The Investment
Company of America^®

Annual report
for the year ended
December 31, 2023

Invest in a fund whose
objective has stood
the test of time

The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

The Investment Company of America seeks to achieve long-term growth of capital and income.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

Refer to page 4 for Class F-2 and Class A share results with relevant sales charges deducted and fund expenses. For other share class results, refer to capitalgroup.com and americanfundsretirement.com.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Refer to capitalgroup.com for more information.

The fund’s 30-day yield as of December 31, 2023, was 1.37% for Class F-2 shares and 1.10% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission formula. The Class A share value reflects the 5.75% maximum sales charge.

Investing outside the United States may be subject to risks, such as currency fluctuations, political instability, differing securities regulations and periods of illiquidity. Global diversification can help reduce these risks. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Equity markets posted strong gains for 2023, as economic growth remained solid and stubbornly high inflation finally relented under the U.S. Federal Reserve’s (Fed) aggressive program of interest rate hikes.

Against that backdrop, The Investment Company of America, Capital Group’s oldest mutual fund, saw a total return of 28.76% (Class F-2 shares) for the fund’s fiscal year ended December 31, 2023. This compares favorably to the fund’s primary benchmark, the Standard & Poor’s 500 Index (S&P 500), which returned 26.29% over the same period.

Overall, the fund benefited from our investment professionals’ commitment to deep fundamental research and bottom-up investing, which focuses on identifying and holding equities that help meet the fund’s objective of long-term capital appreciation and income. As the fund celebrates its 90^thbirthday this year, we are gratified to have done so with results that reflect our continued aspirations for the fund.

That said, outsized annual returns like this are the exception, rather than the rule. Since its inception, the fund has had an average annual return of 12.25%, comparing favorably to the S&P 500’s return of 11.00%. When we select an investment for the fund, we are investing in companies we believe will serve investors well for many years, not just for one year.

The year began with inflation at a multi-decade high, a newly aggressive U.S. Federal Reserve raising interest rates sharply, a rather bearish 2022 for equities and deepening concerns as to whether the economy would slide into recession. The ongoing war in Ukraine and the upcoming U.S. presidential election added to investors’ worries.

One year later, we see economic growth rising, inflation declining sharply and the Fed now pausing its rate hikes. The Fed appears to have successfully guided the economy to a soft landing. The war in Ukraine continues unabated, the deepening conflicts in the Middle East add additional geopolitical instability, and the outcome of the U.S. election continues to be uncertain, yet the market gains in 2023 reflect renewed confidence in the U.S. economy and the stock markets.

Part of this confidence stemmed from the next wave of technological innovation — generative artificial intelligence, or GenAI. These large language models — while not “intelligent” in the classical or most meaningful sense of the word — represent a potential leap forward in the use of computing power and the internet. Many companies at the forefront of AI development — such as Microsoft, one of the fund’s top holdings — could benefit for many years to come.

Domestic markets once again outpaced most international equity markets over the course of the year, continuing a pattern of the last decade. The United Kingdom continues to suffer from stubborn economic issues, while Europe’s markets remain troubled by fallout from the Ukraine war and its knock-on effects on food and energy costs. In Asia, China’s economy has slowed, if not faltered, while Taiwan’s recent elections threaten to escalate tensions in the region.

Overall, however, investors chose to focus on the positive over the past year — declining inflation, rising consumer confidence, increased corporate profits and — perhaps surprisingly when one looks back a year ago — the potential for another strong economic cycle ahead.

Much has been said this past year about the stock market’s Magnificent Seven — Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, NVIDIA and Tesla. These companies’ share prices far outstripped that of the overall S&P 500 and contributed significantly to the index’s overall return — and with good reason, because they are immensely profitable and appear well positioned to benefit from continued demand for AI products and services.

The fund held each of these equities during the course of the year, and as of December 31, has a larger holding in Microsoft and Meta than their representation in the S&P 500 Index. Of the other five, the fund remains underexposed compared to the index — not because there’s a lack of conviction in the companies, but because the fund’s managers believe in diversification and in the deep, fundamental, bottom-up research that has led our investment professionals to many other holdings in the fund.

Indeed, the fund’s holdings in information technology companies was overall smaller than that of the index, though the fund’s returns from that sector were better than that of the index. The fund’s stock selection in the industrials and communications services sectors were the most additive to the fund’s returns, though nearly every sector enjoyed positive returns during the period. Only the fund’s holdings in consumer staples companies, who typically have more predictable business models and can provide stability in periods of economic uncertainty, produced negative overall returns in 2023.

On a relative basis, when compared against the index, the fund’s holdings in real estate and financials detracted from returns, though were still positive on an absolute basis. Likewise, the fund’s cash position, at roughly 3.2% of the total portfolio, detracted from relative returns, though the fund’s managers see a cash position as important for two reasons — as a hedge against a market downturn, and as a resource for when new investment opportunities present themselves.

Among the fund’s top holdings, Microsoft (up 56.8%) was notable for its embrace of GenAI, a strategy that has improved its near-term fundamentals and increased investor interest for the now-venerable software giant. Meta (Facebook), Amazon and Apple are also among the fund’s top 10 holdings, nine of which had positive returns for the period.

RTX Corp., formerly Raytheon, was the holdout among the top 10, down 16.6% for the year. In relative terms, however, even top holdings such as Tesla and Apple detracted from returns because the index’s holdings are much larger than that of the fund.

The Investment Company of America became Capital Group’s first mutual fund offering on December 5, 1933. Our records — including handwritten ledgers and research reports typewritten on carbon paper — feature such household names as IBM and Caterpillar. Since it’s founding, the fund has endured wars and recessions while benefiting from a drumbeat of innovation from a multitude of companies over the decades.

Throughout this history, The Investment Company of America has relied on the experience of our investment professionals to select investments to benefit the fund’s shareholders over the long term. That legacy has been handed down for generations, and our current portfolio managers and analysts are no strangers to investing through a variety of market environments and changes.

