The Investment Company of America®
Investment portfolio
March 31, 2026
unaudited
 
Common stocks 96.83%
Energy 3.02%
 
Shares
Value
(000)
Baker Hughes Co., Class A
3,310,442
$202,102
Canadian Natural Resources, Ltd. (CAD denominated)
32,368,604
1,578,990
Diamondback Energy, Inc.
2,929,232
579,373
EOG Resources, Inc.
3,836,543
554,649
Expand Energy Corp.
3,492,045
383,357
Exxon Mobil Corp.
2,101,560
356,551
Halliburton Co.
22,962,241
895,298
TC Energy Corp. (CAD denominated) (a)
7,418,569
464,547
 
5,014,867
Materials 2.97%
 
 
 
Air Products and Chemicals, Inc.
888,535
258,111
Dow, Inc.
3,000,000
124,950
Freeport-McMoRan, Inc.
8,262,509
485,670
International Paper Co.
14,350,508
512,313
Linde PLC
5,592,248
2,772,413
LyondellBasell Industries NV
4,514,900
363,720
Smurfit Westrock PLC
10,341,247
412,099
 
4,929,276
Industrials 11.91%
 
 
 
Airbus SE, non-registered shares (a)
597,424
112,211
Automatic Data Processing, Inc.
396,290
80,518
BAE Systems PLC
11,938,499
347,517
Boeing Co. (The) (b)
821,441
163,491
Carrier Global Corp.
31,676,969
1,783,730
Caterpillar, Inc.
461,986
327,299
CSX Corp.
5,180,104
212,643
FTAI Aviation, Ltd.
2,741,882
671,761
General Dynamics Corp.
2,256,997
774,646
General Electric Co.
12,552,468
3,562,014
GFL Environmental, Inc., subordinate voting shares
6,178,004
257,746
HEICO Corp.
152,961
41,942
Honeywell International, Inc.
282,599
63,876
Illinois Tool Works, Inc.
2,458,574
639,942
Ingersoll-Rand, Inc.
9,856,287
789,686
Northrop Grumman Corp.
205,094
139,923
Otis Worldwide Corp.
1,213,212
93,514
Paychex, Inc.
899,442
82,857
Recruit Holdings Co., Ltd.
10,015,000
447,170
Rolls-Royce Holdings PLC
79,142,267
1,208,577
RTX Corp.
12,674,017
2,444,818
Stanley Black & Decker, Inc.
5,875,287
417,498
TransDigm Group, Inc.
329,817
382,245
Uber Technologies, Inc. (b)
38,181,491
2,746,395
Union Pacific Corp.
2,201,133
534,039
The Investment Company of America — Page 1 of 8
unaudited
Common stocks (continued)
Industrials (continued)
 
Shares
Value
(000)
United Airlines Holdings, Inc. (b)
1,252,378
$115,306
United Rentals, Inc.
947,253
690,131
Waste Connections, Inc.
476,795
77,451
Waste Management, Inc.
1,753,835
403,014
XPO, Inc. (b)
734,986
142,992
 
19,754,952
Consumer discretionary 10.29%
 
 
 
Amazon.com, Inc. (b)
38,610,081
8,041,322
Carvana Co., Class A (b)
986,171
310,032
DoorDash, Inc., Class A (b)
1,675,209
251,533
Home Depot, Inc.
5,837,002
1,919,732
McDonald’s Corp.
989,914
307,655
MercadoLibre, Inc. (b)
156,740
271,007
Royal Caribbean Cruises, Ltd.
11,614,788
3,196,157
Starbucks Corp. (a)
23,533,780
2,108,391
Tesla, Inc. (b)
1,110,956
412,998
TJX Cos., Inc. (The)
1,277,867
204,075
Tractor Supply Co.
849,136
38,466
 
17,061,368
Consumer staples 6.41%
 
 
 
