American Funds The Investment Fund of America

The Investment Company of America?

Class

Ticker

A ................ AIVSX

B ................ AICBX

C ................ AICCX

F-1 ............. AICFX F-2 ............. ICAFX 529-A ......... CICAX 529-B ......... CICBX

529-C ......... CICCX 529-E ......... CICEX 529-F-1 ....... CICFX

Prospectus

March 1, 2011

Table of contents

Investment objectives

1

Shareholder information

17

Fees and expenses of the fund

1

Purchase, exchange and sale of shares

18

Principal investment strategies

3

How to sell shares

22

Principal risks

3

Distributions and taxes

26

Investment results

4

Choosing a share class

27

Management

6

Sales charges

31

Purchase and sale of fund shares

7

Sales charge reductions and waivers

34

Tax information

Payments to broker-dealers and other financial intermediaries

7

Rollovers from retirement plans to IRAs

38

7

Plans of distribution

39

Investment objectives, strategies and risks

8

Other compensation to dealers

40

Additional investment results

11

Fund expenses

41

Management and organization

13

Financial highlights

42

The U.S. Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Investment objectives

The fund's investment objectives are to achieve long-term growth of capital and income.

Fees and expenses of the fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional and in the "Sales charge reductions and waivers" section on page 34 of the prospectus and on page 57 of the fund's statement of additional information.

Shareholder fees (fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of the amount redeemed) Maximum sales charge (load) imposed on reinvested dividends Redemption or exchange fees Maximum annual account fee (529 share classes only)

A and 529-A

5.75%

Share classes

B and C and 529-B 529-C 529-E

F-1, F-2 and

529-F-1

none none none none

none 5.00% 1.00% none none

none none $10

none none $10

none none $10

none none $10

none none $10

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Share classes

Management fees Distribution and/or service (12b-1) fees Other expenses Total annual fund operating expenses

Management fees Distribution and/or service (12b-1) fees Other expenses Total annual fund operating expenses

A 0.24% 0.23 0.14 0.61

529-A 0.24% 0.21 0.23 0.68

B 0.24% 1.00 0.14 1.38

529-B 0.24% 1.00 0.24 1.48

C 0.24% 1.00 0.19 1.43

529-C 0.24% 0.99 0.24 1.47

F-1

F-2

0.24% 0.24%

0.25

none

0.17 0.15

0.66 0.39

529-E 529-F-1

0.24% 0.24%

0.50 0.00

0.23 0.23

0.97 0.47

| The Investment Company of America / Prospectus 1

Example

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Share classes A B C F-1 F-2 529-A 529-B 529-C 529-E 529-F-1

1 year $634

640 246

67 40 660 670 269 119 68

3 years $759

837 452 211 125 819 907 504 348 190

5 years $ 896

955 782 368 219 991 1,065 860 594 322

10 years $1,293

1,447 1,713

822 493 1,478 1,653 1,857 1,293 698

For the share classes listed below, you would pay the following if you did not redeem your shares:

Share classes B C 529-B 529-C

1 year $140

146 170 169

3 years $437

452 507 504

5 years $755

782 865 860

10 years $1,447

1,713 1,653 1,857

Portfolio turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's results. During the most recent fiscal year, the fund's portfolio turnover rate was 23% of the average value of its portfolio.

|2 The Investment Company of America / Prospectus

Principal investment strategies

The fund invests primarily in common stocks, most of which have a history of paying dividends. The fund's investments are limited to securities of companies that are included on its eligible list. In light of the fund's investment objectives and policies, securities are added to, or deleted from, the eligible list by the fund's board of trustees after reviewing and acting upon the recommendations of the fund's investment adviser. The investment adviser bases its recommendations on a number of factors, such as the fund's investment objectives and policies, whether a company is considered a leader in its industry and a company's dividend payment prospects. Although the fund focuses on investments in medium to larger capitalization companies, the fund's investments are not limited to a particular capitalization size. In the selection of common stocks and other securities for investment, potential for capital appreciation and future dividends are given more weight than current yield.

The fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States.

The investment adviser uses a system of multiple portfolio counselors in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual counselors who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated with the fund's principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Market conditions -- The prices of, and the income generated by, the common stocks and other securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund.

| The Investment Company of America / Prospectus 3

Investing in income-oriented stocks -- Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. Investing in growth-oriented stocks -- Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments. Investing outside the United States -- Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of political, social or economic developments in the country or region in which the issuer operates. These securities may also lose value due to changes in the exchange rate of the country's currency against the U.S. dollar. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards than those in the United States. 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 employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

Investment results

The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. Lipper Growth & Income Funds Index includes the fund and other funds that disclose investment objectives that are reasonably comparable to the fund's objective. Past results (before and after taxes) are not predictive of future results. Updated information on the fund's results can be obtained by visiting .

|4 The Investment Company of America / Prospectus

Calendar year total returns for Class A shares (Results do not include a sales charge; if a sales charge were included, results would be lower.)

(%)

30

26.30

20

10

0

?10 ?4.59

?20

?14.47

9.78

6.87

15.94

5.94

27.18 10.86

?30

?40

?34.74

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

Highest/Lowest quarterly results during this time period were:

Highest

15.30% (quarter ended June 30, 2009)

Lowest

?18.97% (quarter ended December 31, 2008)

Average annual total returns

For the periods ended December 31, 2010 (with maximum sales charge):

Share class

Inception date 1 year 5 years 10 years Lifetime

A - Before taxes

1/1/1934

4.50% 1.27% 2.57% 12.07%

- After taxes on distributions

4.16 0.58 1.82

N/A

- After taxes on distributions and sale of fund shares

3.32 1.06 2.02

N/A

Share class (before taxes) B C F-1 F-2 529-A 529-B 529-C 529-E 529-F-1

Inception date 3/15/2000 3/15/2001 3/15/2001 8/1/2008 2/15/2002 2/15/2002 2/19/2002 3/1/2002 9/16/2002

1 year 5 years 10 years Lifetime 5.03% 1.35% 2.53% 2.94% 8.95 1.65 N/A 2.92 10.78 2.45 N/A 3.73 11.07 N/A N/A 2.30 4.41 1.19 N/A 3.62 4.87 1.23 N/A 3.52 8.91 1.59 N/A 3.63 10.46 2.10 N/A 3.74 11.00 2.61 N/A 6.43

Indexes

1 year

Lifetime

(from Class A

5 years 10 years inception)

S&P 500 (reflects no deductions for sales charges, account fees,

expenses or taxes)

15.08%

2.29%

1.42% 10.66%

Lipper Growth & Income Funds Index (reflects no

deductions for sales charges, account fees or taxes)

14.22 2.11 2.51

N/A

Class A annualized 30-day yield at December 31, 2010: 1.82%

(For current yield information, please call American FundsLine? at 800/325-3590.)

| The Investment Company of America / Prospectus 5

After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, individual retirement account (IRA) or 529 college savings plan.

Management

Investment adviser

Capital Research and Management Company

Portfolio counselors

The individuals primarily responsible for the portfolio management of the fund are:

Portfolio counselor/ Fund title (if applicable)

James B. Lovelace Vice Chairman of the Board

Donald D. O'Neal President and Trustee

Joyce E. Gordon Senior Vice President

Christopher D. Buchbinder Vice President

William L. Robbins Vice President

Eric S. Richter

C. Ross Sappenfield

Portfolio counselor

experience

Primary title

in this fund

with investment adviser

19 years

Senior Vice President ? Capital Research Global Investors

19 years

Senior Vice President ? Capital Research Global Investors

10 years

Senior Vice President ? Capital Research Global Investors

4 years

Senior Vice President ? Capital Research Global Investors

4 years

Senior Vice President ? Capital Research Global Investors

3 years

Senior Vice President ? Capital Research Global Investors

11 years

Senior Vice President ? Capital Research Global Investors

|6 The Investment Company of America / Prospectus

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