(1,367,940)	(1,596,849)
Distributions from net realized gain on investments	—	(1,101,866)
Total dividends and distributions paid to shareholders	(1,367,940)	(2,698,715)

Net capital share transactions	(5,069,126)	(4,761,319)

Total increase (decrease) in net assets	7,603,361	(33,086,583)

Net assets:
Beginning of year	43,316,510	76,403,093
End of year (including undistributed net investment income: $300,340 and $351,063, respectively)	$50,919,871	$ 43,316,510

See Notes to financial statements

Notes to financial statements

1. Organization

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 current income and to provide an opportunity for growth of principal consistent with sound common stock investing.

On November 24, 2009, shareholders approved a proposal to reorganize the Fund from a Maryland corporation to a Delaware statutory trust. The reorganization is anticipated to be completed on July 1, 2010; however, the Fund reserves the right to delay the implementation. Shareholders also approved amendments to the Fund’s Investment Advisory Agreement and amendments to and elimination of certain fundamental investment policies of the Fund.

The Fund has 16 share classes consisting of five retail share classes, five 529 college savings plan share classes and six retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F-1) may be used to save for college education. The six retirement plan share classes (R-1, R-2, R-3, R-4, R-5 and R-6) are generally offered only through eligible employer-sponsored retirement plans. The Fund’s share classes are described below:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-3, R-4, R-5 and R-6	None	None	None
* Class B and 529-B shares of the Fund are not available for purchase .

On May 1, 2009, the Fund made an additional retirement plan share class (Class R-6) available for sale pursuant to an amendment to its registration statement filed with the Securities and Exchange Commission (SEC). Refer to the Fund’s retirement plan prospectus for more details.

Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.

2. Significant accounting policies

The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The Fund follows the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the Fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends and distributions to shareholders — Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

3. Valuation

The Fund’s investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The Fund generally determines its net asset value as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs — The Fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades.

Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained as of approximately 3:00 p.m. New York time from one or more pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads, interest rate volatilities, and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data.

Where the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the Fund’s board of directors. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Classifications — The Fund classifies its assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the Fund’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The following table presents the Fund’s valuation levels as of April 30, 2010 (dollars in thousands):

Investment securities:	Level 1		Level 2		Level 3		Total
Common stocks:
Energy	$	6,778,127	$	—	$	—	$	6,778,127
Materials		1,582,233		—		—		1,582,233
Industrials		8,721,284		—		—		8,721,284
Consumer discretionary		4,682,133		—		—		4,682,133
Consumer staples		4,151,457		—		—		4,151,457
Health care		6,476,123		—		—		6,476,123
Financials		4,341,608		—		—		4,341,608
Information technology		3,923,599		—		—		3,923,599
Telecommunication services		3,257,528		—		—		3,257,528
Utilities		4,921,603		—		—		4,921,603
Miscellaneous		1,003,092		—		—		1,003,092
Short-term securities		—		1,107,932		—		1,107,932
Total	$	49,838,787	$	1,107,932	$	—	$	50,946,719

4. Risk factors

Investing in the Fund may involve certain risks including, but not limited to, those described below.

The prices of, and the income generated by, the common stocks and other securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.

5. Taxation and distributions

Federal income taxation — The Fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The Fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2010, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Fund did not incur any interest or penalties.

The Fund is not subject to examination by U.S. federal tax authorities or state tax authorities for tax years before 2006.

Non-U.S. taxation — Dividend income is recorded net of non-U.S. taxes paid.

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; and cost of investments sold. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes.

During the year ended April 30, 2010, the Fund reclassified $436,000 from undistributed net investment income to capital paid in on shares of capital stock and $5,000 from accumulated net realized loss to undistributed net investment income to align financial reporting with tax reporting.

As of April 30, 2010, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investment securities were as follows:

		(dollars in thousands)
Undistributed ordinary income		$ 302,725
Capital loss carryforwards*: Expiring 2017	$(2,944,294 )
Expiring 2018	(3,493,853)	(6,438,147)
Gross unrealized appreciation on investment securities		10,334,419
Gross unrealized depreciation on investment securities		(1,641,100)
Net unrealized appreciation on investment securities		8,693,319
Cost of investment securities		42,253,400
* The capital loss carryforwards will be used to offset any capital gains realized by the Fund in future years through the expiration dates. The Fund will not make distributions from capital gains while capital loss carryforwards remain.

The tax character of distributions paid to shareholders was as follows (dollars in thousands):

	Year ended April 30, 2010			Year ended April 30, 2009
Share class	Ordinary income	Long-term capital gains	Total distributions paid	Ordinary income	Long-term capital gains	Total distributions paid
Class A	$1,087,747	$—	$1,087,747	$1,297,249	$870,934	$2,168,183
Class B	30,048	—	30,048	41,064	37,205	78,269
Class C	37,528	—	37,528	45,521	42,136	87,657
Class F-1	48,281	—	48,281	61,223	40,201	101,424
Class F-2*	11,112	—	11,112	2,328	2,274	4,602
Class 529-A	23,609	—	23,609	24,494	17,169	41,663
Class 529-B	2,911	—	2,911	3,214	3,124	6,338
Class 529-C	5,438	—	5,438	5,743	5,563	11,306
Class 529-E	1,231	—	1,231	1,245	971	2,216
Class 529-F-1	1,318	—	1,318	1,255	819	2,074
Class R-1	1,209	—	1,209	1,145	1,062	2,207
Class R-2	13,491	—	13,491	13,966	13,255	27,221
Class R-3	30,591	—	30,591	33,432	24,518	57,950
Class R-4	30,825	—	30,825	26,156	17,866	44,022
Class R-5	25,387	—	25,387	38,814	24,769	63,583
Class R-6 †	17,214	—	17,214	—	—	—
Total	$1,367,940	$—	$1,367,940	$1,596,849	$1,101,866	$2,698,715
* Class F-2 was offered beginning August 1, 2008. † Class R-6 was offered beginning May 1, 2009.

6. Fees and transactions with related parties

Business management services — The Fund has a Business Management Agreement with Washington Management Corporation (WMC). Under this agreement, WMC provides services necessary to carry on the Fund’s general administrative and corporate affairs. These services encompass matters relating to general corporate governance, regulatory compliance and monitoring of the Fund’s contractual service providers, including custodian operations, shareholder services and Fund share distribution functions. Under the agreement, all expenses chargeable to the Class A shares of the Fund, including compensation to the business manager, shall not exceed 1% of the Class A average net assets of the Fund on an annual basis. The agreement provides for monthly fees, accrued daily, based on a series of decreasing annual rates beginning with 0.175% on the first $3 billion of daily net assets and decreasing to 0.030% on such assets in excess of $77 billion. For the year ended April 30, 2010, the business management services fee was $43,565,000, which was equivalent to an annualized rate of 0.09% of average daily net assets. During the year ended April 30, 2010, WMC paid the Fund’s investment adviser $2,072,000 for performing various fund accounting services for the Fund and for The American Funds Tax-Exempt Series I, another registered investment company for which WMC serves as business manager. Johnston, Lemon & Co. Incorporated (JLC), a wholly owned subsidiary of The Johnston-Lemon Group, Incorporated (parent company of WMC), earned $359,000 on its retail sales of shares, including payments under the distribution plans of the Fund. JLC received no brokerage commissions resulting from the purchases and sales of securities for the investment account of the Fund.

Investment advisory services — Capital Research and Management Company (CRMC), the Fund’s investment adviser, is the parent company of American Funds Distributors, ¨ Inc. (AFD), the principal underwriter of the Fund’s shares, and American Funds Service Company ¨ (AFS), the Fund’s transfer agent. The Investment Advisory Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.225% on the first $3 billion of daily net assets and decreasing to 0.177% on such assets in excess of $89 billion. For the year ended April 30, 2010, the investment advisory services fee was $95,872,000, which was equivalent to an annualized rate of 0.198% of average daily net assets.

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:

Distribution services — The Fund has adopted plans of distribution for all share classes, except Classes F-2, R-5 and R-6. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell Fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted on the following page. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Classes A and 529-A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of April 30, 2010, there were no unreimbursed expenses subject to reimbursement for Classes A or 529-A.

Share class	Currently approved limits	Plan limits
Class A	0.25%	0.25%
Class 529-A	0.25	0.50
Classes B and 529-B	1.00	1.00
Classes C, 529-C and R-1	1.00	1.00
Class R-2	0.75	1.00
Classes 529-E and R-3	0.50	0.75
Classes F-1, 529-F-1 and R-4	0.25	0.50

Transfer agent services — The Fund has a transfer agent agreement with AFS for Classes A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC as described below.

Administrative services — The Fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Classes A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5 and 0.05% for Class R-6) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services. Each 529 share class is subject to an additional administrative services fee payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.

Expenses under the agreements described above for the year ended April 30, 2010, were as follows (dollars in thousands):

			Administrative services
Share class	Distribution services	Transfer agent services	CRMC administrative services	Transfer agent services	Commonwealth of Virginia administrative services
Class A	$ 87,873	$52,443	Not applicable	Not applicable	Not applicable
Class B	13,864	1,884	Not applicable	Not applicable	Not applicable
Class C	17,608		$ 2,617	$ 442	Not applicable
Class F-1	4,038		2,315	183	Not applicable
Class F-2	Not applicable		440	23	Not applicable
Class 529-A	1,794		882	160	$ 834
Class 529-B	1,408		150	48	141
Class 529-C	2,605	Included in	278	80	263
Class 529-E	239	administrative	51	9	48
Class 529-F-1	—	services	46	8	43
Class R-1	556		69	23	Not applicable
Class R-2	4,780		940	1,936	Not applicable
Class R-3	5,907		1,738	764	Not applicable
Class R-4	2,630		1,518	32	Not applicable
Class R-5	Not applicable		784	12	Not applicable
Class R-6*	Not applicable		273	1	Not applicable
Total	$143,302	$54,327	$12,101	$3,721	$1,329
* Class R-6 was offered beginning May 1, 2009.

Directors’ and advisory board’s deferred compensation — Since the adoption of the deferred compensation plan in 1994, independent directors and advisory board members may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Fund, are treated as if invested in shares of the Fund or other American Funds. These amounts represent general, unsecured liabilities of the Fund and vary according to the total returns of the selected funds. Directors’ and advisory board’s compensation of $2,140,000, shown on the accompanying financial statements, includes $1,554,000 in current fees (either paid in cash or deferred) and a net increase of $586,000 in the value of the deferred amounts.

Affiliated officers and directors — All officers and all interested directors of the Fund are affiliated with WMC. Officers and interested directors do not receive compensation directly from the Fund.

