The Investment Company of America®
Investment portfolio
September 30, 2024unaudited
Common stocks 95.14% Energy 1.86% | Shares | Value (000) | |
Baker Hughes Co., Class A | 11,712,427 | $423,404 | |
Canadian Natural Resources, Ltd. (CAD denominated) | 10,434,080 | 346,478 | |
Chevron Corp. | 1,015,627 | 149,572 | |
ConocoPhillips | 1,929,397 | 203,127 | |
EOG Resources, Inc. | 3,363,265 | 413,446 | |
Exxon Mobil Corp. | 8,092,661 | 948,622 | |
TC Energy Corp. (CAD denominated)1 | 7,431,099 | 353,244 | |
2,837,893 | |||
Materials 3.15% | |||
Air Products and Chemicals, Inc. | 3,124,874 | 930,400 | |
ATI, Inc.2 | 1,047,600 | 70,095 | |
Celanese Corp.3 | 7,586,934 | 1,031,520 | |
Corteva, Inc. | 4,286,007 | 251,974 | |
Freeport-McMoRan, Inc. | 9,905,059 | 494,460 | |
Linde PLC | 4,058,579 | 1,935,374 | |
Sherwin-Williams Co. | 268,436 | 102,454 | |
4,816,277 | |||
Industrials 14.08% | |||
Airbus SE, non-registered shares1 | 1,625,248 | 237,980 | |
AMETEK, Inc. | 257,153 | 44,156 | |
BAE Systems PLC | 11,958,664 | 197,959 | |
Boeing Co.2 | 7,080,542 | 1,076,526 | |
Carrier Global Corp. | 35,762,298 | 2,878,507 | |
CSX Corp. | 3,050,021 | 105,317 | |
Dayforce, Inc.1,2 | 1,251,781 | 76,672 | |
Delta Air Lines, Inc. | 3,300,198 | 167,617 | |
Equifax, Inc. | 964,283 | 283,364 | |
FedEx Corp. | 1,501,837 | 411,023 | |
FTAI Aviation, Ltd. | 915,716 | 121,699 | |
GE Vernova, Inc.2 | 1,060,453 | 270,394 | |
General Dynamics Corp. | 2,260,809 | 683,216 | |
General Electric Co. | 23,241,878 | 4,382,953 | |
Honeywell International, Inc. | 603,068 | 124,660 | |
Illinois Tool Works, Inc. | 2,462,727 | 645,407 | |
Ingersoll-Rand, Inc. | 5,947,838 | 583,840 | |
Lennox International, Inc. | 63,385 | 38,303 | |
Lincoln Electric Holdings, Inc. | 979,244 | 188,034 | |
Northrop Grumman Corp. | 1,181,626 | 623,981 | |
Otis Worldwide Corp. | 1,215,261 | 126,314 | |
Paychex, Inc. | 2,305,095 | 309,321 | |
Recruit Holdings Co., Ltd. | 5,288,200 | 322,100 | |
Rolls-Royce Holdings PLC2 | 70,482,218 | 497,767 | |
RTX Corp. | 21,702,435 | 2,629,467 | |
Safran SA1 | 362,526 | 85,538 | |
The Investment Company of America — Page 1 of 10
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
TFI International, Inc. | 3,267,111 | $447,235 | |
TransDigm Group, Inc. | 140,816 | 200,963 | |
TransUnion | 656,241 | 68,708 | |
Uber Technologies, Inc.2 | 17,113,937 | 1,286,284 | |
Union Pacific Corp. | 2,133,311 | 525,819 | |
United Airlines Holdings, Inc.2 | 1,562,842 | 89,176 | |
United Rentals, Inc.1 | 2,102,535 | 1,702,486 | |
Waste Connections, Inc. | 217,324 | 38,862 | |
Waste Management, Inc. | 243,704 | 50,593 | |
21,522,241 | |||
Consumer discretionary 10.97% | |||
adidas AG | 722,172 | 191,160 | |
Amazon.com, Inc.2 | 28,033,517 | 5,223,485 | |
Booking Holdings, Inc. | 35,662 | 150,213 | |
Chipotle Mexican Grill, Inc.2 | 4,835,193 | 278,604 | |
Compagnie Financière Richemont SA, Class A | 1,102,647 | 174,816 | |
D.R. Horton, Inc. | 1,348,842 | 257,319 | |
DoorDash, Inc., Class A2 | 3,291,321 | 469,770 | |
Evolution AB | 123,353 | 12,124 | |
General Motors Co. | 8,557,746 | 383,729 | |
Hilton Worldwide Holdings, Inc. | 759,218 | 175,000 | |
Home Depot, Inc. | 4,685,365 | 1,898,510 | |
Las Vegas Sands Corp. | 15,744,816 | 792,594 | |
LVMH Moët Hennessy-Louis Vuitton SE | 312,107 | 239,703 | |
Marriott International, Inc., Class A | 1,281,352 | 318,544 | |
