0000051931-11-000360.txt : 20110527 0000051931-11-000360.hdr.sgml : 20110527 20110527123630 ACCESSION NUMBER: 0000051931-11-000360 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110527 DATE AS OF CHANGE: 20110527 EFFECTIVENESS DATE: 20110527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTMENT CO OF AMERICA CENTRAL INDEX KEY: 0000051931 IRS NUMBER: 951426645 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-00116 FILM NUMBER: 11877035 BUSINESS ADDRESS: STREET 1: 333 S HOPE ST - 55TH FL (MICG) CITY: LOS ANGELES STATE: CA ZIP: 90071 BUSINESS PHONE: 213-486-9200 MAIL ADDRESS: STREET 1: 333 S HOPE ST - 55TH FL (MICG) CITY: LOS ANGELES STATE: CA ZIP: 90071 0000051931 S000009597 INVESTMENT CO OF AMERICA C000026214 Class A AIVSX C000026215 Class R-1 RICAX C000026216 Class R-2 RICBX C000026217 Class R-3 RICCX C000026218 Class R-4 RICEX C000026219 Class R-5 RICFX C000026220 Class B AICBX C000026221 Class C AICCX C000026222 Class F-1 AICFX C000026223 Class 529-A CICAX C000026224 Class 529-B CICBX C000026225 Class 529-C CICCX C000026226 Class 529-E CICEX C000026227 Class 529-F-1 CICFX C000068572 Class F-2 ICAFX C000077857 Class R-6 RICGX N-Q 1 ica_nq.htm N-Q Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company

Investment Company Act File Number: 811-00116



The Investment Company of America
(Exact Name of Registrant as Specified in Charter)

333 South Hope Street,
Los Angeles, California 90071
(Address of Principal Executive Offices)




Registrant's telephone number, including area code:  (213) 486-9200

Date of fiscal year end: December 31

Date of reporting period: March 31, 2011





Vincent P. Corti
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)


Copies to:
Eric A. S. Richards
O’Melveny & Myers LLP
400 South Hope Street, 10th Floor
Los Angeles, California 90071
(Counsel for the Registrant)

 
 
 

ITEM 1 – Schedule of Investments
 
 
 
 
The Investment Company of America® 
Investment portfolio
 
March 31, 2011
unaudited

Common stocks — 92.22%
  
Shares
    
Value
(000)
  
             
ENERGY — 11.94%
            
Apache Corp.
     2,240,000     $ 293,261  
Baker Hughes Inc.
     6,802,800       499,530  
BG Group PLC
     2,850,000       70,911  
BP PLC
     28,380,000       206,693  
BP PLC (ADR)
     2,800,000       123,592  
Canadian Natural Resources, Ltd.
     1,296,400       64,105  
Chevron Corp.
     6,480,000       696,146  
ConocoPhillips
     17,729,140       1,415,849  
Devon Energy Corp.
     2,690,000       246,861  
Diamond Offshore Drilling, Inc.
     2,025,000       157,343  
Eni SpA
     4,640,000       113,959  
Eni SpA (ADR)
     770,000       37,830  
EOG Resources, Inc.
     3,932,200       466,005  
Royal Dutch Shell PLC, Class A (ADR)
     16,470,000       1,200,004  
Royal Dutch Shell PLC, Class B
     11,133,958       403,661  
Royal Dutch Shell PLC, Class B (ADR)
     2,925,498       214,263  
Schlumberger Ltd.
     12,724,999       1,186,733  
TOTAL SA
     3,000,000       182,628  
              7,579,374  
                 
MATERIALS — 3.50%
                
Akzo Nobel NV
     425,000       29,200  
ArcelorMittal
     7,540,000       272,752  
Barrick Gold Corp.
     4,975,000       258,252  
Dow Chemical Co.
     30,392,500       1,147,317  
MeadWestvaco Corp.
     4,085,000       123,898  
POSCO
     136,000       62,610  
Praxair, Inc.
     999,500       101,549  
United States Steel Corp.
     4,160,000       224,391  
              2,219,969  
                 
