Form N-CSR INVESTMENT CO OF AMERICA For: Dec 31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-00116

The Investment Company of America

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code:
(949) 975-5000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Hong T. Le

The Investment Company of America

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

The Investment
Company of America^®

Annual report
for the year ended
December 31, 2022

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

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, visit 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, visit 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.
Visit capitalgroup.com for more information.

The fund’s 30-day yield as of December 31, 2022, was 1.21% for
Class F-2 shares and 0.94% 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.

Contents

1	Letter to investors

4	The value of a long-term perspective

6	Investment portfolio

12	Financial statements

35	Board of trustees and other officers

Fellow investors:

Last year was marked by high inflation, rising interest rates and geopolitical
instability. That perfect storm served as a catalyst for broad market losses.

Against this backdrop, Capital Group’s oldest fund, The Investment
Company of America (ICA), recorded a –15.34% total return for the fiscal year ended December 31, 2022. This result was better than
the –18.11% loss recorded by the S&P 500 Index, a broad-based representation of the U.S. equity market.

The fund held up well, outpacing its benchmark over this volatile year that
saw an abrupt and seismic shift in markets away from a long-term focus on growth to a broader focus on value-oriented companies and defensive
investing. In this environment, ICA’s objectives of achieving growth of capital and income by finding companies with strong cash
flows that often pay dividends helped investors.

While no one is ever happy with a negative outcome, cushioning losses during
this type of downturn and outpacing the unmanaged benchmark is the result of the fund managers’ emphasis on quality companies with
long term growth prospects and income in the form of dividends. The fund, which is approaching its 90th birthday, has posted an average
annual total return of 12.08% with income reinvested, compared to 10.84% for the S&P 500 over the same time period.

Inflation and war weigh on markets

Inflation was front and center in a difficult year for markets, the product
of a decade of low interest rates and supply shocks from the COVID-19 pandemic. Coupled with the Russian invasion of Ukraine, markets
struggled amidst economic and geopolitical headwinds.

The end of the year brought positive momentum on the inflation front as
readings continued to trend downward. December’s consumer price index reading was 6.5%, the smallest annual increase since October
2021 and well below the peak of 9.1% in June. The question remains how these positive signals will be received by the Federal Reserve
and Chair Jerome Powell, who maintains a hawkish tone that has continued to roil markets.

Another positive development at year’s end was that one of the largest
global economic challenges, China’s zero COVID policy, finally came to an end as the government of President Xi Jingping relented
to nationwide protests.

However, the fate of the Russian invasion of Ukraine remains uncertain.
Additionally, there is mounting fear that this geopolitical strife will embolden Chinese aggression with neighboring Taiwan.

A challenging year for markets ended with a tinge of optimism. The S&P
500 was up 7.56% in the fourth quarter, a

Past results are not predictive of results in future periods.

The Investment Company of America

Results at a glance

Year ended December 31, 2022 (with all distributions reinvested)

	Class F-2 shares			Class A shares			S&P 500 Index*
Income return		1.38	%		1.21	%		1.41	%
Capital return		–16.72	%		–16.73	%		–19.52	%
Total return		–15.34	%		–15.52	%		–18.11	%

*	Source: S&P Dow Jones Indices LLC. The S&P 500 is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Dividends and capital gain distributions paid in 2022

	Per Class F-2 share		Per Class A share		Payment date
Income dividends		$0.1791		$0.155	March 16
		0.1770		0.155	June 15
		0.1748		0.155	September 14
		0.1762		0.155	December 14
		$0.7071		$0.620
Capital gain distributions		$0.5715		$0.5715	June 15
		1.3330		1.3330	December 14
		$1.9045		$1.9045

Expense ratios and portfolio turnover rates¹

Year ended December 31, 2022

	Expense ratio		Portfolio turnover rate
	Class F-2 shares	Class A shares	Portfolio turnover rate
ICA	0.38%	0.57%	31%
Industry average²	0.68%	1.06%	51%

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 Growth & Income Funds Average (industry average expense ratio based on statistics for the most recent fiscal year-ends available as of December 31, 2022).

Past results are not predictive of results in future periods.

welcome shift to conclude a year in which the index was down 18.11%. Every
sector in the index was up in the fourth quarter apart from consumer discretionary and communication services. Energy and utilities were
the only two positive sectors for the full calendar year with the former gaining 66%.

ICA’s portfolio in review

With a market wide move away from growth and into value, the fund remained
focused on a broad range of companies that offer capital appreciation rather than chasing the fastest growing stocks.

A defensive posture was beneficial with 5.73% in cash and cash equivalents
providing a safety net in a down year for equities. Defense was beneficial in more than one sense with aerospace and defense companies
Raytheon Technologies and General Dynamics both in the top 20 largest holdings and offering returns in the high teens. While the war in
Ukraine was a hindrance on much of the market, it led countries to boost defense budgets in the wake of the Russian invasion.

Those industrial companies, as well as the fund’s third largest holding
General Electric, also benefited from sizable aerospace business. As the COVID-19 pandemic receded there was a notable return to air travel.

Two of the best returns in the portfolio came from British American Tobacco
and Philip Morris International with the pair of tobacco companies in the top five largest holdings, and returning 7.23% and 6.54%, respectively.
British American Tobacco

2	The Investment Company of America

was an example of how the flexibility for the fund to look outside the U.S.
for a portion of investments can be beneficial in doses. However, having U.S. companies as a vast majority of the fund’s holdings
was additive for the year.

The fund invests primarily in larger, well-established companies that represent
a wide cross section of the U.S. economy, including in information technology, which had a challenging year. ICA had less emphasis on
the sector but two of its largest holdings, Microsoft and Broadcom were also swept up in the selloff. However, with their long track records
and strong cash flows, they were down less than many counterparts at 28.69% and 15.97%, respectively.

The fund’s more conservative growth and income objective tends to
lead managers away from many of the more aggressive growth companies that have captured headlines and had far larger losses including
the likes of Tesla and Nvidia, both of which were down more than 50%.

However, the fund was not immune to the overall selloff in tech stocks,
being hurt by investments in Meta Platforms, Netflix and Alphabet, all of which plummeted more than 38%.

We remain focused on the long term

Following a decade of low rates and sustained growth, the COVID-19 pandemic,
inflation and geopolitical instability have ushered in a more challenging environment and brought on a major shift in the global economic
and market landscape. The Federal Reserve has met the inflationary pressure by increasing interest rates. The pandemic is increasingly
in the rearview mirror but the outcome in Ukraine remains opaque and could have residual impacts, potentially causing a shift away from
globalization as well as armed conflicts.

We expect to continue to see broadening market leadership come out of this
uncertainty after a decade dominated by growth companies with high price-to-earnings ratios. This could be beneficial to the fund, which
invests across a broad range of companies from all sectors.

In this new environment, the excesses of the last decade have come undone,
with outsized valuations of digital companies falling.

Dividends were a harbinger of strong performers in 2022 and we expect that
trend to continue and even expand. Equities in the top dividend yield quintile returned 2.80% in the portfolio and 3.92% in the index.
The results got worse as you went down the scale with the bottom dividend quintile returning –34.89% in the portfolio and –34.18%
in the index.

We see 2022 as a pivot year for markets in a macro sense. With the constant
drumbeat of recessionary fears yet to come to fruition, the market is in a middle ground that requires simultaneous offensive and defensive
investing.

As we seek to sort out where this leaves the market for 2023 and beyond,
there are signs of hope but also lingering concern over the future of the U.S. economy and fears of an impending recession.

Despite the challenging environment, we remain laser-focused on finding
well-run companies with attractive valuations and long-term value. We remain confident in our process of robust fundamental research and
bottom-up analysis, which has served the company and investors through dozens of market cycles dating back decades. We remain confident
in our time-tested process and The Capital System™ with this new stage of the economic cycle being a strong environment for ICA’s
focus on quality.

