0000051931-12-000794.txt : 20121128 0000051931-12-000794.hdr.sgml : 20121128 20121128131942 ACCESSION NUMBER: 0000051931-12-000794 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121128 DATE AS OF CHANGE: 20121128 EFFECTIVENESS DATE: 20121128 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: 121228417 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, 2012





Vincent P. Corti
The Investment Company of America
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, 2012
unaudited
 
Common stocks — 88.26%
  
Shares
    
Value
(000)
  
             
ENERGY — 13.59%
            
Apache Corp.
     4,870,000     $ 421,109  
Baker Hughes Inc.
     12,571,000       568,586  
BP PLC
     133,484,340       940,878  
BP PLC (ADR)
     3,676,953       155,756  
Canadian Natural Resources, Ltd.
     5,540,000       170,917  
Chevron Corp.
     9,480,000       1,104,989  
ConocoPhillips
     10,675,000       610,396  
Devon Energy Corp.
     3,155,000       190,877  
Diamond Offshore Drilling, Inc.
     2,025,000       133,265  
Eni SpA
     3,148,654       68,866  
EOG Resources, Inc.
     4,232,200       474,218  
Halliburton Co.
     8,259,700       278,269  
Range Resources Corp.
     245,000       17,118  
Royal Dutch Shell PLC, Class A (ADR)
     12,833,700       890,787  
Royal Dutch Shell PLC, Class B
     12,150,000       431,244  
Royal Dutch Shell PLC, Class B (ADR)
     2,975,498       212,153  
Schlumberger Ltd.
     15,674,999       1,133,773  
TOTAL SA
     3,000,000       148,809  
              7,952,010  
                 
MATERIALS — 3.68%
                
ArcelorMittal
     7,540,000       108,132  
Barrick Gold Corp.
     3,739,100       156,145  
Dow Chemical Co.
     42,502,000       1,230,858  
International Flavors & Fragrances Inc.
     3,005,000       179,038  
POSCO
     136,000       44,725  
Praxair, Inc.
     3,439,500       357,295  
United States Steel Corp.
     4,160,000       79,331  
              2,155,524  
                 
INDUSTRIALS — 9.97%
                
CSX Corp.
     32,087,748       665,821  
Danaher Corp.
     3,800,000       209,570  
Deere & Co.
     2,800,000       230,972  
Emerson Electric Co.
     2,130,000       102,815  
European Aeronautic Defence and Space Co. EADS NV
     3,935,000       124,723  
General Dynamics Corp.
     13,059,800       863,514  
General Electric Co.
     27,725,000       629,635  
Illinois Tool Works Inc.
     6,400,000       380,608  
Lockheed Martin Corp.
     2,790,820       260,607  
Masco Corp.1
     22,329,069       336,053  
R.R. Donnelley & Sons Co.1
     10,135,000       107,431  
Republic Services, Inc.
     2,500,000       68,775  
Southwest Airlines Co.
     2,403,800       21,081  
Union Pacific Corp.
     3,193,900       379,116  
United Continental Holdings, Inc.2
     7,950,000       155,025  
United Parcel Service, Inc., Class B
     4,750,000       339,957  
United Technologies Corp.
     7,561,852       592,017  
Waste Management, Inc.
     11,500,000       368,920  
              5,836,640  
                 
CONSUMER DISCRETIONARY — 11.51%
                
Amazon.com, Inc.2
    2,885,000       733,713  
Comcast Corp., Class A
     9,273,400       331,710  
Comcast Corp., Class A, special nonvoting shares
     7,000,000       243,600  
Daimler AG
     960,000       46,465  
DIRECTV2
     2,500,000       131,150  
General Motors Co.2
     35,490,500       807,409  
Harley-Davidson, Inc.
     2,650,000       112,280  
Home Depot, Inc.
     23,995,000       1,448,578  
Honda Motor Co., Ltd.
     1,125,000       34,554  
Johnson Controls, Inc.
     11,898,000       326,005  
Kohl’s Corp.
     5,255,700       269,197  
McDonald’s Corp.
     2,000,000       183,500  
News Corp., Class A
     30,500,000       748,165  
NIKE, Inc., Class B
     3,578,100       339,598  
Nordstrom, Inc.
     1,500,000       82,770  
Time Warner Cable Inc.
     4,362,727       414,721  
Time Warner Inc.
     10,624,000       481,586  
              6,735,001  
                 