McDonald’s Corp. | 1,869,779 | 569,366 | |
NIKE, Inc., Class B | 277,532 | 24,534 | |
Restaurant Brands International, Inc.1 | 7,987,521 | 576,060 | |
Royal Caribbean Cruises, Ltd.3 | 17,894,988 | 3,173,855 | |
Starbucks Corp. | 3,025,172 | 294,924 | |
Stellantis NV | 5,104,238 | 70,640 | |
Tapestry, Inc. | 1,997,519 | 93,844 | |
Tesla, Inc.2 | 1,596,255 | 417,628 | |
TJX Companies, Inc. (The) | 2,809,209 | 330,194 | |
Tractor Supply Co. | 1,277,401 | 371,634 | |
YUM! Brands, Inc. | 1,983,586 | 277,127 | |
16,765,377 | |||
Consumer staples 5.38% | |||
Altria Group, Inc. | 7,392,276 | 377,302 | |
British American Tobacco PLC | 77,581,922 | 2,829,171 | |
British American Tobacco PLC (ADR)1 | 1,453,567 | 53,172 | |
Church & Dwight Co., Inc. | 1,717,812 | 179,889 | |
Coca-Cola Co. | 999,763 | 71,843 | |
Constellation Brands, Inc., Class A | 1,728,298 | 445,365 | |
Imperial Brands PLC | 12,777,471 | 371,650 | |
Keurig Dr Pepper, Inc. | 1,841,655 | 69,025 | |
Mondelez International, Inc., Class A | 4,150,391 | 305,759 | |
Monster Beverage Corp.2 | 2,285,038 | 119,211 | |
PepsiCo, Inc. | 3,569,710 | 607,029 | |
Philip Morris International, Inc. | 22,095,678 | 2,682,415 | |
Procter & Gamble Co. | 634,599 | 109,913 | |
8,221,744 | |||
The Investment Company of America — Page 2 of 10
unaudited
Common stocks (continued) Health care 11.97% | Shares | Value (000) | |
Abbott Laboratories | 17,371,056 | $1,980,474 | |
AbbVie, Inc. | 8,261,851 | 1,631,550 | |
Amgen, Inc. | 899,300 | 289,763 | |
AstraZeneca PLC | 2,066,978 | 321,962 | |
AstraZeneca PLC (ADR) | 775,057 | 60,385 | |
Cencora, Inc. | 1,516,931 | 341,431 | |
CVS Health Corp. | 1,850,863 | 116,382 | |
Daiichi Sankyo Co., Ltd. | 9,964,800 | 327,605 | |
Danaher Corp. | 2,738,937 | 761,479 | |
DexCom, Inc.2 | 2,735,406 | 183,382 | |
Elevance Health, Inc. | 365,681 | 190,154 | |
Eli Lilly and Co. | 2,215,104 | 1,962,449 | |
GE HealthCare Technologies, Inc. | 21,680,334 | 2,034,699 | |
Gilead Sciences, Inc. | 10,909,140 | 914,622 | |
Intuitive Surgical, Inc.2 | 240,336 | 118,070 | |
Medtronic PLC | 7,023,466 | 632,323 | |
Novo Nordisk AS, Class B | 4,987,634 | 593,894 | |
Regeneron Pharmaceuticals, Inc.2 | 441,202 | 463,809 | |
Sanofi | 1,177,032 | 135,611 | |
Stryker Corp. | 615,935 | 222,513 | |
Takeda Pharmaceutical Co., Ltd. | 5,223,912 | 149,398 | |
Thermo Fisher Scientific, Inc. | 1,423,451 | 880,504 | |
UnitedHealth Group, Inc. | 5,159,002 | 3,016,365 | |
Vertex Pharmaceuticals, Inc.2 | 2,058,161 | 957,210 | |
18,286,034 | |||
Financials 11.31% | |||
American Express Co. | 849,822 | 230,472 | |
American International Group, Inc. | 15,821,827 | 1,158,632 | |
Apollo Asset Management, Inc. | 1,239,823 | 154,866 | |
Arthur J. Gallagher & Co. | 2,016,507 | 567,385 | |
BlackRock, Inc. | 963,624 | 914,971 | |
Blackstone, Inc. | 1,710,617 | 261,947 | |
Blue Owl Capital, Inc., Class A | 9,884,722 | 191,368 | |
Capital One Financial Corp. | 7,074,536 | 1,059,270 | |
Chubb, Ltd. | 3,886,017 | 1,120,688 | |
CME Group, Inc., Class A | 504,476 | 111,313 | |
Discover Financial Services | 145,132 | 20,361 | |
Equitable Holdings, Inc. | 822,945 | 34,588 | |
Fidelity National Information Services, Inc. | 4,893,938 | 409,867 | |
First Citizens BancShares, Inc., Class A1 | 456,426 | 840,257 | |
Great-West Lifeco, Inc. | 9,439,172 | 321,886 | |
ING Groep NV | 38,304,593 | 696,696 | |
