0000051931-11-000852.txt : 20111128 0000051931-11-000852.hdr.sgml : 20111128 20111128155903 ACCESSION NUMBER: 0000051931-11-000852 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111128 DATE AS OF CHANGE: 20111128 EFFECTIVENESS DATE: 20111128 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: 111228412 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 ica_nq.htm

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: September 30, 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
 
September 30, 2011
unaudited

Common stocks — 91.57%
  
Shares
    
Value
(000)
  
             
ENERGY — 11.93%
            
Apache Corp.
     3,490,000     $ 280,037  
Baker Hughes Inc.
     3,935,000       181,640  
BP PLC1
    83,584,340       501,331  
BP PLC (ADR)
     3,596,953       129,742  
Canadian Natural Resources, Ltd.
     3,340,000       98,074  
Chevron Corp.
     6,480,000       599,530  
ConocoPhillips
     17,434,140       1,103,930  
Devon Energy Corp.
     2,690,000       149,134  
Diamond Offshore Drilling, Inc.
     2,025,000       110,848  
Eni SpA1
     4,640,000       81,527  
Eni SpA (ADR)
     770,000       27,050  
EOG Resources, Inc.
     4,152,200       294,848  
Range Resources Corp.
     645,000       37,707  
Royal Dutch Shell PLC, Class A (ADR)
     16,470,000       1,013,234  
Royal Dutch Shell PLC, Class B1
     13,068,265       405,897  
Royal Dutch Shell PLC, Class B (ADR)
     2,975,498       184,630  
Schlumberger Ltd.
     12,724,999       760,064  
TOTAL SA1
     3,000,000       132,272  
              6,091,495  
                 
MATERIALS — 2.72%
                
Akzo Nobel NV1
     425,000       18,788  
ArcelorMittal1
     7,540,000       120,422  
Barrick Gold Corp.
     3,325,000       155,111  
Dow Chemical Co.
     38,582,000       866,552  
POSCO1
     136,000       41,813  
Praxair, Inc.
     999,500       93,433  
United States Steel Corp.
     4,160,000       91,562  
              1,387,681  
                 
INDUSTRIALS — 10.45%
                
3M Co.
     4,834,265       347,052  
CSX Corp.
     27,688,000       516,935  
Danaher Corp.
     1,730,000       72,556  
Deere & Co.
     2,800,000       180,796  
Emerson Electric Co.
     1,915,000       79,109  
General Dynamics Corp.
     11,778,300       670,068  
General Electric Co.
     19,375,000       295,275  
Illinois Tool Works Inc.
     6,400,000       266,240  
Lockheed Martin Corp.
     2,790,820       202,725  
Masco Corp.2
    23,258,069       165,597  
Pitney Bowes Inc.
     350,551       6,590  
R.R. Donnelley & Sons Co.
     6,535,000       92,274  
Republic Services, Inc.
     5,500,000       154,330  
Siemens AG1
     1,650,000       149,065  
Southwest Airlines Co.
     13,000,000       104,520  
Union Pacific Corp.
     9,357,500       764,227  
United Parcel Service, Inc., Class B
     4,250,000       268,388  
United Technologies Corp.
     9,476,852       666,791  
Waste Management, Inc.
     10,100,700       328,879  
              5,331,417  
                 
CONSUMER DISCRETIONARY — 10.45%
                
Carnival Corp., units
     3,600,000       109,080  
Comcast Corp., Class A
     25,905,000       541,414  
Comcast Corp., Class A, special nonvoting shares
     3,000,000       62,070  
Daimler AG1
     1,361,034       60,286  
DIRECTV, Class A3
    6,000,000       253,500  
General Motors Co.3
     20,409,900       411,872  
Harley-Davidson, Inc.
     3,690,000       126,678  
Home Depot, Inc.
     25,550,000       839,828  
Honda Motor Co., Ltd.1
     5,550,000       162,726  
Johnson Controls, Inc.
     8,447,400       222,758  
Kohl’s Corp.
     6,744,000       331,130  
Lowe’s Companies, Inc.
     10,500,000       203,070  
McDonald’s Corp.
     4,750,000       417,145  
News Corp., Class A
     31,880,000       493,184  
NIKE, Inc., Class B
     3,578,100       305,963  
Staples, Inc.
     10,634,800       141,443  
Time Warner Cable Inc.
     4,812,727       301,614  
Time Warner Inc.
     11,624,000       348,371  
              5,332,132  
                 