We thank you for your ongoing trust and confidence you place in us. We look
forward to reporting to you again in six months.

Cordially,

Grant L. Cambridge
Co-President

Martin Romo
Co-President

February 10, 2023

For current information about the fund, visit capitalgroup.com.

Past results are not predictive of results in future periods.

The Investment Company of America

The value of a long-term perspective

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 $9,425.² 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, visit 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. Visit 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.

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 1972 to 2022.
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.

4	The Investment Company of America

How a hypothetical $10,000 investment has grown over 50 years

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, 1972, through December 31, 2022,
showing the closing values for each year. The chart also shows how the unmanaged S&P 500 Index fared over this same period.

The Investment Company of America

Investment portfolio December 31, 2022

Sector diversification	Percent of net assets

Common stocks 93.68%	Shares		Value (000)
Energy 6.01%
Baker Hughes Co., Class A¹		52,736,201	$	1,557,300
Canadian Natural Resources, Ltd. (CAD denominated)		15,734,274		873,752
Cheniere Energy, Inc.		500,000		74,980
Chevron Corp.		4,637,903		832,457
ConocoPhillips		3,996,765		471,618
Diamondback Energy, Inc.		550,000		75,229
Enviva, Inc.		1,110,276		58,811
EOG Resources, Inc.		7,885,283		1,021,302
Exxon Mobil Corp.		3,973,155		438,239
Halliburton Company		7,905,702		311,089
Pioneer Natural Resources Company		1,630,800		372,459
TC Energy Corp.²		336,397		13,409
Woodside Energy Group, Ltd.		2,000,000		48,390
Woodside Energy Group, Ltd. (CDI)		1,907,806		46,042
				6,195,077

Materials 4.22%
Albemarle Corp.		1,600,869		347,164
BHP Group, Ltd. (CDI)		10,444,942		322,058
Corteva, Inc.		2,200,751		129,360
Ecolab, Inc.		1,335,360		194,375
Freeport-McMoRan, Inc.		17,704,198		672,760
Linde PLC		5,380,860		1,755,129
LyondellBasell Industries NV		327,232		27,170
Rio Tinto PLC		9,126,173		640,349
Sherwin-Williams Company		223,166		52,964
Vale SA (ADR), ordinary nominative shares		12,334,480		209,316
				4,350,645

Industrials 13.73%
Advanced Drainage Systems, Inc.		232,924		19,093
Airbus SE, non-registered shares		1,401,213		166,607
BAE Systems PLC		16,348,098		168,961
Boeing Company³		3,563,510		678,813
Carrier Global Corp.		28,875,226		1,191,103
CoStar Group, Inc.³		1,508,774		116,598
CSX Corp.		8,491,303		263,061
Cummins, Inc.		448,940		108,774
Equifax, Inc.		195,000		37,900
Fastenal Co.		1,054,852		49,916
General Dynamics Corp.		5,555,204		1,378,302
General Electric Co.		42,219,288		3,537,554
Honeywell International, Inc.		3,002,262		643,385
Illinois Tool Works, Inc.		2,470,042		544,150
L3Harris Technologies, Inc.		1,305,836		271,888
Lockheed Martin Corp.		240,605		117,052

6	The Investment Company of America

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Norfolk Southern Corp.		594,311	$	146,450
Northrop Grumman Corp.		1,463,031		798,244
Otis Worldwide Corp.		3,056,170		239,329
Raytheon Technologies Corp.		23,446,146		2,366,185
Safran SA		670,509		83,789
Stanley Black & Decker, Inc.²		2,190,230		164,530
TFI International, Inc.¹		5,153,566		516,593
Union Pacific Corp.		359,206		74,381
United Airlines Holdings, Inc.³		884,575		33,348
United Rentals, Inc.³		846,885		301,000
Waste Connections, Inc.		358,030		47,460
Waste Management, Inc.		491,816		77,156
				14,141,622

Consumer discretionary 7.49%
Amazon.com, Inc.³		18,452,376		1,550,000
Aptiv PLC³		690,000		64,260
Caesars Entertainment, Inc.³		2,211,000		91,978
Chipotle Mexican Grill, Inc.³		92,650		128,551
D.R. Horton, Inc.		12,022,859		1,071,718
Darden Restaurants, Inc.		122,000		16,876
Dollar General Corp.		691,856		170,370
DoorDash, Inc., Class A³		1,163,800		56,817
General Motors Company		17,294,363		581,782
Hilton Worldwide Holdings, Inc.		844,200		106,673
Home Depot, Inc.		4,401,005		1,390,101
Kering SA		221,956		113,593
Lear Corp.		274,963		34,101
McDonald’s Corp.		994,533		262,089
NIKE, Inc., Class B		2,416,523		282,757
Norwegian Cruise Line Holdings, Ltd.^2,3		629,036		7,699
Restaurant Brands International, Inc.		3,226,613		208,665
Royal Caribbean Cruises, Ltd.^1,2,3		15,589,039		770,566
Starbucks Corp.		5,530,559		548,631
Tesla, Inc.³		997,173		122,832
TJX Companies, Inc.		633,130		50,397
VF Corp.		914,071		25,238
YUM! Brands, Inc.		453,764		58,118
				7,713,812

Consumer staples 8.41%
Altria Group, Inc.		15,034,737		687,238
Anheuser-Busch InBev SA/NV		372,669		22,404
Archer Daniels Midland Company		1,490,000		138,347
British American Tobacco PLC		65,366,098		2,593,381
Bunge, Ltd.		1,172,130		116,944
Constellation Brands, Inc., Class A		1,054,653		244,416
Danone SA		2,499,797		131,699
Estée Lauder Companies, Inc., Class A		575,258		142,727
General Mills, Inc.		7,351,987		616,464
Keurig Dr Pepper, Inc.		17,738,284		632,547
Kraft Heinz Company		733,368		29,856
Mondelez International, Inc.		1,873,879		124,894
PepsiCo, Inc.		3,580,313		646,819
Philip Morris International, Inc.		24,604,034		2,490,174
Procter & Gamble Company		289,030		43,805
				8,661,715

Health care 13.34%
Abbott Laboratories		22,158,493		2,432,781
AbbVie, Inc.		6,619,085		1,069,710
AmerisourceBergen Corp.		899,706		149,090
Amgen, Inc.		2,122,061		557,338
AstraZeneca PLC		1,394,668		189,278
AstraZeneca PLC (ADR)		777,359		52,705
Bristol-Myers Squibb Company		2,357,989		169,657
Centene Corp.³		130,480		10,701
CVS Health Corp.		1,215,353		113,259

The Investment Company of America

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Daiichi Sankyo Company, Ltd.		14,832,400	$	475,342
Danaher Corp.		1,410,339		374,332
DexCom, Inc.³		3,067,000		347,307
Edwards Lifesciences Corp.³		1,366,528		101,957
Elevance Health, Inc.		683,238		350,481
Eli Lilly and Company		1,593,590		582,999
Gilead Sciences, Inc.		6,933,513		595,242
Humana, Inc.		617,178		316,112
Medtronic PLC		5,607,670		435,828
Novo Nordisk A/S, Class B		4,225,962		572,195
Pfizer, Inc.		4,848,968		248,461
Regeneron Pharmaceuticals, Inc.³		66,930		48,289
Roche Holding AG, nonvoting non-registered shares		581,183		182,644
Stryker Corp.		2,391,127		584,607
Teva Pharmaceutical Industries, Ltd. (ADR)³		54,424,650		496,353
Thermo Fisher Scientific, Inc.		1,370,239		754,577
UnitedHealth Group, Inc.		4,504,707		2,388,306
Zoetis, Inc., Class A		973,569		142,676
				13,742,227

