Investment Company of America

<Page>

[AMERICAN FUNDS LOGO]

The right choice for the long term-SM-

The Investment
Company of America-Registered Trademark-

Annual meeting of shareholders -- August 9, 2007

IMPORTANT NOTICE

The annual meeting of shareholders of The Investment Company of America will be
held on August 9, 2007.

While your attendance is not required to participate, it is important that you
take a few minutes to read the enclosed material and vote your shares by
telephone, via the Internet, or by mailing your completed and signed proxy
card(s) in the enclosed postage-paid envelope, as soon as possible. You may
still vote in person if you wish, but voting now will ensure that your vote is
counted if you are unable to attend.

Your vote is important, regardless of the number of shares you own. Mutual funds
are required to obtain shareholder approval for certain issues and as a
shareholder, you have the right to vote on these matters. We encourage you to
read the attached proxy statement in full.

PLEASE DON'T HESITATE. VOTE YOUR SHARES TODAY. BY VOTING YOUR SHARES PROMPTLY,
YOU WILL HELP REDUCE PROXY COSTS -- WHICH ARE PAID BY THE FUND -- AND YOU WILL
ALSO AVOID RECEIVING FOLLOW-UP TELEPHONE CALLS OR MAILINGS. VOTING BY TELEPHONE
OR VIA THE INTERNET LOWERS THE FUND'S PROXY COSTS EVEN FURTHER.

IMPORTANT VOTING INFORMATION INSIDE.

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The Investment Company of America

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
AUGUST 9, 2007

TO THE SHAREHOLDERS OF THE INVESTMENT COMPANY OF AMERICA:

The annual meeting of shareholders (the "meeting") of The Investment Company of
America (the "fund") will be held at the principal offices of the fund, 333
South Hope Street, 55th Floor, Los Angeles, California on Thursday, August 9,
2007 at 9:00 a.m., Pacific time, and at any adjournment or adjournments thereof,
for the following purposes:

1. To elect a board of 13 directors; and

2. To consider and act upon any other business as may properly come before the
meeting and any adjournment or adjournments thereof.

THE PROPOSED BUSINESS CANNOT BE CONDUCTED AT THE MEETING UNLESS THE HOLDERS OF A
MAJORITY OF THE SHARES OF THE FUND OUTSTANDING ON JUNE 11, 2007 (THE "RECORD
DATE") ARE PRESENT IN PERSON OR BY PROXY. THEREFORE, PLEASE MARK, SIGN, DATE AND
RETURN THE ENCLOSED PROXY CARD OR CAST YOUR VOTE BY TELEPHONE OR VIA THE
INTERNET, AS SOON AS POSSIBLE. YOU MAY REVOKE YOUR PROXY AT ANY TIME BEFORE ITS
USE. IF YOU OWNED SHARES IN MORE THAN ONE CLASS OF THE FUND ON JUNE 11, 2007,
YOU MAY RECEIVE MORE THAN ONE PROXY CARD. PLEASE BE CERTAIN TO VOTE EACH PROXY
CARD YOU RECEIVE.

Only shareholders of record at the close of business on June 11, 2007 are
entitled to notice of and to vote at the meeting and any adjournment or
adjournments thereof.

By order of the Board of Directors,

Vincent P. Corti
Secretary

June 25, 2007

IMPORTANT
You can help the fund avoid the expense of further proxy solicitation by
promptly voting your shares using one of three convenient methods: (a) by
calling the toll-free number as described in the enclosed insert; (b) by
accessing the Internet website as described in the enclosed insert; or (c) by
signing, dating and returning the proxy card in the enclosed postage-paid
envelope.

<Page>

The Investment Company of America
333 South Hope Street, Los Angeles, California 90071

PROXY STATEMENT
ANNUAL MEETING OF SHAREHOLDERS
AUGUST 9, 2007

The enclosed proxy is solicited by the board of directors (the "board" or "board
of directors") of The Investment Company of America (the "fund") in connection
with the annual meeting of shareholders (the "meeting") to be held at the
principal offices of the fund, 333 South Hope Street, 55th Floor, Los Angeles,
California on Thursday, August 9, 2007 at 9:00 a.m., Pacific time and at any
adjournment or adjournments thereof. Shareholders of record at the close of
business on June 11, 2007 (the "record date") are entitled to vote on a proposal
to elect 13 directors. The board knows of no other business to be presented for
consideration at the meeting. If any other matter is properly presented, it is
the intention of the persons named in the enclosed proxy to vote in accordance
with their best judgment. This proxy statement and related proxy card were first
mailed on or about June 25, 2007.

If you complete, sign and mail the enclosed proxy card in the postage-paid
envelope provided or record your vote by telephone or via the Internet on or
before August 9, 2007 at 9:00 a.m. Pacific time, your shares will be voted
exactly as you instruct. If you choose to sign the proxy card, without otherwise
completing it, your shares will be voted "for" the directors nominated below.
Your vote can be revoked at any time before its exercise, either by filing with
the fund a written notice of revocation, by delivering a duly executed proxy
card or a telephonic or Internet vote bearing a later date, or by attending the
meeting and voting in person. All shares that are voted and votes to "withhold"
are counted in determining the presence of a quorum.

Broker-dealer firms holding shares of the fund in "street name" for their
customers will request voting instructions from their customers and beneficial
owners. If these instructions are not received by the date specified in the
broker-dealer firms' proxy solicitation materials, the fund understands that
broker-dealers may vote on Proposal 1, Election of Directors, on behalf of their
customers and beneficial owners. Certain broker-dealers may exercise discretion
over shares held in their name for which no instructions are received by voting
these shares in the same proportion as they vote shares for which they received
instructions. The shares over which broker-dealers have discretionary voting
power, the shares that represent "broker non-votes" (i.e., shares held by
brokers or nominees as to which i) instructions have not been received from the
beneficial owners or persons entitled to vote and ii) the broker or nominee does
not have discretionary voting power on a particular matter), and the shares
whose proxies reflect an abstention on any item will all be counted as shares
present and entitled to vote for purposes of determining whether the required
quorum of shares exits.