CONSUMER STAPLES — 11.29%
                
Altria Group, Inc.
     32,080,000       1,071,151  
Avon Products, Inc.
     3,000,000       47,850  
Coca-Cola Co.
     13,606,600       516,098  
ConAgra Foods, Inc.
     5,521,100       152,327  
CVS/Caremark Corp.
     11,000,000       532,620  
General Mills, Inc.
     3,920,000       156,212  
Hillshire Brands Co.
     1,000,000       26,780  
Kellogg Co.
     1,000,000       51,660  
Kimberly-Clark Corp.
     1,500,000       128,670  
Kraft Foods Inc., Class A
     18,374,168       759,772  
Lorillard, Inc.
     1,340,000       156,043  
Molson Coors Brewing Co., Class B
     2,308,095       103,980  
PepsiCo, Inc.
     6,097,500       431,520  
Philip Morris International Inc.
     26,841,072       2,414,086  
Reynolds American Inc.
     1,333,332       57,787  
              6,606,556  
                 
HEALTH CARE — 9.06%
                
Abbott Laboratories
     20,508,938       1,406,093  
Alexion Pharmaceuticals, Inc.2
    2,350,000       268,840  
Amgen Inc.
     15,140,000       1,276,605  
Bayer AG
     2,181,500       187,347  
Boston Scientific Corp.2
    12,830,000       73,644  
Gilead Sciences, Inc.2
     13,730,600       910,751  
GlaxoSmithKline PLC
     6,000,000       138,308  
Johnson & Johnson
     600,000       41,346  
Medtronic, Inc.
     3,562,500       153,615  
Merck & Co., Inc.
     2,800,000       126,280  
Novartis AG
     5,199,000       318,131  
Novartis AG (ADR)
     921,556       56,455  
Pfizer Inc
     4,025,000       100,021  
St. Jude Medical, Inc.
     5,742,000       241,910  
              5,299,346  
                 
FINANCIALS — 4.98%
                
American Express Co.
     900,000       51,174  
Aon PLC, Class A
     8,975,000       469,303  
Capital One Financial Corp.
     6,500,000       370,565  
Citigroup Inc.
     20,110,455       658,014  
Credit Suisse Group AG
     7,239,400       153,409  
Genworth Financial, Inc., Class A2
     8,979,101       46,961  
HSBC Holdings PLC (ADR)
     1,529,416       71,057  
HSBC Holdings PLC (United Kingdom)
     4,869,240       45,078  
JPMorgan Chase & Co.
     17,690,000       716,091  
Société Générale2
    3,432,877       97,492  
Wells Fargo & Co.
     6,850,000       236,530  
              2,915,674  
                 
INFORMATION TECHNOLOGY — 13.29%
                
Accenture PLC, Class A
     2,250,000       157,567  
Adobe Systems Inc.2
    3,130,000       101,600  
Apple Inc.
     1,555,000       1,037,589  
Automatic Data Processing, Inc.
     4,023,043       235,992  
Broadcom Corp., Class A
     2,200,000       76,076  
Cisco Systems, Inc.
     4,643,000       88,635  
Corning Inc.
     5,500,000       72,325  
Flextronics International Ltd.2
     7,500,000       45,000  
Google Inc., Class A2
     271,200       204,620  
Hewlett-Packard Co.
     25,778,700       439,785  
Intel Corp.
     16,840,000       381,931  
International Business Machines Corp.
     1,624,741       337,052  
KLA-Tencor Corp.
     6,276,900       299,440  
Linear Technology Corp.
     4,450,000       141,732  
Maxim Integrated Products, Inc.
     2,757,700       73,410  
Microsoft Corp.
     52,650,500       1,567,932  
Nokia Corp.
     40,525,464       104,675  
Nokia Corp. (ADR)
     5,652,400       14,527  
Oracle Corp.
     33,835,000       1,065,464  
Samsung Electronics Co. Ltd.
     375,500       454,752  
Texas Instruments Inc.
     24,325,000       670,154  
Xilinx, Inc.
     4,254,500       142,143  
Yahoo! Inc.2
     3,967,300       63,378  
              7,775,779  
                 
TELECOMMUNICATION SERVICES — 6.05%
                
AT&T Inc.
     43,000,000       1,621,100  
CenturyLink, Inc.
     6,096,000       246,278  
Sprint Nextel Corp., Series 12
     143,380,000       791,458  
Verizon Communications Inc.
     13,944,600       635,456  
Vodafone Group PLC
     85,950,000       243,927  
              3,538,219  
                 