JPMorgan Chase & Co. | 6,956,337 | 1,466,813 | |
KKR & Co., Inc. | 5,307,094 | 693,000 | |
Marsh & McLennan Companies, Inc. | 1,640,226 | 365,918 | |
Mastercard, Inc., Class A | 5,285,049 | 2,609,757 | |
Morgan Stanley | 8,584,224 | 894,820 | |
PayPal Holdings, Inc.2 | 4,340,876 | 338,719 | |
PNC Financial Services Group, Inc. | 5,897,556 | 1,090,163 | |
Progressive Corp. | 190,664 | 48,383 | |
S&P Global, Inc. | 1,660,179 | 857,682 | |
Toast, Inc., Class A1,2 | 3,787,097 | 107,213 | |
Truist Financial Corp. | 8,655,546 | 370,198 | |
The Investment Company of America — Page 3 of 10
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Visa, Inc., Class A | 386,569 | $106,287 | |
Wells Fargo & Co. | 4,173,879 | 235,782 | |
17,279,302 | |||
Information technology 22.78% | |||
Accenture PLC, Class A | 3,140,771 | 1,110,200 | |
Adobe, Inc.2 | 970,349 | 502,427 | |
Amphenol Corp., Class A | 3,198,736 | 208,430 | |
Apple, Inc. | 19,420,579 | 4,524,995 | |
Applied Materials, Inc. | 4,615,196 | 932,500 | |
Arista Networks, Inc.2 | 415,894 | 159,628 | |
ASML Holding NV | 450,634 | 375,671 | |
ASML Holding NV (ADR) | 75,482 | 62,895 | |
Broadcom, Inc. | 40,419,723 | 6,972,402 | |
EPAM Systems, Inc.2 | 324,400 | 64,565 | |
Intel Corp. | 8,940,910 | 209,754 | |
KLA Corp. | 21,458 | 16,617 | |
Micron Technology, Inc. | 1,687,661 | 175,027 | |
Microsoft Corp. | 25,114,871 | 10,806,929 | |
MicroStrategy, Inc., Class A1,2 | 256,059 | 43,172 | |
NVIDIA Corp. | 14,720,926 | 1,787,709 | |
Oracle Corp. | 2,655,169 | 452,441 | |
Palo Alto Networks, Inc.2 | 577,678 | 197,450 | |
Salesforce, Inc. | 7,788,780 | 2,131,867 | |
Samsung Electronics Co., Ltd. | 4,039,441 | 191,451 | |
SAP SE | 1,213,673 | 275,700 | |
ServiceNow, Inc.2 | 800,260 | 715,745 | |
Shopify, Inc., Class A, subordinate voting shares2 | 3,804,834 | 304,919 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 28,005,767 | 855,007 | |
Texas Instruments, Inc. | 8,409,849 | 1,737,223 | |
34,814,724 | |||
Communication services 10.21% | |||
Alphabet, Inc., Class A | 19,972,741 | 3,312,479 | |
Alphabet, Inc., Class C | 19,693,709 | 3,292,591 | |
Charter Communications, Inc., Class A2 | 332,915 | 107,891 | |
Comcast Corp., Class A | 8,923,823 | 372,748 | |
Electronic Arts, Inc. | 475,887 | 68,261 | |
Meta Platforms, Inc., Class A | 12,189,175 | 6,977,572 | |
Netflix, Inc.2 | 1,654,186 | 1,173,265 | |
Take-Two Interactive Software, Inc.2 | 626,895 | 96,360 | |
T-Mobile US, Inc. | 953,121 | 196,686 | |
15,597,853 | |||
Utilities 2.15% | |||
AES Corp. | 2,900,969 | 58,194 | |
CenterPoint Energy, Inc. | 12,150,774 | 357,476 | |
Constellation Energy Corp. | 1,676,561 | 435,939 | |
Edison International | 5,915,451 | 515,177 | |
Entergy Corp. | 2,466,358 | 324,597 | |
NextEra Energy, Inc. | 10,174,840 | 860,079 | |
PG&E Corp. | 10,864,376 | 214,789 | |
Pinnacle West Capital Corp.1 | 1,517,432 | 134,429 | |
Public Service Enterprise Group, Inc. | 669,621 | 59,737 | |
The Investment Company of America — Page 4 of 10
unaudited
Common stocks (continued) Utilities (continued) | Shares | Value (000) | |
Sempra | 2,750,976 | $230,064 | |
Southern Co. (The) | 1,090,742 | 98,363 | |
3,288,844 | |||
Real estate 1.28% | |||
American Tower Corp. REIT | 1,571,925 | 365,567 | |
CoStar Group, Inc.2 | 3,903,861 | 294,507 | |
Equinix, Inc. REIT | 148,362 | 131,691 | |
Prologis, Inc. REIT | 2,368,411 | 299,083 | |