The fund is a fully managed, diversified, open-end investment company that
issues multiple classes of shares with each share class representing an interest
in a shared

The Investment Company of America 1
<Page>

investment portfolio of securities. While each class has its own sales charge
and expense structure (please refer to the fund's prospectus for more
information), shares of all classes of the fund vote together on matters that
affect all classes in substantially the same manner. There is no provision for
cumulative voting and the number of shares outstanding is equal to the number of
votes to which each class is entitled. On the record date, the number of shares
issued and outstanding for the various classes of shares was as follows:

<Table>
<Caption>
CLASS SHARES OUTSTANDING CLASS SHARES OUTSTANDING

-----------------------------------------------------------------------------------------
A 2,182,461,269 529-E 1,521,204
-----------------------------------------------------------------------------------------
B 123,955,339 529-F 464,210
-----------------------------------------------------------------------------------------
C 100,298,725 R-1 1,618,687
-----------------------------------------------------------------------------------------
F 46,546,229 R-2 19,738,672
-----------------------------------------------------------------------------------------
529-A 35,794,987 R-3 28,753,340
-----------------------------------------------------------------------------------------
529-B 7,369,228 R-4 10,727.275
-----------------------------------------------------------------------------------------
529-C 10,320,834 R-5 62,912,760
-----------------------------------------------------------------------------------------
</Table>

Please note that 529 share classes are available only through
CollegeAmerica-Registered Trademark- to investors establishing qualified higher
education savings accounts. CollegeAmerica account owners are technically not
shareholders of the fund and accordingly, do not have the rights of a
shareholder, including the right to vote any proxies relating to fund shares.
Class 529 shares are voted by the Virginia College Savings Plan, an independent
agency of the Commonwealth of Virginia.

Attached as Appendix A is a table that identifies those investors who own of
record or are known by the fund to own beneficially 5% or more of any class of
its shares as of June 1, 2007, the number of shares so owned, and the percentage
of all shares outstanding for that class represented by such ownership, based
upon the number of shares outstanding on the record date.

With respect to the election of directors, assuming a quorum is present at the
meeting, the 13 nominees receiving the highest number of votes will be elected.
If sufficient votes are not received by the meeting date, the persons named as
proxies may propose one or more adjournments of the meeting in accordance with
applicable law, to permit further solicitation of proxies. The persons named as
proxies may vote all proxies in favor of such adjournment.

PROPOSAL 1: ELECTION OF DIRECTORS

The following 13 directors are proposed to be elected at the meeting, each to
hold office until the next annual meeting or until a successor is elected and
qualified. Each of the nominees for director was elected by shareholders at
their last annual meeting in August 2006. Each of the nominees below has agreed
to serve as a director if reelected. Should any unforeseen event prevent one or
more of the nominees from serving as director, your vote(s) will be cast (unless
you have elected to withhold authority as to the election of any nominee) "for"
the election of such person or persons as the board of directors shall recommend
to replace the former nominee.

2 The Investment Company of America

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The board recommends that shareholders vote "for" each of the following 13
nominees. Proxies will be voted "for" the election of the 13 nominees, unless
otherwise specified.

BOARD OF DIRECTORS
<Table>
<Caption>
NUMBER OF PORTFOLIOS
YEAR FIRST WITHIN THE FUND
POSITION ELECTED A COMPLEX(2)
WITH DIRECTOR OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
NAME AND AGE THE FUND THE FUND DURING PAST FIVE YEARS DIRECTOR

-------------------------------------------------------------------------------------------------------------------------------
"INDEPENDENT" DIRECTORS(1)
Ms. Louise H. Bryson Director 1999 President, Distribution, 1
63 Lifetime Entertainment Services;
General Manager, Lifetime Movie
Network; former Chairman of the
Board and Director, KCET -- Los
Angeles (public television
station)
-------------------------------------------------------------------------------------------------------------------------------
Ms. Mary Anne Dolan Director 2000 Founder and President, M.A.D., 3
60 Inc. (communications company);
former Editor-in-Chief, THE LOS
ANGELES HERALD EXAMINER
-------------------------------------------------------------------------------------------------------------------------------
Mr. Martin Fenton Chairman of 2000 Chairman of the Board, Senior 18
72 the Board Resource Group LLC (development
(Independent and management of senior living
and Non- communities)
Executive)
-------------------------------------------------------------------------------------------------------------------------------
Mr. Leonard R. Fuller Director 2002 President and CEO, Fuller 16
60 Consulting (financial management
consulting firm)
-------------------------------------------------------------------------------------------------------------------------------
Mr. Claudio X. Gonzalez Laporte Director 2001 Chairman of the Board and CEO, 1
73 Kimberly-Clark de Mexico, S.A.
de C.V. (household products)
-------------------------------------------------------------------------------------------------------------------------------

OTHER DIRECTORSHIPS
NAME AND AGE HELD BY DIRECTOR(3)

------------------------------------
"INDEPENDENT" DIRECTORS(1)
Ms. Louise H. Bryson None
63
------------------------------------
Ms. Mary Anne Dolan None
60
------------------------------------
Mr. Martin Fenton None
72
------------------------------------
Mr. Leonard R. Fuller None
60
------------------------------------
Mr. Claudio X. Gonzalez Laporte America Movil, S.A. de C.V.;
73 General Electric Company; Grupo
Alfa, S.A. de C.V.; Grupo Carso,
S.A. de C.V.; Grupo Financiero
Inbursa; Grupo Industrial
Saltillo, S.A. de C.V.; Grupo
Mexico, S.A. de C.V.; The Home
Depot, Inc.; Kellogg Company;
Kimberly-Clark Corporation; The
Mexico Fund
------------------------------------
</Table>