7. Capital share transactions

Capital share transactions in the Fund were as follows (dollars and shares in thousands):

	Sales 1		Reinvestments of dividends and distributions		Repurchases 1		Net (decrease) increase
Share class	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares
Year ended April 30, 2010
Class A	$2,486,219	106,597	$1,024,913	44,448	$(8,038,118)	(345,221)	$(4,526,986)	(194,176)
Class B	16,401	710	28,940	1,272	(557,876)	(23,895)	(512,535)	(21,913)
Class C	140,939	6,067	34,660	1,524	(421,724)	(18,262)	(246,125)	(10,671)
Class F-1	414,949	18,079	44,048	1,914	(635,809)	(27,514)	(176,812)	(7,521)
Class F-2	329,604	14,828	7,742	335	(145,891)	(6,474)	191,455	8,689
Class 529-A	103,987	4,425	23,602	1,022	(120,413)	(5,156)	7,176	291
Class 529-B	2,213	96	2,910	127	(23,459)	(990)	(18,336)	(767)
Class 529-C	32,742	1,413	5,434	237	(44,944)	(1,938)	(6,768)	(288)
Class 529-E	6,479	279	1,230	54	(8,345)	(356)	(636)	(23)
Class 529-F-1	13,323	566	1,318	57	(9,564)	(411)	5,077	212
Class R-1	20,780	901	1,203	52	(13,796)	(596)	8,187	357
Class R-2	151,347	6,570	13,441	589	(184,408)	(7,957)	(19,620)	(798)
Class R-3	284,344	12,266	30,382	1,324	(351,198)	(15,007)	(36,472)	(1,417)
Class R-4	437,215	19,673	30,780	1,341	(402,058)	(17,087)	65,937	3,927
Class R-5	394,213	17,200	25,304	1,093	(893,179)	(41,701)	(473,662)	(23,408)
Class R-6 2	698,432	32,285	17,062	725	(44,500)	(1,804)	670,994	31,206
Total net increase (decrease)	$5,533,187	241,955	$1,292,969	56,114	$(11,895,282)	(514,369)	$(5,069,126)	(216,300)
Year ended April 30, 2009
Class A	$4,200,504	180,201	$2,058,558	91,881	$(10,541,874)	(458,944)	$(4,282,812)	(186,862)
Class B	92,539	4,019	75,383	3,435	(531,235)	(22,802)	(363,313)	(15,348)
Class C	244,752	10,579	83,430	3,822	(605,517)	(26,386)	(277,335)	(11,985)
Class F-1	578,188	24,356	90,468	4,030	(1,023,594)	(44,713)	(354,938)	(16,327)
Class F-2 3	240,487	10,436	3,918	194	(68,292)	(3,225)	176,113	7,405
Class 529-A	107,569	4,506	41,655	1,877	(108,292)	(4,685)	40,932	1,698
Class 529-B	11,096	464	6,335	291	(18,358)	(792)	(927)	(37)
Class 529-C	36,622	1,551	11,300	520	(45,606)	(1,951)	2,316	120
Class 529-E	7,947	341	2,215	101	(5,958)	(264)	4,204	178
Class 529-F-1	8,609	362	2,074	94	(8,049)	(328)	2,634	128
Class R-1	18,248	765	2,194	101	(17,362)	(734)	3,080	132
Class R-2	187,302	8,071	27,194	1,251	(205,867)	(8,737)	8,629	585
Class R-3	306,695	13,036	57,913	2,611	(552,239)	(21,903)	(187,631)	(6,256)
Class R-4	330,062	14,278	43,973	1,989	(287,409)	(12,009)	86,626	4,258
Class R-5	650,276	26,249	62,999	2,850	(332,172)	(13,420)	381,103	15,679
Total net increase (decrease)	$7,020,896	299,214	$2,569,609	115,047	$(14,351,824)	(620,893)	$(4,761,319)	(206,632)
1 Includes exchanges between share classes of the Fund. 2 Class R-6 was offered beginning May 1, 2009. 3 Class F-2 was offered beginning August 1, 2008.

8. Investment transactions

The Fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $10,616,729,000 and $15,681,714,000, respectively, during the year ended April 30, 2010.

Financial highlights 1

		Income (loss) from investment operations 2			Dividends and distributions
	Net asset value, beginning of period	Net investment income	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return 3,4	Net assets, end of period (in millions)	Ratio of expenses to average net assets before reimbursements/ waivers	Ratio of expenses to average net assets after reimbursements/ waivers 4	Ratio of net income to average net assets 4
Class A:
Year ended 4/30/2010	$19.81	$.65	$ 6.06	$ 6.71	$(.68)	$ —	$ (.68)	$25.84	34.29%	$39,349	.70%	.70%	2.80%
Year ended 4/30/2009	31.92	.64	(11.53)	(10.89)	(.72)	(.50)	(1.22)	19.81	(34.50)	34,012	.67	.65	2.60
Year ended 4/30/2008	36.55	.71	(2.68)	(1.97)	(.72)	(1.94)	(2.66)	31.92	(5.78)	60,782	.60	.58	2.02
Year ended 4/30/2007	32.66	.68	4.71	5.39	(.66)	(.84)	(1.50)	36.55	16.85	70,811	.60	.57	2.00
Year ended 4/30/2006	29.85	.66	3.20	3.86	(.62)	(.43)	(1.05)	32.66	13.11	64,202	.60	.57	2.13
Class B:
Year ended 4/30/2010	19.67	.48	6.01	6.49	(.50)	—	(.50)	25.66	33.31	1,249	1.46	1.46	2.07
Year ended 4/30/2009	31.71	.45	(11.46)	(11.01)	(.53)	(.50)	(1.03)	19.67	(35.01)	1,389	1.42	1.40	1.85
Year ended 4/30/2008	36.33	.44	(2.67)	(2.23)	(.45)	(1.94)	(2.39)	31.71	(6.51)	2,726	1.36	1.33	1.27
Year ended 4/30/2007	32.47	.42	4.69	5.11	(.41)	(.84)	(1.25)	36.33	15.98	3,296	1.36	1.33	1.24
Year ended 4/30/2006	29.69	.42	3.17	3.59	(.38)	(.43)	(.81)	32.47	12.24	3,053	1.37	1.34	1.37
Class C:
Year ended 4/30/2010	19.63	.46	6.00	6.46	(.49)	—	(.49)	25.60	33.23	1,830	1.50	1.50	2.00
Year ended 4/30/2009	31.65	.44	(11.44)	(11.00)	(.52)	(.50)	(1.02)	19.63	(35.04)	1,613	1.47	1.44	1.80
Year ended 4/30/2008	36.26	.42	(2.66)	(2.24)	(.43)	(1.94)	(2.37)	31.65	(6.54)	2,979	1.41	1.38	1.22
Year ended 4/30/2007	32.41	.39	4.68	5.07	(.38)	(.84)	(1.22)	36.26	15.91	3,481	1.42	1.40	1.17
Year ended 4/30/2006	29.64	.40	3.16	3.56	(.36)	(.43)	(.79)	32.41	12.15	3,113	1.43	1.41	1.30
Class F-1:
Year ended 4/30/2010	19.76	.64	6.04	6.68	(.67)	—	(.67)	25.77	34.26	1,770	.71	.71	2.78
Year ended 4/30/2009	31.85	.64	(11.51)	(10.87)	(.72)	(.50)	(1.22)	19.76	(34.52)	1,506	.67	.65	2.59
Year ended 4/30/2008	36.48	.70	(2.68)	(1.98)	(.71)	(1.94)	(2.65)	31.85	(5.82)	2,947	.63	.61	1.99
Year ended 4/30/2007	32.60	.67	4.70	5.37	(.65)	(.84)	(1.49)	36.48	16.83	3,179	.62	.59	1.97
Year ended 4/30/2006	29.80	.65	3.19	3.84	(.61)	(.43)	(1.04)	32.60	13.06	2,646	.63	.61	2.10
Class F-2:
Year ended 4/30/2010	19.81	.68	6.09	6.77	(.74)	—	(.74)	25.84	34.65	416	.46	.46	2.91
Period from 8/5/2008 to 4/30/2009	29.64	.46	(9.22)	(8.76)	(.57)	(.50)	(1.07)	19.81	(29.77)	147	.44 5	.43 5	3.10 5
Class 529-A:
Year ended 4/30/2010	19.78	.63	6.05	6.68	(.66)	—	(.66)	25.80	34.20	932	.76	.76	2.71
Year ended 4/30/2009	31.89	.62	(11.52)	(10.90)	(.71)	(.50)	(1.21)	19.78	(34.57)	709	.73	.71	2.55
Year ended 4/30/2008	36.51	.67	(2.66)	(1.99)	(.69)	(1.94)	(2.63)	31.89	(5.85)	1,089	.69	.66	1.93
Year ended 4/30/2007	32.63	.65	4.71	5.36	(.64)	(.84)	(1.48)	36.51	16.75	1,094	.67	.65	1.91
Year ended 4/30/2006	29.83	.64	3.19	3.83	(.60)	(.43)	(1.03)	32.63	13.01	833	.68	.65	2.05
Class 529-B:
Year ended 4/30/2010	19.69	.45	6.02	6.47	(.48)	—	(.48)	25.68	33.15	145	1.56	1.56	1.93
Year ended 4/30/2009	31.74	.42	(11.47)	(11.05)	(.50)	(.50)	(1.00)	19.69	(35.08)	126	1.53	1.51	1.74
Year ended 4/30/2008	36.36	.39	(2.66)	(2.27)	(.41)	(1.94)	(2.35)	31.74	(6.62)	204	1.49	1.46	1.13
Year ended 4/30/2007	32.50	.38	4.68	5.06	(.36)	(.84)	(1.20)	36.36	15.82	218	1.48	1.46	1.11
Year ended 4/30/2006	29.72	.38	3.17	3.55	(.34)	(.43)	(.77)	32.50	12.07	180	1.51	1.48	1.22
Class 529-C:
Year ended 4/30/2010	19.68	.45	6.02	6.47	(.48)	—	(.48)	25.67	33.19	288	1.55	1.55	1.93
Year ended 4/30/2009	31.73	.43	(11.47)	(11.04)	(.51)	(.50)	(1.01)	19.68	(35.08)	226	1.52	1.50	1.75
Year ended 4/30/2008	36.35	.39	(2.66)	(2.27)	(.41)	(1.94)	(2.35)	31.73	(6.62)	361	1.49	1.46	1.13
Year ended 4/30/2007	32.49	.38	4.69	5.07	(.37)	(.84)	(1.21)	36.35	15.84	374	1.48	1.45	1.11
Year ended 4/30/2006	29.71	.38	3.18	3.56	(.35)	(.43)	(.78)	32.49	12.10	295	1.50	1.47	1.23
Class 529-E:
Year ended 4/30/2010	19.71	.56	6.03	6.59	(.60)	—	(.60)	25.70	33.80	53	1.05	1.05	2.43
Year ended 4/30/2009	31.77	.55	(11.48)	(10.93)	(.63)	(.50)	(1.13)	19.71	(34.74)	41	1.02	1.00	2.26
Year ended 4/30/2008	36.39	.57	(2.66)	(2.09)	(.59)	(1.94)	(2.53)	31.77	(6.14)	60	.98	.95	1.64
Year ended 4/30/2007	32.52	.55	4.70	5.25	(.54)	(.84)	(1.38)	36.39	16.44	61	.97	.94	1.62
Year ended 4/30/2006	29.74	.54	3.17	3.71	(.50)	(.43)	(.93)	32.52	12.64	46	.98	.96	1.74