CONSUMER STAPLES — 11.42%
                
Altria Group, Inc.
     26,477,918       709,873  
Avon Products, Inc.
     15,032,000       294,627  
Coca-Cola Co.
     6,803,300       459,631  
Colgate-Palmolive Co.
     1,500,000       133,020  
ConAgra Foods, Inc.
     5,521,100       133,721  
CVS/Caremark Corp.
     11,000,000       369,380  
General Mills, Inc.
     3,920,000       150,802  
H.J. Heinz Co.
     2,750,000       138,820  
Kellogg Co.
     1,000,000       53,190  
Kimberly-Clark Corp.
     1,500,000       106,515  
Kraft Foods Inc., Class A
     18,374,168       617,005  
Molson Coors Brewing Co., Class B
     7,176,344       284,255  
PepsiCo, Inc.
     6,975,500       431,783  
Philip Morris International Inc.
     29,066,072       1,813,142  
Reynolds American Inc.
     1,333,332       49,973  
Sara Lee Corp.
     5,000,000       81,750  
              5,827,487  
                 
HEALTH CARE — 7.31%
                
Abbott Laboratories
     18,835,000       963,222  
Amgen Inc.
     8,075,792       443,765  
Bayer AG1
     1,950,000       107,164  
Boston Scientific Corp.3
     37,670,000       222,629  
Eli Lilly and Co.
     4,010,000       148,250  
Johnson & Johnson
     600,000       38,226  
Medco Health Solutions, Inc.3
     9,000,000       422,010  
Medtronic, Inc.
     4,847,500       161,131  
Merck & Co., Inc.
     32,576,829       1,065,588  
Novartis AG1
     663,000       37,002  
Novartis AG (ADR)
     921,556       51,395  
Pfizer Inc
     4,025,000       71,162  
              3,731,544  
                 
FINANCIALS — 6.93%
                
Banco Santander, SA1
     23,049,941       188,434  
Banco Santander, SA (ADR)
     3,805,087       30,593  
Bank of America Corp.
     70,440,935       431,099  
Bank of New York Mellon Corp.
     8,508,952       158,182  
BB&T Corp.
     825,000       17,597  
Capital One Financial Corp.
     6,000,000       237,780  
Citigroup Inc.
     22,720,000       582,086  
Credit Suisse Group AG1
     4,565,000       118,458  
Genworth Financial, Inc., Class A3
     12,844,101       73,725  
HSBC Holdings PLC (ADR)
     1,529,416       58,179  
HSBC Holdings PLC (United Kingdom)1
     4,869,240       37,110  
JPMorgan Chase & Co.
     27,145,000       817,607  
Société Générale1
     2,632,877       68,986  
State Street Corp.
     3,775,900       121,433  
Wells Fargo & Co.
     24,700,000       595,764  
              3,537,033  
                 
INFORMATION TECHNOLOGY — 17.00%
                
Accenture PLC, Class A
     2,250,000       118,530  
Apple Inc.3
     2,580,000       983,444  
Applied Materials, Inc.
     12,495,000       129,323  
Automatic Data Processing, Inc.
     4,023,043       189,686  
Cisco Systems, Inc.
     4,643,000       71,920  
Corning Inc.
     23,660,074       292,439  
Flextronics International Ltd.3
     14,000,000       78,820  
Hewlett-Packard Co.
     15,773,700       354,120  
Intel Corp.
     25,754,700       549,348  
International Business Machines Corp.
     3,025,000       529,466  
KLA-Tencor Corp.
     6,726,900       257,506  
Linear Technology Corp.
     8,320,000       230,048  
MasterCard Inc., Class A
     200,000       63,432  
Maxim Integrated Products, Inc.
     2,757,700       64,337  
Microsoft Corp.
     82,948,800       2,064,596  
Nokia Corp.1
    73,600,000       416,901  
Nokia Corp. (ADR)
     5,652,400       31,993  
Oracle Corp.
     28,385,000       815,785  
QUALCOMM Inc.
     8,862,000       430,959  
Texas Instruments Inc.
     22,825,000       608,286  
Xilinx, Inc.
     5,254,500       144,183  
Yahoo! Inc.3
     20,016,420       263,416  
              8,688,538  
                 