Financials 9.01%
AIA Group, Ltd.		29,241,400		322,153
American International Group, Inc.		20,477,660		1,295,007
Aon PLC, Class A		406,299		121,947
Arthur J. Gallagher & Co.		2,542,765		479,413
Bank of America Corp.		1,858,306		61,547
Berkshire Hathaway, Inc., Class B³		1,873,150		578,616
BlackRock, Inc.		808,443		572,887
Blackstone, Inc., nonvoting shares		3,576,118		265,312
Charles Schwab Corp.		510,000		42,463
Chubb, Ltd.		3,428,706		756,372
Citizens Financial Group, Inc.		975,961		38,424
CME Group, Inc., Class A		1,579,937		265,682
First Republic Bank		2,343,674		285,670
Great-West Lifeco, Inc.		9,948,600		229,979
JPMorgan Chase & Co.		5,879,705		788,468
KeyCorp		1,851,412		32,252
KKR & Co., Inc.		3,352,990		155,646
Marsh & McLennan Companies, Inc.		1,345,801		222,703
Morgan Stanley		9,021,202		766,983
MSCI, Inc.		454,000		211,187
Nasdaq, Inc.		3,586,200		220,013
PNC Financial Services Group, Inc.		5,179,226		818,007
S&P Global, Inc.		1,673,237		560,434
Signature Bank		626,281		72,160
Toronto-Dominion Bank (CAD denominated)		1,933,314		125,180
				9,288,505

Information technology 18.01%
Accenture PLC, Class A		1,284,292		342,700
Adobe, Inc.³		567,308		190,916
Amphenol Corp., Class A		5,349,717		407,327
Apple, Inc.		13,410,175		1,742,384
Applied Materials, Inc.		3,426,101		333,634
ASML Holding NV		773,124		418,495
Broadcom, Inc.		7,510,437		4,199,311
Ceridian HCM Holding, Inc.³		569,483		36,532
Cognizant Technology Solutions Corp., Class A		420,655		24,057
Datadog, Inc., Class A³		261,016		19,185
EPAM Systems, Inc.³		1,743,375		571,374
Fidelity National Information Services, Inc.		2,612,048		177,227
KLA Corp.		32,216		12,146
Mastercard, Inc., Class A		5,054,930		1,757,751
Micron Technology, Inc.		12,838,730		641,680
Microsoft Corp.		27,792,339		6,665,159
NetApp, Inc.		961,428		57,743
Paychex, Inc.		528,817		61,110
QUALCOMM, Inc.		1,075,417		118,231

8	The Investment Company of America

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Salesforce, Inc.³		215,500	$	28,573
ServiceNow, Inc.³		1,121,500		435,445
Shopify, Inc., Class A, subordinate voting shares³		242,531		8,418
Snowflake, Inc., Class A³		225,042		32,303
SS&C Technologies Holdings, Inc.		1,320,029		68,721
Texas Instruments, Inc.		589,205		97,348
Visa, Inc., Class A		313,279		65,087
Zscaler, Inc.³		361,446		40,446
				18,553,303

Communication services 7.49%
Alphabet, Inc., Class A³		11,158,396		984,505
Alphabet, Inc., Class C³		12,245,500		1,086,543
Charter Communications, Inc., Class A³		184,811		62,669
Comcast Corp., Class A		60,288,447		2,108,287
Meta Platforms, Inc., Class A³		14,596,524		1,756,546
Netflix, Inc.³		5,545,743		1,635,329
Take-Two Interactive Software, Inc.³		401,747		41,834
T-Mobile US, Inc.³		316,467		44,305
				7,720,018

Utilities 4.24%
AES Corp.		8,349,671		240,137
CenterPoint Energy, Inc.		4,724,465		141,687
CMS Energy Corp.		1,697,648		107,512
Constellation Energy Corp.		2,729,985		235,352
Edison International		9,354,360		595,124
Entergy Corp.		4,570,062		514,132
Exelon Corp.		1,697,443		73,380
NextEra Energy, Inc.		6,403,017		535,292
PG&E Corp.³		91,361,505		1,485,538
Public Service Enterprise Group, Inc.		2,705,350		165,757
Sempra Energy		1,806,151		279,123
				4,373,034

Real estate 1.73%
American Tower Corp. REIT		882,790		187,028
Crown Castle, Inc. REIT		3,385,647		459,229
Equinix, Inc. REIT		395,745		259,225
Prologis, Inc. REIT		1,526,015		172,028
SBA Communications Corp. REIT, Class A		1,295,505		363,143
VICI Properties, Inc. REIT		10,498,250		340,143
				1,780,796

Total common stocks (cost: $61,595,877,000)				96,520,754

Preferred securities 0.04%
Financials 0.04%
Fannie Mae, Series O, 7.00% noncumulative preferred shares³		4,815,256		16,372
Fannie Mae, Series P, (3-month USD-LIBOR + 0.75%), 4.50% noncumulative preferred shares³		565,000		966
Fannie Mae, Series R, 7.625% noncumulative preferred shares³		2,946,415		4,862
Fannie Mae, Series T, 8.25% noncumulative preferred shares³		9,922,867		18,258
Federal Home Loan Mortgage Corp., Series V, 5.57% preferred shares³		1,818,512		3,037

Total preferred securities (cost: $47,694,000)				43,495

Convertible stocks 0.31%
Consumer discretionary 0.12%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023²		1,147,279		123,126

Health care 0.06%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023		48,693		66,054

The Investment Company of America

Convertible stocks (continued)	Shares		Value (000)
Utilities 0.13%
AES Corp., convertible preferred units, 6.875% 2/15/2024		507,735	$	51,794
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		1,682,700		84,455
				136,249

Total convertible stocks (cost: $341,858,000)				325,429

Convertible bonds & notes 0.12%	Principal amount (000)
Consumer discretionary 0.12%
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 6/15/2023¹	USD	114,728		114,413
Royal Caribbean Cruises, Ltd., convertible notes, 2.875% 11/15/2023¹		8,524		8,387

Total convertible bonds & notes (cost: $126,355,000)				122,800

Bonds, notes & other debt instruments 0.12%
Corporate bonds, notes & loans 0.07%
Consumer discretionary 0.05%
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025^1,4		9,490		10,199
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029^1,4		20,954		21,085
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029^1,4		17,415		17,916
				49,200

Industrials 0.02%
TransDigm, Inc. 4.875% 5/1/2029		21,920		19,148

Total corporate bonds, notes & loans				68,348

U.S. Treasury bonds & notes 0.05%
U.S. Treasury 4.125% 9/30/2027		55,420		55,633

Total bonds, notes & other debt instruments (cost: $121,744,000)				123,981

Short-term securities 5.62%		Shares
Money market investments 5.60%
Capital Group Central Cash Fund 4.31%^1,5		57,736,623		5,773,085

Money market investments purchased with collateral from securities on loan 0.02%
Capital Group Central Cash Fund 4.31%^1,5,6		50,287		5,028
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%^5,6		2,100,000		2,100
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%^5,6		1,800,000		1,800
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%^5,6		1,710,824		1,711
BlackRock Liquidity Funds – FedFund, Institutional Shares 4.03%^5,6		1,200,000		1,200
Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.17%^5,6		1,100,000		1,100
Fidelity Investments Money Market Government Portfolio, Class I 4.06%^5,6		800,000		800
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.11%^5,6		700,000		700
				14,439

Total short-term securities (cost: $5,786,903,000)				5,787,524
Total investment securities 99.89% (cost: $68,020,431,000)				102,923,983
Other assets less liabilities 0.11%				110,283

Net assets 100.00%			$	103,034,266

10	The Investment Company of America

Investments in affiliates¹

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2022 (000)		Dividend or interest income (000)
Common stocks 2.76%
Energy 1.51%
Baker Hughes Co., Class A	$	1,327,067	$	—	$	68,922	$	5,792		$	293,363		$	1,557,300	$	40,264
Industrials 0.50%
TFI International, Inc.		497,417		131,309		51,662		(6,969	)		(53,502	)		516,593		6,139
Consumer discretionary 0.75%
Royal Caribbean Cruises, Ltd.^2,3		897,617		468,385		290,463		(329,739	)		24,766			770,566		—
Health care 0.00%
Teva Pharmaceutical Industries, Ltd. (ADR)^3,7		400,638		186,739		127,802		(154,440	)		191,218			—		—
Total common stocks														2,844,459