SBA Communications Corp. REIT, Class A | 217,180 | 52,275 | |
VICI Properties, Inc. REIT | 13,360,520 | 445,039 | |
Welltower, Inc. REIT | 2,807,891 | 359,494 | |
1,947,656 | |||
Total common stocks (cost: $72,101,009,000) | 145,377,945 | ||
Preferred securities 0.06% Financials 0.06% | |||
Fannie Mae, Series O, 7.00% noncumulative preferred shares1,2 | 4,815,256 | 32,021 | |
Fannie Mae, Series P, (3-month USD-LIBOR + 0.75%) 5.615% noncumulative preferred shares2,4,5 | 565,000 | 1,848 | |
Fannie Mae, Series R, 7.625% noncumulative preferred shares2 | 2,946,415 | 9,941 | |
Fannie Mae, Series T, 8.25% noncumulative preferred shares2 | 9,922,867 | 39,597 | |
Federal Home Loan Mortgage Corp., Series V, 5.57% noncumulative preferred shares2 | 1,818,512 | 6,110 | |
Total preferred securities (cost: $47,694,000) | 89,517 | ||
Convertible stocks 0.05% Utilities 0.05% | |||
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 | 1,677,717 | 77,779 | |
Total convertible stocks (cost: $81,604,000) | 77,779 | ||
Bonds, notes & other debt instruments 0.03% Corporate bonds, notes & loans 0.03% Industrials 0.02% | Principal amount (000) | ||
TransDigm, Inc. 4.875% 5/1/2029 | USD27,570 | 26,869 | |
Consumer discretionary 0.01% | |||
Ford Motor Credit Co., LLC 5.125% 6/16/2025 | 24,416 | 24,412 | |
Total corporate bonds, notes & loans | 51,281 | ||
Total bonds, notes & other debt instruments (cost: $48,346,000) | 51,281 | ||
Short-term securities 4.91% Money market investments 4.64% | Shares | ||
Capital Group Central Cash Fund 5.09%3,6 | 70,923,514 | 7,093,770 | |
The Investment Company of America — Page 5 of 10
unaudited
Short-term securities (continued) Money market investments purchased with collateral from securities on loan 0.27% | Shares | Value (000) | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.84%6,7 | 58,925,261 | $58,925 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 4.83%6,7 | 57,600,000 | 57,600 | |
Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.81%6,7 | 57,600,000 | 57,600 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.94%6,7 | 57,600,000 | 57,600 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.78%6,7 | 53,500,000 | 53,500 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.83%6,7 | 53,500,000 | 53,500 | |
Fidelity Investments Money Market Government Portfolio, Class I 4.83%6,7 | 37,000,000 | 37,000 | |
Capital Group Central Cash Fund 5.09%3,6,7 | 236,857 | 23,691 | |
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 4.84%6,7 | 12,300,000 | 12,300 | |
411,716 | |||
Total short-term securities (cost: $7,504,355,000) | 7,505,486 | ||
Total investment securities 100.19% (cost: $79,783,008,000) | 153,102,008 | ||
Other assets less liabilities (0.19%) | (289,888 ) | ||
Net assets 100.00% | $152,812,120 | ||
The Investment Company of America — Page 6 of 10
unaudited
Investments in affiliates3
Value at 1/1/2024 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 9/30/2024 (000) | Dividend or interest income (000) | |
Common stocks 2.75% | |||||||
Materials 0.67% | |||||||
Celanese Corp. | $1,180,134 | $— | $1,220 | $348 | $(147,742 ) | $1,031,520 | $15,939 |
Consumer discretionary 2.08% | |||||||
Royal Caribbean Cruises, Ltd. | 2,299,588 | 19,505 | 2,814 | 2,341 | 855,235 | 3,173,855 | 7,158 |
Norwegian Cruise Line Holdings, Ltd.8 | 554,131 | — | 474,472 | 23,354 | (103,013 ) | — | — |