The Investment Company of America 3
<Page>

-----------------------------------------------------------------------------------------------------------------------------
Mr. L. Daniel Jorndt Director 2006 Retired; Former Chairman and CEO, 1
65 Walgreen Company (drug store
chain)
-----------------------------------------------------------------------------------------------------------------------------
Prof. John G. McDonald Director 1976 Stanford Investors Professor, 8
70 Graduate School of Business,
Stanford University
-----------------------------------------------------------------------------------------------------------------------------
Ms. Bailey Morris-Eck Director 1993 Director and Programming Chair, 3
63 WYPR Baltimore/Washington (public
radio station); Senior Adviser,
FINANCIAL NEWS (London); Senior
Fellow, Institute for
International Economics
-----------------------------------------------------------------------------------------------------------------------------
Mr. Richard G. Newman Director 1996 Chairman of the Board, AECOM 14
72 Technology Corporation
(engineering, consulting and
professional technical services)
-----------------------------------------------------------------------------------------------------------------------------
Dr. Olin C. Robison Director 1987 Fellow, The Oxford Centre for the 3
71 Study of Christianity and
Culture; Director, The Oxford
Project on Religion and Public
Policy; President Emeritus of the
Salzburg Seminar; President
Emeritus, Middlebury College
-----------------------------------------------------------------------------------------------------------------------------

OTHER DIRECTORSHIPS(3)
NAME AND AGE HELD BY DIRECTOR

--------------------------------
Mr. L. Daniel Jorndt Kellogg Company
65
--------------------------------
Prof. John G. McDonald iStar Financial, Inc.; Plum Creek
70 Timber Co.; Scholastic
Corporation; Varian, Inc.
--------------------------------
Ms. Bailey Morris-Eck None
63
--------------------------------
Mr. Richard G. Newman Sempra Energy; Southwest Water
72 Company
--------------------------------
Dr. Olin C. Robison American Shared Hospital Services
71
--------------------------------
</Table>

4 The Investment Company of America

<Page>

BOARD OF DIRECTORS
<Table>
<Caption>
PRINCIPAL OCCUPATION(S)
DURING PAST FIVE YEARS NUMBER OF PORTFOLIOS
YEAR FIRST AND POSITIONS HELD WITH WITHIN THE FUND
POSITION ELECTED A AFFILIATED ENTITIES OR COMPLEX(2)
WITH DIRECTOR OF THE PRINCIPAL UNDERWRITER OVERSEEN BY
NAME AND AGE THE FUND THE FUND OF THE FUND DIRECTOR

-----------------------------------------------------------------------------------------------------------------------------
"INTERESTED"
DIRECTORS(4)
Mr. James B. Lovelace Senior Vice 1994 Senior Vice President and 3
51 President and Director, Capital Research and
Director Management Company
-----------------------------------------------------------------------------------------------------------------------------
Mr. Donald D. O'Neal Senior Vice 1994 Senior Vice President and 3
46 President and Director, Capital Research and
Director Management Company
-----------------------------------------------------------------------------------------------------------------------------
Mr. R. Michael Shanahan Vice Chairman 1994 Chairman Emeritus, Capital 2
68 of the Board Research and Management Company;
Director, American Funds
Distributors, Inc.;(5) Chairman
of the Executive Committee and
Director, The Capital Group
Companies, Inc.;(5) Chairman of
the Board, Capital Management
Services, Inc.;(5) Director,
Capital Strategy Research,
Inc.(5)
-----------------------------------------------------------------------------------------------------------------------------

OTHER DIRECTORSHIPS(3)
NAME AND AGE HELD BY DIRECTOR

--------------------------------
"INTERESTED"
DIRECTORS(4)
Mr. James B. Lovelace None
51
--------------------------------
Mr. Donald D. O'Neal None
46
--------------------------------
Mr. R. Michael Shanahan None
68
--------------------------------
</Table>

<Table>

(1) The term "Independent" refers to a director who is not an
"interested person" within the meaning of the Investment
Company Act of 1940 (the "1940 Act").
(2) Funds managed by Capital Research and Management Company,
including the American Funds,-Registered Trademark- American
Funds Insurance Series,-Registered Trademark- which is
composed of 15 funds and serves as the underlying investment
vehicle for certain variable insurance contracts, American
Funds Target Date Retirement Series,(SM) Inc., which is
composed of nine funds and is available to investors in
tax-deferred retirement plans and IRAs, and Endowments,
which is composed of two portfolios and is available to
certain nonprofit organizations.
(3) This includes all directorships (other than those of the
American Funds) that are held by each director as a director
of a public company or a registered investment company.
(4) "Interested persons," within the meaning of the 1940 Act, on
the basis of their affiliation with the fund's investment
adviser, Capital Research and Management Company, or
affiliated entities (including the fund's principal
underwriter).
(5) Company affiliated with Capital Research and Management
Company.
</Table>

The Investment Company of America 5

<Page>

BOARD AND COMMITTEE MEMBERSHIP

During the fiscal year ended December 31, 2006 ("fiscal 2006"), five board
meetings were held. The board has also organized the following standing
committees of the board, each of which holds separate committee meetings. The
principal functions of each board committee are summarized below. During the
2006 fiscal year none of the board members serving on committees was an
"interested person" of the fund within the meaning of the 1940 Act. Claudio X.
Gonzalez Laporte was unable to attend two of five Board meetings and two of five
Audit Committee meetings. All other incumbent directors attended at least 93% of
the meetings of the Board and of the Committees of the Board on which he or she
served during that time.

The fund has an audit committee (the "audit committee") comprised of all of the
board's independent directors. The audit committee provides oversight regarding
the fund's accounting and financial reporting policies and practices, its
internal controls and the internal controls of the fund's principal service
providers. The audit committee acts as a liaison between the fund's independent
registered public accounting firm and the full board of directors. Five audit
committee meetings were held during fiscal 2006.

The fund has a governance and contracts committee (the "governance and contracts
committee") comprised of all of the board's independent directors. The
governance and contracts committee's principal function is to request, review
and consider the information deemed necessary to evaluate the terms of certain
agreements between the fund and its investment adviser or the investment
adviser's affiliates, such as the Investment Advisory and Service Agreement,
Principal Underwriting Agreement, Administrative Services Agreement and Plans of
Distribution under rule 12b-1 adopted under the 1940 Act, that the fund may
enter into, renew or continue, and to make its recommendations to the full board
of directors on these matters. One governance and contracts committee meeting
was held during fiscal 2006.