Convertible bonds & notes 0.12%
Consumer discretionary 0.12%
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 6/15/2023		146,565		—		—		—			(32,152	)		114,413		4,613
Royal Caribbean Cruises, Ltd., convertible notes, 2.875% 11/15/2023		10,084		—		—		—			(1,697	)		8,387		245
														122,800

Bonds, notes & other debt instruments 0.05%
Consumer discretionary 0.05%
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025⁴		—		9,996		—		—			203			10,199		554
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029⁴		—		20,954		—		—			131			21,085		413
Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029⁴		—		17,415		—		—			501			17,916		385
														49,200
Short-term securities 5.61%
Money market investments 5.60%
Capital Group Central Cash Fund 4.31%⁵		3,663,521		14,717,720		12,607,422		(932	)		198			5,773,085		120,029
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 4.31%^5,6		43,821				38,7938								5,028		—	⁹
Total short-term securities														5,778,113
Total 8.54%							$	(486,288	)	$	423,029		$	8,794,572	$	172,642

¹	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.
²	All or a portion of this security was on loan. The total value of all such securities was $14,544,000, which represented .01% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Security did not produce income during the last 12 months.
⁴	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 $49,200,000, which represented .05% of the net assets of the fund.
⁵	Rate represents the seven-day yield at 12/31/2022.
⁶	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁷	Affiliated issuer during the reporting period but no longer an affiliate at 12/31/2022. Refer to the investment portfolio for the security value at 12/31/2022.
⁸	Represents net activity. Refer to Note 5 for more information on securities lending.
⁹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

The Investment Company of America

Financial statements

Statement of assets and liabilities
at December 31, 2022	(dollars in thousands)

Assets:
Investment securities, at value (includes $14,544 of investment securities on loan):
Unaffiliated issuers (cost: $59,811,555)	$	94,129,411
Affiliated issuers (cost: $8,208,876)		8,794,572	$	102,923,983
Cash				70
Cash denominated in currencies other than U.S. dollars (cost: $2,663)				2,665
Receivables for:
Sales of investments		8,670
Sales of fund’s shares		55,294
Dividends and interest		200,649
Securities lending income		73
Other		630		265,316
				103,192,034
Liabilities:
Collateral for securities on loan				14,439
Payables for:
Purchases of investments		24,119
Repurchases of fund’s shares		68,885
Investment advisory services		20,659
Services provided by related parties		23,124
Trustees’ deferred compensation		3,890
Other		2,652		143,329

Net assets at December 31, 2022			$	103,034,266

Net assets consist of:
Capital paid in on shares of beneficial interest			$	67,750,660
Total distributable earnings				35,283,606
Net assets at December 31, 2022			$	103,034,266

Refer to the notes to financial statements.

12	The Investment Company of America

Financial statements (continued)

Statement of assets and liabilities
at December 31, 2022 (continued)	(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value)
—
unlimited shares authorized (2,498,629 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	65,046,395		1,576,440		$	41.26
Class C		1,118,525		27,471			40.72
Class T		11		—	*		41.24
Class F-1		1,214,555		29,530			41.13
Class F-2		9,865,294		239,285			41.23
Class F-3		4,111,696		99,718			41.23
Class 529-A		2,942,735		71,558			41.12
Class 529-C		72,038		1,754			41.07
Class 529-E		73,457		1,794			40.96
Class 529-T		16		—	*		41.24
Class 529-F-1		11		—	*		41.04
Class 529-F-2		175,147		4,246			41.25
Class 529-F-3		12		—	*		41.24
Class R-1		61,605		1,508			40.84
Class R-2		572,920		14,006			40.91
Class R-2E		71,436		1,738			41.11
Class R-3		829,087		20,190			41.07
Class R-4		1,040,221		25,302			41.11
Class R-5E		188,575		4,576			41.21
Class R-5		170,168		4,126			41.25
Class R-6		15,480,362		375,387			41.24

*	Amount less than one thousand.

Refer to the notes to financial statements.

The Investment Company of America

Financial statements (continued)

Statement of operations
for the year ended December 31, 2022	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $16,125; also includes $166,432 from affiliates)	$	2,245,660
Interest (includes $6,210 from affiliates)		8,972
Securities lending income (net of fees)		582		$	2,255,214
*Fees and expenses:**
Investment advisory services		252,071
Distribution services		201,871
Transfer agent services		66,884
Administrative services		32,521
529 plan services		2,022
Reports to shareholders		1,845
Registration statement and prospectus		1,302
Trustees’ compensation		203
Auditing and legal		213
Custodian		756
Other		203
Total fees and expenses before waiver		559,891
Less waiver of fees and expenses:
Investment advisory services waiver		35
Total fees and expenses after waiver					559,856
Net investment income					1,695,358

Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		3,920,053
Affiliated issuers		(486,288	)
Currency transactions		(929	)		3,432,836
Net unrealized (depreciation) appreciation on:
Investments:
Unaffiliated issuers		(25,028,782	)
Affiliated issuers		423,029
Currency translations		(802	)		(24,606,555	)
Net realized gain and unrealized depreciation					(21,173,719	)

Net decrease in net assets resulting from operations				$	(19,478,361	)

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

14	The Investment Company of America

Financial
statements (continued)

Statements of changes in net assets

	Year ended December 31,
	2022			2021
Operations:
Net investment income	$	1,695,358		$	1,582,226
Net realized gain		3,432,836			8,097,859
Net unrealized (depreciation) appreciation		(24,606,555	)		16,559,004
Net (decrease) increase in net assets resulting from operations		(19,478,361	)		26,239,089

Distributions paid to shareholders		(6,186,567	)		(8,411,156	)

Net capital share transactions		2,979,800			(1,296,839	)

Total (decrease) increase in net assets		(22,685,128	)		16,531,094

Net assets:
Beginning of year		125,719,394			109,188,300
End of year	$	103,034,266		$	125,719,394

Refer to the notes to financial statements.

The Investment Company of America

Notes to financial statements

1. Organization

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:

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

*	Class T and 529-T shares are not available for purchase.

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.

2. Significant accounting policies

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.

16	The Investment Company of America

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.

3. Valuation

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.

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.

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, contractual or legal 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

The Investment Company of America

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 “Fair Valuation Committee”) to administer, implement and oversee the
fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions,
as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee
reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines
to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to
the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that
describe fair value determinations and methods.

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

Classifications — The fund’s investment adviser classifies
the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values
are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs,
such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer
between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading.
Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that
market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk
or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs
used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation
levels as of December 31, 2022 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Energy	$	6,100,645	$	94,432	$	—	$	6,195,077
Materials		3,388,238		962,407		—		4,350,645
Industrials		13,722,265		419,357		—		14,141,622
Consumer discretionary		7,600,219		113,593		—		7,713,812
Consumer staples		5,914,231		2,747,484		—		8,661,715
Health care		12,322,768		1,419,459		—		13,742,227
Financials		8,966,352		322,153		—		9,288,505
Information technology		18,134,808		418,495		—		18,553,303
Communication services		7,720,018		—		—		7,720,018
Utilities		4,373,034		—		—		4,373,034
Real estate		1,780,796		—		—		1,780,796
Preferred securities		43,495		—		—		43,495
Convertible stocks		325,429		—		—		325,429
Convertible bonds & notes		—		122,800		—		122,800
Bonds, notes & other debt instruments		—		123,981		—		123,981
Short-term securities		5,787,524		—		—		5,787,524
Total	$	96,179,822	$	6,744,161	$	—	$	102,923,983

4. Risk factors

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; and currency exchange rate, interest rate and commodity price fluctuations.