		Income (loss) from investment operations 2			Dividends and distributions
	Net asset value, beginning of period	Net investment income	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return 4	Net assets, end of period (in millions)	Ratio of expenses to average net assets before reimbursements/ waivers	Ratio of expenses to average net assets after reimbursements/ waivers 4	Ratio of net income to average net assets 4
Class 529-F-1:
Year ended 4/30/2010	$19.76	$.68	$ 6.04	$ 6.72	$(.71)	$ —	$ (.71)	$25.77	34.48%	$ 51	.55%	.55%	2.91%
Year ended 4/30/2009	31.85	.67	(11.50)	(10.83)	(.76)	(.50)	(1.26)	19.76	(34.41)	35	.52	.50	2.77
Year ended 4/30/2008	36.47	.74	(2.66)	(1.92)	(.76)	(1.94)	(2.70)	31.85	(5.65)	52	.48	.45	2.14
Year ended 4/30/2007	32.59	.72	4.70	5.42	(.70)	(.84)	(1.54)	36.47	17.01	47	.47	.44	2.11
Year ended 4/30/2006	29.79	.70	3.18	3.88	(.65)	(.43)	(1.08)	32.59	13.20	32	.49	.46	2.24
Class R-1:
Year ended 4/30/2010	19.68	.46	6.01	6.47	(.50)	—	(.50)	25.65	33.21	67	1.47	1.47	1.98
Year ended 4/30/2009	31.72	.45	(11.46)	(11.01)	(.53)	(.50)	(1.03)	19.68	(34.99)	44	1.43	1.41	1.85
Year ended 4/30/2008	36.33	.42	(2.66)	(2.24)	(.43)	(1.94)	(2.37)	31.72	(6.55)	67	1.42	1.40	1.20
Year ended 4/30/2007	32.48	.39	4.68	5.07	(.38)	(.84)	(1.22)	36.33	15.86	69	1.43	1.41	1.15
Year ended 4/30/2006	29.71	.39	3.17	3.56	(.36)	(.43)	(.79)	32.48	12.10	47	1.47	1.44	1.26
Class R-2:
Year ended 4/30/2010	19.62	.45	6.01	6.46	(.49)	—	(.49)	25.59	33.23	694	1.52	1.52	1.96
Year ended 4/30/2009	31.64	.43	(11.44)	(11.01)	(.51)	(.50)	(1.01)	19.62	(35.07)	548	1.50	1.48	1.77
Year ended 4/30/2008	36.25	.41	(2.66)	(2.25)	(.42)	(1.94)	(2.36)	31.64	(6.57)	865	1.44	1.41	1.19
Year ended 4/30/2007	32.40	.39	4.68	5.07	(.38)	(.84)	(1.22)	36.25	15.91	985	1.47	1.41	1.15
Year ended 4/30/2006	29.64	.40	3.16	3.56	(.37)	(.43)	(.80)	32.40	12.13	812	1.53	1.41	1.29
Class R-3:
Year ended 4/30/2010	19.70	.57	6.02	6.59	(.60)	—	(.60)	25.69	33.85	1,280	1.03	1.03	2.45
Year ended 4/30/2009	31.76	.56	(11.48)	(10.92)	(.64)	(.50)	(1.14)	19.70	(34.72)	1,010	.97	.95	2.29
Year ended 4/30/2008	36.38	.58	(2.67)	(2.09)	(.59)	(1.94)	(2.53)	31.76	(6.13)	1,827	.95	.93	1.67
Year ended 4/30/2007	32.51	.55	4.70	5.25	(.54)	(.84)	(1.38)	36.38	16.45	2,199	.96	.93	1.63
Year ended 4/30/2006	29.73	.54	3.18	3.72	(.51)	(.43)	(.94)	32.51	12.68	1,878	.97	.94	1.75
Class R-4:
Year ended 4/30/2010	19.75	.64	6.04	6.68	(.67)	—	(.67)	25.76	34.29	1,121	.72	.72	2.75
Year ended 4/30/2009	31.83	.63	(11.50)	(10.87)	(.71)	(.50)	(1.21)	19.75	(34.52)	782	.69	.67	2.59
Year ended 4/30/2008	36.46	.68	(2.68)	(2.00)	(.69)	(1.94)	(2.63)	31.83	(5.87)	1,125	.67	.65	1.95
Year ended 4/30/2007	32.57	.65	4.72	5.37	(.64)	(.84)	(1.48)	36.46	16.82	1,213	.67	.64	1.92
Year ended 4/30/2006	29.78	.64	3.18	3.82	(.60)	(.43)	(1.03)	32.57	13.00	1,013	.68	.65	2.06
Class R-5:
Year ended 4/30/2010	19.80	.72	6.05	6.77	(.74)	—	(.74)	25.83	34.62	868	.42	.42	3.08
Year ended 4/30/2009	31.92	.70	(11.53)	(10.83)	(.79)	(.50)	(1.29)	19.80	(34.31)	1,129	.39	.37	2.91
Year ended 4/30/2008	36.55	.78	(2.67)	(1.89)	(.80)	(1.94)	(2.74)	31.92	(5.57)	1,319	.37	.35	2.24
Year ended 4/30/2007	32.65	.76	4.72	5.48	(.74)	(.84)	(1.58)	36.55	17.15	1,154	.37	.35	2.22
Year ended 4/30/2006	29.85	.73	3.19	3.92	(.69)	(.43)	(1.12)	32.65	13.34	883	.38	.35	2.34
Class R-6:
Year ended 4/30/2010	19.95	.71	5.93	6.64	(.74)	—	(.74)	25.85	33.79	807	.37	.37	3.03

				Year ended April 30
				2010		2009		2008		2007		2006
Portfolio turnover rate for all classes of shares				22%		39%		18%		19%		13%

1 Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year.

2 Based on average shares outstanding.

3 Total returns exclude any applicable sales charges, including contingent deferred sales charges.

4 This column reflects the impact, if any, of certain reimbursements/waivers from CRMC and WMC. During some of the periods shown, CRMC and WMC reduced fees for investment advisory services and business management services. In addition, during some of the periods shown, CRMC paid a portion of the Fund’s transfer agent fees for certain retirement plan share classes.

5 Annualized.

See Notes to financial statements

Report of Independent Registered Public Accounting Firm

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 financial highlights present fairly, in all material respects, the financial position of Washington Mutual Investors Fund, Inc. (the "Fund") at April 30, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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 owned at April 30, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Los Angeles, California

June 9, 2010

EXHIBIT INDEX

EXHIBIT NO. EXHIBIT DESCRIPTION

(a)	Certificate of Trust and Agreement and Declaration of Trust
(b)	By-Laws
(d)	Form of Investment Advisory Agreement dated July 1, 2010
(e)(1)	Form of Principal Underwriting Agreement dated July 1, 2010
(e)(2)	Form of Selling Group Agreement effective July 1, 2010
(e)(3)	Form of Bank/Trust Company Selling Group Agreement effective July 1, 2010
(e)(4)	Form of Class F Share Participation Agreement effective July 1, 2010
(e)(5)	Form of Bank/Trust Company Participation Agreement for Class F Shares effective July 1, 2010
(f)	Bonus or Profit Sharing Contracts – Deferred Compensation Plan effective August 7, 2009
(g)	Form of Global Custody Agreement dated December 21, 2006
(h)(1)	Form of Administrative Services Agreement dated July 1, 2010
(h)(2)	Form of Shareholder Services Agreement dated July 1, 2010
(h)(3)	Form of Business Management Agreement dated July 1, 2010
(h)(4)	Form of Indemnification Agreement dated July 1, 2010
(h)(5)	Agreement and Plan of Reorganization
(i)	Legal Opinion
(j)	Consent of Independent Registered Public Accounting Firm
(m)(1)	Form of Plan of Distribution for Class A Shares. Filed herewith.
(m)(2)	Form of Plan of Distribution for Class B Shares. Filed herewith.
(m)(3)	Form of Plan of Distribution for Class C Shares. Filed herewith.
(m)(4)	Form of Plan of Distribution for Class F-1 Shares. Filed herewith.
(m)(5)	Form of Plan of Distribution for Class 529-A Shares. Filed herewith.
(m)(6)	Form of Plan of Distribution for Class 529-B Shares. Filed herewith.
(m)(7)	Form of Plan of Distribution for Class 529-C Shares. Filed herewith.
(m)(8)	Form of Plan of Distribution for Class 529-E Shares. Filed herewith.
(m)(9)	Form of Plan of Distribution for Class 529-F-1 Shares. Filed herewith.
(m)(10)	Form of Plan of Distribution for Class R-1 Shares. Filed herewith.
(m)(11)	Form of Plan of Distribution for Class R-2 Shares. Filed herewith.
(m)(12)	Form of Plan of Distribution for Class R-3 Shares. Filed herewith.
(m)(13)	Form of Plan of Distribution for Class R-4 Shares. Filed herewith.
(n)	Form of Multiple Class Plan dated July 1, 2010
(p)(1)	Code of Ethics for The Capital Group Companies dated June 2009
(p)(2)	Code of Ethics for Washington Management Corporation dated June 1, 2008
(p)(3)	Code of Ethics for the Registrant dated July 1, 2010

	WASHINGTON MUTUAL INVESTORS FUND PART C: OTHER INFORMATION
Item 28.	Exhibits
(a)	Certificate of Trust and Agreement and Declaration of Trust. Filed herewith.
(b)	By-Laws. Filed herewith
(c)	Instruments Defining Rights of Security Holders - None.
(d)	Form of Investment Advisory Agreement dated July 1, 2010. Filed herewith.
(e)(1)	Form of Principal Underwriting Agreement dated July 1, 2010. Filed herewith.
(e)(2)	Form of Selling Group Agreement effective July 1, 2010. Filed herewith.
(e)(3)	Form of Bank/Trust Company Selling Group Agreement effective July 1, 2010. Filed herewith.
(e)(4)	Form of Class F Share Participation Agreement effective July 1, 2010. Filed herewith.
(e)(5)	Form of Bank/Trust Company Participation Agreement for Class F Shares effective July 1, 2010. Filed herewith.
(f)	Bonus or Profit Sharing Contracts – Deferred Compensation Plan effective August 7, 2009. Filed herewith.
(g)	Form of Global Custody Agreement dated January 1, 2010. Filed herewith.
(h)(1)	Form of Administrative Services Agreement dated July 1, 2010. Filed herewith.
(h)(2)	Form of Shareholder Services Agreement dated July 1, 2010. Filed herewith.
(h)(3)	Form of Business Management Agreement dated July 1, 2010. Filed herewith.
(h)(4)	Form of Indemnification Agreement dated July 1, 2010. Filed herewith.
(h)(5)	Agreement and Plan of Reorganization. Filed herewith.
(i)	Legal Opinion. Filed herewith.
(j)	Consent of Independent Registered Public Accounting Firm. Filed herewith.
(k)	Not applicable.
(l)	Initial Capital Agreements - None.
(m)(1)	Form of Plan of Distribution for Class A Shares. Filed herewith.
(m)(2)	Form of Plan of Distribution for Class B Shares. Filed herewith.
(m)(3)	Form of Plan of Distribution for Class C Shares. Filed herewith.
(m)(4)	Form of Plan of Distribution for Class F-1 Shares. Filed herewith.
(m)(5)	Form of Plan of Distribution for Class 529-A Shares. Filed herewith.
(m)(6)	Form of Plan of Distribution for Class 529-B Shares. Filed herewith.
(m)(7)	Form of Plan of Distribution for Class 529-C Shares. Filed herewith.
(m)(8)	Form of Plan of Distribution for Class 529-E Shares. Filed herewith.
(m)(9)	Form of Plan of Distribution for Class 529-F-1 Shares. Filed herewith.
(m)(10)	Form of Plan of Distribution for Class R-1 Shares. Filed herewith.
(m)(11)	Form of Plan of Distribution for Class R-2 Shares. Filed herewith.
(m)(12)	Form of Plan of Distribution for Class R-3 Shares. Filed herewith.
(m)(13)	Form of Plan of Distribution for Class R-4 Shares. Filed herewith.
(n)	Form of Multiple Class Plan dated July 1, 2010. Filed herewith.
(p)(1)	Code of Ethics for The Capital Group Companies dated June 2009. Filed herewith.
(p)(2)	Code of Ethics for Washington Management Corporation dated June 1, 2008. Filed herewith.
(p)(3)	Code of Ethics for the Registrant dated April 2007. Filed herewith.