The fund has a nominating committee (the "nominating committee") comprised of
Louise H. Bryson, Mary Anne Dolan, John G. McDonald and Olin C. Robison, none of
whom is an "interested person" of the fund within the meaning of the 1940 Act.
The nominating committee operates under a written charter that is attached as
Appendix B. The nominating committee periodically reviews such issues as the
board's composition, responsibilities, committees, compensation and other
relevant issues, and recommends any appropriate changes to the full board of
directors. The nominating committee also evaluates, selects and nominates
independent director and advisory board member candidates to the full board of
directors. While the nominating committee normally is able to identify from its
own and other resources an ample number of qualified candidates, it will
consider shareholder suggestions of persons to be considered as nominees to fill
future vacancies on the board. Such suggestions must be made in writing to the
nominating committee of the fund, addressed to the fund's secretary,

6 The Investment Company of America

<Page>
and accompanied by complete biographical and occupational data of the
prospective nominee, along with a written consent of the prospective nominee for
consideration of his or her name by the nominating committee (see also
"Shareholder proposals for 2008 annual meeting"). Four nominating committee
meetings were held during fiscal 2006.

The fund has a proxy committee (the "proxy committee") comprised of Leonard R.
Fuller, John G. McDonald, and Richard G. Newman, none of whom is an "interested
person" of the fund within the meaning of the 1940 Act. The proxy committee's
functions include establishing and reviewing procedures and policies for voting
proxies of companies held in the fund's portfolio, making determinations with
regard to certain contested proxy voting issues, and discussing related current
issues. Five proxy committee meetings were held during fiscal 2006.

DIRECTOR COMPENSATION

No compensation is paid by the fund to any officer or director who is a
director, officer or employee of the investment adviser or its affiliates. The
boards of funds advised by the investment adviser typically meet either
individually or jointly with the boards of one or more other such funds with
substantially overlapping board membership (in each case referred to as a "board
cluster"). The fund typically pays each independent director an annual fee,
which ranges from $50,000 to $81,500, based primarily on the total number of
board clusters on which that independent director serves.

In addition, the fund generally pays independent directors attendance and other
fees for meetings of the board and its committees. Board and committee chairs
receive additional fees for their services.

Independent directors also receive attendance fees for certain special joint
meetings and information sessions with directors and trustees of other groupings
of funds advised by the investment adviser. The fund and the other funds served
by each independent director each pay an equal portion of these attendance fees.

The nominating committee reviews director compensation periodically and
typically recommends adjustments every other year. In making its
recommendations, the nominating committee considers a number of factors,
including operational, regulatory and other developments affecting the
complexity of the board's oversight obligations, as well as comparative industry
data.

No pension or retirement benefits are accrued as part of the fund's expenses.
Independent directors may elect, on a voluntary basis, to defer all or a portion
of their fees through a deferred compensation plan in effect for the fund. The
fund also reimburses certain expenses of its independent directors who are not
affiliated with the fund.

The Investment Company of America 7
<Page>

COMPENSATION AND FUND OWNERSHIP

The following table sets forth for each nominee, the aggregate compensation paid
by the fund during fiscal 2006, the total compensation paid by all funds managed
by the investment adviser or its affiliates during fiscal 2006, the value of his
or her holdings in the fund, as of December 31, 2006 and the value of his or her
holdings in all of the American Funds he or she oversees as a director, as of
December 31, 2006:
<Table>
<Caption>
TOTAL COMPENSATION (INCLUDING
VOLUNTARILY DEFERRED
COMPENSATION(2) FROM ALL FUNDS
AGGREGATE COMPENSATION MANAGED BY CAPITAL DOLLAR RANGE(4)
(INCLUDING VOLUNTARILY DEFERRED RESEARCH AND MANAGEMENT OF FUND SHARES
COMPENSATION(2)) FROM THE FUND COMPANY OR ITS AFFILIATES(3) OWNED AS OF
NAME DURING FISCAL 2006 DURING FISCAL 2006 DECEMBER 31, 2006

-------------------------------------------------------------------------------------------------------------------------
"INDEPENDENT" DIRECTORS(1)
Ms. Louise H. Bryson( 5) $88,500 $88,500 Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Ms. Mary Anne Dolan 73,668 143,500 Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Mr. Martin Fenton(5) 101,657 346,890 $50,001 - $100,000(6)
-------------------------------------------------------------------------------------------------------------------------
Mr. Leonard R. Fuller 76,222 227,810 $10,001 - $50,000
-------------------------------------------------------------------------------------------------------------------------
Mr. Claudio X. Gonzalez
Laporte(5) 76,000 76,000 Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Mr. L. Daniel Jorndt(7) 52,750 52,750 Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Prof. John G. McDonald(5) 92,188 340,000 Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Ms. Bailey Morris-Eck 71,168 139,500 Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Mr. Richard G. Newman 84,273 163,810 Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Dr. Olin C. Robison(5) 77,668 144,500 Over $100,000
-------------------------------------------------------------------------------------------------------------------------

AGGREGATE DOLLAR RANGE(4)
OF SHARES OWNED IN ALL
FUNDS IN THE AMERICAN
FUNDS FAMILY OVERSEEN BY DIRECTOR
NAME AS OF DECEMBER 31, 2006

---------------------------
"INDEPENDENT" DIRECTORS(1)
Ms. Louise H. Bryson( 5) Over $100,000
---------------------------
Ms. Mary Anne Dolan Over $100,000
---------------------------
Mr. Martin Fenton(5) Over $100,000
---------------------------
Mr. Leonard R. Fuller $50,001 - $100,000
---------------------------
Mr. Claudio X. Gonzalez
Laporte(5) Over $100,000
---------------------------
Mr. L. Daniel Jorndt(7) Over $100,000
---------------------------
Prof. John G. McDonald(5) Over $100,000
---------------------------
Ms. Bailey Morris-Eck Over $100,000
---------------------------
Mr. Richard G. Newman Over $100,000
---------------------------
Dr. Olin C. Robison(5) Over $100,000
---------------------------
</Table>