18	The Investment Company of America

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) 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.

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., 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 operate or generate revenue. 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.

5. Certain investment techniques

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

The Investment Company of America

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, 2022, the total value of securities on loan was $14,544,000,
and the total value of collateral received was $14,880,000. Collateral received includes cash of $14,439,000 and U.S. government securities
of $441,000. 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.

6. Taxation and distributions

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, 2022, 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, 2022,
the fund recognized $1,925,000 in reclaims (net of $284,000 in fees and the effect of realized gain or loss from currency translations)
and $175,000 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. If applicable, the fund 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 and capital losses related to sales of certain
securities within 30 days of purchase. 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, 2022, the fund reclassified $275,693,000
from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2022, the tax basis components of distributable earnings,
unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	577,210
Post-October capital loss deferral*		(133,491	)
Gross unrealized appreciation on investments		37,072,422
Gross unrealized depreciation on investments		(2,229,275	)
Net unrealized appreciation on investments		34,843,147
Cost of investments		68,080,836

*	This deferral is considered incurred in the subsequent year.

20	The Investment Company of America

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

	Year ended December 31, 2022									Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	958,607		$	2,925,580		$	3,884,187		$	936,610		$	4,470,405	$	5,407,015
Class C		7,850			51,666			59,516			7,386			85,967		93,353
Class T		—	^†		—	^†		—	^†		—	^†		1		1
Class F-1		17,402			55,247			72,649			18,840			89,466		108,306
Class F-2		162,018			439,916			601,934			145,754			619,535		765,289
Class F-3		72,478			183,641			256,119			68,291			266,047		334,338
Class 529-A		42,385			133,165			175,550			41,645			204,875		246,520
Class 529-C		449			3,344			3,793			492			6,192		6,684
Class 529-E		880			3,364			4,244			875			5,318		6,193
Class 529-T		—	^†		1			1			—	^†		1		1
Class 529-F-1		—	^†		1			1			—	^†		1		1
Class 529-F-2		2,834			7,674			10,508			2,379			10,377		12,756
Class 529-F-3		—	^†		1			1			—	^†		1		1
Class R-1		416			2,818			3,234			363			4,412		4,775
Class R-2		3,632			26,080			29,712			3,330			41,635		44,965
Class R-2E		689			3,277			3,966			633			5,026		5,659
Class R-3		9,169			37,368			46,537			9,184			59,009		68,193
Class R-4		15,512			48,172			63,684			16,642			80,261		96,903
Class R-5E		2,820			8,163			10,983			2,304			10,838		13,142
Class R-5		3,008			7,668			10,676			3,159			12,413		15,572
Class R-6		267,500			681,772			949,272			258,247			923,242		1,181,489
Total	$	1,567,649		$	4,618,918		$	6,186,567		$	1,516,134		$	6,895,022	$	8,411,156

^†	Amount less than one thousand.

7. Fees and transactions with related parties

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. At the beginning of the year, these fees were based on a
series of decreasing annual rates beginning with 0.390% on the first $1 billion of daily net assets and decreasing to 0.219% on such assets
in excess of $89 billion. On March 8, 2022, the fund’s board of trustees approved an amended investment advisory and service agreement
effective May 1, 2022, decreasing the annual rate to 0.216% on daily net assets in excess of $115 billion. CRMC waived investment advisory
services fees of $35,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. As a result,
the fees shown on the fund’s statement of operations of $252,071,000 were reduced to $252,036,000, both of which were equivalent
to an annualized rate of 0.233% 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

The Investment Company of America

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.

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

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, 2022, 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, 2022,
the 529 plan services fees were $2,022,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

22	The Investment Company of America

For the year ended December 31, 2022, class-specific expenses under
the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$164,819		$45,524			$20,725		Not applicable
Class C		12,414		821			374		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		3,201		1,713			397		Not applicable
Class F-2		Not applicable		11,230			3,044		Not applicable
Class F-3		Not applicable		31			1,276		Not applicable
Class 529-A		7,139		1,891			942		$1,825
Class 529-C		837		51			25		49
Class 529-E		396		25			24		46
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2		Not applicable		75			53		102
Class 529-F-3		Not applicable		—	*		—	*	—	*
Class R-1		650		62			20		Not applicable
Class R-2		4,633		2,235			185		Not applicable
Class R-2E		466		162			23		Not applicable
Class R-3		4,401		1,356			264		Not applicable
Class R-4		2,915		1,217			350		Not applicable
Class R-5E		Not applicable		284			55		Not applicable
Class R-5		Not applicable		94			56		Not applicable
Class R-6		Not applicable		113			4,708		Not applicable
Total class-specific expenses		$201,871		$66,884			$32,521		$2,022

*	Amount less than one thousand.

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 $203,000 in the fund’s
statement of operations reflects $687,000 in current fees (either paid in cash or deferred) and a net decrease of $484,000 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, 2022, the fund engaged in such purchase and sale transactions with related funds in
the amounts of $1,899,352,000 and $1,093,983,000, respectively, which generated $54,294,000 of net realized losses 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, 2022.

The Investment Company of America

8. Warrants

As of December 31, 2022, the fund had warrants outstanding which may be
exercised at any time for the purchase of 818,231 Class A shares at approximately $5.24 per share. If these warrants had been exercised
as of December 31, 2022, the net asset value of each share class would have been reduced by approximately $0.02 per share. No warrants
were exercised during the year ended December 31, 2022.

9. Indemnifications

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.

10. Capital share transactions

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

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

Year ended December 31, 2022

Class A	$	3,003,132		67,261	$	3,790,100		89,580		$	(6,594,456	)		(149,390	)	$	198,776			7,451
Class C		135,212		3,056		59,303		1,425			(317,174	)		(7,206	)		(122,659	)		(2,725	)
Class T		—		—		—		—			—			—			—			—
Class F-1		46,705		1,055		71,388		1,693			(181,319	)		(4,102	)		(63,226	)		(1,354	)
Class F-2		2,178,423		48,934		586,224		13,861			(1,961,960	)		(44,431	)		802,687			18,364
Class F-3		805,580		18,064		244,261		5,772			(800,877	)		(18,075	)		248,964			5,761
Class 529-A		229,003		5,140		175,494		4,162			(429,776	)		(9,699	)		(25,279	)		(397	)
Class 529-C		14,352		324		3,792		90			(35,361	)		(789	)		(17,217	)		(375	)
Class 529-E		5,246		119		4,243		102			(11,916	)		(271	)		(2,427	)		(50	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		40,370		898		10,503		248			(27,002	)		(608	)		23,871			538
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		7,816		174		3,212		77			(11,442	)		(260	)		(414	)		(9	)
Class R-2		101,977		2,310		29,698		711			(162,404	)		(3,658	)		(30,729	)		(637	)
Class R-2E		14,612		322		3,966		94			(20,681	)		(465	)		(2,103	)		(49	)
Class R-3		130,942		2,922		46,473		1,105			(197,905	)		(4,394	)		(20,490	)		(367	)
Class R-4		115,324		2,544		63,634		1,510			(294,041	)		(6,648	)		(115,083	)		(2,594	)
Class R-5E		55,279		1,247		10,981		260			(38,141	)		(845	)		28,119			662
Class R-5		23,520		536		10,646		251			(44,827	)		(1,014	)		(10,661	)		(227	)
Class R-6		1,951,851		42,083		949,218		22,427			(813,401	)		(18,314	)		2,087,668			46,196
Total net increase (decrease)	$	8,859,344		196,989	$	6,063,139		143,368		$	(11,942,683	)		(270,169	)	$	2,979,800			70,188

Refer to the end of the table for footnotes.