TELECOMMUNICATION SERVICES — 5.41%
                
AT&T Inc.
     69,316,900       1,976,918  
CenturyLink, Inc.
     7,106,720       235,375  
France Télécom SA1
     6,220,000       101,994  
Verizon Communications Inc.
     12,135,800       446,597  
              2,760,884  
                 
UTILITIES — 3.50%
                
Dominion Resources, Inc.
     9,403,824       477,432  
Exelon Corp.
     5,120,600       218,189  
FirstEnergy Corp.
     4,443,500       199,558  
GDF SUEZ1
     18,033,278       538,714  
NextEra Energy, Inc.
     300,000       16,206  
Public Service Enterprise Group Inc.
     10,000,000       333,700  
              1,783,799  
                 
MISCELLANEOUS — 4.45%
                
Other common stocks in initial period of acquisition
             2,270,222  
                 
                 
Total common stocks (cost: $43,809,183,000)
             46,742,232  
                 
                 
                 
Warrants — 0.00%
                
                 
FINANCIALS — 0.00%
                
Washington Mutual, Inc., warrants, expire 20131,3
     3,071,428       —  
                 
                 
Total warrants (cost: $11,770,000)
             —  
                 
                 
   
Shares or
          
Convertible securities — 0.58%
  
principal amount
          
                 
MATERIALS — 0.10%
                
ArcelorMittal 5.00% convertible debenture 2014
   $ 48,620,000       51,233  
                 
                 
CONSUMER DISCRETIONARY — 0.48%
                
General Motors Co., Series B, 4.75% convertible preferred 2013
     6,778,850       237,802  
Johnson Controls, Inc. 11.50% convertible preferred 2012, units1
     35,000       4,484  
              242,286  
                 
Total convertible securities (cost: $398,078,000)
             293,519  
                 
                 
   
Principal amount
          
Bonds & notes — 0.98%
     (000 )        
                 
ENERGY — 0.01%
                
Chevron Corp. 4.95% 2019
  $ 5,000       5,972  
                 
                 
MATERIALS — 0.01%
                
Rio Tinto Finance (USA) Ltd. 9.00% 2019
     3,780       5,100  
                 
                 
INDUSTRIALS — 0.07%
                
Burlington Northern Santa Fe LLC 5.75% 2018
     5,000       5,905  
CSX Corp. 6.25% 2015
     5,000       5,777  
Honeywell International Inc. 5.00% 2019
     4,090       4,746  
Norfolk Southern Corp. 5.75% 2018
     2,500       2,937  
Raytheon Co. 4.40% 2020
     3,055       3,326  
Union Pacific Corp. 6.125% 2020
     5,000       6,066  
United Technologies Corp. 4.50% 2020  
     5,475       6,096  
Waste Management, Inc. 2.60% 2016
     445       447  
              35,300  
                 
CONSUMER DISCRETIONARY — 0.03%
                
Comcast Corp. 6.30% 2017
     5,120       5,998  
Kohl’s Corp. 6.25% 2017
     3,500       4,161  
News America Inc. 6.90% 2019
     5,000       5,857  
              16,016  
                 
CONSUMER STAPLES — 0.03%
                
British American Tobacco International Finance PLC 9.50% 20184
     5,000       6,804  
Kraft Foods Inc. 2.625% 2013
     2,555       2,609  
PepsiCo, Inc. 2.50% 2016  
     2,500       2,593  
Tesco PLC 5.50% 20174
     2,506       2,928  
              14,934  
                 
HEALTH CARE — 0.04%
                
Abbott Laboratories 5.125% 2019  
     2,500       2,956  
Boston Scientific Corp. 5.125% 2017
     610       656  
Boston Scientific Corp. 6.00% 2020  
     700       787  
Cardinal Health, Inc. 5.80% 2016
     2,905       3,353  
Novartis Securities Investment Ltd. 5.125% 2019
     2,500       2,959  
Pfizer Inc 6.20% 2019
     2,500       3,141  
Roche Holdings Inc. 6.00% 20194
     2,500       3,063  
WellPoint, Inc. 7.00% 2019
     4,200       5,198  
              22,113  
                 