INDUSTRIALS — 10.58%
                
3M Co.
     4,834,265       452,004  
CSX Corp.
     11,481,000       902,407  
Danaher Corp.
     1,730,000       89,787  
Deere & Co.
     2,800,000       271,292  
General Dynamics Corp.
     11,438,300       875,716  
General Electric Co.
     13,875,000       278,194  
Illinois Tool Works Inc.
     6,400,000       343,808  
Lockheed Martin Corp.
     2,590,820       208,302  
Norfolk Southern Corp.
     580,000       40,177  
Pitney Bowes Inc.
     350,551       9,006  
R.R. Donnelley & Sons Co.
     6,100,000       115,412  
Raytheon Co.
     2,399,800       122,078  
Siemens AG
     3,609,375       494,691  
Southwest Airlines Co.
     13,000,000       164,190  
Tyco International Ltd.
     2,115,000       94,688  
Union Pacific Corp.
     9,357,500       920,123  
United Parcel Service, Inc., Class B
     2,250,000       167,220  
United Technologies Corp.
     10,340,000       875,281  
Waste Management, Inc.
     7,850,700       293,145  
              6,717,521  
                 
CONSUMER DISCRETIONARY — 10.64%
                
Best Buy Co., Inc.
     4,500,000       129,240  
Carnival Corp., units
     3,600,000       138,096  
CBS Corp., Class B
     4,750,000       118,940  
Comcast Corp., Class A
     22,550,271       557,443  
Comcast Corp., Class A, special nonvoting shares
     3,000,000       69,660  
Daimler AG1
     960,000       67,822  
DIRECTV, Class A1
    6,500,000       304,200  
General Motors Co.1
     13,051,900       405,000  
H&R Block, Inc.
     2,315,000       38,753  
Harley-Davidson, Inc.
     3,500,000       148,715  
Home Depot, Inc.
     24,020,000       890,181  
Honda Motor Co., Ltd.
     6,650,000       249,835  
Johnson Controls, Inc.
     7,100,000       295,147  
Kohl’s Corp.
     4,200,000       222,768  
Limited Brands, Inc.
     5,042,743       165,805  
Lowe’s Companies, Inc.
     10,500,000       277,515  
McDonald’s Corp.
     7,150,000       544,044  
News Corp., Class A
     6,750,800       118,544  
NIKE, Inc., Class B
     3,578,100       270,862  
Staples, Inc.
     22,983,300       446,336  
Target Corp.
     5,515,000       275,805  
Time Warner Cable Inc.
     4,812,727       343,340  
Time Warner Inc.
     12,799,000       456,924  
Toyota Motor Corp.
     4,050,000       163,110  
Toyota Motor Corp. (ADR)
     715,000       57,379  
              6,755,464  
                 
CONSUMER STAPLES — 10.10%
                
Altria Group, Inc.
     19,134,200       498,063  
Avon Products, Inc.
     14,082,000       380,777  
Coca-Cola Co.
     2,303,300       152,824  
Colgate-Palmolive Co.
     1,500,000       121,140  
ConAgra Foods, Inc.
     5,521,100       131,126  
CVS/Caremark Corp.
     15,850,000       543,972  
General Mills, Inc.
     3,920,000       143,276  
H.J. Heinz Co.
     2,750,000       134,255  
Kellogg Co.
     1,000,000       53,980  
Kimberly-Clark Corp.
     1,500,000       97,905  
Kraft Foods Inc., Class A
     20,874,168       654,614  
Molson Coors Brewing Co., Class B
     5,925,000       277,823  
PepsiCo, Inc.
     13,141,500       846,444  
Philip Morris International Inc.
     34,193,500       2,244,120  
Reynolds American Inc.
     1,333,332       47,373  
Sara Lee Corp.
     5,000,000       88,350  
              6,416,042  
                 
HEALTH CARE — 6.11%
                
Abbott Laboratories
     16,483,200       808,501  
Amgen Inc.1
     4,370,792       233,619  
Bayer AG
     950,000       73,564  
Boston Scientific Corp.1
     68,146,175       489,971  
Eli Lilly and Co.
     5,595,000       196,776  
Johnson & Johnson
     600,000       35,550  
Medtronic, Inc.
     9,112,500       358,577  
Merck & Co., Inc.
     42,518,429       1,403,533  
Novartis AG
     663,000       35,961  
Novartis AG (ADR)
     921,556       50,087  
Pfizer Inc
     4,025,000       81,748  
Roche Holding AG
     760,000       108,560  
              3,876,447  
                 