24	The Investment Company of America

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

Year ended December 31, 2021

Class A	$	3,785,679		76,729	$	5,274,174		104,211		$	(7,192,513	)		(145,421	)	$	1,867,340			35,519
Class C		187,433		3,843		93,012		1,858			(338,272	)		(6,933	)		(57,827	)		(1,232	)
Class T		—		—		—		—			—			—			—			—
Class F-1		75,240		1,532		106,796		2,118			(638,700	)		(13,130	)		(456,664	)		(9,480	)
Class F-2		2,648,165		53,549		744,049		14,712			(2,031,848	)		(41,112	)		1,360,366			27,149
Class F-3		942,053		19,181		317,260		6,275			(967,656	)		(19,697	)		291,657			5,759
Class 529-A		275,391		5,582		246,444		4,884			(496,703	)		(10,061	)		25,132			405
Class 529-C		18,705		380		6,681		132			(51,090	)		(1,034	)		(25,704	)		(522	)
Class 529-E		6,305		128		6,188		123			(14,878	)		(303	)		(2,385	)		(52	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		44,799		901		12,754		252			(24,738	)		(498	)		32,815			655
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		10,059		206		4,740		95			(18,414	)		(375	)		(3,615	)		(74	)
Class R-2		125,478		2,568		44,935		894			(183,585	)		(3,770	)		(13,172	)		(308	)
Class R-2E		18,736		382		5,659		112			(20,196	)		(415	)		4,199			79
Class R-3		168,317		3,452		68,132		1,352			(286,398	)		(5,855	)		(49,949	)		(1,051	)
Class R-4		146,332		2,990		96,836		1,920			(354,580	)		(7,202	)		(111,412	)		(2,292	)
Class R-5E		94,814		1,919		13,138		260			(26,468	)		(541	)		81,484			1,638
Class R-5		21,398		434		15,558		308			(39,215	)		(796	)		(2,259	)		(54	)
Class R-6		2,229,888		45,446		1,181,486		23,387			(7,648,222	)		(155,857	)		(4,236,848	)		(87,024	)
Total net increase (decrease)	$	10,798,792		219,222	$	8,237,845		162,893		$	(20,333,476	)		(413,000	)	$	(1,296,839	)		(30,885	)

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

11. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding
short-term securities and U.S. government obligations, if any, of $31,407,902,000 and $35,126,884,000, respectively, during the year ended
December 31, 2022.

The Investment Company of America

Financial highlights

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains 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:
12/31/2022	$	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
12/31/2018		40.39		.75		(3.28	)		(2.53	)		(.74	)		(3.21	)		(3.95	)		33.91		(6.51	)		54,973			.57			.57			1.85
Class C:
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
12/31/2018		39.98		.42		(3.24	)		(2.82	)		(.41	)		(3.21	)		(3.62	)		33.54		(7.24	)		1,498			1.36			1.36			1.05
Class T:
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
12/31/2018		40.38		.83		(3.27	)		(2.44	)		(.82	)		(3.21	)		(4.03	)		33.91		(6.29	)⁵		—	⁶		.36	⁵		.36	⁵		2.05	⁵
Class F-1:
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
12/31/2018		40.29		.71		(3.27	)		(2.56	)		(.70	)		(3.21	)		(3.91	)		33.82		(6.59	)		1,639			.66			.66			1.76
Class F-2:
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
12/31/2018		40.37		.82		(3.27	)		(2.45	)		(.81	)		(3.21	)		(4.02	)		33.90		(6.31	)		6,067			.39			.39			2.03
Class F-3:
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
12/31/2018		40.37		.86		(3.28	)		(2.42	)		(.84	)		(3.21	)		(4.05	)		33.90		(6.24	)		2,562			.30			.30			2.12
Class 529-A:
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
12/31/2018		40.29		.71		(3.27	)		(2.56	)		(.70	)		(3.21	)		(3.91	)		33.82		(6.59	)		2,495			.66			.66			1.76

Refer to the end of the table for footnotes.

26	The Investment Company of America

Financial
highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains 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 529-C:
12/31/2022	$	51.55	$	.30	$	(8.63	)	$	(8.33	)	$	(.25	)	$	(1.90	)	$	(2.15	)	$	41.07		(16.19	)%	$	72			1.38	%		1.38	%		.67	%
12/31/2021		44.22		.24		10.29			10.53			(.22	)		(2.98	)		(3.20	)		51.55		24.02			110			1.37			1.37			.49
12/31/2020		39.36		.29		4.97			5.26			(.29	)		(.11	)		(.40	)		44.22		13.60			117			1.37			1.37			.77
12/31/2019		33.74		.39		7.49			7.88			(.45	)		(1.81	)		(2.26	)		39.36		23.54			283			1.39			1.39			1.05
12/31/2018		40.19		.41		(3.26	)		(2.85	)		(.39	)		(3.21	)		(3.60	)		33.74		(7.28	)		293			1.41			1.41			1.01
Class 529-E:
12/31/2022		51.44		.54		(8.63	)		(8.09	)		(.49	)		(1.90	)		(2.39	)		40.96		(15.75	)		73			.86			.86			1.22
12/31/2021		44.14		.50		10.26			10.76			(.48	)		(2.98	)		(3.46	)		51.44		24.65			95			.85			.85			1.01
12/31/2020		39.31		.48		4.97			5.45			(.51	)		(.11	)		(.62	)		44.14		14.20			84			.86			.86			1.26
12/31/2019		33.71		.59		7.47			8.06			(.65	)		(1.81	)		(2.46	)		39.31		24.14			85			.88			.88			1.56
12/31/2018		40.16		.61		(3.25	)		(2.64	)		(.60	)		(3.21	)		(3.81	)		33.71		(6.78	)		79			.90			.90			1.52
Class 529-T:
12/31/2022		51.78		.75		(8.69	)		(7.94	)		(.70	)		(1.90	)		(2.60	)		41.24		(15.36	)⁵		—	⁶		.39	⁵		.39	⁵		1.70	⁵
12/31/2021		44.41		.73		10.33			11.06			(.71	)		(2.98	)		(3.69	)		51.78		25.23	⁵		—	⁶		.39	⁵		.39	⁵		1.47	⁵
12/31/2020		39.56		.67		4.99			5.66			(.70	)		(.11	)		(.81	)		44.41		14.72	⁵		—	⁶		.40	⁵		.40	⁵		1.72	⁵
12/31/2019		33.91		.77		7.52			8.29			(.83	)		(1.81	)		(2.64	)		39.56		24.72	⁵		—	⁶		.41	⁵		.41	⁵		2.03	⁵
12/31/2018		40.38		.81		(3.27	)		(2.46	)		(.80	)		(3.21	)		(4.01	)		33.91		(6.34	)⁵		—	⁶		.42	⁵		.42	⁵		2.00	⁵
Class 529-F-1:
12/31/2022		51.54		.72		(8.65	)		(7.93	)		(.67	)		(1.90	)		(2.57	)		41.04		(15.41	)⁵		—	⁶		.45	⁵		.45	⁵		1.63	⁵
12/31/2021		44.21		.70		10.29			10.99			(.68	)		(2.98	)		(3.66	)		51.54		25.19	⁵		—	⁶		.44	⁵		.44	⁵		1.42	⁵
12/31/2020		39.40		.65		4.97			5.62			(.70	)		(.11	)		(.81	)		44.21		14.69	⁵		—	⁶		.40	⁵		.40	⁵		1.72	⁵
12/31/2019		33.78		.76		7.50			8.26			(.83	)		(1.81	)		(2.64	)		39.40		24.72			115			.42			.42			2.02
12/31/2018		40.24		.80		(3.25	)		(2.45	)		(.80	)		(3.21	)		(4.01	)		33.78		(6.34	)		93			.43			.43			1.99
Class 529-F-2:
12/31/2022		51.79		.76		(8.69	)		(7.93	)		(.71	)		(1.90	)		(2.61	)		41.25		(15.34	)		175			.37			.37			1.72
12/31/2021		44.41		.74		10.33			11.07			(.71	)		(2.98	)		(3.69	)		51.79		25.25			192			.38			.38			1.48
12/31/2020^7,8		38.92		.12		5.55			5.67			(.18	)		—			(.18	)		44.41		14.56	⁹		136			.06	⁹		.06	⁹		.29	⁹
Class 529-F-3:
12/31/2022		51.78		.78		(8.69	)		(7.91	)		(.73	)		(1.90	)		(2.63	)		41.24		(15.31	)		—	⁶		.33			.33			1.75
12/31/2021		44.41		.76		10.33			11.09			(.74	)		(2.98	)		(3.72	)		51.78		25.31			—	⁶		.34			.32			1.54
12/31/2020^7,8		38.92		.13		5.54			5.67			(.18	)		—			(.18	)		44.41		14.59	⁹		—	⁶		.09	⁹		.06	⁹		.30	⁹
Class R-1:
12/31/2022		51.30		.32		(8.60	)		(8.28	)		(.28	)		(1.90	)		(2.18	)		40.84		(16.17	)		62			1.34			1.34			.73
12/31/2021		44.03		.26		10.23			10.49			(.24	)		(2.98	)		(3.22	)		51.30		24.04			78			1.34			1.34			.52
12/31/2020		39.21		.30		4.95			5.25			(.32	)		(.11	)		(.43	)		44.03		13.63			70			1.35			1.35			.77
12/31/2019		33.63		.40		7.45			7.85			(.46	)		(1.81	)		(2.27	)		39.21		23.54			74			1.37			1.37			1.07
12/31/2018		40.07		.41		(3.24	)		(2.83	)		(.40	)		(3.21	)		(3.61	)		33.63		(7.24	)		72			1.38			1.38			1.03