What will happen in 2024? There will be a presidential election, though we make no prediction beyond that. We know that the conflicts in Ukraine and in the Middle East will continue to weigh heavily on world affairs and global markets. We know there will be disruptions yet to be foreseen.

We cannot say with certainty what will happen with the economy in the new year. In our view, the Federal Reserve has earned confidence with its management of inflation and the economy over the past year, and the possibility of interest rate cuts could benefit the economy and equity markets. Yet it is no sure thing that the “soft landing” has indeed landed, and an economic slowdown may yet occur. It is worth noting, however, that should the economy decline, the Fed now has room to cut rates to help mitigate the downturn more meaningfully than it had just a few years ago.

We believe the fund is very well positioned to take advantage of a variety of market environments from where the fund stands today. Our search for companies with positive long-term potential has brought us investments like Microsoft, which could gain even more from AI in the coming year. And we’re not just looking at tech companies when it comes to AI. We’re also looking at which businesses — no matter their sector or geography — are applying AI tools in innovative and forward-thinking ways to separate themselves from their competitors.

Should markets continue to rise, we believe our diversified portfolio can provide our investors with the returns to help them reach their goals. And if markets decline, our focus on dividend-paying equities and diversification can help properly position the portfolio to weather the downturn.

As we mentioned in the beginning, we’re pleased to have brought you positive returns such as these on the fund’s 90^thanniversary. More gratifying, however, is the trust that you, and generations before you, have placed in The Investment Company of America through the years. We strive every day to be worthy of that trust.

Thank you for investing in The Investment Company of America. We look forward to reporting to you again in six months — and for many decades to come.

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425.²Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

The results shown are before taxes on fund distributions and sale of fund shares.

This chart illustrates how a hypothetical $10,000 investment in The Investment Company of America’s Class F-2 and Class A shares grew over the past 50 years, from December 31, 1973, through December 31, 2023. The chart also shows how the unmanaged S&P 500 Index fared over this same period.

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,509,566 total shares outstanding)

The Investment Company of America (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks long-term growth of capital and income.

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

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

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

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

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.

Currency translation — 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. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

In-kind redemptions — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. Realized gains or losses resulting from redemptions of shares in-kind are reflected separately in the fund’s statement of operations.

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

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, including depositary receipts, 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, are generally valued at evaluated prices obtained from third-party 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.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.

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 valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. 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, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, 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 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 designated 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 “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

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 December 31, 2023 (dollars in thousands):

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

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

Investing in income-oriented stocks — The value of the fund’s securities and income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.

As of December 31, 2023, the total value of securities on loan was $388,252,000, and the total value of collateral received was $407,840,000. Collateral received includes cash of $184,569,000 and U.S. government securities of $223,271,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

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

As of and during the year ended December 31, 2023, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2023, the fund recognized $5,035,000 in reclaims (net of $242,000 in fees and the effect of realized gain or loss from currency translations) and $2,517,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

During the year ended December 31, 2023, the fund reclassified $351,168,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2023, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Distributions paid were characterized for tax purposes as follows (dollars in thousands):

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.390% on the first $1 billion of daily net assets and decreasing to 0.216% on such assets in excess of $115 billion. For the year ended December 31, 2023, the investment advisory services fees were $262,125,000, which were equivalent to an annualized rate of 0.232% of average daily net assets.

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

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of December 31, 2023, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended December 31, 2023, the 529 plan services fees were $2,088,000, which were equivalent to 0.059% of the average daily net assets of each 529 share class.

For the year ended December 31, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $1,060,000 in the fund’s statement of operations reflects $644,000 in current fees (either paid in cash or deferred) and a net increase of $416,000 in the value of the deferred amounts.

Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2023, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,536,420,000 and $1,120,594,000, respectively, which generated $177,545,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2023.

As of December 31, 2023, the fund had warrants outstanding which may be exercised at any time for the purchase of 818,230 Class A shares at approximately $5.24 per share. If these warrants had been exercised as of December 31, 2023, the net asset value of each share class would have been reduced by approximately $0.03 per share. No warrants were exercised during the year ended December 31, 2023.

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

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

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $31,855,703,000 and $33,594,795,000, respectively, during the year ended December 31, 2023.

We have audited the accompanying statement of assets and liabilities of The Investment Company of America (the “Fund”), including the investment portfolio, as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more American Funds investment companies since 1956.

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2023, through December 31, 2023).

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended December 31, 2023:

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2024, to determine the calendar year amounts to be included on their 2023 tax returns. Shareholders should consult their tax advisors.

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2022, through September 30, 2023. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

The fund’s statement of additional information includes further details about fund directors and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by referring to the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address nearest you.)

Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

Counsel
O’Melveny & Myers LLP
400 South Hope Street
Los Angeles, CA 90071-2899

Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

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 refer to the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

The Investment Company of America files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of The Investment Company of America, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2024, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^TM— has resulted in superior outcomes.

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

Equity-focused funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.²Relative to their peers, our fixed income funds have helped investors achieve better diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, 55th Floor, Los Angeles, California 90071.

The Registrant’s board has determined that John G. Freund, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

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.

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.