Altria Group, Inc.
7,379,811
486,994
British American Tobacco PLC
75,299,664
4,386,257
British American Tobacco PLC (ADR)
1,451,116
84,847
Coca-Cola Co.
3,856,379
293,277
Imperial Brands PLC
12,755,925
519,159
Mondelez International, Inc., Class A
10,085,094
581,305
PepsiCo, Inc.
1,844,209
286,387
Philip Morris International, Inc.
22,990,781
3,801,296
Procter & Gamble Co.
1,389,170
200,652
 
10,640,174
Health care 11.25%
 
 
 
Abbott Laboratories
12,143,362
1,246,759
AbbVie, Inc.
8,308,752
1,807,070
Alnylam Pharmaceuticals, Inc. (b)
1,947,787
644,464
Amgen, Inc.
861,137
302,991
Cencora, Inc.
1,146,598
360,192
Cigna Group (The)
813,232
216,930
CVS Health Corp.
2,765,351
198,608
Daiichi Sankyo Co., Ltd.
9,900,000
174,542
Danaher Corp.
3,275,070
620,953
Eli Lilly and Co.
6,059,533
5,573,377
GE HealthCare Technologies, Inc.
12,631,232
899,091
Gilead Sciences, Inc.
1,947,854
271,472
Intuitive Surgical, Inc. (b)
148,735
68,565
Johnson & Johnson
261,135
63,832
Medline, Inc., Class A (b)
2,824,406
125,686
Medtronic PLC
5,704,840
494,324
Stryker Corp.
638,427
209,781
Takeda Pharmaceutical Co., Ltd.
5,284,612
194,954
Thermo Fisher Scientific, Inc.
1,350,851
663,984
The Investment Company of America — Page 2 of 8
unaudited
Common stocks (continued)
Health care (continued)
 
Shares
Value
(000)
UnitedHealth Group, Inc.
6,366,821
$1,722,798
Vertex Pharmaceuticals, Inc. (b)
6,269,142
2,799,423
 
18,659,796
Financials 8.13%
 
 
 
American Express Co.
1,666,218
503,998
Apollo Asset Management, Inc.
7,102,158
791,322
Arthur J. Gallagher & Co.
1,638,600
354,888
Berkshire Hathaway, Inc., Class B (b)
700,000
335,440
BlackRock, Inc.
1,044,999
1,004,986
Blackstone, Inc.
1,299,283
149,405
Blue Owl Capital, Inc., Class A
32,858,571
299,999
Brown & Brown, Inc.
3,706,245
241,684
Chubb, Ltd.
1,254,887
409,005
CME Group, Inc., Class A
820,505
242,336
JPMorgan Chase & Co.
5,979,153
1,758,828
KKR & Co., Inc.
2,968,229
274,561
Marsh & McLennan Cos., Inc.
3,787,818
656,997
Mastercard, Inc., Class A
2,171,874
1,085,199
Morgan Stanley
9,135,406
1,503,414
PNC Financial Services Group, Inc.
971,010
202,057
Progressive Corp.
6,665,263
1,321,322
U.S. Bancorp
665,608
34,618
Visa, Inc., Class A
1,560,503
471,646
Wells Fargo & Co.
23,251,961
1,851,089
 
13,492,794
Information technology 29.72%
 
 
 
