American Funds The Growth Fund of America Class R-6 NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-00862

The Growth Fund of America, Inc.

(Exact Name of Registrant as Specified in Charter)

P.O. Box 7650, One Market, Steuart Tower

San Francisco, California 94120

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (415) 421-9360

Date of fiscal year end: August 31

Date of reporting period: February 28, 2011

Patrick F. Quan

Capital Research and Management Company

P.O. Box 7650, One Market, Steuart Tower

San Francisco, California 94120

(Name and Address of Agent for Service)

Copies to:

Mark D. Perlow

K&L Gates LLP

Four Embarcadero Center, Suite 1200

San Francisco, California 94111

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

The Growth Fund of America®

[photo of a man standing in a field - a silo in the background]

Semi-annual report for the six months ended February 28, 2011

The Growth Fund of America invests in a wide range of companies that appear to offer superior opportunities for growth of capital.

This fund is one of the 33 American Funds. American Funds is one of the nation’s largest mutual fund families. For 80 years, Capital Research and Management Company,SM the American Funds adviser, 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 A shares at net asset value. If a sales charge (maximum 5.75%) had been deducted, 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. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2011 (the most recent calendar quarter-end):

Class A shares	1 year			5 years			10 years

Reflecting 5.75% maximum sales charge		6.95	%		1.49	%		4.28	%

The total annual fund operating expense ratio was 0.69% for Class A shares as of the most recent fiscal year-end.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 26 to 29 for details.

Results for other share classes can be found on page 4.

See the prospectus and the Risk Factors section of this report for more information on risks associated with investing in the fund.

Fellow shareholders:

[photo of a man standing in a field - a silo in the background]

Stocks surged during the six months ended February 28, 2011, as investors became more confident in the U.S. economic expansion and continuing strong corporate profits. During the six-month period, these positive developments outweighed concerns about rising oil prices as a result of political unrest in the Middle East and the high debt levels of U.S. cities and states and the federal government.

On March 11, after the six-month period closed, Japan was rocked by a magnitude 9.0 earthquake, one of the largest on record. It triggered an estimated 30-foot tsunami that severely damaged Japan’s northeast coastal region and a nuclear plant north of Tokyo. Thousands died in the disaster. The full impacts on Japan’s $5 trillion economy, the third largest in the world, and the follow-on effects for the rest of the world, have yet to be determined. As we continue to monitor developments in Japan, our thoughts and prayers are with those impacted by this tragedy.

[Begin Sidebar]

Results at a glance
Total returns for periods ended February 28, 2011, with all distributions reinvested

	Total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime1
The Growth Fund of America
(Class A shares)		26.36	%		19.92	%		3.07	%		3.99	%		13.81	%
Standard & Poor’s 500 Composite Index2		27.72			22.59			2.87			2.62			10.72
Lipper Capital Appreciation Funds Index3		26.14			20.27			4.54			3.42			10.90
Lipper Growth Funds Index3		29.35			23.56			2.20			1.64			9.68
Lipper Large-Cap Core Funds Index3		26.16			19.52			2.48			1.98			—	4
Lipper Large-Cap Growth Funds Index3		30.03			22.88			3.06			0.85			—	4

1 Since Capital Research and Management Company (CRMC) began managing the fund on December 1, 1973.
2 The S&P 500 is unmanaged and its results do not reflect the effect of sales charges, commissions, account fees, expenses or taxes.
3 Results of the Lipper indexes do not reflect the effect of sales charges, account fees or taxes.
4 This Lipper index was not in existence when CRMC began managing the fund.

[End Sidebar]

During the six-month period ended February 28, 2011, The Growth Fund of America (GFA) posted a total return of 26.4%. On a relative basis, the fund lagged the 27.7% return of the unmanaged Standard & Poor’s 500 Composite Index, a broad measure of the U.S. stock market. As shown in the chart on page 1, GFA’s return slightly exceeded two of the four Lipper indexes we use to measure the fund’s progress.

Over longer periods, GFA has continued to outpace the S&P 500 and the four Lipper indexes. For the 10 years ended February 28, the fund had an average annual total return of 4.0% compared with 2.6% by the S&P 500. It also exceeded the returns of the four Lipper indexes. For its 37-year lifetime, GFA had an average annual total return of 13.8% compared with 10.7% for the S&P 500. The applicable Lipper peer group indexes posted returns of 10.9% and 9.7% over the same period.