FINANCIALS — 0.31%
                
Bank of America Corp. 3.75% 2016
     225       205  
Bank of America Corp., Series L, 3.625% 2016
     250       228  
Boston Properties, Inc. 5.875% 2019  
     5,000       5,503  
Citigroup Capital XXI 8.30% 20775
     687       675  
Citigroup Inc. 4.587% 2015  
     1,387       1,426  
JPMorgan Chase & Co., Series I, junior subordinated 7.90% (undated)5
     62,936       65,037  
Northern Trust Corp. 4.625% 2014  
     2,650       2,860  
Regions Bank 7.50% 2018
     4,350       4,345  
Regions Financial Corp. 6.375% 2012
     23,540       24,011  
Regions Financial Corp. 7.75% 2014
     13,082       13,180  
Simon Property Group, LP 4.20% 2015
     2,600       2,747  
SLM Corp., Series A, 5.125% 2012
     1,000       1,000  
Société Générale, junior subordinated 5.922% (undated)4,5
     20,955       12,303  
Wells Fargo & Co. 3.676% 2016
     1,000       1,042  
Wells Fargo & Co., Series K, junior subordinated 7.98% (undated)5
     23,667       24,495  
              159,057  
                 
INFORMATION TECHNOLOGY — 0.01%
                
Cisco Systems, Inc. 4.95% 2019
     5,000       5,705  
                 
                 
TELECOMMUNICATION SERVICES — 0.02%
                
AT&T Inc. 4.85% 2014  
     5,000       5,380  
Vodafone Group PLC 5.625% 2017
     2,500       2,870  
              8,250  
                 
MORTGAGE-BACKED OBLIGATIONS6 — 0.10%
                
Fannie Mae 3.50% 2025  
     5,463       5,716  
Fannie Mae 4.00% 2041  
     14,611       15,393  
Fannie Mae 4.50% 2041  
     10,032       10,726  
Fannie Mae 5.00% 2041  
     9,936       10,785  
Fannie Mae 6.00% 2038  
     429       471  
Fannie Mae 6.00% 2038  
     4,574       5,039  
Fannie Mae 6.00% 2038  
     4,809       5,280  
              53,410  
                 
BONDS & NOTES OF U.S. GOVERNMENT & GOVERNMENT AGENCIES — 0.35%
                
Federal Home Loan Bank 3.625% 2013
     50,000       53,281  
Freddie Mac 2.125% 2012
     10,000       10,163  
Freddie Mac 5.00% 2014
     10,000       11,229  
U.S. Treasury 0.625% 20217
     10,024       10,485  
U.S. Treasury 1.00% 2016
     2,500       2,506  
U.S. Treasury 1.25% 2014
     10,000       10,215  
U.S. Treasury 4.00% 2018
     10,000       11,740  
U.S. Treasury 4.125% 2015
     10,000       11,273  
U.S. Treasury 4.625% 2016
     20,000       23,646  
U.S. Treasury 8.00% 2021
     20,000       31,305  
              175,843  
                 
Total bonds & notes (cost: $466,035,000)
             501,700  
                 
                 
                 