Item 29. Persons Controlled by or Under Common Control with the Fund

There are no persons controlled by or under common control with the Fund.

Item 30. Indemnification

The Registrant is a joint-insured under Investment Adviser/Mutual Fund Errors and Omissions Policies, which insure its officers and trustees against certain liabilities. However, in no event will Registrant maintain insurance to indemnify any such person for any act for which Registrant itself is not permitted to indemnify the individual.

Article 8 of the Registrant's Declaration of Trust as well as the indemnification agreements that the Registrant has entered into with each of its trustees who is not an “interested person” of the Registrant (as defined under the Investment Company Act of 1940, as amended), provide in effect that the Registrant will indemnify its officers and trustees against any liability or expenses actually and reasonably incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the Investment Company Act of 1940, as amended, and their respective terms, these provisions do not protect any person against any liability to the Registrant or its shareholders to which such person 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 or her office.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Registrant will comply with the indemnification requirements contained in the Investment Company Act of 1940, as amended, and Release Nos. 7221 (June 9, 1972) and 11330 (September 4, 1980).

Item 31. Business and Other Connections of Investment Adviser

None.

Item 32. Principal Underwriters

(a)

American Funds Distributors, Inc. is the Principal Underwriter of shares of: AMCAP Fund, American Balanced Fund, The American Funds Income Series, American Funds Money Market Fund, American Funds Short-Term Tax-Exempt Bond Fund, American Funds Target Date Retirement Series, Inc., 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., Endowments, EuroPacific Growth Fund, Fundamental Investors, Inc., The Growth Fund of America, Inc., The Income Fund of America, Inc., Intermediate Bond Fund of America, International Growth and Income Fund, The Investment Company of America, Limited Term Tax-Exempt Bond Fund of America, The New Economy Fund, New Perspective Fund, Inc., New World Fund, Inc., Short-Term Bond Fund of America, Inc., SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund of America, Inc. and Washington Mutual Investors Fund.

(b)	The directors and officers of American Funds Distributors, Inc. are set forth below.

(1)			(2)		(3)
NAME AND PRINCIPAL BUSINESS ADDRESS			POSITIONS AND OFFICES WITH UNDERWRITER		POSITIONS AND OFFICES WITH REGISTRANT
	LAO	David L. Abzug		Vice President		None
	IRV	Laurie M. Allen		Senior Vice President		None
	LAO	William C. Anderson		Senior Vice President		None
	LAO	Robert B. Aprison		Senior Vice President		None
	LAO	T. Patrick Bardsley		Regional Vice President		None
	LAO	Shakeel A. Barkat		Vice President		None
	IRV	Carl R. Bauer		Vice President		None
	LAO	Roger J. Bianco, Jr.		Regional Vice President		None
	LAO	John A. Blanchard		Senior Vice President		None
	LAO	Gerard M. Bockstie, Jr.		Regional Vice President		None
	LAO	Jonathan W. Botts		Vice President		None
	LAO	Bill Brady		Director, Senior Vice President		None
	LAO	Mick L. Brethower		Senior Vice President		None
	LAO	C. Alan Brown		Vice President		None
	IRV	William H. Bryan		Regional Vice President		None
	LAO	Sheryl M. Burford		Assistant Vice President		None
	LAO	Steven Calabria		Vice President		None
	LAO	Thomas E. Callahan		Regional Vice President		None
	LAO	Damian F. Carroll		Director, Senior Vice President		None
	LAO	James D. Carter		Vice President		None
	LAO	Brian C. Casey		Senior Vice President		None
	LAO	Victor C. Cassato		Senior Vice President		None
	LAO	Christopher J. Cassin		Senior Vice President		None
	LAO	Denise M. Cassin		Director, Senior Vice President and Director of Intermediary Relations		None
	LAO	David D. Charlton		Director, Senior Vice President and Director of Marketing		None
	LAO	Thomas M. Charon		Vice President		None
	LAO	Paul A. Cieslik		Vice President		None
	LAO	Kevin G. Clifford		Director, President and Chief Executive Officer		None
	LAO	Ruth M. Collier		Senior Vice President		None
	LAO	Charles H. Cote		Regional Vice President		None
	SNO	Kathleen D. Cox		Vice President		None
	LAO	Michael D. Cravotta		Assistant Vice President		None
	LAO	Joseph G. Cronin		Vice President		None
	LAO	D. Erick Crowdus		Regional Vice President		None
	LAO	William F. Daugherty		Senior Vice President		None
	LAO	Peter J. Deavan		Regional Vice President		None
	LAO	Daniel J. Delianedis		Senior Vice President		None
	LAO	James W. DeLouise		Assistant Vice President		None
	LAO	James A. DePerno, Jr.		Senior Vice President		None
	LAO	Bruce L. DePriester		Director, Senior Vice President, Treasurer and Controller		None
	LAO	Dianne M. Dexter		Assistant Vice President		None
	LAO	Thomas J. Dickson		Vice President		None
	NYO	Dean M. Dolan		Vice President		None
	LAO	Hedy B. Donahue		Assistant Vice President		None
	LAO	Michael J. Downer		Director		None
	LAO	Craig A. Duglin		Vice President		None
	LAO	Timothy L. Ellis		Senior Vice President		None
	LAO	Lorna Fitzgerald		Vice President		None
	LAO	William F. Flannery		Vice President		None
	LAO	John R. Fodor		Director, Executive Vice President		None
	SNO	Michael J. Franchella		Assistant Vice President		None
	LAO	Charles L. Freadhoff		Vice President		None
	LAO	Daniel B. Frick		Senior Vice President		None
	LAO	J. Christopher Gies		Senior Vice President		None
	LAO	David M. Givner		Secretary		None
	LAO	Jack E. Goldin		Vice President		None
	LAO	Earl C. Gottschalk		Vice President		None
	LAO	Jeffrey J. Greiner		Director, Senior Vice President		None
	LAO	Eric M. Grey		Senior Vice President		None
	NYO	Maura S. Griffin		Assistant Vice President		None
	LAO	Christopher M. Guarino		Senior Vice President		None
	IRV	Steven Guida		Director, Senior Vice President		None
	LAO	Derek S. Hansen		Vice President		None
	LAO	Robert J. Hartig, Jr.		Vice President		None
	LAO	Craig W. Hartigan		Regional Vice President		None
	LAO	Russell K. Holliday		Vice President		None
	LAO	Heidi Horwitz-Marcus		Vice President		None
	LAO	Kevin B. Hughes		Vice President		None
	LAO	Marc Ialeggio		Vice President		None
	HRO	Jill Jackson-Chavis		Vice President		None
	IND	David K. Jacocks		Assistant Vice President		None
	LAO	Linda Johnson		Vice President		None
	GVO-1	Joanna F. Jonsson		Director		None
	LAO	Marc J. Kaplan		Vice President		None
	LAO	John P. Keating		Senior Vice President		None
	LAO	Brian G. Kelly		Vice President		None
	LAO	Ryan C. Kidwell		Regional Vice President		None
	LAO	Mark Kistler		Regional Vice President		None
	NYO	Dorothy Klock		Senior Vice President		None
	IRV	Elizabeth K. Koster		Vice President		None
	LAO	Christopher F. Lanzafame		Vice President		None
	IRV	Laura Lavery		Vice President		None
	LAO	R. Andrew LeBlanc		Senior Vice President		None
	LAO	Clay M. Leveritt		Regional Vice President		None
	LAO	Susan B. Lewis		Assistant Vice President		None
	LAO	T. Blake Liberty		Vice President		None
	LAO	Lorin E. Liesy		Vice President		None
	LAO	Louis K. Linquata		Senior Vice President		None
	LAO	Brendan T. Mahoney		Senior Vice President		None
	LAO	Nathan G. Mains		Regional Vice President		None
	LAO	Stephen A. Malbasa		Director, Senior Vice President and Director of Retirement Plan Business		None
	LAO	Paul R. Mayeda		Assistant Vice President		None
	LAO	Eleanor P. Maynard		Vice President		None
	LAO	Joseph A. McCreesh, III		Regional Vice President		None
	LAO	Will McKenna		Vice President		None
	LAO	Scott M. Meade		Senior Vice President		None
	LAO	Daniel P. Melehan		Regional Vice President		None
	LAO	William T. Mills		Regional Vice President		None
	LAO	James R. Mitchell III		Regional Vice President		None
	LAO	Charles L. Mitsakos		Vice President		None
	LAO	Linda M. Molnar		Vice President		None
	LAO	Monty L. Moncrief		Vice President		None
	LAO	David H. Morrison		Vice President		None
	LAO	Andrew J. Moscardini		Vice President		None
	LAO	Brian D. Munson		Regional Vice President		None
	LAO	Jon Christian Nicolazzo		Regional Vice President		None
	LAO	Jack Nitowitz		Assistant Vice President		None
	LAO	William E. Noe		Senior Vice President		None
	LAO	Matthew P. O’Connor		Senior Vice President		None
	LAO	Jonathan H. O’Flynn		Regional Vice President		None
	LAO	Eric P. Olson		Senior Vice President		None
	LAO	Jeffrey A. Olson		Vice President		None
	LAO	Thomas A. O’Neil		Vice President		None
	LAO	Shawn M. O’Sullivan		Regional Vice President		None
	LAO	W. Burke Patterson, Jr.		Vice President		None
	LAO	Gary A. Peace		Senior Vice President		None
	LAO	Samuel W. Perry		Vice President		None
	LAO	David K. Petzke		Senior Vice President		None
	IRV	John H. Phelan, Jr.		Director		None
	LAO	John Pinto		Vice President		None
	LAO	Carl S. Platou		Senior Vice President		None
	LAO	Charles R. Porcher		Regional Vice President		None
	LAO	Julie K. Prather		Vice President		None
	SNO	Richard P. Prior		Vice President		None
	LAO	Steven J. Quagrello		Regional Vice President		None
	LAO	Mike Quinn		Vice President		None
	SNO	John P. Raney		Assistant Vice President		None
	LAO	James P. Rayburn		Vice President		None
	LAO	Rene M. Reincke		Vice President		None
	LAO	Steven J. Reitman		Senior Vice President		None
	LAO	Jeffrey Robinson		Vice President		None
	LAO	Suzette M. Rothberg		Regional Vice President		None
	LAO	James F. Rothenberg		Non-Executive Chairman and Director		None
	LAO	Romolo D. Rottura		Vice President		None
	LAO	William M. Ryan		Vice President		None
	LAO	Dean B. Rydquist		Director, Senior Vice President and Chief Compliance Officer		None
	LAO	Richard A. Sabec, Jr.		Vice President		None
	LAO	Paul V. Santoro		Senior Vice President		None
	LAO	Joseph D. Scarpitti		Senior Vice President		None
	IRV	MaryAnn Scarsone		Assistant Vice President		None
	LAO	Kim D. Schmidt		Assistant Vice President		None
	LAO	Shane D. Schofield		Vice President		None
	LAO	David L. Schroeder		Assistant Vice President		None
	LAO	James J. Sewell III		Regional Vice President		None
	LAO	Arthur M. Sgroi		Senior Vice President		None
	LAO	Steven D. Shackelford		Regional Vice President		None
	LAO	Michael J. Sheldon		Vice President		None
	LAO	Daniel S. Shore		Senior Vice President		None
	LAO	Brad Short		Vice President		None
	LAO	Nathan W. Simmons		Regional Vice President		None
	LAO	Connie F. Sjursen		Vice President		None
	LAO	Jerry L. Slater		Senior Vice President		None
	SNO	Stacy D. Smolka		Assistant Vice President		None
	LAO	J. Eric Snively		Vice President		None
	LAO	Therese L. Soullier		Vice President		None
	LAO	Kristen J. Spazafumo		Vice President		None
	LAO	Mark D. Steburg		Vice President		None
	LAO	Michael P. Stern		Vice President		None
	LAO	Brad Stillwagon		Vice President		None
	LAO	Craig R. Strauser		Senior Vice President		None
	LAO	Libby J. Syth		Vice President		None
	LAO	Drew W. Taylor		Senior Vice President		None
	LAO	Gary J. Thoma		Vice President		None
	LAO	Cynthia M. Thompson		Senior Vice President		None
	LAO	David R. Therrien		Assistant Vice President		None
	LAO	John B. Thomas		Regional Vice President		None
	LAO	Mark R. Threlfall		Regional Vice President		None
	LAO	David Tippets		Regional Vice President		None
	IND	James P. Toomey		Vice President		None
	LAO	Luke N. Trammell		Regional Vice President		None
	IND	Christopher E. Trede		Vice President		None
	LAO	Scott W. Ursin-Smith		Senior Vice President		None
	SNO	Cindy Vaquiax		Vice President		None
	LAO	Srinkanth Vemuri		Regional Vice President		None
	LAO	J. David Viale		Senior Vice President		None
	DCO	Bradley J. Vogt		Director		None
	LAO	Sherrie S. Walling		Assistant Vice President		None
	SNO	Chris L. Wammack		Assistant Vice President		None
	LAO	Thomas E. Warren		Senior Vice President		None
	LAO	Gregory J. Weimer		Senior Vice President		None
	SFO	Gregory W. Wendt		Director		None
	LAO	George J. Wenzel		Senior Vice President		None
	LAO	Jason M. Weybrecht		Vice President		None
	LAO	Brian E. Whalen		Vice President		None
	LAO	William C. Whittington		Regional Vice President		None
	LAO	N. Dexter Williams, Jr.		Senior Vice President		None
	LAO	Andrew L. Wilson		Vice President		None
	LAO	Steven C. Wilson		Vice President		None
	LAO	Timothy J. Wilson		Director, Senior Vice President and National Sales Manager		None
	LAO	Kurt A. Wuestenberg		Vice President		None
	LAO	Jason P. Young		Vice President		None
	LAO	Jonathan A. Young		Vice President		None