8 The Investment Company of America

<Page>

COMPENSATION AND FUND OWNERSHIP
<Table>
<Caption>
TOTAL COMPENSATION (INCLUDING
VOLUNTARILY DEFERRED
COMPENSATION(2) FROM ALL FUNDS
AGGREGATE COMPENSATION MANAGED BY CAPITAL DOLLAR RANGE(4)
(INCLUDING VOLUNTARILY DEFERRED RESEARCH AND MANAGEMENT OF FUND SHARES
COMPENSATION(2)) FROM THE COMPANY OR ITS AFFILIATES(3) OWNED AS OF
NAME FUND DURING FISCAL 2006 DURING FISCAL 2006 DECEMBER 31, 2006

-------------------------------------------------------------------------------------------------------------------------
"INTERESTED" DIRECTORS(8)
Mr. James B. Lovelace(9) None None Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Mr. Donald D. O'Neal(9) None None Over $100,000
-------------------------------------------------------------------------------------------------------------------------
Mr. R. Michael Shanahan(9) None None Over $100,000
-------------------------------------------------------------------------------------------------------------------------

AGGREGATE DOLLAR RANGE(4)
OF SHARES OWNED IN ALL
FUNDS IN THE AMERICAN
FUNDS FAMILY OVERSEEN BY DIRECTOR
NAME AS OF DECEMBER 31, 2006

----------------------------
"INTERESTED" DIRECTORS(8)
Mr. James B. Lovelace(9) Over $100,000
----------------------------
Mr. Donald D. O'Neal(9) Over $100,000
----------------------------
Mr. R. Michael Shanahan(9) Over $100,000
----------------------------
</Table>

<Table>

(1) An "Independent" director refers to a director who is not an
"interested person" within the meaning of the 1940 Act.
(2) Amounts may be deferred by eligible directors and advisory
board members under a non-qualified deferred compensation
plan adopted by the fund in 1993. Deferred amounts
accumulate at an earnings rate determined by the total
return of one or more funds in the American Funds as
designated by the directors. Compensation shown in this
table for fiscal 2006 does not include earnings on amounts
deferred in previous fiscal years. See footnote 5 for more
information.
(3) Capital Research and Management Company manages the American
Funds, consisting of 30 funds. Capital Research and
Management Company also manages American Funds Insurance
Series which is composed of 15 funds and serves as the
underlying investment vehicle for certain variable insurance
contracts; American Funds Target Date Retirement
Series,(SM) Inc., which is composed of nine funds and is
available to investors in tax-deferred retirement plans and
IRAs; and Endowments, which is composed of two portfolios
and is available to certain nonprofit organizations.
(4) Ownership disclosure is made using the following ranges:
None; $1 - $10,000; $10,001 - $50,000; $50,001 - $100,000
and Over $100,000. The amounts listed for "interested"
directors include shares owned through The Capital Group
Companies, Inc. retirement plan and 401(k) plan.
(5) Since the deferred compensation plan's adoption, the total
amount of deferred compensation accrued by the fund (plus
earnings thereon) through the fiscal 2006 for participating
directors and advisory board members is as follows: Louise
H. Bryson ($675,429), Martin Fenton ($168,186), Leonard R.
Fuller ($10,940), Claudio X. Gonzalez Laporte ($510,702), L.
Daniel Jorndt ($49,882), John G. McDonald ($1,453,516) and
Olin C. Robison ($704,940). Amounts deferred and accumulated
earnings thereon are not funded and are general unsecured
liabilities of the fund until paid to the directors.
(6) Dollar range of shares owned was "Over $100,000" as of
June 1, 2007.
(7) L. Daniel Jorndt was elected by the board in May 2006.
(8) An "interested" director refers to a director who is an
"interested person" within the meaning of the 1940 Act on
the basis of their affiliation with the fund's investment
adviser, Capital Research and Management Company, or
affiliated entities (including the fund's principal
underwriter).
(9) No compensation is paid by the fund to any director who is
affiliated with the investment adviser.
</Table>

The Investment Company of America 9

<Page>

OTHER OFFICERS

Following are the officers of the fund as of the date of this proxy statement.
Each officer was elected at the last annual organizational meeting of the board
held on August 10, 2006, or was subsequently elected and each will hold office
until the board's next annual organizational meeting or until a successor is
duly elected and qualified.

<Table>
<Caption>
PRINCIPAL OCCUPATION(S) DURING
PAST FIVE YEARS AND POSITIONS YEAR FIRST
NAME HELD WITH AFFILIATED ENTITIES ELECTED
(POSITION WITH FUND) OR THE PRINCIPAL UNDERWRITER OF AN OFFICER OF
AND AGE THE FUND THE FUND

---------------------------------------------------------------------------------------
Mr. James F. Rothenberg Chairman of the Board, Capital 2000
(President) Research and Management Company;
60 Director, American Funds
Distributors, Inc.;(1) Director,
The Capital Group Companies,
Inc.;(1) Director, Capital Group
Research, Inc.(1)
---------------------------------------------------------------------------------------
Mr. Paul G. Haaga, Jr. Vice Chairman of the Board, 2002
(Executive Vice President) Capital Research and Management
58 Company; Director, The Capital
Group Companies, Inc.(1)
---------------------------------------------------------------------------------------
Ms. Joyce E. Gordon Senior Vice President and 1998
(Senior Vice President) Director, Capital Research and
50 Management Company
---------------------------------------------------------------------------------------
Mr. J. Dale Harvey Vice President -- Capital 2006
(Vice President) Research and Management Company;
42 Director, American Funds Service
Company
---------------------------------------------------------------------------------------
Ms. Anne M. Llewellyn Senior Vice President -- Fund 1984
(Vice President) Business Management Group,
59 Capital Research and Management
Company
---------------------------------------------------------------------------------------
Mr. Vincent P. Corti Vice President -- Fund Business 1994
(Secretary) Management Group, Capital
51 Research and Management Company
---------------------------------------------------------------------------------------
Mr. Carmelo Spinella Senior Vice President -- Fund 2006
(Treasurer) Business Management Group,
44 Capital Research and Management
Company
---------------------------------------------------------------------------------------
Ms. R. Marcia Gould Vice President -- Fund Business 1993
(Assistant Treasurer) Management Group, Capital
52 Research and Management Company
---------------------------------------------------------------------------------------
</Table>

<Table>

(1) Company affiliated with Capital Research and Management
Company.
</Table>

No officer, director or employee of the investment adviser receives any
remuneration from the fund. All of the officers listed, with the exception of
Anne M. Llewellyn and Carmelo Spinella, are officers of one or more of the other
funds for which Capital Research and Management Company serves as investment
adviser. As of the record date, the officers and directors of the fund and their
families, as a group, owned beneficially less than 1% of the outstanding shares
of the fund.