FINANCIALS — 8.25%
                
American International Group, Inc.1
    141,955       4,988  
AXA SA
     3,250,000       67,914  
Banco Santander, SA
     51,513,548       598,057  
Banco Santander, SA (ADR)
     5,105,087       59,832  
Bank of America Corp.
     64,140,935       854,999  
Bank of New York Mellon Corp.
     7,885,012       235,525  
BB&T Corp.
     4,825,000       132,446  
Capital One Financial Corp.
     7,300,000       379,308  
Citigroup Inc.1
     102,350,000       452,387  
Discover Financial Services
     7,177,053       173,111  
Genworth Financial, Inc., Class A1
     8,962,401       120,634  
HSBC Holdings PLC (ADR)
     1,529,416       79,224  
HSBC Holdings PLC (United Kingdom)
     4,869,240       50,070  
JPMorgan Chase & Co.
     20,815,000       959,571  
Moody’s Corp.
     2,675,800       90,736  
Société Générale
     2,514,523       163,390  
State Street Corp.
     2,008,700       90,271  
Wells Fargo & Co.
     22,990,000       728,783  
              5,241,246  
                 
INFORMATION TECHNOLOGY — 20.79%
                
Accenture PLC, Class A
     3,650,000       200,641  
Analog Devices, Inc.
     5,726,900       225,525  
Apple Inc.1
     1,430,000       498,283  
Applied Materials, Inc.
     12,495,000       195,172  
Automatic Data Processing, Inc.
     4,023,043       206,422  
Canon, Inc.
     770,000       33,510  
Cisco Systems, Inc.
     11,420,400       195,860  
Corning Inc.
     33,369,820       688,419  
Flextronics International Ltd.1
     15,500,000       115,785  
Google Inc., Class A1
    1,535,030       899,850  
Hewlett-Packard Co.
     22,040,000       902,979  
Intel Corp.
     48,164,700       971,482  
International Business Machines Corp.
     4,135,000       674,294  
KLA-Tencor Corp.
     6,726,900       318,653  
Linear Technology Corp.
     8,320,000       279,802  
MasterCard Inc., Class A
     1,293,901       325,701  
Maxim Integrated Products, Inc.
     2,757,700       70,597  
Microsoft Corp.
     92,365,800       2,342,397  
Nokia Corp.
     24,200,000       206,978  
Nokia Corp. (ADR)
     5,652,400       48,102  
Oracle Corp.
     45,865,000       1,530,515  
QUALCOMM Inc.
     9,612,000       527,026  
SAP AG
     1,070,000       65,509  
Taiwan Semiconductor Manufacturing Co. Ltd.
     15,000,000       36,012  
Telefonaktiebolaget LM Ericsson, Class B
     12,750,000       164,428  
Texas Instruments Inc.
     22,825,000       788,832  
Xilinx, Inc.
     6,454,500       211,708  
Yahoo! Inc.1
     28,491,520       474,384  
              13,198,866  
                 
TELECOMMUNICATION SERVICES — 5.64%
                
AT&T Inc.
     89,966,900       2,752,987  
Deutsche Telekom AG
     8,515,000       131,173  
France Télécom SA
     6,220,000       139,365  
Qwest Communications International Inc.
     74,956,800       511,955  
Verizon Communications Inc.
     1,250,000       48,175  
              3,583,655  
                 
UTILITIES — 3.34%
                
Dominion Resources, Inc.
     10,623,824       474,885  
Exelon Corp.
     7,610,600       313,861  
FirstEnergy Corp.
     6,443,500       238,990  
GDF SUEZ
     16,595,324       676,168  
NextEra Energy, Inc.
     300,000       16,536  
Public Service Enterprise Group Inc.
     10,000,000       315,100  
RWE AG
     1,300,000       82,805  
              2,118,345  
                 
MISCELLANEOUS — 1.33%
                
Other common stocks in initial period of acquisition
             843,856  
                 
                 
Total common stocks (cost: $44,833,305,000)
             58,550,785  
                 
                 
                 
   
Principal amount
          
Preferred securities — 0.19%
     (000 )        
                 