Refer to the end of the table for footnotes.

The Investment Company of America

Financial
highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains 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 R-2:
12/31/2022	$	51.37	$	.31	$	(8.61	)	$	(8.30	)	$	(.26	)	$	(1.90	)	$	(2.16	)	$	40.91		(16.18	)%	$	573		1.38	%		1.38	%		.70	%
12/31/2021		44.09		.25		10.24			10.49			(.23	)		(2.98	)		(3.21	)		51.37		24.02			752		1.36			1.36			.51
12/31/2020		39.26		.29		4.97			5.26			(.32	)		(.11	)		(.43	)		44.09		13.62			659		1.37			1.37			.76
12/31/2019		33.67		.40		7.46			7.86			(.46	)		(1.81	)		(2.27	)		39.26		23.54			645		1.39			1.39			1.06
12/31/2018		40.12		.41		(3.25	)		(2.84	)		(.40	)		(3.21	)		(3.61	)		33.67		(7.26	)		582		1.40			1.40			1.02
Class R-2E:
12/31/2022		51.61		.44		(8.65	)		(8.21	)		(.39	)		(1.90	)		(2.29	)		41.11		(15.93	)		71		1.07			1.07			1.00
12/31/2021		44.28		.40		10.29			10.69			(.38	)		(2.98	)		(3.36	)		51.61		24.41			92		1.07			1.07			.80
12/31/2020		39.43		.40		4.99			5.39			(.43	)		(.11	)		(.54	)		44.28		13.94			75		1.08			1.08			1.05
12/31/2019		33.81		.51		7.49			8.00			(.57	)		(1.81	)		(2.38	)		39.43		23.89			71		1.09			1.09			1.35
12/31/2018		40.28		.53		(3.26	)		(2.73	)		(.53	)		(3.21	)		(3.74	)		33.81		(6.99	)		52		1.10			1.10			1.33
Class R-3:
12/31/2022		51.56		.51		(8.64	)		(8.13	)		(.46	)		(1.90	)		(2.36	)		41.07		(15.79	)		829		.92			.92			1.16
12/31/2021		44.24		.47		10.28			10.75			(.45	)		(2.98	)		(3.43	)		51.56		24.56			1,060		.91			.91			.95
12/31/2020		39.40		.46		4.98			5.44			(.49	)		(.11	)		(.60	)		44.24		14.13			956		.92			.92			1.20
12/31/2019		33.78		.57		7.49			8.06			(.63	)		(1.81	)		(2.44	)		39.40		24.08			949		.93			.93			1.51
12/31/2018		40.24		.59		(3.26	)		(2.67	)		(.58	)		(3.21	)		(3.79	)		33.78		(6.84	)		864		.94			.94			1.47
Class R-4:
12/31/2022		51.62		.64		(8.65	)		(8.01	)		(.60	)		(1.90	)		(2.50	)		41.11		(15.56	)		1,040		.62			.62			1.45
12/31/2021		44.28		.62		10.30			10.92			(.60	)		(2.98	)		(3.58	)		51.62		24.96			1,440		.61			.61			1.25
12/31/2020		39.44		.58		4.98			5.56			(.61	)		(.11	)		(.72	)		44.28		14.48			1,337		.62			.62			1.50
12/31/2019		33.81		.68		7.50			8.18			(.74	)		(1.81	)		(2.55	)		39.44		24.46			1,435		.63			.63			1.81
12/31/2018		40.28		.72		(3.28	)		(2.56	)		(.70	)		(3.21	)		(3.91	)		33.81		(6.58	)		1,346		.64			.64			1.77
Class R-5E:
12/31/2022		51.74		.74		(8.68	)		(7.94	)		(.69	)		(1.90	)		(2.59	)		41.21		(15.38	)		189		.42			.42			1.67
12/31/2021		44.38		.73		10.32			11.05			(.71	)		(2.98	)		(3.69	)		51.74		25.21			203		.41			.41			1.47
12/31/2020		39.54		.66		4.98			5.64			(.69	)		(.11	)		(.80	)		44.38		14.69			101		.42			.42			1.70
12/31/2019		33.89		.76		7.52			8.28			(.82	)		(1.81	)		(2.63	)		39.54		24.72			68		.43			.43			2.01
12/31/2018		40.36		.81		(3.27	)		(2.46	)		(.80	)		(3.21	)		(4.01	)		33.89		(6.35	)		24		.43			.43			2.01
Class R-5:
12/31/2022		51.79		.78		(8.69	)		(7.91	)		(.73	)		(1.90	)		(2.63	)		41.25		(15.30	)		170		.32			.32			1.75
12/31/2021		44.41		.77		10.34			11.11			(.75	)		(2.98	)		(3.73	)		51.79		25.34			225		.31			.31			1.55
12/31/2020		39.56		.69		4.99			5.68			(.72	)		(.11	)		(.83	)		44.41		14.82			196		.32			.32			1.80
12/31/2019		33.91		.80		7.52			8.32			(.86	)		(1.81	)		(2.67	)		39.56		24.82			261		.33			.33			2.11
12/31/2018		40.38		.84		(3.27	)		(2.43	)		(.83	)		(3.21	)		(4.04	)		33.91		(6.27	)		245		.34			.34			2.07
Class R-6:
12/31/2022		51.78		.81		(8.69	)		(7.88	)		(.76	)		(1.90	)		(2.66	)		41.24		(15.26	)		15,480		.27			.27			1.82
12/31/2021		44.40		.79		10.34			11.13			(.77	)		(2.98	)		(3.75	)		51.78		25.41			17,044		.27			.27			1.61
12/31/2020		39.56		.72		4.97			5.69			(.74	)		(.11	)		(.85	)		44.40		14.85			18,480		.27			.27			1.85
12/31/2019		33.90		.82		7.53			8.35			(.88	)		(1.81	)		(2.69	)		39.56		24.92			17,077		.28			.28			2.16
12/31/2018		40.38		.86		(3.28	)		(2.42	)		(.85	)		(3.21	)		(4.06	)		33.90		(6.25	)		12,548		.29			.29			2.13

Refer to the end of the table for footnotes.