10 The Investment Company of America

<Page>

ADDITIONAL INFORMATION
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The board of directors (including a majority of independent directors) has
selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public
accounting firm for the fund for the fiscal year ending December 31, 2007. PwC
has served as the fund's independent registered public accounting firm since the
fund's inception. No representative of PwC is expected to attend the meeting. In
reliance on rule 32a-4 under the 1940 Act, the fund is not seeking shareholder
ratification of the selection of its independent registered public accounting
firm.

The audit committee has discussed with PwC representatives the independence of
PwC from the fund and its management, including the matters disclosed in the
letter from PwC required by Independence Standards Board Standard No. 1, as amended,
and has also considered whether the provision of the non-audit services described
below is compatible with maintaining its independence.

The following table sets forth the fees billed by PwC for audit and other
services provided to the fund in respect of the fiscal year ended December 31,
2005 ("fiscal 2005") and fiscal 2006:

<Table>
<Caption>
BILLED TO THE FUND: 2005 2006

-------------------------------------------------------------------------------------
Audit fees $93,000 $99,000
-------------------------------------------------------------------------------------
Audit-related fees none none
-------------------------------------------------------------------------------------
Tax fees 7,000 7,000
-------------------------------------------------------------------------------------
(tax fees consist of professional services relating to the
preparation of the fund's tax returns)
-------------------------------------------------------------------------------------
All other fees none none
-------------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
BILLED TO THE INVESTMENT ADVISER AND ITS AFFILIATES: 2005 2006

------------------------------------------------------------------------------------
(includes only fees for non-audit services billed to the investment
adviser and its affiliates that provide ongoing services to the
funds for engagements that relate directly to the operations and
financial reporting of the fund and that were subject to the
pre-approval policies described below)
------------------------------------------------------------------------------------
Audit-related fees none none
------------------------------------------------------------------------------------
Tax fees $26,000 $14,000
------------------------------------------------------------------------------------
All other fees none none
------------------------------------------------------------------------------------
</Table>

Pre-approval policies: The fund's audit committee pre-approves all audit and
permissible non-audit services that the audit committee considers compatible
with maintaining the independent registered public accounting firm's
independence. This pre-approval requirement extends to all non-audit services
provided to the fund, the investment adviser, and any entity controlling,
controlled by, or under common control with the investment adviser that provides
ongoing services to the fund, if the engagement relates directly to the
operations and financial reporting of the fund. The audit

The Investment Company of America 11

<Page>

committee does not delegate its responsibility to pre-approve these services
to the investment adviser; however, the audit committee may in its discretion
delegate to one or more committee members the authority to review and
pre-approve audit and permissible non-audit services. Actions taken under any
such delegation will be reported to the full audit committee at its next
meeting. While the pre-approval requirement may be waived with respect to
non-audit services if certain conditions are met, the pre-approval
requirement was not waived for any of the services listed above.

Aggregate non-audit fees paid to the fund's independent registered public
accounting firm, including fees for all services billed to the investment
adviser and affiliates, were $33,000 for fiscal 2005 and $21,000 for fiscal
2006. The non-audit services represented by these amounts were brought to the
attention of the audit committee and considered to be consistent with
maintaining the independent registered public accounting firm's independence.

The amounts shown above do not include amounts paid for audit, audit-related and
tax fees rendered to other mutual funds managed by the investment adviser that
PwC serves. Billing for these services during fiscal 2006 totaled $1,256,000.

OTHER MATTERS

Neither the persons named in the enclosed proxy nor the board of directors are
aware of any matters that will be presented for action at the meeting other than
the proposal described above. If any other matters properly requiring a vote of
shareholders arise, the proxies will confer upon the person or persons entitled
to vote the shares in respect of any such matters in accordance with their best
judgment in the interests of the fund and its shareholders.

SHAREHOLDER PROPOSALS FOR 2008 ANNUAL MEETING

Following the upcoming meeting on August 9, 2007, the fund expects to hold its
next annual meeting of shareholders in August 2008. Any shareholder proposal,
including notices of director nomination, must be submitted in writing to the
secretary of the fund, at the fund's principal executive offices located at
333 South Hope Street, 55th Floor, Los Angeles, CA 90071, and received no later
than February 6, 2008 to be considered for inclusion in the fund's 2008 proxy
materials. Any such proposals must comply with all the applicable requirements
or conditions established by the U.S. Securities and Exchange Commission.
Shareholders who wish to suggest candidates for board membership to the
nominating committee for consideration may do so by submitting a written notice
to the secretary of the fund. The notice must be accompanied by complete
biographical and occupational data of the prospective nominee, along with
written consent of the prospective nominee for consideration of his or her name
by the nominating committee.

12 The Investment Company of America

<Page>

ANNUAL REPORT DELIVERY

The fund will furnish, without charge, a copy of its most recent annual report
and/or semi-annual report to any shareholder upon request. Such requests should
be directed to the fund's secretary at 333 South Hope Street, 55th Floor, Los
Angeles, CA 90071, or by telephoning 800/421-0180.

GENERAL INFORMATION

Capital Research and Management Company is the investment adviser to the fund
and is located at 333 South Hope Street, Los Angeles, CA 90071 and 135 South
State College Boulevard, Brea, CA 92821. American Funds Distributors, Inc. is
the principal underwriter of the fund's shares and is located at the Los Angeles
and Brea addresses above and also at 3500 Wiseman Boulevard, San Antonio, TX
78251, 8332 Woodfield Crossing Boulevard, Indianapolis, IN 46240, and 5300 Robin
Hood Road, Norfolk, VA 23513.