Short-term securities — 6.79%
                
                 
CAFCO, LLC 0.18% due 10/6–10/12/2011
     67,600       67,598  
Coca-Cola Co. 0.09%–0.19% due 11/4/2011–2/2/20124
     131,700       131,656  
Falcon Asset Securitization Co., LLC 0.16% due 10/7/20114
    37,000       36,999  
Fannie Mae 0.09%–0.23% due 10/19/2011–9/7/2012
     719,272       718,959  
Federal Farm Credit Banks 0.09%–0.23% due 11/1/2011–9/18/2012
     252,000       251,917  
Federal Home Loan Bank 0.09%–0.33% due 11/18/2011–9/12/2012
     758,012       757,779  
Freddie Mac 0.04%–0.30% due 10/19/2011–8/6/2012
     705,076       704,951  
General Electric Capital Corp. 0.14% due 10/25/2011
     47,700       47,695  
General Electric Capital Services, Inc. 0.16% due 10/18/2011
     26,100       26,098  
Hewlett-Packard Co. 0.14%–0.15% due 10/3–10/24/20114
     125,000       124,988  
IBM Corp. 0.05% due 10/20/20114
     50,000       49,999  
Johnson & Johnson 0.04% due 10/3/20114
     11,300       11,300  
Jupiter Securitization Co., LLC 0.14% due 11/7/20114
     40,800       40,794  
McDonald’s Corp. 0.18% due 1/9/20124
     15,000       14,983  
Medtronic Inc. 0.04% due 10/31/20114
     5,600       5,600  
NetJets Inc. 0.08%–0.14% due 10/11–11/17/20114
     64,000       63,983  
Pfizer Inc 0.04% due 10/4/20114
     39,200       39,200  
Private Export Funding Corp. 0.16%–0.18% due 11/15–12/15/20114
     63,500       63,478  
Procter & Gamble Co. 0.04%–0.17% due 10/31/2011–1/4/20124
     54,800       54,786  
Straight-A Funding LLC 0.14% due 10/18/20114
    50,000       49,996  
U.S. Treasury Bill 0.221% due 1/12/2012
     75,000       74,997  
Variable Funding Capital Company LLC 0.17% due 10/14–10/25/20114
     77,600       77,590  
Wal-Mart Stores, Inc. 0.08% due 10/28/20114
     50,000       49,997  
                 
Total short-term securities (cost: $3,464,517,000)
             3,465,343  
                 
                 
Total investment securities (cost: $48,149,583,000)
             51,002,794  
Other assets less liabilities
             40,058  
                 
                 
Net assets
           $ 51,042,852  

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

1Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous,” was $4,089,077,000, which represented 8.01% of the net assets of the fund. This amount includes $4,084,593,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
2Represents an affiliated company as defined under the Investment Company Act of 1940.
3Security did not produce income during the last 12 months.
4Acquired 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 $840,447,000, which represented 1.65% of the net assets of the fund.
5Coupon rate may change periodically.
6Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
7Index-linked bond whose principal amount moves with a government price index.


Investments in affiliates

A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. Further details on such holdings and related transactions during the nine months ended September 30, 2011, appear below.

                 
Value of
  
           
Dividend
    
affiliate at
  
           
income
    
9/30/2011
  
 
Beginning shares
Additions
Reductions
Ending shares
     (000 )     (000 )
                         
Masco Corp.
—
23,258,069
—
23,258,069
   $ 1,785     $ 165,597  


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 on 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 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. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. 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 September 30, 2011 (dollars in thousands):
 
Investment securities:
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common stocks:
                        
    Energy
   $ 4,970,468     $ 1,121,027 *   $ —     $ 6,091,495  
    Materials
     1,206,658       181,023 *     —       1,387,681  
    Industrials
     5,182,352       149,065 *     —       5,331,417  
    Consumer discretionary
    5,109,120       223,012 *     —       5,332,132  
    Consumer staples
     5,827,487       —       —       5,827,487  
    Health care
     3,587,378       144,166 *     —       3,731,544  
    Financials
     3,124,045       412,988 *     —       3,537,033  
    Information technology
     8,271,637       416,901 *     —       8,688,538  
    Telecommunication services
    2,658,890       101,994 *     —       2,760,884  
    Utilities
     1,245,085       538,714 *     —       1,783,799  
    Miscellaneous
     1,474,519       795,703 *     —       2,270,222  
Convertible securities
     237,802       55,717       —       293,519  
Bonds & notes
     —       501,700       —       501,700  
Short-term securities
     —       3,465,343       —       3,465,343  
Total
   $ 42,895,441     $ 8,107,353     $ —     $ 51,002,794  
                                 
*Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading; therefore, $4,084,593,000 of investment securities were classified as Level 2 instead of Level 1.  
  


Federal income tax information
  
(dollars in thousands)
  
Gross unrealized appreciation on investment securities
   $ 9,912,634  
Gross unrealized depreciation on investment securities
     (7,074,467 )
Net unrealized appreciation on investment securities
     2,838,167  
Cost of investment securities for federal income tax purposes
     48,164,627  
 

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-904-1111O-S29410
 
 
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: November 28, 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: November 28, 2011



By /s/ Brian D. Bullard
Brian D. Bullard, Treasurer and
Principal Financial Officer
 
Date: November 28, 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: November 28, 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: November 28, 2011

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