__________

DCO	Business Address, 3000 K Street N.W., Suite 230, Washington, DC 20007-5140
GVO-1	Business Address, 3 Place des Bergues, 1201 Geneva, Switzerland
HRO	Business Address, 5300 Robin Hood Road, Norfolk, VA 23513
IND	Business Address, 8332 Woodfield Crossing Boulevard, Indianapolis, IN 46240
IRV	Business Address, 6455 Irvine Center Drive, Irvine, CA 92618
LAO	Business Address, 333 South Hope Street, Los Angeles, CA 90071
LAO-W	Business Address, 11100 Santa Monica Boulevard, 15th Floor, Los Angeles, CA 90025
NYO	Business Address, 630 Fifth Avenue, 36 th Floor, New York, NY 10111
SFO	Business Address, One Market, Steuart Tower, Suite 1800, San Francisco, CA 94105
SNO	Business Address, 3500 Wiseman Boulevard, San Antonio, TX 78251

Item 33. Location of Accounts and Records

All accounts, books, records and documents required pursuant to Section 31(a)(1) and 31(a)(2) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder will be maintained, in whole or in part, at the offices of:

NAME	ADDRESS
Washington Management Corporation (business manager)	1101 Vermont Avenue, N.W., Washington, DC 20005
Capital Research and Management Company (investment adviser)	333 South Hope Street, Los Angeles, CA 90071
Capital Research and Management Company (fund accounting dept.)	5300 Robin Hood Road, Norfolk, VA 23513
American Funds Service Company (transfer agent)	6455 Irvine Center Drive, Irvine, CA 92618 8332 Woodfield Crossing Boulevard, Indianapolis, IN 46240 10001 North 92nd Street, Suite 100, Scottsdale, AZ 85258 3500 Wiseman Boulevard, San Antonio, TX 78251 5300 Robin Hood Road, Norfolk, VA 23513
JPMorgan Chase Bank, N.A. (custodian)	270 Park Avenue, New York, NY 10017-2070

Item 34. Management Services

None.

Item 35. Undertakings

Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant, Washington Mutual Investors Fund, has duly caused this Post-Effective Amendment No. 120 to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Washington and District of Columbia on the 30 th day of June, 2010.

Washington Mutual Investors Fund

By:

/s/Jeffrey L. Steele

Jeffrey L. Steele

President

Counsel certifies that this Registration Statement meets all the requirements for effectiveness pursuant to Rule 485(b) under the 1933 Act.

By:

/s/Stephanie L. Pfromer

Stephanie L. Pfromer, Esq.

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities indicated on June 30, 2010.

J. Knox Singleton* J. Knox Singleton				James C. Miller III* James C. Miller III
Director and Chairman of the Board				Director

James H. Lemon, Jr.* James H. Lemon, Jr.				Donald L. Nickles* Donald L. Nickles
Director and Vice Chairman of the Board				Director

Nariman Farvardin* Nariman Farvardin				William J. Shaw* William J. Shaw
Director				Director

Barbara Hackman Franklin* Barbara Hackman Franklin				Lydia W. Thomas* Lydia W. Thomas
Director				Director

Mary Davis Holt* Mary Davis Holt				Harry J. Lister* Harry J. Lister
Director				Director

R. Clark Hooper* R. Clark Hooper				/s/Jeffrey L. Steele Jeffrey L. Steele
Director				President and Director

By: /s/Michael W. Stockton Michael W. Stockton				By: /s/Jeffrey L. Steele Jeffrey L. Steele
Vice President, Treasurer, Chief Financial Officer and Assistant Secretary				President

*By: /s/Michael W. Stockton Michael W. Stockton
Attorney-in-fact

POWER OF ATTORNEY

The undersigned trustees of Washington Mutual Investors Fund (the “Fund”), a Delaware Statutory Trust, do each hereby revoke all previous powers of attorney that have been signed and otherwise act in his or her name and behalf in matters involving the Fund and do hereby constitute and appoint Michael W. Stockton, Jennifer L. Butler and Stephanie L. Pfromer, 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 trustee of said Trust to any and all amendments to the Registration Statement of Washington Mutual Investors Fund, 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 documents required by any State in the United States of America in which this Trust offers its 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 30 th day of June, 2010.

WASHINGTON MUTUAL INVESTORS FUND

/s/Nariman Farvardin	/s/James C. Miller III
/s/Barbara H. Franklin	/s/Donald L. Nickles
/s/Mary Davis Holt	/s/William J. Shaw
/s/R. Clark Hooper	/s/J. Knox Singleton
/s/James H. Lemon, Jr.	/s/Jeffrey L. Steele
/s/Harry J. Lister	/s/Lydia W. Thomas

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933				[X]
Pre-Effective Amendment No.				[ ]
Post-Effective Amendment No. 120				[X]

and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940				[X]
Amendment No. 48				[X ]

Jeffrey L. Steele		Copies to:
Washington Management Corporation		Robert W. Helm, Esq.
1101 Vermont Avenue, N.W.		Dechert LLP
Washington, D.C. 20005		1775 I Street, N.W.
(Name and Address of Agent for Service)		Washington, D.C. 20006
		(Counsel for the Registrant)

[ ]	immediately upon filing pursuant to paragraph (b)
[X]	on July 1, 2010 pursuant to paragraph (b)
[ ]	60 days after filing pursuant to paragraph (a)(1)
[ ]	on (date) pursuant to paragraph (a)(1)
[ ]	75 days after filing pursuant to paragraph (a)(2)
[ ]	on (date) pursuant to paragraph (a)(2) of Rule 485

Share classes (before taxes)	Inception date	1 year	5 years	Lifetime
B	3/15/2000	13.11%	–0.86%	3.15%
C	3/15/2001	17.07	–0.58	1.53
F-1	3/15/2001	18.98	0.20	2.33
F-2	8/5/2008	19.28	N/A	–7.55
529-A	2/15/2002	12.13	–1.03	1.66
529-B	2/19/2002	12.98	–0.99	1.79
529-C	2/15/2002	17.01	–0.64	1.58
529-E	3/1/2002	18.58	–0.14	1.70
529-F-1	9/16/2002	19.18	0.34	4.64

Purchase minimums (for all share classes)
To establish an account (including retirement plan and 529 accounts)	$250
For a payroll deduction retirement plan account, payroll deduction savings plan account or employer-sponsored 529 account	25
To add to an account	50
For a payroll deduction retirement plan account, payroll deduction savings plan account or employer-sponsored 529 account	25


	Prospectus
	July 1, 2010
	Table of contents
	Investment objective 1 Fees and expenses of the fund 1 Principal investment strategies 3 Principal risks 3 Investment results 4 Management 6 Purchase and sale of fund shares 7 Tax information 7 Payments to broker-dealers and other financial intermediaries 7 Investment objective, strategies and risks 8 Additional investment results 10 Management and organization 12		Shareholder information 16 Choosing a share class 17 Purchase, exchange and sale of shares 21 Sales charges 26 Sales charge reductions and waivers 30 Rollovers from retirement plans to IRAs 34 Plans of distribution 35 Other compensation to dealers 36 How to sell shares 37 Distributions and taxes 39 Financial highlights 40
	The Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Shareholder fees (fees paid directly from your investment)
	Share classes
	A and 529-A	B and 529-B	C and 529-C	529-E	F-1, F-2 and 529-F-1
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	5.75%	none	none	none	none
Maximum deferred sales charge (load) (as a percentage of the amount redeemed)	none	5.00%	1.00%	none	none
Maximum sales charge (load) imposed on reinvested dividends	none	none	none	none	none
Redemption or exchange fees	none	none	none	none	none
Maximum annual account fee (529 share classes only)	$10	$10	$10	$10	$10

Summary of the primary differences among share classes
Class A shares
Initial sales charge	up to 5.75% (reduced for purchases of $25,000 or more and eliminated for purchases of $1 million or more)
Contingent deferred sales charge	none (except that a charge of 1.00% applies to certain redemptions made within one year following purchases of $1 million or more without an initial sales charge)
12b-1 fees	up to .25% annually (for Class 529-A shares, may not exceed .50% annually)
Dividends	generally higher than other classes due to lower annual expenses, but may be lower than Class F-1 shares, depending on relative expenses, and lower than Class F-2 shares due to 12b-1 fees
Purchase maximum	none
Conversion	none
Class B shares
Initial sales charge	none
Contingent deferred sales charge	starts at 5.00%, declining to 0% six years after purchase
12b-1 fees	up to 1.00% annually
Dividends	generally lower than Class A and F shares due to higher 12b-1 fees and other expenses, but higher than Class C shares due to lower other expenses
Purchase maximum	Class B shares may not be purchased or acquired except by exchange from Class B shares of other American Funds
Conversion	automatic conversion to Class A or 529-A shares in the month of the eight-year anniversary of the purchase date, reducing future annual expenses
Class C shares
Initial sales charge	none
Contingent deferred sales charge	1.00% if shares are sold within one year after purchase
12b-1 fees	up to 1.00% annually
Dividends	generally lower than other classes due to higher 12b-1 fees and other expenses
Purchase maximum	see the discussion regarding purchase minimums and maximums in “Purchase and exchange of shares”
Conversion	automatic conversion to Class F-1 shares in the month of the 10-year anniversary of the purchase date, reducing future annual expenses (Class 529-C shares will not convert to Class 529-F-1 shares)