1	Letter to investors

4	The value of a long-term perspective

6	Investment portfolio

13	Financial statements

35	Board of trustees and other officers

	Class F-2 shares			Class A shares			S&P 500 Index*
Income return		2.00	%		1.77	%		1.85	%
Capital return		26.76	%		26.73	%		24.44	%
Total return		28.76	%		28.50	%		26.29	%

	Per Class F-2 share		Per Class A share		Payment date
Income dividends		$0.1779		$0.155	March 15
		0.1760		0.155	June 14
		0.1800		0.155	September 13
		0.2852		0.260	December 13
		$0.8191		$0.725

Capital gain distributions		$1.7760		$1.776	December 13
		$2.5951		$2.501

	Expense ratio		Portfolio
	Class F-2 shares	Class A shares	turnover rate
ICA	0.37%	0.58%	29%
Industry average²	0.61%	0.94%	46%

Common stocks 96.57%	Shares		Value (000)
Energy 2.77%
Baker Hughes Co., Class A		9,501,895	$	324,775
Canadian Natural Resources, Ltd. (CAD denominated)		8,612,200		564,224
Cheniere Energy, Inc.		998,182		170,400
Chevron Corp.		2,555,467		381,173
ConocoPhillips		2,790,090		323,846
Diamondback Energy, Inc.		410,565		63,670
EOG Resources, Inc.		4,144,730		501,305
Exxon Mobil Corp.		4,016,113		401,531
Halliburton Co.		5,739,548		207,485
Pioneer Natural Resources Co.		748,728		168,374
TC Energy Corp. (CAD denominated)¹		7,816,269		305,324
Woodside Energy Group, Ltd.		1,996,365		42,292
Woodside Energy Group, Ltd. (CDI)		1,904,338		40,315
				3,494,714

Materials 3.84%
Air Products and Chemicals, Inc.		750,000		205,350
Albemarle Corp.		1,567,965		226,540
ATI, Inc.²		883,700		40,182
Celanese Corp.³		7,595,637		1,180,134
Corteva, Inc.		4,381,229		209,948
Ecolab, Inc.		1,332,932		264,387
Freeport-McMoRan, Inc.		8,943,431		380,722
Linde PLC		4,971,660		2,041,910
Rio Tinto PLC		2,500,000		185,670
Sherwin-Williams Co.		383,958		119,757
				4,854,600

Industrials 14.76%
AB Volvo, Class B		474,209		12,328
Airbus SE, non-registered shares		1,398,666		215,896
AMETEK, Inc.		257,448		42,451
BAE Systems PLC		16,659,352		235,695
Boeing Co.²		6,159,894		1,605,638
Carrier Global Corp.		34,640,866		1,990,118
Ceridian HCM Holding, Inc.²		1,995,267		133,922
CSX Corp.		6,260,489		217,051
Delta Air Lines, Inc.		3,303,983		132,919
Equifax, Inc.		1,031,987		255,200
FedEx Corp.		536,446		135,705
General Dynamics Corp.		2,263,403		587,738
General Electric Co.		37,121,033		4,737,757
Honeywell International, Inc.		603,760		126,615
Illinois Tool Works, Inc.		2,465,552		645,827
Ingersoll-Rand, Inc.		3,997,965		309,203
Lincoln Electric Holdings, Inc.		920,368		200,143

¹	The expense ratio is the annual percentage of net assets used to pay fund expenses. The portfolio turnover rate is a measure of how often securities are bought and sold by a fund.
²	Source: Refinitiv Lipper. Lipper Large-Cap Core Funds (industry average expense ratio based on statistics for the most recent fiscal year-ends available as of December 31, 2023).

¹	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
²	The maximum initial sales charge was 8.5% prior to July 1, 1988.
³	Includes dividends and capital gain distributions reinvested in the years 1973 to 2023.
⁴	Source: S&P Dow Jones Indices LLC. The S&P 500 Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Northrop Grumman Corp.		1,303,763	$	610,344
Otis Worldwide Corp.		2,817,315		252,065
Paychex, Inc.		764,215		91,026
Rolls-Royce Holdings PLC²		30,272,943		115,291
RTX Corp.		29,039,664		2,443,397
Safran SA		569,290		100,425
SS&C Technologies Holdings, Inc.		2,593,826		158,509
TFI International, Inc.¹		3,270,858		444,771
TransDigm Group, Inc.		124,564		126,009
TransUnion		693,732		47,666
Uber Technologies, Inc.²		9,602,427		591,221
Union Pacific Corp.		2,016,637		495,326
United Airlines Holdings, Inc.²		1,287,054		53,104
United Rentals, Inc.		2,175,184		1,247,294
Veralto Corp.		585,806		48,188
Waste Connections, Inc.		357,379		53,346
Waste Management, Inc.		1,112,920		199,324
				18,661,512

Consumer discretionary 9.88%
Amazon.com, Inc.²		25,078,153		3,810,374
Chipotle Mexican Grill, Inc.²		129,028		295,082
Compagnie Financière Richemont SA, Class A		850,756		117,348
D.R. Horton, Inc.		2,658,020		403,966
DoorDash, Inc., Class A²		1,161,685		114,879
General Motors Co.		8,660,212		311,075
Hilton Worldwide Holdings, Inc.		760,089		138,405
Home Depot, Inc.		5,811,223		2,013,879
Kering SA		221,552		98,320
LVMH Moët Hennessy-Louis Vuitton SE		45,915		37,243
Marriott International, Inc., Class A		1,149,567		259,239
McDonald’s Corp.		992,725		294,353
NIKE, Inc., Class B		2,545,104		276,322
Norwegian Cruise Line Holdings, Ltd.^1,2,3		27,651,276		554,131
Restaurant Brands International, Inc.		7,996,683		624,781
Royal Caribbean Cruises, Ltd.^2,3		17,758,810		2,299,588
Starbucks Corp.		1,904,053		182,808
Tapestry, Inc.		3,413,392		125,647
Tesla, Inc.²		945,633		234,971
TJX Companies, Inc.		2,390,796		224,281
Tractor Supply Co.		255,139		54,862
YUM! Brands, Inc.		133,460		17,438
				12,488,992