COMMUNICATING WITH THE FUND'S DIRECTORS AND OFFICERS

Correspondence intended for the directors and/or officers of the fund should be
directed to the fund's secretary at: 333 South Hope Street, 55th Floor, Los
Angeles, California, 90071.

The enclosed proxy is solicited by and on behalf of the board of directors of
the fund. The fund will pay the cost of soliciting proxies, including the
printing, handling and mailing of the proxies and related materials. In addition
to solicitation by mail, certain officers and directors of the fund, who will
receive no extra compensation for their services, may solicit proxies by
telephone, telegram or personally. WE URGE ALL SHAREHOLDERS TO VOTE THEIR SHARES
BY MAIL, BY TELEPHONE OR VIA THE INTERNET. IF VOTING BY MAIL, PLEASE MARK, SIGN,
DATE, AND RETURN THE PROXY CARD IN THE ENCLOSED ENVELOPE, WHICH REQUIRES NO
POSTAGE IF MAILED IN THE UNITED STATES. TO VOTE YOUR PROXY BY TELEPHONE OR VIA
THE INTERNET, PLEASE FOLLOW THE INSTRUCTIONS THAT APPEAR ON THE ENCLOSED INSERT.

One copy of this proxy statement may be delivered to multiple shareholders who
share a single address. If you would like to obtain an additional copy of this
proxy statement, free of charge, please contact the fund's secretary in writing
at 333 South Hope Street, 55th Floor, Los Angeles, CA 90071, or by telephoning
800/421-0180. These requests will be honored within three business days of
receipt. If you received a proxy statement for each shareholder who shares your
address and would like to receive a single copy of such material in the future,
please write to or call using the address or telephone number indicated above.

By order of the Board of Directors,

Vincent P. Corti
Secretary

June 25, 2007

The Investment Company of America 13

<Page>

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<Page>

Appendix A

<Table>
<Caption>
AS %
OF SHARES
NAME AND ADDRESS CLASS SHARES HELD OUTSTANDING

-----------------------------------------------------------------------------------------
Edward D. Jones & Co. A 412,816,041 18.95
201 Progress Parkway B 14,682,945 11.85
Maryland Heights, MO 63043
-----------------------------------------------------------------------------------------

Citigroup Global Markets, Inc. B 8,066,143 6.51
333 W. 34th Street, 7th Floor C 17,243,864 17.22
New York, NY 10001
-----------------------------------------------------------------------------------------

MLPF&S B 6,330,272 5.11
4800 Deer Lake Drive East, Floor 2 C 15,519,001 15.50
Jacksonville, FL 32246
-----------------------------------------------------------------------------------------

Charles Schwab & Co., Inc. F 4,418,078 9.54
101 Montgomery Street
San Francisco, CA 94104
-----------------------------------------------------------------------------------------

Hartford Life Insurance Co. R-1 531,036 33.00
P. O. Box 2999 R-3 4,116,241 14.37
Hartford, CT 06104
-----------------------------------------------------------------------------------------

John Hancock Life Insurance Co., USA R-3 4,890,533 17.08
601 Congress Street
Boston, MA 02210
-----------------------------------------------------------------------------------------

Saxon & Co. R-4 795,657 7.48
P.O. Box 7780-1888
Philadelphia, PA 19182
-----------------------------------------------------------------------------------------

State Street Bank & Trust Co. R-5 38,812,747 62.10
1 Heritage Drive
Quincy, MA 02171
-----------------------------------------------------------------------------------------

Fidelity Investments Institutional Operations R-5 5,054,361 8.09
Co.
100 Magellan Way
Covington, KY 41015
-----------------------------------------------------------------------------------------

Mercer Trust Company R-5 3,237,002 5.18
1 Investors Way
Norwood, MA 02062
</Table>

A-1

<Page>

(This page intentionally left blank.)
<Page>

Appendix B

THE INVESTMENT COMPANY OF AMERICA
(THE "FUND")
NOMINATING COMMITTEE CHARTER

I. COMMITTEE ORGANIZATION

The Nominating Committee ("the COMMITTEE"), a committee established by the Board
of Directors (the "BOARD"), will be comprised solely of members of the Board who
are not considered "interested persons" of the fund under the Investment Company
Act of 1940 (the "ACT"), and who are otherwise independent. To be considered
independent a member may not, other than in his or her capacity as a member of
the Board, the Committee or any other committee of the Board, accept any
consulting, advisory or other compensatory fee from the fund, or be a former
officer or director of Capital Research and Management Company ("CRMC") or any
of its affiliates.

The Board will appoint the members of the Committee. If the Board has not
designated a Chair of the Committee, the Committee members may designate a Chair
by majority vote of all members. The Committee will be composed of at least
three independent directors. The fund's Secretary will serve as Secretary of the
Committee.

The Committee will meet with the frequency, and at the times, determined by the
Committee Chair or a majority of Committee members. Under normal circumstances,
the Committee is expected to meet at least annually. The Chair will cause notice
of each meeting, together with the agenda and any related materials, to be sent
to each member, normally at least one week before the meeting. The Chair will
cause minutes of each Committee meeting to be prepared and distributed to
Committee members promptly. The Committee may ask independent legal counsel,
representatives of CRMC or others to attend Committee meetings and provide
pertinent information as necessary or desirable. The Committee may also meet in
executive session.

II. DUTIES AND RESPONSIBILITIES

The Committee will:

(a) Evaluate the size and composition of the Board, and formulate policies and
objectives concerning the desired mix of independent director skills and
characteristics. In doing so, the Committee will take into account all
factors it considers relevant, including experience, demonstrated
capabilities, independence, commitment, reputation, background,
understanding of the investment business and understanding of business and
financial matters generally. Where feasible and appropriate, the Committee
will seek to enhance the diversity of Board membership. The Committee will
also consider Board member succession issues.