UTILITIES — 2.83%
                
Dominion Resources, Inc.
     9,403,824       497,839  
Exelon Corp.
     5,120,600       182,191  
FirstEnergy Corp.
     4,443,500       195,958  
GDF SUEZ
     15,358,425       343,412  
NextEra Energy, Inc.
     300,000       21,099  
PG&E Corp.
     2,225,000       94,941  
Public Service Enterprise Group Inc.
     10,000,000       321,800  
              1,657,240  
                 
MISCELLANEOUS — 2.01%
                
Other common stocks in initial period of acquisition
             1,178,225  
                 
                 
Total common stocks (cost: $37,371,766,000)
             51,650,214  
                 
                 
   
Shares or
          
Convertible securities — 0.69%
  
principal amount
          
                 
MATERIALS — 0.08%
                
ArcelorMittal 5.00% convertible debenture 2014
   $ 48,620,000       49,836  
                 
                 
CONSUMER DISCRETIONARY — 0.58%
                
General Motors Co., Series B, 4.75% convertible preferred 2013
     9,060,850       337,788  
                 
                 
FINANCIALS — 0.03%
                
Credit Suisse Group AG 4.00% convertible notes 2013
  
CHF13,569,000
       17,789  
                 
                 
Total convertible securities (cost: $491,702,000)
             405,413  
                 
                 
   
Principal amount
          
Bonds & notes — 1.22%
     (000 )        
                 
ENERGY — 0.01%
                
Chevron Corp. 4.95% 2019
  $ 5,000       6,072  
                 
                 
MATERIALS — 0.01%
                
Dow Chemical Co. 4.125% 2021
    500       545  
Rio Tinto Finance (USA) Ltd. 9.00% 2019
     3,780       5,177  
              5,722  
                 
INDUSTRIALS — 0.06%
                
Burlington Northern Santa Fe LLC 5.75% 2018
     5,000       6,110  
CSX Corp. 6.25% 2015
     5,000       5,701  
Honeywell International Inc. 5.00% 2019
     4,090       4,887  
Norfolk Southern Corp. 5.75% 2018
     2,500       3,013  
Raytheon Co. 4.40% 2020
     3,055       3,546  
Union Pacific Corp. 6.125% 2020
     5,000       6,250  
United Technologies Corp. 3.10% 2022
     2,500       2,670  
Waste Management, Inc. 2.60% 2016
     445       468  
              32,645  
                 
CONSUMER DISCRETIONARY — 0.03%
                
Comcast Corp. 6.30% 2017
     5,120       6,317  
Kohl’s Corp. 6.25% 2017
     3,500       4,283  
News America Inc. 6.90% 2019
     5,000       6,292  
              16,892  
                 
CONSUMER STAPLES — 0.03%
                
British American Tobacco International Finance PLC 9.50% 20183
     5,000       6,980  
Kraft Foods Inc. 2.625% 2013
     2,555       2,585  
PepsiCo, Inc. 2.50% 2016
     2,500       2,641  
Tesco PLC 5.50% 20173
     2,506       2,936  
              15,142  
                 
HEALTH CARE — 0.03%
                
Boston Scientific Corp. 6.00% 2020
     1,250       1,488  
Cardinal Health, Inc. 5.80% 2016
     2,905       3,401  
Novartis Securities Investment Ltd. 5.125% 2019
     2,500       3,009  
Pfizer Inc 6.20% 2019
     2,500       3,190  
Roche Holdings Inc. 6.00% 20193
     2,500       3,141  
WellPoint, Inc. 7.00% 2019
     4,200       5,247  
              19,476  
                 
FINANCIALS — 0.18%
                
Bank of America Corp. 3.75% 2016
     225       239  
Bank of America Corp., Series L, 3.625% 2016
     250       264  
Boston Properties, Inc. 5.875% 2019
     5,000       5,990  
Citigroup Inc. 4.587% 2015
     1,387       1,506  
JPMorgan Chase & Co., Series I, junior subordinated 7.90% (undated)4
     62,936       71,735  
Northern Trust Corp. 4.625% 2014
     2,650       2,820  
Regions Bank, junior subordinated 7.50% 2018
     4,350       5,144  
Regions Financial Corp. 7.75% 2014
     13,082       14,587  
Simon Property Group, LP 4.20% 2015
     2,600       2,770  
              105,055  
                 