Amphenol Corp., Class A
5,936,473
750,073
Apple, Inc.
14,583,228
3,701,077
Applied Materials, Inc.
6,317,075
2,159,113
AppLovin Corp., Class A (b)
754,023
300,101
Arista Networks, Inc. (b)
3,851,950
472,942
ASML Holding NV
246,564
326,361
ASML Holding NV (ADR)
144,282
190,572
Broadcom, Inc.
32,908,735
10,185,583
Cisco Systems, Inc.
15,945,330
1,237,198
Corning, Inc.
5,709,991
776,388
Fair Isaac Corp. (b)
134,218
143,283
Infineon Technologies AG (ADR)
2,660,957
120,302
Intel Corp. (b)
24,783,332
1,093,688
KLA Corp.
193,468
284,864
Marvell Technology, Inc.
2,217,339
219,627
Micron Technology, Inc.
1,469,508
496,459
Microsoft Corp.
25,344,435
9,381,750
NVIDIA Corp.
62,731,759
10,940,419
Oracle Corp.
10,398,301
1,529,694
Salesforce, Inc.
3,885,517
725,310
Seagate Technology Holdings PLC
862,994
338,087
Shopify, Inc., Class A, subordinate voting shares (b)
5,231,071
620,510
Taiwan Semiconductor Manufacturing Co., Ltd.
46,488,000
2,620,781
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
2,067,215
698,615
 
49,312,797
The Investment Company of America — Page 3 of 8
unaudited
Common stocks (continued)
Communication services 10.09%
 
Shares
Value
(000)
Alphabet, Inc., Class A
14,398,046
$4,140,302
Alphabet, Inc., Class C
12,344,888
3,541,255
AT&T, Inc.
5,024,424
145,658
Charter Communications, Inc., Class A (b)
2,956,871
638,329
Comcast Corp., Class A
39,482,762
1,133,550
Meta Platforms, Inc., Class A
8,091,111
4,629,167
Netflix, Inc. (b)
20,295,204
1,951,384
SoftBank Group Corp.
22,072,700
530,498
Versant Media Group, Inc., Class A
815,205
30,179
 
16,740,322
Utilities 2.26%
 
 
 
Atmos Energy Corp.
1,315,930
243,079
CenterPoint Energy, Inc.
15,264,944
658,835
Constellation Energy Corp.
720,027
201,068
Dominion Energy, Inc.
9,895,902
611,765
DTE Energy Co.
921,649
134,763
Entergy Corp.
3,675,209
412,946
NextEra Energy, Inc.
5,303,003
492,543
PG&E Corp.
8,689,035
152,666
Pinnacle West Capital Corp.
2,240,323
225,713
Sempra
1,253,524
121,805
Xcel Energy, Inc.
6,241,558
495,829
 
3,751,012
Real estate 0.78%
 
 
 
Extra Space Storage, Inc. REIT
2,532,360
332,068
Prologis, Inc. REIT
3,727,983
492,765
UDR, Inc. REIT
5,397,101
182,314
Welltower, Inc. REIT
1,470,668
290,766
 
1,297,913
Total common stocks (cost: $90,401,564,000)
160,655,271
Preferred securities 0.30%
Financials 0.30%
 
 
 
Fannie Mae, Series O, 7.00% noncumulative preferred shares (b)
4,810,038
91,631
Fannie Mae, Series P, (3-month USD CME Term SOFR + 0.75%) 4.711% perpetual noncumulative preferred
shares (b)
564,388
5,333
Fannie Mae, Series R, 7.625% noncumulative preferred shares (b)
3,026,482
29,811
Fannie Mae, Series S, 8.25% noncumulative preferred shares (b)
7,688,868
91,498
Fannie Mae, Series T, 8.25% noncumulative preferred shares (b)
11,530,150
115,302
Federal Home Loan Mortgage Corp., Series V, 5.57% noncumulative preferred shares (b)
1,818,512
17,476
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares (a)(b)
12,714,951
143,679
Total preferred securities (cost: $272,003,000)
494,730
Convertible stocks 0.17%
Industrials 0.11%
 
 
 
Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 (a)
2,850,592
184,947
The Investment Company of America — Page 4 of 8
unaudited
Convertible stocks (continued)
Financials 0.06%
 
Shares
Value
(000)
KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028
2,459,184
$98,908
Total convertible stocks (cost: $272,841,000)
283,855
Short-term securities 3.00%
Money market investments 2.83%
 
 
 
Capital Group Central Cash Fund 3.71% (c)(d)
46,938,061
4,693,337
Money market investments purchased with collateral from securities on loan 0.17%
 