Class 529-E shares
Initial sales charge	none
Contingent deferred sales charge	none
12b-1 fees	currently up to .50% annually (may not exceed .75% annually)
Dividends	generally higher than Class 529-B and 529-C shares due to lower 12b-1 fees, but lower than Class 529-A and 529-F-1 shares due to higher 12b-1 fees
Purchase maximum	none
Conversion	none


Class F-1 shares
Initial sales charge	none
Contingent deferred sales charge	none
12b-1 fees	currently up to .25% annually (may not exceed .50% annually)
Dividends	generally higher than Class B and C shares due to lower 12b-1 fees, but may be higher than Class A shares, depending on relative expenses, and lower than Class F-2 shares due to 12b-1 fees
Purchase maximum	none
Conversion	none
Class F-2 shares
Initial sales charge	none
Contingent deferred sales charge	none
12b-1 fees	none
Dividends	generally higher than other classes due to absence of 12b-1 fees
Purchase maximum	none
Conversion	none

Contingent deferred sales charge on Class B shares
Year of redemption:	1	2	3	4	5	6	7+
Contingent deferred sales charge:	5%	4%	4%	3%	2%	1%	0%

		I ncome (loss) from investment operations 1			Dividends and distributions
	Net asset value, beginning of period	Net investment income	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)		Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return 2,3	Net assets, end of period (in millions)	Ratio of expenses to average net assets before reimburse-ments/ waivers	Ratio of expenses to average net assets after reimburse-ments/ waivers 3	Ratio of net income to average net assets 3
Class A:
Year ended 4/30/2010	$19.81	$.65	$ 6.06	$ 6.71	$(.68)		$ —	$ (.68)	$25.84	34.29%	$39,349	.70%	.70%	2.80%
Year ended 4/30/2009	31.92	.64	(11.53)	(10.89)	(.72)		(.50)	(1.22)	19.81	(34.50)	34,012	.67	.65	2.60
Year ended 4/30/2008	36.55	.71	(2.68)	(1.97)	(.72)		(1.94)	(2.66)	31.92	(5.78)	60,782	.60	.58	2.02
Year ended 4/30/2007	32.66	.68	4.71	5.39	(.66)		(.84)	(1.50)	36.55	16.85	70,811	.60	.57	2.00
Year ended 4/30/2006	29.85	.66	3.20	3.86	(.62)		(.43)	(1.05)	32.66	13.11	64,202	.60	.57	2.13
Class B:
Year ended 4/30/2010	19.67	.48	6.01	6.49	(.50)		—	(.50)	25.66	33.31	1,249	1.46	1.46	2.07
Year ended 4/30/2009	31.71	.45	(11.46)	(11.01)	(.53)		(.50)	(1.03)	19.67	(35.01)	1,389	1.42	1.40	1.85
Year ended 4/30/2008	36.33	.44	(2.67)	(2.23)	(.45)		(1.94)	(2.39)	31.71	(6.51)	2,726	1.36	1.33	1.27
Year ended 4/30/2007	32.47	.42	4.69	5.11	(.41)		(.84)	(1.25)	36.33	15.98	3,296	1.36	1.33	1.24
Year ended 4/30/2006	29.69	.42	3.17	3.59	(.38)		(.43)	(.81)	32.47	12.24	3,053	1.37	1.34	1.37
Class C:
Year ended 4/30/2010	$19.63	$.46	$ 6.00	$ 6.46	$(.49)	$ —		$ (.49)	$25.60	33.23%	$1,830	1.50%	1.50%	2.00%
Year ended 4/30/2009	31.65	.44	(11.44)	(11.00)	(.52)	(.50)		(1.02)	19.63	(35.04)	1,613	1.47	1.44	1.80
Year ended 4/30/2008	36.26	.42	(2.66)	(2.24)	(.43)	(1.94)		(2.37)	31.65	(6.54)	2,979	1.41	1.38	1.22
Year ended 4/30/2007	32.41	.39	4.68	5.07	(.38)	(.84)		(1.22)	36.26	15.91	3,481	1.42	1.40	1.17
Year ended 4/30/2006	29.64	.40	3.16	3.56	(.36)	(.43)		(.79)	32.41	12.15	3,113	1.43	1.41	1.30
Class F-1:
Year ended 4/30/2010	19.76	.64	6.04	6.68	(.67)	—		(.67)	25.77	34.26	1,770	.71	.71	2.78
Year ended 4/30/2009	31.85	.64	(11.51)	(10.87)	(.72)	(.50)		(1.22)	19.76	(34.52)	1,506	.67	.65	2.59
Year ended 4/30/2008	36.48	.70	(2.68)	(1.98)	(.71)	(1.94)		(2.65)	31.85	(5.82)	2,947	.63	.61	1.99
Year ended 4/30/2007	32.60	.67	4.70	5.37	(.65)	(.84)		(1.49)	36.48	16.83	3,179	.62	.59	1.97
Year ended 4/30/2006	29.80	.65	3.19	3.84	(.61)	(.43)		(1.04)	32.60	13.06	2,646	.63	.61	2.10
Class F-2:
Year ended 4/30/2010	19.81	.68	6.09	6.77	(.74)	—		(.74)	25.84	34.65	416	.46	.46	2.91
Period from 8/5/2008 to 4/30/2009 4	29.64	.46	(9.22)	(8.76)	(.57)	(.50)		(1.07)	19.81	(29.77)	147	.44 5	.43 5	3.10 5
Class 529-A:
Year ended 4/30/2010	19.78	.63	6.05	6.68	(.66)	—		(.66)	25.80	34.20	932	.76	.76	2.71
Year ended 4/30/2009	31.89	.62	(11.52)	(10.90)	(.71)	(.50)		(1.21)	19.78	(34.57)	709	.73	.71	2.55
Year ended 4/30/2008	36.51	.67	(2.66)	(1.99)	(.69)	(1.94)		(2.63)	31.89	(5.85)	1,089	.69	.66	1.93
Year ended 4/30/2007	32.63	.65	4.71	5.36	(.64)	(.84)		(1.48)	36.51	16.75	1,094	.67	.65	1.91
Year ended 4/30/2006	29.83	.64	3.19	3.83	(.60)	(.43)		(1.03)	32.63	13.01	833	.68	.65	2.05
Class 529-B:
Year ended 4/30/2010	19.69	.45	6.02	6.47	(.48)	—		(.48)	25.68	33.15	145	1.56	1.56	1.93
Year ended 4/30/2009	31.74	.42	(11.47)	(11.05)	(.50)	(.50)		(1.00)	19.69	(35.08)	126	1.53	1.51	1.74
Year ended 4/30/2008	36.36	.39	(2.66)	(2.27)	(.41)	(1.94)		(2.35)	31.74	(6.62)	204	1.49	1.46	1.13
Year ended 4/30/2007	32.50	.38	4.68	5.06	(.36)	(.84)		(1.20)	36.36	15.82	218	1.48	1.46	1.11
Year ended 4/30/2006	29.72	.38	3.17	3.55	(.34)	(.43)		(.77)	32.50	12.07	180	1.51	1.48	1.22
(The Financial Highlights table continues on the following page.)
Class 529-C:
Year ended 4/30/2010	$19.68	$.45	$ 6.02	$ 6.47	$(.48)	$ —		$ (.48)	$25.67	33.19%	$288	1.55%	1.55%	1.93%
Year ended 4/30/2009	31.73	.43	(11.47)	(11.04)	(.51)	(.50)		(1.01)	19.68	(35.08)	226	1.52	1.50	1.75
Year ended 4/30/2008	36.35	.39	(2.66)	(2.27)	(.41)	(1.94)		(2.35)	31.73	(6.62)	361	1.49	1.46	1.13
Year ended 4/30/2007	32.49	.38	4.69	5.07	(.37)	(.84)		(1.21)	36.35	15.84	374	1.48	1.45	1.11
Year ended 4/30/2006	29.71	.38	3.18	3.56	(.35)	(.43)		(.78)	32.49	12.10	295	1.50	1.47	1.23
Class 529-E :
Year ended 4/30/2010	19.71	.56	6.03	6.59	(.60)	—		(.60)	25.70	33.80	53	1.05	1.05	2.43
Year ended 4/30/2009	31.77	.55	(11.48)	(10.93)	(.63)	(.50)		(1.13)	19.71	(34.74)	41	1.02	1.00	2.26
Year ended 4/30/2008	36.39	.57	(2.66)	(2.09)	(.59)	(1.94)		(2.53)	31.77	(6.14)	60	.98	.95	1.64
Year ended 4/30/2007	32.52	.55	4.70	5.25	(.54)	(.84)		(1.38)	36.39	16.44	61	.97	.94	1.62
Year ended 4/30/2006	29.74	.54	3.17	3.71	(.50)	(.43)		(.93)	32.52	12.64	46	.98	.96	1.74
Class 529-F-1:
Year ended 4/30/2010	19.76	.68	6.04	6.72	(.71)	—		(.71)	25.77	34.48	51	.55	.55	2.91
Year ended 4/30/2009	31.85	.67	(11.50)	(10.83)	(.76)	(.50)		(1.26)	19.76	(34.41)	35	.52	.50	2.77
Year ended 4/30/2008	36.47	.74	(2.66)	(1.92)	(.76)	(1.94)		(2.70)	31.85	(5.65)	52	.48	.45	2.14
Year ended 4/30/2007	32.59	.72	4.70	5.42	(.70)	(.84)		(1.54)	36.47	17.01	47	.47	.44	2.11
Year ended 4/30/2006	29.79	.70	3.18	3.88	(.65)	(.43)		(1.08)	32.59	13.20	32	.49	.46	2.24

Item	Page no.
Certain investment limitations and guidelines	2
Description of certain securities and investment techniques	3
Fund policies	6
Management of the fund	8
Execution of portfolio transactions	41
Disclosure of portfolio holdings	44
Price of shares	46
Taxes and distributions	49
Purchase and exchange of shares	54
Sales charges	59
Sales charge reductions and waivers	62
Selling shares	67
Shareholder account services and privileges	68
General information	71
Investment portfolio
Financial statements

Name, age and position with fund (year first elected as a trustee 2 )	Principal occupation(s) during past five years	Number of portfolios 3 overseen by trustee	Other directorships 4 held by trustee during the past five years	Other relevant experience
Nariman Farvardin, 53 Trustee (2007)	Senior Vice President for Academic Affairs & Provost, University of Maryland; former Dean, The A. James Clark School of Engineering, University of Maryland	3	JPMorgan Value Opportunities Fund, Inc.	· Senior management experience educational institution · Corporate board experience · Professor, electrical and computer engineering · Service on advisory boards and councils for educational, non-profit and governmental organizations · M.S. and Ph.D., Electrical Engineering