B-1

<Page>

(b) Identify and screen independent director candidates for appointment to the
Board, and submit final recommendations to the full Board for approval. If
the fund has an Advisory Board, the Committee will perform a similar
function in relation to the Advisory Board.(1) The Committee will, in
identifying and screening candidates, adhere to the policies and objectives
it has previously formulated concerning independent director skills and
characteristics.

(c) Review independent director (and, if applicable, Advisory Board member)
compensation at least every two years, and expense-reimbursement policies
as appropriate. The Committee will make recommendations on these matters to
the full Board.(2)

(d) Review materials, including information drawn from independent director
questionnaires, relating to positions, transactions and relationships that
could reasonably bear on the independence of directors or raise concerns
regarding potential conflicts of interest.

(e) Make recommendations to the full Board concerning the appointment of
independent directors to the Board's committees. The Committee may make
recommendations to the full Board concerning the appointment of the Chair
of each Board committee and periodic changes in those appointments and
designations.(3)

III. AUTHORITY AND RESOURCES

The Committee will have the resources and authority appropriate to discharge its
responsibilities, including, among other things, the authority to retain a
search firm to assist the Committee in identifying, screening and attracting
independent directors.

Independent legal counsel to the independent directors will serve as independent
legal counsel to the Committee.

---------------------

(1) Committee members are encouraged to be alert to potential candidates on an
ongoing basis, so that a pool of prospects is available for consideration
when needs arise. As part of the identification and screening process, the
Committee may consider candidates CRMC suggests, and may involve CRMC
representatives in screening candidates. However, the decision to approve
candidates for submission to the Board (or Advisory Board, if applicable)
will be made exclusively by the Committee.

(2) Director compensation recommendations may take into account the size of the
Fund, the demands placed on the independent directors, the practices of
other mutual fund groups, the need to attract and retain qualified
independent directors, any relevant regulatory or judicial developments,
and other considerations deemed appropriate by the Committee.

(3) Recommendations in this area will be made after consideration of all
relevant factors, including the desires and capacities of individual
directors, and their roles on the boards and board committees of other
funds managed by CRMC. Formal term limits for committee members or Chairs
are not necessary, but the Committee will periodically consider their terms
of service and the possible desirability of changes.

B-2

<Page>

IV. POLICIES AND PROCEDURES

The Committee's policies and procedures may change from time to time to reflect
new or evolving business conditions or nominating committee practices. In
meeting its responsibilities, the Committee is expected to:

(a) Provide oversight regarding the orientation of new independent
directors.(4) The Committee Chair will designate an experienced independent
director to assist, and be available to, each new independent director
during his or her first year of service on the Board.

(b) Consider, at such times as the Committee may deem appropriate, whether the
composition of the Board, its committees (and, if applicable, the fund's
Advisory Board) reflect an appropriate blend of skills, backgrounds and
experience, in relation to the goal of maximizing their effectiveness. The
Committee may also consider, as appropriate, Board member attendance.

(c) Periodically review and reassess the adequacy of this Charter, and
recommend to the full Board any changes deemed advisable.

---------------------

(4) It is expected that orientation materials will be provided to each new
director and one or more orientation sessions arranged. These sessions
should be geared towards providing a working knowledge of the duties and
obligations of mutual fund directors and their role in overseeing mutual
fund investments and operations. Orientation sessions may be facilitated by
or include members of the Committee, representatives of CRMC and/or
independent legal counsel, as appropriate. New independent directors are
encouraged to participate in other educational opportunities, including
those provided by the Investment Company Institute.

B-3

<Page>

(This page intentionally left blank.)

<Page>

[AMERICAN FUNDS LOGO]

The right choice for the long term-SM-

[RECYCLE LOGO]
Printed on recycled paper.

--------------------------------------------------------------------------------
THE CAPITAL GROUP COMPANIES
American Funds Capital Research and Management Capital International
Capital Guardian Capital Bank and Trust

	VOTE VIA THE INTERNET: https://vote.proxy-direct.com VOTE VIA THE TELEPHONE: 1-866-241-6192
	CAPITAL BANK AND TRUST COMPANY AS TRUSTEE AUTHORIZED OFFICER /s/ Thomas J. Hamblin
	Note: Please sign exactly as your name(s) appear on this card. Joint owners should each sign individually. Corporate proxies should be signed in full corporate name by an authorized officer. Fiduciaries should give full titles.
	________________________________________________________________ Signature
	________________________________________________________________ Signature of joint owner, if any
	________________________________________________________________ Date ICA_17765

	VOTE VIA THE INTERNET: https://vote.proxy-direct.com VOTE VIA THE TELEPHONE: 1-866-241-6192

	Note: Please sign exactly as your name(s) appear on this card. Joint owners should each sign individually. Corporate proxies should be signed in full corporate name by an authorized officer. Fiduciaries should give full titles.
	________________________________________________________________ Signature
	________________________________________________________________ Signature of joint owner, if any
	________________________________________________________________ Date ICA_17765

1.	Election of Directors:		FOR ALL	WITHHOLD ALL	FOR ALL EXCEPT
	01 Ms. Louise H. Bryson 02 Ms. Mary Anne Dolan 03 Mr. Martin Fenton 04 Mr. Leonard R. Fuller 05 Mr. L. Daniel Jorndt 06 Mr. Claudio X. Gonzalez Laporte 07 Mr. James B. Lovelace	08 Prof. John G. McDonald 09 Ms. Bailey Morris-Eck 10 Mr. Richard G. Newman 11 Mr. Donald D. O’Neal 12 Dr. Olin C. Robison 13 Mr. R. Michael Shanahan	o	o	o
	To withhold your vote for any individual nominee, mark the “For All Except” box and write the nominee’s number on the line provided below.

1.	Read your proxy statement and have it at hand.
2.	Call toll-free 1-866-241-6192 or go to the website:

	https://vote.proxy-direct.com

3.	Follow the recorded or on-screen directions.
4.	Do not mail your proxy card when you vote by phone or Internet.

[logo - American Funds®]	THE INVESTMENT COMPANY OF AMERICA PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2007	PROXY CARD