Consumer staples 6.19%
Altria Group, Inc.		7,400,755		298,546
Anheuser-Busch InBev SA/NV		371,992		24,033
Archer Daniels Midland Co.		1,487,291		107,412
British American Tobacco PLC		73,511,752		2,145,239
Church & Dwight Co., Inc.		1,564,332		147,923
Constellation Brands, Inc., Class A		1,388,115		335,577
Danone SA		2,495,253		161,845
Dollar General Corp.		2,862,448		389,150
Estée Lauder Companies, Inc. (The), Class A		1,997,207		292,092
General Mills, Inc.		2,990,611		194,808
Keurig Dr Pepper, Inc.		13,351,133		444,860
Kraft Heinz Co. (The)		1,339,008		49,517
Molson Coors Beverage Co., Class B, restricted voting shares		1,234,166		75,543
Mondelez International, Inc., Class A		4,905,952		355,338
Monster Beverage Corp.²		2,212,551		127,465
PepsiCo, Inc.		3,984,688		676,759
Philip Morris International, Inc.		21,298,775		2,003,789
				7,829,896

Preferred securities 0.05%	Shares		Value (000)
Financials 0.05%
Fannie Mae, Series O, 7.00% noncumulative preferred shares²		4,815,256	$	24,462
Fannie Mae, Series P, (3-month USD-LIBOR + 0.75%) 6.288% noncumulative preferred shares^2,4,5		565,000		1,525
Fannie Mae, Series R, 7.625% noncumulative preferred shares²		2,946,415		7,513
Fannie Mae, Series T, 8.25% noncumulative preferred shares²		9,922,867		28,876
Federal Home Loan Mortgage Corp., Series V, 5.57% preferred shares^1,2		1,818,512		4,164

Total preferred securities (cost: $47,695,000)				66,540

Convertible stocks 0.08%
Utilities 0.08%
AES Corp., convertible preferred units, 6.875% 2/15/2024¹		506,812		38,558
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		1,679,642		64,028

Total convertible stocks (cost: $133,064,000)				102,586

Convertible bonds & notes 0.01%	Principal amount (000)
Financials 0.01%
Coinbase Global, Inc., convertible notes, 0.50% 6/1/2026	USD	7,963		7,251

Total convertible bonds & notes (cost: $6,337,000)				7,251

Bonds, notes & other debt instruments 0.07%
Corporate bonds, notes & loans 0.07%
Consumer discretionary 0.05%
Ford Motor Credit Co., LLC 5.125% 6/16/2025		24,416		24,120
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029^3,6		20,954		22,281
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029^3,6		17,415		18,743
				65,144

Industrials 0.02%
TransDigm, Inc. 4.875% 5/1/2029		27,570		25,801

Total corporate bonds, notes & loans				90,945

Total bonds, notes & other debt instruments (cost: $85,922,000)				90,945

Short-term securities 3.27%		Shares
Money market investments 3.12%
Capital Group Central Cash Fund 5.44%^3,7		39,468,892		3,946,495

Money market investments purchased with collateral from securities on loan 0.15%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%^7,8		29,500,000		29,500
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.25%^7,8		25,800,000		25,800
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%^7,8		24,327,132		24,327
Fidelity Investments Money Market Government Portfolio, Class I 5.25%^7,8		23,900,000		23,900
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 5.27%^7,8		23,900,000		23,900
BlackRock Liquidity Funds – FedFund, Institutional Shares 5.26%^7,8		20,300,000		20,300

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.23%^7,8		18,400,000	$	18,400
Capital Group Central Cash Fund 5.44%^3,7,8		129,435		12,942
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 5.23%^7,8		5,500,000		5,500
				184,569

Total short-term securities (cost: $4,130,978,000)				4,131,064
Total investment securities 100.05% (cost: $69,880,105,000)				126,463,275
Other assets less liabilities (0.05)%				(61,435	)

Net assets 100.00%			$	126,401,840

	Value at 1/1/2023 (000)		Additions (000)			Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Common stocks 3.19%
Energy 0.00%
Baker Hughes Co., Class A⁹	$	1,557,300	$	—		$	1,488,210	$	567,637		$	(311,952	)	$	—	$	33,246
Materials 0.93%
Celanese Corp.		—		834,686			1,638		351			346,735			1,180,134		9,549
Industrials 0.00%
TFI International, Inc.^1,9		516,593		—			210,196		23,693			114,681			—		5,358
Consumer discretionary 2.26%
Royal Caribbean Cruises, Ltd.²		770,566		283,704			61,288		(5,860	)		1,312,466			2,299,588		—
Norwegian Cruise Line Holdings, Ltd.^1,2		7,699		451,118			9,364		2,087			102,591			554,131		—
															2,853,719
Total common stocks															4,033,853
Convertible bonds & notes 0.00%
Consumer discretionary 0.00%
Royal Caribbean Cruises, Ltd., convertible notes, 2.875% 11/15/2023¹⁰		8,387		—			9,041		518			136			—		213
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 6/15/2023¹⁰		114,413		—			122,041		4,330			3,298			—		2,089
															—

Bonds, notes & other debt instruments 0.04%
Consumer discretionary 0.04%
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029⁶		21,085		—			—		—			1,196			22,281		1,725
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029⁶		17,916		—			—		—			827			18,743		1,607
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025¹⁰		10,199		—			10,036		147			(310	)		—		575
															41,024
Short-term securities 3.13%
Money market investments 3.12%
Capital Group Central Cash Fund 5.44%⁷		5,773,085		10,353,432			12,180,253		767			(536	)		3,946,495		254,278
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 5.44%^7,8		5,028		7,914	¹¹										12,942		—	¹²
Total short-term securities															3,959,437
Total 6.36%								$	593,670		$	1,569,132		$	8,034,314	$	308,640

¹	All or a portion of this security was on loan. The total value of all such securities was $388,252,000, which represented .31% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
²	Security did not produce income during the last 12 months.
³	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
⁴	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
⁵	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁶	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(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 $41,024,000, which represented .03% of the net assets of the fund.
⁷	Rate represents the seven-day yield at 12/31/2023.
⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁹	Affiliated issuer during the reporting period but no longer an affiliate at 12/31/2023. Refer to the investment portfolio for the security value at 12/31/2023.
¹⁰	Affiliated issuer during the reporting period but no longer held at 12/31/2023.
¹¹	Represents net activity. Refer to Note 5 for more information on securities lending.
¹²	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Statement of assets and liabilities
at December 31, 2023	(dollars in thousands)