Mary Davis Holt, 59 Trustee (2010)	Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former Chief Operating Officer, Time Life, Inc.	1	Former Director of Krispy Kreme Doughnuts, Inc. (until 2007)	· Senior corporate management experience · Corporate board experience · Service on advisory and trustee boards of education, business and non-profit organizations · M.B.A.
R. Clark Hooper, 63 Trustee (2003)	Private investor; former President, Dumbarton Group LLC (securities industry consulting)	44	JPMorgan Value Opportunities Fund, Inc.; The Swiss Helvetia Fund, Inc.	· Senior regulatory and management experience, National Association of Securities Dealers (now FINRA) · Service on trustee boards for charitable, educational and non-profit organizations

James C. Miller III, 68 Trustee (1992)	Senior Advisor, Husch Blackwell Sanders LLP; former Chairman, The CapAnalysis Group, LLC (economic, financial and regulatory consulting)	3	Clean Energy Fuels Corporation; JPMorgan Value Opportunities Fund, Inc.	· Former Chairman, U.S. Federal Trade Commission · Former Director, U.S. Office of Management and Budget · Former Chairman, U.S. Postal Service · Corporate board experience · Service as Chief Executive Officer · Economic consulting · B.B.A. and Ph.D., Economics
Donald L. Nickles, 61 Trustee (2007)	Chairman of the Board and CEO, The Nickles Group (consulting and business venture firm); former United States Senator	3	Chesapeake Energy Corporation; Valero Energy Corporation; JPMorgan Value Opportunities Fund, Inc.	· Service as U.S. Senator, including Senate leadership positions · Corporate board experience · Business management experience

Share classes	1 year	3 years	5 years	10 years
A	$642	$786	$ 942	$1,395
B	649	862	997	1,540
C	253	474	818	1,791
F-1	73	227	395	883
F-2	47	148	258	579
529-A	668	843	1,032	1,568
529-B	678	931	1,107	1,742
529-C	277	528	902	1,945
529-E	127	373	637	1,385
529-F-1	76	216	366	795

Share classes	1 year	3 years	5 years	10 years
B	$149	$462	$797	$1,540
C	153	474	818	1,791
529-B	178	531	907	1,742
529-C	177	528	902	1,945

William J. Shaw, 64 Trustee (2009)	Vice Chairman; former President and Chief Operating Officer, Marriott International, Inc.	1	Marriott International, Inc.	· Corporate board experience · Service as Chief Operating Officer · Service as Chief Financial Officer · Certified Public Accountant · Service on advisory and trustee boards for charitable, educational and non-profit organizations · M.B.A.
J. Knox Singleton, 61 Chairman of the Board (Independent and Non-Executive) (2001)	President and CEO, INOVA Health System	3	Healthcare Realty Trust, Inc.; JPMorgan Value Opportunities Fund, Inc.	· Corporate board experience · Service as Chief Executive Officer · Service on boards of community and non-profit organizations · M.S., Health Administration

Name, age and position with fund (year first elected as an officer 2 )	Principal occupation(s) during past five years and positions held with affiliated entities or the Principal Underwriter of the fund
Michael W. Stockton, 43 Senior Vice President, Treasurer and Assistant Secretary (1995)	Director, Senior Vice President, Secretary and Treasurer, Washington Management Corporation
Lois A. Erhard, 58 Vice President (1983)	Vice President, Washington Management Corporation
J. Lanier Frank, 49 Assistant Vice President (1997)	Assistant Vice President, Washington Management Corporation
Jennifer L. Butler, 44 Secretary (2005)	Vice President and Assistant Secretary, Washington Management Corporation
Stephanie L. Pfromer, 42 Assistant Secretary (2007)	Vice President and General Counsel, Washington Management Corporation; former Vice President and Senior Counsel, The BISYS Group, Inc. (now Citigroup, Inc.)
Curt M. Scott, 31 Assistant Treasurer (2006)	Assistant Vice President and Assistant Treasurer, Washington Management Corporation; former Financial Analyst, The BISYS Group, Inc. (now Citigroup, Inc.)

Name	Dollar range 1 of fund shares owned 2	Aggregate dollar range 1 of shares owned in all funds in the American Funds family overseen by trustee	Dollar range 1 of independent trustees deferred compensation 2 allocated to fund	Aggregate dollar range 1 of independent trustees deferred compensation 2 allocated to all funds within American Funds family overseen by trustee
“Independent” trustees
Nariman Farvardin	$10,001 – $50,000	$10,001 – $50,000	$10,001 – $50,000	Over $100,000
Barbara Hackman Franklin	Over $100,000	Over $100,000	None	None
Mary David Holt 3	None	None	None	None
R. Clark Hooper	$10,001 – $50,000	Over $100,000	Over $100,000	Over $100,000
James C. Miller III	Over $100,000	Over $100,000	None	None
Donald L. Nickles	$50,001 – $100,000	Over $100,000	Over $100,000	Over $100,000
William J. Shaw	Over $100,000	Over $100,000	None	None
J. Know Singleton	$1 – $10,000	Over $100,000	Over $100,000	Over $100,000
Lydia W. Thomas 3	None	Over $100,000	None	None

Name	Dollar range 1 of fund shares owned	Aggregate dollar range 1 of shares owned in all funds in the American Funds family overseen by trustee
“Interested” trustees 4
James H. Lemon, Jr.	Over $100,000	Over $100,000
Harry J. Lister	Over $100,000	Over $100,000
Jeffrey L. Steele	Over $100,000	Over $100,000

Name	Aggregate compensation (including voluntarily deferred compensation 1 ) from the Fund		Total compensation (including voluntarily deferred compensation 1 ) from all funds managed by Capital Research and Management Company or its affiliates 2
Nariman Farvardin 3		$133,750		$135,925
Barbara H. Franklin		139,050		145,823
Mary Davis Holt 4		45,784		45,784
R. Clark Hooper 3		144,819		388,801
James C. Miller III		152,164		163,723
Donald L. Nickles 3		131,100		133,950
William J. Shaw		133,750		133,750
J. Knox Singleton 3		169,352		182,973
Lydia W. Thomas 4		43,134		43,134

Name, age and position with fund (year first elected 1 )	Principal occupation(s) during past five years	Number of boards within the fund complex on which member serves 2	Other directorships held by member
Louise M. Cromwell, 65 (2001)	Retired Partner, Shaw Pittman LLP (law firm)	1	None
Jeffrey A. Eisenach, 52 (2008)	Managing director, Navigant Economics LLC (economic and financial consulting); former Chairman and Managing Partner, Empiris LLC (economic consulting); former Chairman, Criterion Economics, LLC (economic litigation, regulation and legislation consulting); former Chairman and President, The CapAnalysis Group, LLC (economic, financial and regulatory consulting)	1	None
Linda D. Rabbitt, 61 (2001)	Chairman and CEO, Rand Construction Corporation	1	Brookfield Properties Corporation; Towers Watson & Co.
Robert G. Templin, Jr., 62 (2008)	President, Northern Virginia Community College	1	None
R. Clark Wadlow, 63 (2005)	Retired Partner, Sidley Austin LLP (law firm)	1	None

Name and address	Ownership	Ownership percentage
Edward D. Jones & Co. Omnibus Account Maryland Heights, MO	Record	Class A Class B	15.69% 8.47
First Clearing, LLC Custody Account St. Louis, MO	Record	Class A Class B Class C Class F-1	9.69 9.66 13.80 22.22
Pershing, LLC Jersey City, NJ	Record	Class B Class C Class F-1 Class F-2	7.79 6.31 13.48 5.49
Merrill Lynch Omnibus Account Jacksonville, FL	Record	Class C Class F-2	14.91 34.35
Citigroup Global Markets, Inc. Omnibus Account New York, NY	Record	Class C Class F-1	10.86 9.04
Charles Schwab & Co., Inc. Custody Account San Francisco, CA	Record	Class F-1 Class F-2 Class R-4 Class R-5	6.77 11.84 7.41 5.35
Hartford Life Insurance Co. Separate Account 401K Plan Hartford, CT	Record Beneficial	Class R-1 Class R-3	35.28 6.18

NFS, LLC FEBO 401K Plan Covington, KY	Record Beneficial	Class R-4 Class R-5 Class R-6	7.52 16.69 5.72
Trader Joe’s Company Retirement Plan Englewood, CO	Record Beneficial	Class R-4	5.39
John Hancock Life Insurance Co. USA Omnibus Account Boston, MA	Record	Class R-5	18.76
The Capital Group Companies Retirement Plan Los Angeles, CA	Record Beneficial	Class R-5	6.22
Edward D. Jones & Co. Retirement Plan Norwood, MA	Record Beneficial	Class R-5	5.06
American Funds 2020 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	13.42
Mercer Trust Company Abbott Laboratories Retirement Plan Norwood, MA	Record Beneficial	Class R-6	11.32
American Funds 2025 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	10.84
American Funds 2030 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	10.80
American Funds 2015 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	8.13
American Funds 2035 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	6.94
American Funds 2040 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	6.74
American Funds 2010 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	5.15

Portfolio counselor	Dollar range of fund shares owned 1	Number of other registered investment companies (RICs) for which portfolio counselor is a manager (assets of RICs in billions) 2		Number of other pooled investment vehicles (PIVs) for which portfolio counselor is a manager (assets of PIVs in billions) 3	Number of other accounts for which portfolio counselor is a manager (assets of other accounts in billions) 4
Alan N. Berro	Over $1,000,000	3	$161.3	None	None
James K. Dunton	$500,001 – $1,000,000	2	$121.0	None	None
Gregory D. Johnson	$100,001 – $500,000	3	$154.1	None	None
Jeffrey T. Lager	$500,001 – $1,000,000	1	$104.5	None	None
Robert G. O’Donnell	$100,001 – $500,000	2	$49.6	None	None
James F. Rothenberg	$500,001 – $1,000,000	1	$162.6	None	None
Ronald B. Morrow	$100,001 – $500,000	3	$314.7	None	None
Eugene P. Stein	Over $1,000,000	1	$104.5	None	None

	Administrative services fee
Class C	$3,059,000
Class F-1	2,498,000
Class F-2	463,000
Class 529-A	1,042,000
Class 529-B	198,000
Class 529-C	358,000
Class 529-E	60,000
Class 529-F-1	54,000
Class R-1	92,000
Class R-2	2,876,000
Class R-3	2,502,000
Class R-4	1,550,000
Class R-5	796,000
Class R-6	274,000

	Fiscal year		Commissions, revenue or fees retained		Allowance or compensation to dealers
Class A		2010		$5,003,000	$22,140,000
		2009		8,039,000	35,351,000
		2008		13,480,000	58,574,000
Class B		2010		—	—
		2009		246,000	2,083,000
		2008		591,000	3,631,000
Class C		2010		294,000	1,072,000
		2009		505,000	1,479,000
		2008		908,000	2,675,000
Class 529-A		2010		458,000	2,157,000
		2009		534,000	2,480,000
		2008		834,000	3,848,000
Class 529-B		2010		—	—
		2009		44,000	338,000
		2008		76,000	554,000
Class 529-C		2010		17,000	257,000
		2009		26,000	307,000
		2008		55,000	483,000