INFORMATION TECHNOLOGY — 0.00%
                
Xerox Corp. 2.95% 2017
     750       776  
                 
                 
TELECOMMUNICATION SERVICES — 0.43%
                
Sprint Capital Corp. 6.90% 2019
     17,200       17,931  
Sprint Nextel Corp. 11.50% 2021
     101,775       127,855  
Sprint Nextel Corp. 8.375% 2017
     7,825       8,744  
Sprint Nextel Corp. 9.125% 2017
     83,400       94,868  
Vodafone Group PLC 5.625% 2017
     2,000       2,383  
              251,781  
                 
MORTGAGE-BACKED OBLIGATIONS5 — 0.09%
                
Fannie Mae 2.50% 2027
     5,000       5,245  
Fannie Mae 3.50% 2025
     3,725       3,968  
Fannie Mae 3.50% 2042
     2,956       3,191  
Fannie Mae 3.50% 2042
     10,004       10,802  
Fannie Mae 4.00% 2041
     13,515       14,859  
Fannie Mae 4.50% 2041
     8,541       9,502  
Fannie Mae 6.00% 2038
     287       318  
Fannie Mae 6.00% 2038
     3,014       3,340  
Fannie Mae 6.00% 2038
     3,079       3,399  
Freddie Mac, Series K020, Class A2, multifamily 2.373% 2040
     500       511  
              55,135  
                 
U.S. TREASURY BONDS & NOTES — 0.23%
                
U.S. TREASURY — 0.21%
                
U.S. Treasury 0.875% 2017
     500       507  
U.S. Treasury 1.00% 2016
     2,500       2,554  
U.S. Treasury 1.00% 2017
     3,500       3,571  
U.S. Treasury 1.125% 2019
     3,000       3,030  
U.S. Treasury 1.25% 2014
     10,000       10,141  
U.S. Treasury 1.375% 2012
     25,000       25,038  
U.S. Treasury 1.75% 2022
     1,000       1,015  
U.S. Treasury 4.00% 2018
     10,000       11,860  
U.S. Treasury 4.125% 2015
     10,000       10,999  
U.S. Treasury 4.625% 2016
     20,000       23,377  
U.S. Treasury 8.00% 2021
     20,000       31,345  
              123,437  
                 
U.S. TREASURY INFLATION-PROTECTED SECURITIES6 — 0.02%
                
U.S. Treasury Inflation-Protected Security 0.125% 2016
     2,076       2,201  
U.S. Treasury Inflation-Protected Security 0.125% 2017
     2,017       2,174  
U.S. Treasury Inflation-Protected Security 0.125% 2022
     2,491       2,723  
U.S. Treasury Inflation-Protected Security 0.125% 2022
     3,037       3,316  
              10,414  
                 
                 
Total U.S. Treasury bonds & notes
            133,851  
                 
                 
FEDERAL AGENCY BONDS & NOTES — 0.12%
                
Federal Home Loan Bank 3.625% 2013
     50,000       51,796  
Freddie Mac 1.00% 2017
     5,000       5,054  
Freddie Mac 5.00% 2014
     10,000       10,853  
              67,703  
                 
                 
Total bonds & notes (cost: $626,027,000)
             710,250  
                 
                 
                 
Short-term securities — 9.56%
                
                 
Chevron Corp. 0.11% due 10/18–11/27/20123
     56,900       56,893  
Coca-Cola Co. 0.23%–0.25% due 10/15/2012–1/23/20133
     85,696       85,669  
E.I. duPont de Nemours and Co. 0.13%–0.15% due 10/15–11/19/20123
     74,315       74,305  
Fannie Mae 0.11%–0.18% due 10/16/2012–7/1/2013
     1,408,759       1,408,261  
Federal Farm Credit Banks 0.10%–0.22% due 10/29/2012–8/29/2013
     411,000       410,588  
Federal Home Loan Bank 0.11%–0.22% due 10/11/2012–9/12/2013
     1,328,000       1,327,560  
Freddie Mac 0.12%–0.22% due 10/25/2012–7/8/2013
     947,650       947,184  
General Electric Capital Corp. 0.23% due 12/13/2012
     53,200       53,185  
Google Inc. 0.14% due 11/20/20123
     10,400       10,397  
John Deere Credit Ltd. 0.13%–0.16% due 10/4–11/5/20123
     34,000       33,999  
JPMorgan Chase & Co. 0.28% due 10/31/2012
     50,000       49,993  
Jupiter Securitization Co., LLC 0.16%–0.21% due 10/1–10/17/20123
    75,000       74,996  
National Rural Utilities Cooperative Finance Corp. 0.13% due 10/10/2012
     15,000       14,999  
Paccar Financial Corp. 0.11%–0.12% due 10/3–11/2/2012
     58,900       58,895  
Private Export Funding Corp. 0.16%–0.29% due 12/3/2012–3/11/20133
    107,110       106,979  
Procter & Gamble Co. 0.13%–0.15% due 10/29–12/10/20123
     118,400       118,383  
Regents of the University of California 0.22% due 10/22/2012
     26,607       26,603  
Straight-A Funding LLC 0.18% due 10/1–10/25/20123
     127,681       127,674  
U.S. Treasury Bill 0.125%–0.193% due 10/11/2012–9/19/2013
     347,700       347,399  
Variable Funding Capital Company LLC 0.16% due 10/1–10/26/20123
     70,472       70,468  
Wal-Mart Stores, Inc. 0.11%–0.12% due 10/2–10/11/20123
     144,900       144,898  
Wells Fargo & Co. 0.15%–0.16% due 11/16–12/7/2012
     43,200       43,181  
                 