Assets:
Investment securities, at value (includes $388,252 of investment securities on loan):
Unaffiliated issuers (cost: $63,645,573)	$	118,428,961
Affiliated issuers (cost: $6,234,532)		8,034,314	$	126,463,275
Cash				92
Cash denominated in currencies other than U.S. dollars (cost: $8,470)				8,464
Receivables for:
Sales of investments		72,312
Sales of fund’s shares		69,524
Dividends and interest		192,963
Securities lending income		420
Other		1,594		336,813
				126,808,644
Liabilities:
Collateral for securities on loan				184,569
Payables for:
Purchases of investments		86,810
Repurchases of fund’s shares		76,668
Investment advisory services		24,231
Services provided by related parties		26,773
Trustees’ deferred compensation		4,262
Other		3,491		222,235
Net assets at December 31, 2023			$	126,401,840

Net assets consist of:
Capital paid in on shares of beneficial interest			$	68,929,676
Total distributable earnings (accumulated loss)				57,472,164
Net assets at December 31, 2023			$	126,401,840

Statement of assets and liabilities
at December 31, 2023 (continued)	(dollars and shares in thousands, except per-share amounts)

Common stocks (continued)	Shares		Value (000)
Health care 12.36%
Abbott Laboratories		26,754,374	$	2,944,854
AbbVie, Inc.		6,169,318		956,059
Amgen, Inc.		1,010,005		290,902
AstraZeneca PLC		1,392,133		187,497
AstraZeneca PLC (ADR)		775,946		52,260
Bristol-Myers Squibb Co.		4,344,812		222,932
Cencora, Inc.		898,070		184,446
CVS Health Corp.		891,223		70,371
Daiichi Sankyo Co., Ltd.		9,976,200		276,184
Danaher Corp.		2,803,311		648,518
DexCom, Inc.²		2,421,228		300,450
Edwards Lifesciences Corp.²		481,042		36,680
Elevance Health, Inc.		369,620		174,298
Eli Lilly and Co.		2,043,121		1,190,976
GE HealthCare Technologies, Inc.		19,961,219		1,543,402
Gilead Sciences, Inc.		10,095,129		817,806
Humana, Inc.		828,584		379,334
Johnson & Johnson		437,544		68,581
Medtronic PLC		5,597,477		461,120
Novo Nordisk AS, Class B		5,993,814		619,969
Pfizer, Inc.		1,181,152		34,005
Regeneron Pharmaceuticals, Inc.²		330,864		290,595
Sanofi		741,420		73,505
Stryker Corp.		1,562,576		467,929
Takeda Pharmaceutical Co., Ltd.		5,229,812		150,134
Thermo Fisher Scientific, Inc.		1,550,291		822,879
UnitedHealth Group, Inc.		3,757,029		1,977,963
Vertex Pharmaceuticals, Inc.²		501,611		204,101
Zoetis, Inc., Class A		919,750		181,531
				15,629,281

Financials 10.34%
AIA Group, Ltd.		35,422,200		307,656
American International Group, Inc.		20,440,437		1,384,840
Aon PLC, Class A		405,561		118,026
Arthur J. Gallagher & Co.		2,457,685		552,684
Berkshire Hathaway, Inc., Class B²		222,745		79,444
BlackRock, Inc.		954,300		774,701

	Net assets		Shares outstanding			Net asset value per share
Class A	$	79,013,554		1,567,756		$	50.40
Class C		1,223,052		24,610			49.70
Class T		13		—	*		50.37
Class F-1		1,435,304		28,575			50.23
Class F-2		12,950,820		257,181			50.36
Class F-3		5,188,101		103,010			50.36
Class 529-A		3,476,951		69,231			50.22
Class 529-C		72,737		1,450			50.17
Class 529-E		85,132		1,702			50.01
Class 529-T		21		—	*		50.38
Class 529-F-1		15		—	*		50.11
Class 529-F-2		231,236		4,590			50.38
Class 529-F-3		16		—	*		50.37
Class R-1		70,914		1,422			49.86
Class R-2		690,154		13,822			49.93
Class R-2E		93,485		1,863			50.19
Class R-3		991,007		19,764			50.14
Class R-4		1,218,394		24,268			50.21
Class R-5E		265,151		5,268			50.33
Class R-5		199,644		3,963			50.38
Class R-6		19,196,139		381,091			50.37

Statement of operations
for the year ended December 31, 2023	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $10,700; also includes $302,430 from affiliates)	$	2,218,127
Interest (includes $6,210 from affiliates)		14,546
Securities lending income (net of fees)		1,540	$	2,234,213
*Fees and expenses:**
Investment advisory services		262,125
Distribution services		205,122
Transfer agent services		72,113
Administrative services		33,904
529 plan services		2,088
Reports to shareholders		1,953
Registration statement and prospectus		1,164
Trustees’ compensation		1,060
Auditing and legal		124
Custodian		731
Other		205		580,589
Net investment income				1,653,624

Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		4,627,942
Affiliated issuers		593,670
In-kind redemptions		126,273
Currency transactions		2,749		5,350,634
Net unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		20,110,486
Affiliated issuers		1,569,132
Currency translations		957		21,680,575
Net realized gain (loss) and unrealized appreciation (depreciation)				27,031,209
Net increase (decrease) in net assets resulting from operations			$	28,684,833

	Year ended December 31,
	2023			2022
Operations:
Net investment income	$	1,653,624		$	1,695,358
Net realized gain (loss)		5,350,634			3,432,836
Net unrealized appreciation (depreciation)		21,680,575			(24,606,555	)
Net increase (decrease) in net assets resulting from operations		28,684,833			(19,478,361	)

Distributions paid to shareholders		(6,145,107	)		(6,186,567	)