Share class	Service related payments 1	Distribution related payments 1	Total allowable under the Plans 2
Class C	0.25%	0.75%	1.00%
Class 529-C	0.25	0.75	1.00
Class F-1	0.25	—	0.50
Class 529-F-1	0.25	—	0.50
Class 529-E	0.25	0.25	0.75
Class R-1	0.25	0.75	1.00
Class R-2	0.25	0.50	1.00
Class R-3	0.25	0.25	0.75
Class R-4	0.25	—	0.50

	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$87,873,000	$12,231,000
Class B	13,864,000	1,297,000
Class C	17,608,000	2,591,000
Class F-1	4,038,000	809,000
Class 529-A	1,794,000	304,000
Class 529-B	1,408,000	156,000
Class 529-C	2,605,000	455,000
Class 529-E	239,000	43,000
Class 529-F-1	0	0
Class R-1	556,000	115,000
Class R-2	4,780,000	839,000
Class R-3	5,907,000	1,025,000
Class R-4	2,630,000	448,000

(3)	currently registered investment advisers (“RIAs”) and assistants directly employed by such RIAs , retired RIAs with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their ( a ) spouses or equivalents if recognized under local law, ( b ) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and ( c ) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the funds, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
(4)	companies exchanging securities with the fund through a merger, acquisition or exchange offer;
(5)	insurance company separate accounts;
(6)	accounts managed by subsidiaries of The Capital Group Companies, Inc.;
(7)	The Capital Group Companies, Inc., its affiliated companies and Washington Management Corporation;
(8)	an individual or entity with a substantial business relationship with The Capital Group Companies, Inc. or its affiliates, or an individual or entity related or relating to such individual or entity;
(9)	wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts whose underlying investments are managed by any affiliate of The Capital Group Companies, Inc.; and
(10)	full-time employees of banks that have sales agreements with the Principal Underwriter, who are solely dedicated to directly supporting the sale of mutual funds.

Net asset value and redemption price per share (Net assets divided by shares outstanding)		$25.84
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)		$27.42

	Fund numbers
Fund	Class A	Class B	Class C	Class F-1	Class F-2
Stock and stock/bond funds
AMCAP Fund ®	002	202	302	402	602
American Balanced Fund ®	011	211	311	411	611
American Mutual Fund ®	003	203	303	403	603
Capital Income Builder ®	012	212	312	412	612
Capital World Growth and Income Fund SM	033	233	333	433	633
EuroPacific Growth Fund ®	016	216	316	416	616
Fundamental Investors SM	010	210	310	410	610
The Growth Fund of America SM	005	205	305	405	605
The Income Fund of America ®	006	206	306	406	606
International Growth and Income Fund SM	034	234	334	434	634
The Investment Company of America ®	004	204	304	404	604
The New Economy Fund ®	014	214	314	414	614
New Perspective Fund ®	007	207	307	407	607
New World Fund SM	036	236	336	436	636
SMALLCAP World Fund ®	035	235	335	435	635
Washington Mutual Investors Fund SM	001	201	301	401	601
Bond funds
American Funds Short-Term Tax-Exempt Bond Fund SM	039	N/A	N/A	439	639
American High-Income Municipal Bond Fund ®	040	240	340	440	640
American High-Income Trust SM	021	221	321	421	621
The Bond Fund of America SM	008	208	308	408	608
Capital World Bond Fund ®	031	231	331	431	631
Intermediate Bond Fund of America SM	023	223	323	423	623
Limited Term Tax-Exempt Bond Fund of America SM	043	243	343	443	643
Short-Term Bond Fund of America SM	048	248	348	448	648
The Tax-Exempt Bond Fund of America ®	019	219	319	419	619
The Tax-Exempt Fund of California ® *	020	220	320	420	620
The Tax-Exempt Fund of Maryland ® *	024	224	324	424	624
The Tax-Exempt Fund of Virginia ® *	025	225	325	425	625
U.S. Government Securities Fund SM	022	222	322	422	622
Money market fund
American Funds Money Market Fund ®	059	259	359	459	659

	Fund numbers
Fund	Class 529-A	Class 529-B	Class 529-C	Class 529-E	Class 529-F-1
Stock and stock/bond funds
AMCAP Fund	1002	1202	1302	1502	1402
American Balanced Fund	1011	1211	1311	1511	1411
American Mutual Fund	1003	1203	1303	1503	1403
Capital Income Builder	1012	1212	1312	1512	1412
Capital World Growth and Income Fund	1033	1233	1333	1533	1433
EuroPacific Growth Fund	1016	1216	1316	1516	1416
Fundamental Investors	1010	1210	1310	1510	1410
The Growth Fund of America	1005	1205	1305	1505	1405
The Income Fund of America	1006	1206	1306	1506	1406
International Growth and Income Fund	1034	1234	1334	1534	1434
The Investment Company of America	1004	1204	1304	1504	1404
The New Economy Fund	1014	1214	1314	1514	1414
New Perspective Fund	1007	1207	1307	1507	1407
New World Fund	1036	1236	1336	1536	1436
SMALLCAP World Fund	1035	1235	1335	1535	1435
Washington Mutual Investors Fund	1001	1201	1301	1501	1401
Bond funds
American High-Income Trust	1021	1221	1321	1521	1421
The Bond Fund of America	1008	1208	1308	1508	1408
Capital World Bond Fund	1031	1231	1331	1531	1431
Intermediate Bond Fund of America	1023	1223	1323	1523	1423
Short-Term Bond Fund of America	1048	1248	1348	1548	1448
U.S. Government Securities Fund	1022	1222	1322	1522	1422
Money market fund
American Funds Money Market Fund	1059	1259	1359	1559	1459

	Fund numbers
Fund		Class R-1	Class R-2	Class R-3	Class R-4	Class R-5	Class R-6
Stock and stock/bond funds
AMCAP Fund		2102	2202	2302	2402	2502	2502
American Balanced Fund		2111	2211	2311	2411	2511	2511
American Mutual Fund		2103	2203	2303	2403	2503	2503
Capital Income Builder		2112	2212	2312	2412	2512	2512
Capital World Growth and Income Fund		2133	2233	2333	2433	2533	2533
EuroPacific Growth Fund		2116	2216	2316	2416	2516	2516
Fundamental Investors		2110	2210	2310	2410	2510	2510
The Growth Fund of America		2105	2205	2305	2405	2505	2505
The Income Fund of America		2106	2206	2306	2406	2506	2506
International Growth and Income Fund		2134	2234	2334	2434	2534	2534
The Investment Company of America		2104	2204	2304	2404	2504	2504
The New Economy Fund		2114	2214	2314	2414	2514	2514
New Perspective Fund		2107	2207	2307	2407	2507	2507
New World Fund		2136	2236	2336	2436	2536	2536
SMALLCAP World Fund		2135	2235	2335	2435	2535	2535
Washington Mutual Investors Fund		2101	2201	2301	2401	2501	2501
Bond funds
American High-Income Trust		2121	2221	2321	2421	2521	2521
The Bond Fund of America		2108	2208	2308	2408	2508	2508
Capital World Bond Fund		2131	2231	2331	2431	2531	2531
Intermediate Bond Fund of America		2123	2223	2323	2423	2523	2523
Short-Term Bond Fund of America		2148	2248	2348	2448	2548	2548
U.S. Government Securities Fund		2122	2222	2322	2422	2522	2522
Money market fund
American Funds Money Market Fund		2159	2259	2359	2459	2559	2659

ARTICLE 1 NAME, PURPOSE AND DEFINITIONS		1
Section 1.1	Name.	1
Section 1.2	Trust Purpose.	1
Section 1.3	Definitions	2
ARTICLE 2 BENEFICIAL INTEREST		3
Section 2.1	Shares of Beneficial Interest	3
Section 2.2	Issuance of Shares	3
Section 2.3	Register of Shares and Share Certificates	4
Section 2.4	Transfer of Shares	4
Section 2.5	Treasury Shares	4
Section 2.6	Establishment of Series and Classes	5
Section 2.7	Investment in the Trust	5
Section 2.8	Assets and Liabilities Belonging to Series or Class	6
Section 2.9	No Preemptive Rights	7
Section 2.10	Conversion Rights	7
Section 2.11	Derivative Actions	7
Section 2.12	Fractions	8
Section 2.13	No Appraisal Rights	8
Section 2.14	Status of Shares	8
Section 2.15	Shareholders	9
ARTICLE 3 THE TRUSTEES		9
Section 3.1	Election	9
Section 3.2	Term of Office of Trustees; Resignation and Removal	9
Section 3.3	Vacancies and Appointment of Trustees	10
Section 3.4	Number of Trustees	11
Section 3.5	Effect of Death, Resignation, Etc. of a Trustee	11
Section 3.6	Ownership of Assets of the Trust	11
Section 3.7	Series Trustees	11
Section 3.8	No Accounting	12
ARTICLE 4 POWERS OF THE TRUSTEES		12
Section 4.1	Powers	12
Section 4.2	Trustees and Officers as Shareholders	17
Section 4.3	Action by the Trustees and Committees	17
Section 4.4	Chairman of the Trustees	18
Section 4.5	Principal Transactions	18
ARTICLE 5 INVESTMENT ADVISER, INVESTMENT SUB-ADVISER, PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER AGENT, CUSTODIAN AND OTHER CONTRACTORS		19
Section 5.1	Certain Contracts	19
ARTICLE 6 SHAREHOLDER VOTING POWERS AND MEETINGS		21
Section 6.1	Voting	21
Section 6.2	Notices.	22
Section 6.3	Meetings of Shareholders	22
Section 6.4	Record Date	22
Section 6.5	Notice of Meetings	23
Section 6.6	Proxies, Etc	23
Section 6.7	Action by Written Consent	24
Section 6.8	Delivery by Electronic Transmission or Otherwise	24
ARTICLE 7 DISTRIBUTIONS AND REDEMPTIONS		24
Section 7.1	Distributions.	24
Section 7.2	Redemption by Shareholder.	25
Section 7.3	Redemption by Trust	25
Section 7.4	Net Asset Value	26
Section 7.5	Power to Modify Procedures	27
ARTICLE 8 COMPENSATION, LIMITATION OF LIABILITY OF TRUSTEES		27
Section 8.1	Compensation	27
Section 8.2	Limitation of Liability	27
Section 8.3	Fiduciary Duty.	28
Section 8.4	Indemnification	29
Section 8.5	Indemnification Determinations	30
Section 8.6	Indemnification Not Exclusive	30
Section 8.7	Reliance on Experts, Etc.	30
Section 8.8	No Duty of Investigation; Notice in Trust Instrument	31
Section 8.9	No Bond Required of Trustees	31
Section 8.10	Insurance	31
ARTICLE 9 MISCELLANEOUS		31
Section 9.1	Trust Not a Partnership	31
Section 9.2	Dissolution and Termination of Trust, Series or Class.	32
Section 9.3	Merger, Consolidation, Incorporation.	33
Section 9.4	Filing of Copies, References, Headings	34
Section 9.5	Applicable Law	34
Section 9.6	Amendments	35
Section 9.7	Fiscal Year	35
Section 9.8	Provisions in Conflict with Law	35
Section 9.9	Reliance by Third Parties	35

	Concession as	Sales Charge
	Percentage of	as Percentage
Purchases	Offering Price	of Offering Price
Less than $25,000	5.00%	5.75%
$25,000 but less than $50,000	4.25%	5.00%
$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 $750,000	1.60%	2.00%
$750,000 but less than $1,000,000	1.20%	1.50%
$1,000,000 or more	See below	None