 
 
BlackRock Liquidity Funds – FedFund, Institutional Shares 3.55% (c)(e)
53,100,000
53,100
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 3.57% (c)(e)
53,100,000
53,100
State Street Institutional U.S. Government Money Market Fund, Premier Class 3.60% (c)(e)
44,700,000
44,700
Goldman Sachs Financial Square Government Fund, Institutional Shares 3.53% (c)(e)
39,100,000
39,100
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.58% (c)(e)
22,973,595
22,973
Capital Group Central Cash Fund 3.71% (c)(d)(e)
225,121
22,510
Fidelity Investments Money Market Government Portfolio, Class I 3.53% (c)(e)
22,300,000
22,300
Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.54% (c)(e)
19,500,000
19,500
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 3.58% (c)(e)
2,700,000
2,700
 
279,983
Total short-term securities (cost: $4,973,320,000)
4,973,320
Total investment securities 100.30% (cost: $95,919,728,000)
166,407,176
Other assets less liabilities (0.30%)
(500,497
)
Net assets 100.00%
$165,906,679
Investments in affiliates (d)
 
 
Value at
1/1/2026
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
3/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 2.84%
Money market investments 2.83%
Capital Group Central Cash Fund 3.71% (c)
$4,554,108
$6,029,526
$5,889,661
$207
$(843
)
$4,693,337
$45,292
Money market investments purchased with collateral
from securities on loan 0.01%
Capital Group Central Cash Fund 3.71% (c)(e)
45,115
22,605
(f)
22,510
—
(g)
Total 2.84%
$207
$(843
)
$4,715,847
$45,292
 
(a)
All or a portion of this security was on loan. 
(b)
Non-income producing.
(c)
Rate represents the seven-day yield at 3/31/2026.
(d)
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.
(e)
Security purchased with cash collateral from securities on loan.
(f)
Represents net activity.
(g)
Dividend income is included with securities lending income and is not shown in this table.
The Investment Company of America — Page 5 of 8
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security. 
Fixed-income class
Examples of standard inputs
All
Benchmark yields, transactions, bids, offers, quotations from dealers and
trading systems, new issues, spreads and other relationships observed in
the markets among comparable securities; and proprietary pricing
models such as yield measures calculated using factors such as cash flows,
financial or collateral performance and other reference data (collectively
referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities
Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies
Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations
Standard inputs and cash flows, prepayment information, default rates,
delinquency and loss assumptions, collateral characteristics, credit
enhancements and specific deal information
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to
The Investment Company of America — Page 6 of 8
unaudited
period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund’s valuation levels as of March 31, 2026, were as follows (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Common stocks:
Energy
$5,014,867
$—
$—
$5,014,867
Materials
4,929,276
—
—
4,929,276
Industrials
17,639,477
2,115,475
—
19,754,952
Consumer discretionary
17,061,368
—
—
17,061,368
Consumer staples
5,734,758
4,905,416
—
10,640,174
Health care
18,290,300
369,496
—
18,659,796
Financials
13,492,794
—
—
13,492,794
Information technology
46,365,655
2,947,142
—
49,312,797
Communication services
16,209,824
530,498
—
16,740,322
Utilities
3,751,012
—
—
3,751,012
Real estate
1,297,913
—
—
1,297,913
Preferred securities
494,730
—
—
494,730
Convertible stocks
283,855
—
—
283,855
Short-term securities
4,973,320
—
—
4,973,320
Total
$155,539,149
$10,868,027
$—
$166,407,176
 
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
CME = CME Group
REIT = Real Estate Investment Trust
SOFR = Secured Overnight Financing Rate
The Investment Company of America — Page 7 of 8
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Capital Client Group, Inc., member FINRA.
© 2026 Capital Group. All rights reserved.
MFGEFP1-004-0526
The Investment Company of America — Page 8 of 8