Net capital share transactions		827,848			2,979,800

Total increase (decrease) in net assets		23,367,574			(22,685,128	)

Net assets:
Beginning of year		103,034,266			125,719,394
End of year	$	126,401,840		$	103,034,266

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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 & loans; 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

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Energy	$	3,412,107	$	82,607	$	—	$	3,494,714
Materials		4,668,930		185,670		—		4,854,600
Industrials		17,981,877		679,635		—		18,661,512
Consumer discretionary		12,236,081		252,911		—		12,488,992
Consumer staples		5,498,779		2,331,117		—		7,829,896
Health care		14,321,992		1,307,289		—		15,629,281
Financials		12,366,524		699,529		—		13,066,053
Information technology		29,267,357		568,525		—		29,835,882
Communication services		11,221,074		—		—		11,221,074
Utilities		3,633,750		—		—		3,633,750
Real estate		1,349,135		—		—		1,349,135
Preferred securities		66,540		—		—		66,540
Convertible stocks		102,586		—		—		102,586
Convertible bonds & notes		—		7,251		—		7,251
Bonds, notes & other debt instruments		—		90,945		—		90,945
Short-term securities		4,131,064		—		—		4,131,064
Total	$	120,257,796	$	6,205,479	$	—	$	126,463,275

Undistributed ordinary income	$	390,169
Undistributed long-term capital gains		582,659
Post-October capital loss deferral*		(23,620	)
Gross unrealized appreciation on investments		57,864,544
Gross unrealized depreciation on investments		(1,338,914	)
Net unrealized appreciation (depreciation) on investments		56,525,630
Cost of investments		69,937,645


*	This deferral is considered incurred in the subsequent year.

	Year ended December 31, 2023									Year ended December 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	1,111,954		$	2,691,996		$	3,803,950		$	958,607		$	2,925,580		$	3,884,187
Class C		9,280			42,074			51,354			7,850			51,666			59,516
Class T		—	^†		—	^†		—	^†		—	^†		—	^†		—	^†
Class F-1		19,637			49,117			68,754			17,402			55,247			72,649
Class F-2		199,938			440,316			640,254			162,018			439,916			601,934
Class F-3		86,510			176,468			262,978			72,478			183,641			256,119
Class 529-A		48,222			118,841			167,063			42,385			133,165			175,550
Class 529-C		501			2,468			2,969			449			3,344			3,793
Class 529-E		1,004			2,942			3,946			880			3,364			4,244
Class 529-T		—	^†		1			1			—	^†		1			1
Class 529-F-1		—	^†		—	^†		—	^†		—	^†		1			1
Class 529-F-2		3,586			7,805			11,391			2,834			7,674			10,508
Class 529-F-3		—	^†		1			1			—	^†		1			1
Class R-1		534			2,430			2,964			416			2,818			3,234
Class R-2		4,991			23,602			28,593			3,632			26,080			29,712
Class R-2E		882			3,186			4,068			689			3,277			3,966
Class R-3		11,052			33,872			44,924			9,169			37,368			46,537
Class R-4		16,856			41,467			58,323			15,512			48,172			63,684
Class R-5E		3,882			8,970			12,852			2,820			8,163			10,983
Class R-5		3,273			6,778			10,051			3,008			7,668			10,676
Class R-6		320,782			649,889			970,671			267,500			681,772			949,272
Total	$	1,842,884		$	4,302,223		$	6,145,107		$	1,567,649		$	4,618,918		$	6,186,567

Share class	Currently approved limits			Plan limits
Class A		0.25	%		0.25	%
Class 529-A		0.25			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$169,330		$50,102			$21,295			Not applicable
Class C		11,388		809			344			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		3,167		1,732			393			Not applicable
Class F-2		Not applicable		11,911			3,353			Not applicable
Class F-3		Not applicable		39			1,378			Not applicable
Class 529-A		7,166		2,066			950			$1,881
Class 529-C		713		47			21			42
Class 529-E		389		29			23			46
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		69			60			119
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		646		59			20			Not applicable
Class R-2		4,640		2,123			186			Not applicable
Class R-2E		476		159			24			Not applicable
Class R-3		4,451		1,305			267			Not applicable
Class R-4		2,756		1,099			331			Not applicable
Class R-5E		Not applicable		330			66			Not applicable
Class R-5		Not applicable		88			54			Not applicable
Class R-6		Not applicable		146			5,139			Not applicable
Total class-specific expenses		$205,122		$72,113			$33,904			$2,088

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2023

Class A	$	2,839,973		61,444	$	3,715,507		76,563		$	(6,749,171	)		(146,691	)	$	(193,691	)		(8,684	)
Class C		142,029		3,112		51,172		1,061			(317,099	)		(7,034	)		(123,898	)		(2,861	)
Class T		—		—		—		—			—			—			—			—
Class F-1		76,004		1,646		67,818		1,402			(183,741	)		(4,003	)		(39,919	)		(955	)
Class F-2		2,378,961		51,540		623,343		12,870			(2,139,362	)		(46,514	)		862,942			17,896
Class F-3		849,431		18,423		251,615		5,201			(937,748	)		(20,332	)		163,298			3,292
Class 529-A		239,194		5,195		166,992		3,453			(506,762	)		(10,975	)		(100,576	)		(2,327	)
Class 529-C		13,361		291		2,968		61			(30,054	)		(656	)		(13,725	)		(304	)
Class 529-E		6,512		141		3,945		81			(14,488	)		(314	)		(4,031	)		(92	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		39,844		864		11,386		235			(35,090	)		(755	)		16,140			344
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		8,695		189		2,935		61			(15,411	)		(336	)		(3,781	)		(86	)
Class R-2		105,257		2,309		28,575		590			(139,508	)		(3,083	)		(5,676	)		(184	)
Class R-2E		15,772		343		4,069		84			(13,745	)		(302	)		6,096			125
Class R-3		138,324		3,024		44,842		926			(198,716	)		(4,376	)		(15,550	)		(426	)
Class R-4		108,743		2,356		58,268		1,205			(208,993	)		(4,595	)		(41,982	)		(1,034	)
Class R-5E		58,003		1,256		12,852		265			(38,195	)		(829	)		32,660			692
Class R-5		21,821		476		10,010		207			(38,303	)		(846	)		(6,472	)		(163	)
Class R-6		1,059,786		23,482		970,660		20,068			(1,734,436	)		(37,846	)		296,010			5,704
Total net increase (decrease)	$	8,101,710		176,091	$	6,026,960		124,333		$	(13,300,822	)		(289,487	)	$	827,848			10,937


*	Includes exchanges between share classes of the fund.
^†	Amount less than one thousand.