FINANCIALS — 0.19%
                
JPMorgan Chase & Co., Series I, 7.90%2
   $ 62,936       69,097  
Société Générale 5.922%2,3
     24,955       23,612  
Wells Fargo & Co., Series K, 7.98%2
     23,667       26,034  
                 
Total preferred securities (cost: $100,197,000)
             118,743  
                 
                 
                 
                 
Warrants — 0.00%
  
Shares
          
                 
FINANCIALS — 0.00%
                
Washington Mutual, Inc., warrants, expire 20131,4
     3,071,428       —  
                 
                 
MISCELLANEOUS — 0.00%
                
Other warrants in initial period of acquisition
             843  
                 
                 
Total warrants (cost: $13,004,000)
             843  
                 
                 
                 
                 
Convertible securities — 0.60%
  
Shares
          
                 
CONSUMER DISCRETIONARY — 0.33%
                
General Motors Co., Series B, 4.75% convertible preferred 2013
     4,199,850       202,433  
Johnson Controls, Inc. 11.50% convertible preferred 2012, units4
     35,000       7,068  
              209,501  
                 
FINANCIALS — 0.04%
                
American International Group, Inc. 8.50% convertible preferred 2011, units
     4,211,826       18,911  
Fannie Mae 5.375% convertible preferred 20321
    820       4,510  
Fannie Mae, Series 2008-1, 8.75% noncumulative convertible preferred1
     1,218,000       1,060  
              24,481  
                 
MISCELLANEOUS — 0.23%
                
Other convertible securities in initial period of acquisition
             148,547  
                 
                 
Total convertible securities (cost: $713,935,000)
             382,529  
                 
                 
                 
   
Principal amount
          
Bonds & notes — 0.74%
     (000 )        
                 
ENERGY — 0.01%
                
Chevron Corp. 4.95% 2019
  $ 5,000       5,526  
                 
                 
MATERIALS — 0.01%
                
Rio Tinto Finance (USA) Ltd. 9.00% 2019
     3,780       4,975  
                 
                 
INDUSTRIALS — 0.07%
                
Burlington Northern Santa Fe LLC 5.75% 2018
     5,000       5,580  
CSX Corp. 6.25% 2015
     5,000       5,658  
Honeywell International Inc. 5.00% 2019
     4,090       4,430  
Norfolk Southern Corp. 5.75% 2018
     2,500       2,807  
Raytheon Co. 4.40% 2020
     3,055       3,103  
Union Pacific Corp. 5.125% 2014
     5,000       5,429  
Union Pacific Corp. 6.125% 2020
     5,000       5,745  
United Technologies Corp. 4.50% 2020
     5,475       5,708  
Waste Management, Inc. 6.375% 2015
     5,000       5,671  
              44,131  
                 
CONSUMER DISCRETIONARY — 0.04%
                
Comcast Corp. 6.30% 2017
     5,120       5,790  
Kohl’s Corp. 6.25% 2017
     3,500       4,015  
News America Inc. 6.90% 2019
     5,000       5,836  
Staples, Inc. 9.75% 2014
     7,500       9,010  
              24,651  
                 
CONSUMER STAPLES — 0.02%
                
British American Tobacco International Finance PLC 9.50% 20183
     5,000       6,623  
Kraft Foods Inc. 2.625% 2013
     5,110       5,232  
Tesco PLC 5.50% 20173
     2,506       2,783  
              14,638  
                 
HEALTH CARE — 0.04%
                
Abbott Laboratories 5.125% 2019
     2,500       2,706  
Aetna Inc. 5.75% 2011
     1,961       1,982  
Boston Scientific Corp. 6.00% 2020
     250       262  
Boston Scientific Corp. 6.25% 2015
     862       929  
Cardinal Health, Inc. 5.80% 2016
     2,905       3,233  
Novartis Securities Investment Ltd. 5.125% 2019
     2,500       2,711  
Pfizer Inc 6.20% 2019
     2,500       2,885  
Roche Holdings Inc. 5.00% 20143
    3,175       3,461  
Roche Holdings Inc. 6.00% 20193
     2,500       2,838  
WellPoint, Inc. 7.00% 2019
     4,200       4,986  
              25,993  
                 