3,173,855 | |||||||
Total common stocks | 4,205,375 | ||||||
Bonds, notes & other debt instruments 0.00% | |||||||
Consumer discretionary 0.00% | |||||||
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20298 | 22,281 | — | 22,196 | 1,242 | (1,327 ) | — | 1,065 |
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20298 | 18,743 | — | 18,639 | 1,224 | (1,328 ) | — | 992 |
— | |||||||
Short-term securities 4.66% | |||||||
Money market investments 4.64% | |||||||
Capital Group Central Cash Fund 5.09%6 | 3,946,495 | 13,692,626 | 10,546,917 | 521 | 1,045 | 7,093,770 | 214,975 |
Money market investments purchased with collateral from securities on loan 0.02% | |||||||
Capital Group Central Cash Fund 5.09%6,7 | 12,942 | 10,749 9 | 23,691 | — 10 | |||
Total short-term securities | 7,117,461 | ||||||
Total 7.41% | $29,030 | $602,870 | $11,322,836 | $240,129 | |||
1 | All or a portion of this security was on loan. The total value of all such securities was $429,539,000, which represented .28% of the net assets of the fund. |
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 | Rate represents the seven-day yield at 9/30/2024. |
7 | Security purchased with cash collateral from securities on loan. |
8 | Affiliated issuer during the reporting period but no longer held at 9/30/2024. |
9 | Represents net activity. |
10 | Dividend income is included with securities lending income and is not shown in this table. |
The Investment Company of America — Page 7 of 10
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value 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. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities, 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.
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 |
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.
The Investment Company of America — Page 8 of 10
unaudited
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 September 30, 2024 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Energy | $2,837,893 | $— | $— | $2,837,893 |
Materials | 4,816,277 | — | — | 4,816,277 |
Industrials | 20,180,897 | 1,341,344 | — | 21,522,241 |
Consumer discretionary | 16,076,934 | 688,443 | — | 16,765,377 |
Consumer staples | 5,020,923 | 3,200,821 | — | 8,221,744 |
Health care | 16,757,564 | 1,528,470 | — | 18,286,034 |
Financials | 16,582,606 | 696,696 | — | 17,279,302 |
Information technology | 33,116,895 | 1,697,829 | — | 34,814,724 |
Communication services | 15,597,853 | — | — | 15,597,853 |
Utilities | 3,288,844 | — | — | 3,288,844 |
Real estate | 1,947,656 | — | — | 1,947,656 |
Preferred securities | 89,517 | — | — | 89,517 |
Convertible stocks | 77,779 | — | — | 77,779 |
Bonds, notes & other debt instruments | — | 51,281 | — | 51,281 |
Short-term securities | 7,505,486 | — | — | 7,505,486 |
Total | $143,897,124 | $9,204,884 | $— | $153,102,008 |
The Investment Company of America — Page 9 of 10
unaudited
Key to abbreviation(s) |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
LIBOR = London Interbank Offered Rate |
REIT = Real Estate Investment Trust |
USD = U.S. dollars |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
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.
Capital Client Group, Inc., member FINRA.
© 2024 Capital Group. All rights reserved.
MFGEFP3-004-1124
The Investment Company of America — Page 10 of 10