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income to average net assets³
Class A:
12/31/2023	$	41.26	$	.64	$	11.01		$	11.65		$	(.73	)	$	(1.78	)	$	(2.51	)	$	50.40		28.50	%	$	79,014			.58	%		.58	%		1.40	%
12/31/2022		51.80		.67		(8.69	)		(8.02	)		(.62	)		(1.90	)		(2.52	)		41.26		(15.52	)		65,046			.57			.57			1.51
12/31/2021		44.42		.64		10.34			10.98			(.62	)		(2.98	)		(3.60	)		51.80		25.01			81,274			.57			.57			1.29
12/31/2020		39.57		.60		4.98			5.58			(.62	)		(.11	)		(.73	)		44.42		14.50			68,122			.59			.59			1.54
12/31/2019		33.91		.70		7.53			8.23			(.76	)		(1.81	)		(2.57	)		39.57		24.54			63,959			.59			.59			1.86
Class C:
12/31/2023		40.72		.29		10.85			11.14			(.38	)		(1.78	)		(2.16	)		49.70		27.53			1,223			1.33			1.33			.64
12/31/2022		51.14		.32		(8.56	)		(8.24	)		(.28	)		(1.90	)		(2.18	)		40.72		(16.14	)		1,119			1.33			1.33			.74
12/31/2021		43.90		.26		10.21			10.47			(.25	)		(2.98	)		(3.23	)		51.14		24.08			1,544			1.32			1.32			.54
12/31/2020		39.10		.30		4.94			5.24			(.33	)		(.11	)		(.44	)		43.90		13.64			1,380			1.33			1.33			.79
12/31/2019		33.54		.41		7.43			7.84			(.47	)		(1.81	)		(2.28	)		39.10		23.57			1,580			1.35			1.35			1.09
Class T:
12/31/2023		41.24		.76		11.00			11.76			(.85	)		(1.78	)		(2.63	)		50.37		28.83	⁵		—	⁶		.31	⁵		.31	⁵		1.66	⁵
12/31/2022		51.78		.77		(8.68	)		(7.91	)		(.73	)		(1.90	)		(2.63	)		41.24		(15.31	)⁵		—	⁶		.33	⁵		.33	⁵		1.74	⁵
12/31/2021		44.41		.75		10.34			11.09			(.74	)		(2.98	)		(3.72	)		51.78		25.29	⁵		—	⁶		.34	⁵		.34	⁵		1.52	⁵
12/31/2020		39.56		.69		4.99			5.68			(.72	)		(.11	)		(.83	)		44.41		14.79	⁵		—	⁶		.35	⁵		.35	⁵		1.77	⁵
12/31/2019		33.91		.79		7.52			8.31			(.85	)		(1.81	)		(2.66	)		39.56		24.79	⁵		—	⁶		.35	⁵		.35	⁵		2.09	⁵
Class F-1:
12/31/2023		41.13		.61		10.96			11.57			(.69	)		(1.78	)		(2.47	)		50.23		28.41			1,435			.64			.64			1.34
12/31/2022		51.64		.64		(8.66	)		(8.02	)		(.59	)		(1.90	)		(2.49	)		41.13		(15.56	)		1,215			.64			.64			1.43
12/31/2021		44.29		.60		10.31			10.91			(.58	)		(2.98	)		(3.56	)		51.64		24.92			1,595			.64			.64			1.22
12/31/2020		39.45		.57		4.98			5.55			(.60	)		(.11	)		(.71	)		44.29		14.44			1,788			.65			.65			1.48
12/31/2019		33.82		.67		7.50			8.17			(.73	)		(1.81	)		(2.54	)		39.45		24.43			1,922			.66			.66			1.78
Class F-2:
12/31/2023		41.23		.74		10.99			11.73			(.82	)		(1.78	)		(2.60	)		50.36		28.76			12,951			.37			.37			1.61
12/31/2022		51.76		.76		(8.68	)		(7.92	)		(.71	)		(1.90	)		(2.61	)		41.23		(15.34	)		9,865			.38			.38			1.71
12/31/2021		44.39		.74		10.33			11.07			(.72	)		(2.98	)		(3.70	)		51.76		25.27			11,435			.37			.37			1.49
12/31/2020		39.55		.67		4.98			5.65			(.70	)		(.11	)		(.81	)		44.39		14.73			8,602			.38			.38			1.74
12/31/2019		33.90		.77		7.52			8.29			(.83	)		(1.81	)		(2.64	)		39.55		24.76			7,986			.39			.39			2.05
Class F-3:
12/31/2023		41.23		.79		10.99			11.78			(.87	)		(1.78	)		(2.65	)		50.36		28.88			5,188			.27			.27			1.71
12/31/2022		51.77		.81		(8.69	)		(7.88	)		(.76	)		(1.90	)		(2.66	)		41.23		(15.26	)		4,112			.27			.27			1.82
12/31/2021		44.40		.79		10.33			11.12			(.77	)		(2.98	)		(3.75	)		51.77		25.39			4,864			.27			.27			1.60
12/31/2020		39.55		.72		4.98			5.70			(.74	)		(.11	)		(.85	)		44.40		14.88			3,916			.28			.28			1.85
12/31/2019		33.90		.82		7.52			8.34			(.88	)		(1.81	)		(2.69	)		39.55		24.89			3,571			.29			.29			2.16
Class 529-A:
12/31/2023		41.12		.62		10.97			11.59			(.71	)		(1.78	)		(2.49	)		50.22		28.45			3,477			.62			.62			1.36
12/31/2022		51.64		.65		(8.67	)		(8.02	)		(.60	)		(1.90	)		(2.50	)		41.12		(15.56	)		2,943			.61			.61			1.47
12/31/2021		44.29		.62		10.31			10.93			(.60	)		(2.98	)		(3.58	)		51.64		24.97			3,716			.61			.61			1.25
12/31/2020		39.46		.57		4.97			5.54			(.60	)		(.11	)		(.71	)		44.29		14.43			3,169			.64			.64			1.49
12/31/2019		33.82		.67		7.52			8.19			(.74	)		(1.81	)		(2.55	)		39.46		24.46			2,884			.65			.65			1.79