Total short-term securities (cost: $5,592,051,000)
             5,592,509  
                 
                 
Total investment securities (cost: $44,081,546,000)
             58,358,386  
Other assets less liabilities
             160,089  
                 
Net assets
           $ 58,518,475  

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.
 
 
1The fund owns 5% or more of the outstanding voting shares of this company. See the table below for additional information.
2Security did not produce income during the last 12 months.
3Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of 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 $917,718,000, which represented 1.57% of the net assets of the fund.
4Coupon rate may change periodically.
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.



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 these holdings and related transactions during the nine months ended September 30, 2012, appear below.

   
Beginning shares
    
Additions
    
Reductions
    
Ending shares
      
Dividend income
(000
 )    
Value of affiliate at 9/30/2012
(000
 )
                                         
Masco Corp.
     23,258,069       —       929,000       22,329,069     $ 5,233     $ 336,053  
R.R. Donnelley & Sons
     8,935,000       1,200,000       —       10,135,000       7,795       107,431  
                                    $ 13,028     $ 443,484  


Valuation disclosures

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined 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 supplied by one or more pricing vendors on the valuation date.

Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s 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

When the fund’s 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 ask prices that are reasonably and timely available (or bid prices, if ask 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 fund’s 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 fund’s investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the fund’s board of trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as 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. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. 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.

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.  

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The fund’s investment adviser classifies the fund’s 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 investment adviser’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, 2012 (dollars in thousands):

      Investment securities  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
    Common stocks:
                        
       Energy
   $ 7,952,010     $ —     $ —     $ 7,952,010  
       Materials
     2,155,524       —       —       2,155,524  
       Industrials
     5,836,640       —       —       5,836,640  
       Consumer discretionary
     6,735,001       —       —       6,735,001  
       Consumer staples
     6,606,556       —       —       6,606,556  
       Health care
     5,299,346       —       —       5,299,346  
       Financials
     2,915,674       —       —       2,915,674  
       Information technology
     7,775,779       —       —       7,775,779  
       Telecommunication services
     3,538,219       —       —       3,538,219  
       Utilities
     1,657,240       —       —       1,657,240  
       Miscellaneous
     1,178,225       —       —       1,178,225  
    Convertible securities
     337,788       67,625       —       405,413  
    Bonds & notes
     —       710,250       —       710,250  
    Short-term securities
     —       5,592,509       —       5,592,509  
Total
   $ 51,988,002     $ 6,370,384     $ —     $ 58,358,386  




Federal income tax information
  
(dollars in thousands)
  
Gross unrealized appreciation on investment securities
   $ 16,480,752  
Gross unrealized depreciation on investment securities
     (2,214,207 )
Net unrealized appreciation on investment securities
     14,266,545  
Cost of investment securities for federal income tax purposes
     44,091,841  
 

 
Key to abbreviations

ADR = American Depositary Receipts
CHF = Swiss francs




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 investment objectives, risks, charges and expenses. This and other important information is contained in the fund 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 800/421-4225 or visit the American Funds website at americanfunds.com.
 
 
 
 
MFGEFPX-004-1112O-S32848
 
 
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, 2012



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, 2012



By /s/ Brian D. Bullard
Brian D. Bullard, Treasurer and
Principal Financial Officer
 
Date: November 28, 2012
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, 2012

/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, 2012

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