FINANCIALS — 0.11%
                
Boston Properties, Inc. 5.875% 2019
     5,000       5,438  
Citigroup Inc. 4.587% 2015
     1,387       1,436  
Citigroup Inc. 6.125% 2017
     5,000       5,456  
Northern Trust Corp. 4.625% 2014
     2,650       2,864  
Regions Bank 7.50% 2018
     4,350       4,605  
Regions Financial Corp. 6.375% 2012
     23,540       24,278  
Regions Financial Corp. 7.75% 2014
     13,082       14,140  
Simon Property Group, LP 4.20% 2015
     2,600       2,737  
Simon Property Group, LP 5.25% 2016
     5,875       6,396  
SLM Corp., Series A, 5.125% 2012
     1,000       1,032  
              68,382  
                 
INFORMATION TECHNOLOGY — 0.01%
                
Cisco Systems, Inc. 4.95% 2019
     5,000       5,376  
                 
                 
TELECOMMUNICATION SERVICES — 0.03%
                
AT&T Inc. 4.85% 2014
     5,000       5,411  
Verizon Communications Inc. 5.55% 2014
     10,000       10,987  
Vodafone Group PLC 5.625% 2017
     2,500       2,766  
              19,164  
                 
MORTGAGE-BACKED OBLIGATIONS5 — 0.14%
                
Fannie Mae 3.50% 2025
     5,786       5,811  
Fannie Mae 4.00% 2025
     11,750       12,100  
Fannie Mae 4.00% 2041
     14,937       14,724  
Fannie Mae 4.50% 2040
     12,782       13,030  
Fannie Mae 6.00% 2037
     31,479       34,244  
Fannie Mae 6.00% 2038
     5,683       6,180  
              86,089  
                 
BONDS & NOTES OF U.S. GOVERNMENT & GOVERNMENT AGENCIES — 0.26%
                
Federal Home Loan Bank 0.50% 2011
     23,140       23,155  
Federal Home Loan Bank 3.625% 2013
     50,000       53,054  
Freddie Mac 2.125% 2012
     10,000       10,210  
U.S. Treasury 1.25% 2014
     10,000       10,007  
U.S. Treasury 1.25% 2015
     8,000       7,738  
U.S. Treasury 2.50% 20166
     5,452       6,196  
U.S. Treasury 4.00% 2018
     10,000       10,700  
U.S. Treasury 4.125% 2015
     10,000       10,920  
U.S. Treasury 4.50% 2039
     2,500       2,500  
U.S. Treasury 6.125% 2027
     5,000       6,178  
U.S. Treasury 8.00% 2021
     20,000       27,939  
              168,597  
                 
                 
Total bonds & notes (cost: $439,497,000)
             467,522  
                 
                 
                 
                 
Short-term securities — 5.93%
                
                 
Abbott Laboratories 0.16% due 5/31/20113
     33,100       33,092  
Campbell Soup Co. 0.20% due 5/6/20113
     1,000       1,000  
Coca-Cola Co. 0.16%–0.24% due 5/5–7/26/20113
     347,886       347,697  
Fannie Mae 0.14%–0.492% due 4/11–8/23/2011
     522,000       521,717  
Federal Farm Credit Banks 0.19%–0.24% due 6/3–11/8/2011
     136,700       136,620  
Federal Home Loan Bank 0.16%–0.452% due 4/4–12/6/2011
     428,650       428,180  
Freddie Mac 0.15%–0.422% due 4/6–12/1/2011
     1,051,347       1,050,768  
Hewlett-Packard Co. 0.15% due 4/18/20113
     10,000       9,999  
Johnson & Johnson 0.19% due 7/14/20113
    46,000       45,975  
JPMorgan Chase & Co. 0.21%–0.24% due 5/19–6/13/2011
     88,700       88,657  
Jupiter Securitization Co., LLC 0.21% due 4/12/20113
     76,000       75,995  
NetJets Inc. 0.17% due 4/4/20113
     13,800       13,800  
Private Export Funding Corp. 0.24%–0.25% due 5/4–5/6/20113
     100,700       100,682  
Procter & Gamble International Funding S.C.A. 0.13% due 4/14/20113
     14,600       14,599  
Straight-A Funding LLC 0.25% due 4/1–5/2/20113
     117,200       117,187  
U.S. Treasury Bills 0.14%–0.278% due 4/21/2011–1/12/2012
     781,700       781,358  
                 
Total short-term securities (cost: $3,766,749,000)
             3,767,326  
                 
Total investment securities (cost: $49,866,687,000)
             63,287,748  
Other assets less liabilities
             202,709  
                 
Net assets
           $ 63,490,457  

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

1Security did not produce income during the last 12 months.
2Coupon rate may change periodically.
3Acquired 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 $799,343,000, which represented 1.26 % of the net assets of the fund.
4Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $7,068,000, which represented .01% of the net assets of the fund.
5Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
6Index-linked bond whose principal amount moves with a government price index.