28	The Investment Company of America

Financial
highlights (continued)

	Year ended December 31,
	2022			2021			2020			2019			2018
Portfolio turnover rate for all share classes¹⁰		31	%		22	%		39	%		31	%		36	%

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.

Refer to the notes to financial statements.

The Investment Company of America

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of The Investment Company of America:

Opinion on the Financial Statements and Financial Highlights

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, 2022, 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, 2022, 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.

Basis for Opinion

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, 2022, 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.

Deloitte & Touche LLP

Costa Mesa, California
February 10, 2023

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

30	The Investment Company of America

Expense example

unaudited

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, 2022, through December 31, 2022).

Actual expenses:

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.

Hypothetical example for comparison purposes:

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.

Notes:

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.

The Investment Company of America

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,048.33	$	2.99		.58	%
Class A – assumed 5% return		1,000.00		1,022.28		2.96		.58
Class C – actual return		1,000.00		1,044.59		6.85		1.33
Class C – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class T – actual return		1,000.00		1,049.64		1.70		.33
Class T – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class F-1 – actual return		1,000.00		1,048.16		3.30		.64
Class F-1 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class F-2 – actual return		1,000.00		1,049.39		1.96		.38
Class F-2 – assumed 5% return		1,000.00		1,023.29		1.94		.38
Class F-3 – actual return		1,000.00		1,050.00		1.40		.27
Class F-3 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 529-A – actual return		1,000.00		1,048.03		3.20		.62
Class 529-A – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class 529-C – actual return		1,000.00		1,043.92		7.16		1.39
Class 529-C – assumed 5% return		1,000.00		1,018.20		7.07		1.39
Class 529-E – actual return		1,000.00		1,046.98		4.44		.86
Class 529-E – assumed 5% return		1,000.00		1,020.87		4.38		.86
Class 529-T – actual return		1,000.00		1,049.39		2.01		.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		1,049.19		2.38		.46
Class 529-F-1 – assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 529-F-2 – actual return		1,000.00		1,049.44		1.91		.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		1,049.68		1.70		.33
Class 529-F-3 – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class R-1 – actual return		1,000.00		1,044.36		6.90		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		1,044.39		7.06		1.37
Class R-2 – assumed 5% return		1,000.00		1,018.30		6.97		1.37
Class R-2E – actual return		1,000.00		1,045.96		5.52		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		1,046.83		4.75		.92
Class R-3 – assumed 5% return		1,000.00		1,020.57		4.69		.92
Class R-4 – actual return		1,000.00		1,048.06		3.20		.62
Class R-4 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class R-5E – actual return		1,000.00		1,049.25		2.17		.42
Class R-5E – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class R-5 – actual return		1,000.00		1,049.94		1.65		.32
Class R-5 – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class R-6 – actual return		1,000.00		1,050.26		1.40		.27
Class R-6 – assumed 5% return		1,000.00		1,023.84		1.38		.27

*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

32	The Investment Company of America

Tax information

unaudited

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, 2022:

Long-term capital gains			$4,893,627,000
Qualified dividend income			100%
Corporate dividends received deduction			100%
U.S. government income that may be exempt from state taxation			$23,176,000

Individual shareholders should refer to their Form 1099 or other tax
information, which was mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns.
Shareholders should consult their tax advisors.

The Investment Company of America

Liquidity Risk Management Program

unaudited

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, 2021, through September 30, 2022. 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.

34	The Investment Company of America

Board of trustees and other officers

Independent trustees¹

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
Mary Anne Dolan, 1947	2000	Founder and President, MAD Ink (communications company); former Editor-in-Chief, The Los Angeles Herald Examiner (retired 1989)	10	None
James G. Ellis, 1947	2008	Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California	96	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
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)	10	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	22	América Móvil, SAB de CV (telecommunications company); Grupo Sanborns, SAB de CV (retail stores and restaurants); 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	93	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)	23	Biogen Inc.
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	4	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)	7	Bunge Limited (agricultural business and food company)
Kathy J. Williams, 1955	2019	Board Chair, Above and Beyond Teaching	7	None

Interested trustees^4,5

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	4	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	13	None

Refer to page 36 for footnotes.

The Investment Company of America

Other officers⁵

Name, year of birth and position with fund	Year first elected an officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Grant L. Cambridge, 1962 Co-President	2019	Partner — Capital International Investors, Capital Research and Management Company
Martin Romo, 1967 Co-President	2018	Partner — Capital Research Global Investors, Capital Research and Management Company; Chairman, Principal Executive Officer and Director, Capital Research Company⁶; Director, The Capital Group Companies, Inc.⁶
Herbert Y. Poon, 1973 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chief Compliance Officer, Capital Research and Management Company; Chief Compliance Officer, Capital Research Company⁶
Michael W. Stockton, 1967 Executive Vice President	2013–2016, 2019	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Aline Avzaradel, 1978 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Christopher D. Buchbinder, 1971 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁶
Martin Jacobs, 1962 Senior Vice President	2021	Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁶
James B. Lovelace, 1956 Senior Vice President	1994	Partner — Capital Research Global Investors, Capital Research and Management Company; Partner — Capital Research Global Investors, Capital Bank and Trust Company⁶
Donald D. O’Neal, 1960 Senior Vice President	1994	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company⁶
Jessica C. Spaly, 1977 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Julie E. Lawton, 1973 Secretary	2021	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research Company⁶
Hong T. Le, 1978 Treasurer	2016	Vice President — Investment Operations, Capital Research and Management Company
Marilyn Paramo, 1982 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2016, 2021	Senior Vice President — Investment Operations, Capital Research and Management Company

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 visiting 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.

¹	The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
²	Trustees and officers of the fund serve until their resignation, removal or retirement.
³	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
⁴	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
⁵	All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
⁶	Company affiliated with Capital Research and Management Company.

36	The Investment Company of America

Office of the fund
333 South Hope Street
Los Angeles, CA 90071-1406

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.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

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 visit 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, 2023, 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 © 2023 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.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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.

Aligned with investor success

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 27 years of investment industry experience, including
21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

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.

American Funds’ superior outcomes

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

	¹	Investment industry experience as of December 31, 2021.
	²	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
	³	Based on Class F-2 share results as of December 31, 2021. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	On average, our management fees were in the lowest quintile 63% of the time, based on the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

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. Visit 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.

ITEM 2 – Code of Ethics

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.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that William
R. McLaughlin, 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.

ITEM 4 – Principal Accountant Fees and Services

		ICA

Registrant:

a) Audit Fees:
Audit	2021	102,000
	2022	104,000

b) Audit-Related Fees:
	2021	17,000
	2022	19,000

c) Tax Fees:
	2021	8,000
	2022	9,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.

d) All Other Fees:
	2021	None
	2022	None

	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a) Audit Fees:
	Not Applicable

b) Audit-Related Fees:
	2021	1,427,000
	2022	2,394,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.

c) Tax Fees:

	2021	1,000
	2022	394,000
	The tax fees consist of consulting services relating to the Registrant’s investments.


d) All Other Fees:
	2021	2,000
	2022	None
	The other fees consist of subscription services related to an accounting research tool.


	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $1,455,000 for fiscal year 2021 and $2,817,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

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.

ITEM 6 – Schedule of Investments

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 8 – Portfolio Managers of 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.

ITEM 10 – Submission of Matters to a Vote of
Security Holders

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.

ITEM 11 – Controls and Procedures

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b)

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

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

	THE INVESTMENT COMPANY OF AMERICA

	By __/s/ Herbert Y. Poon________________
	Herbert Y. Poon, Principal Executive Officer

	Date: February 28, 2023

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

By _ /s/ Herbert Y. Poon_____________

Herbert Y. Poon,

Principal Executive Officer

Date: February 28, 2023

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: February 28, 2023

ATTACHMENTS / EXHIBITS

COE

CERT302

CERT906