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	This column reflects the impact, if any, of certain reimbursements from CRMC. During some of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
⁴	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁵	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁶	Amount less than $1 million.
⁷	Based on operations for a period that is less than a full year.
⁸	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
⁹	Not annualized.
¹⁰	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

	Beginning account value 7/1/2023		Ending account value 12/31/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,109.76	$	3.08		.58	%
Class A – assumed 5% return		1,000.00		1,022.28		2.96		.58
Class C – actual return		1,000.00		1,105.63		7.06		1.33
Class C – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class T – actual return		1,000.00		1,111.21		1.76		.33
Class T – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class F-1 – actual return		1,000.00		1,109.63		3.40		.64
Class F-1 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class F-2 – actual return		1,000.00		1,110.99		1.97		.37
Class F-2 – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class F-3 – actual return		1,000.00		1,111.60		1.44		.27
Class F-3 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 529-A – actual return		1,000.00		1,109.51		3.30		.62
Class 529-A – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class 529-C – actual return		1,000.00		1,105.45		7.32		1.38
Class 529-C – assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class 529-E – actual return		1,000.00		1,108.37		4.57		.86
Class 529-E – assumed 5% return		1,000.00		1,020.87		4.38		.86
Class 529-T – actual return		1,000.00		1,110.88		2.08		.39
Class 529-T – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 529-F-1 – actual return		1,000.00		1,110.74		2.39		.45
Class 529-F-1 – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 529-F-2 – actual return		1,000.00		1,110.93		1.97		.37
Class 529-F-2 – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 529-F-3 – actual return		1,000.00		1,111.26		1.70		.32
Class 529-F-3 – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class R-1 – actual return		1,000.00		1,105.65		7.11		1.34
Class R-1 – assumed 5% return		1,000.00		1,018.45		6.82		1.34
Class R-2 – actual return		1,000.00		1,105.50		7.22		1.36
Class R-2 – assumed 5% return		1,000.00		1,018.35		6.92		1.36
Class R-2E – actual return		1,000.00		1,107.19		5.68		1.07
Class R-2E – assumed 5% return		1,000.00		1,019.81		5.45		1.07
Class R-3 – actual return		1,000.00		1,107.89		4.83		.91
Class R-3 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Class R-4 – actual return		1,000.00		1,109.79		3.30		.62
Class R-4 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class R-5E – actual return		1,000.00		1,110.58		2.23		.42
Class R-5E – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class R-5 – actual return		1,000.00		1,111.23		1.70		.32
Class R-5 – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class R-6 – actual return		1,000.00		1,111.57		1.44		.27
Class R-6 – assumed 5% return		1,000.00		1,023.84		1.38		.27

Long-term capital gains	$4,527,011,000
Qualified dividend income	100%
Section 163(j) interest dividends	$165,676,000
Corporate dividends received deduction	$1,677,127,000
U.S. government income that may be exempt from state taxation	$69,551,000

Name and year of birth	Year first elected a trustee of the fund²	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
John G. Freund, MD, 1953	2022	Founder and former Managing Director, Skyline Ventures (a venture capital investor in health care companies); Co-Founder of Intuitive Surgical, Inc. (1995–2000); Co-Founder and former CEO of Arixa Pharmaceuticals, Inc. (2016–2020)	14	Collegium Pharmaceutical, Inc.; SI – Bone, Inc.; Sutro Biopharma, Inc.
Pablo R. González Guajardo, 1967 Chair of the Board (Independent and Non-Executive)	2015	CEO, Kimberly-Clark de México, SAB de CV	23	América Móvil, SAB de CV (telecommunications company); Kimberly-Clark de México, SAB de CV (consumer staples)
Merit E. Janow, 1958	2021	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	99	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
William D. Jones, 1955	2010	Managing Member, CityLink LLC (investing and consulting); former President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities)	24	None
John C. Mazziotta, MD, PhD, 1949	2011	Physician; Professor of Neurology, University of California at Los Angeles; Vice Chancellor, UCLA Health Sciences; CEO, UCLA Health System	6	None
William R. McLaughlin, 1956	2015	Advisor and former President and CEO, The Orvis Company (outdoor equipment retailer)	4	None
Kenneth M. Simril, 1965	2019	President and CEO, SCI Ingredients Holdings, Inc. (food manufacturing)	9	Bunge Limited (agricultural business and food company)
Kathy J. Williams, 1955	2019	Board Chair, Above and Beyond Teaching	11	None

Name, year of birth and position with fund	Year first elected a trustee or officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
James Terrile, 1965 Senior Vice President	2019	Partner — Capital Research Global Investors, Capital Research and Management Company; Partner — Capital Research Global Investors, Capital Bank and Trust Company⁶	6	None
William L. Robbins, 1968	2019	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company⁶; Chair and Director, Capital Group International, Inc.⁶	20	None