 
Valuation disclosures

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 the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date.

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 inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class
Examples of standard inputs  
All
Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads 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 (collectively referred to as “standard inputs”)
Corporate bonds & notes; convertible securities
Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies
Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations
Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
 
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.

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 trustees. Market quotations may be considered unreliable if events occur that materially affect the value of securities (particularly equity securities trading outside the U.S.) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange. 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 March 31, 2011 (dollars in thousands):

Investment securities:
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common stocks:
                        
    Energy
   $ 7,579,374     $ —     $ —     $ 7,579,374  
    Materials
     2,219,969       —       —       2,219,969  
    Industrials
     6,717,521       —       —       6,717,521  
    Consumer discretionary
    6,755,464       —       —       6,755,464  
    Consumer staples
     6,416,042       —       —       6,416,042  
    Health care
     3,876,447       —       —       3,876,447  
    Financials
     5,241,246       —       —       5,241,246  
    Information technology
     13,198,866       —       —       13,198,866  
    Telecommunication services
    3,583,655       —       —       3,583,655  
    Utilities
     2,118,345       —       —       2,118,345  
    Miscellaneous
     843,856       —       —       843,856  
Preferred securities
     —       118,743       —       118,743  
Warrants
     843       —       —       843  
Convertible securities
     300,209       82,320       —       382,529  
Bonds & notes
     —       467,522       —       467,522  
Short-term securities
     —       3,767,326       —       3,767,326  
Total
   $ 58,851,837     $ 4,435,911     $ —     $ 63,287,748  



Federal income tax information
  
(dollars in thousands)
  
Gross unrealized appreciation on investment securities
   $ 16,895,802  
Gross unrealized depreciation on investment securities
     (3,453,284 )
Net unrealized appreciation on investment securities
     13,442,518  
Cost of investment securities for federal income tax purposes
     49,845,230  
 


Key to abbreviation

ADR = American Depositary Receipts


 

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
 
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
 
 
 
MFGEFP-904-0511O-S25580
 
 
ITEM 2 – Controls and Procedures
 
The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.


ITEM 3 – Exhibits

The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.
 
 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
THE INVESTMENT COMPANY OF AMERICA
   
 
By /s/ James B. Lovelace
 
James B. Lovelace, Vice Chairman and
Principal Executive Officer
   
 
Date: May 27, 2011



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By /s/ James B. Lovelace
James B. Lovelace, Vice Chairman and
Principal Executive Officer
 
Date: May 27, 2011



By /s/ Brian D. Bullard
Brian D. Bullard, Treasurer and
Principal Financial Officer
 
Date: May 27, 2011
 
 EX-99.CERT 2 ica_cert302.htm CERT302 ica_cert302.htm

The Investment Company of America
333 South Hope Street
Los Angeles, California 90071
Phone (213) 486-9200


CERTIFICATION

I, James B. Lovelace, certify that:

1.
I have reviewed this report on Form N-Q of The Investment Company of America;
   
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;
   
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
   
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
   
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
   
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
   


Date: May 27, 2011

/s/ James B. Lovelace
James B. Lovelace, Vice Chairman and
Principal Executive Officer
The Investment Company of America

 
 
 

The Investment Company of America
333 South Hope Street
Los Angeles, California 90071
Phone (213) 486-9200


CERTIFICATION

I, Brian D. Bullard, certify that:

1.
I have reviewed this report on Form N-Q of The Investment Company of America;
   
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;
   
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
   
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
   
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
   
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
   
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
   
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
   


Date: May 27, 2011

/s/ Brian D. Bullard
Brian D. Bullard, Treasurer and
Principal Financial Officer
The Investment Company of America
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