Investment results analysis

The fund’s holdings in energy and information technology played a major role in the fund’s strong returns. Energy stocks rose sharply from the Middle East turmoil, which raised the specter of supply disruption in the oil markets. Prior to the breakout of that unrest, however, markets were already gaining confidence in rising oil demand. Major contributors included Schlumberger (+75.2%), Suncor Energy (+55.1%) and Apache (+38.7%).

In information technology, the fund’s largest investment sector, the majority of holdings did well. They benefited from growing demand and a reasonable starting valuation for the stocks. The four largest positions in the fund are technology stocks and they include Oracle (+50.4%), Apple (+45.1%), Google (+36.3%) and Microsoft (+13.2%). Other technology stocks in the top 20 largest holdings which made major contributions were Corning (+47.1%) and Qualcomm (+55.5%).

The health care sector detracted from results. Pharmaceuticals were hurt by continued pressure on their business from the threats of patent expirations and health care reform. Among those affected were Bristol-Myers (–1.0%), Merck (–7.4%), Abbott Laboratories (–2.5%) and Teva Pharmaceutical Industries (–0.9%).

During the past six months, the fund’s cash position declined from 8.7% to 6.1%. Having some cash acted as a drag to results in this very strong six-month period, but with market volatility, the flexibility cash provides may prove to be beneficial in the next period. It is important to point out that the cash position represents the aggregate views of the 12 portfolio counselors and is not a top-down decision.

The road ahead

The U.S. recovery has been gaining steam, and many companies are in healthy shape, poised to do well. This is welcome news compared to the recent recession. Macro issues, however, bear watching. There are still questions about the economic implications of the disaster in Japan. In the U.S. and a number of other countries, government deficits and spending need to be addressed. There are concerns about the unrest in the Middle East, which could add further volatility to the outlook. We will be closely tracking these events with our worldwide network of investment professionals.

As we look forward, we are very pleased about the quality of the fundamental research being done in our organization and we believe we are well prepared for the future. We remain confident that this is a key attribute for success in our ability to seek superior long-term results for our shareholders. We thank you for your continuing support of The Growth Fund of America.

Sincerely,

/s/ James F. Rothenberg

James F. Rothenberg

Vice Chairman of the Board

/s/ Donald D. O’Neal

Donald D. O’Neal

President

April 4, 2011

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

Other share class results

Classes B, C, F and 529

Fund results shown 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. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

Average annual total returns for periods ended March 31, 2011
(the most recent calendar quarter-end):							10 years1/
	1 year			5 years			Life of class
Class B shares2
Reflecting applicable contingent deferred sales
charge (CDSC), maximum of 5%, payable only
if shares are sold within six years of purchase		7.62	%		1.56	%		4.27	%
Not reflecting CDSC		12.62			1.93			4.27

Class C shares
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		11.62			1.89			4.07
Not reflecting CDSC		12.62			1.89			4.07

Class F-1 shares3
Not reflecting annual asset-based fee charged
by sponsoring firm		13.47			2.72			4.90

Class F-2 shares3 — first sold 8/1/08
Not reflecting annual asset-based fee charged
by sponsoring firm		13.77			—			3.30

Class 529-A shares4 — first sold 2/15/02
Reflecting 5.75% maximum sales charge		6.92			1.45			4.98
Not reflecting maximum sales charge		13.45			2.66			5.66

Class 529-B shares2,4 — first sold 2/15/02
Reflecting applicable CDSC, maximum of 5%, payable
only if shares are sold within six years of purchase		7.53			1.46			4.87
Not reflecting CDSC		12.53			1.83			4.87

Class 529-C shares4 — first sold 2/15/02
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		11.52			1.83			4.77
Not reflecting CDSC		12.52			1.83			4.77

Class 529-E shares3,4 — first sold 3/1/02		13.09			2.35			5.18

Class 529-F-1 shares3,4 — first sold 9/16/02
Not reflecting annual asset-based fee charged
by sponsoring firm		13.64			2.86			8.76

1Applicable to Classes B, C and F-1 shares only. All other share classes reflect results for the life of the class.

2These shares are not available for purchase.

3These shares are sold without any initial or contingent deferred sales charge.

4Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee.

For information regarding the differences among the various share classes, refer to the fund’s prospectus.

Summary investment portfolio February 28, 2011

unaudited

The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. See page 33 for details on how to obtain a complete schedule of portfolio holdings.

[begin pie chart]

Industry sector diversification	Percent of net assets

Information technology		20.95	%
Consumer discretionary		14.73
Energy		11.68
Financials		10.68
Health care		9.12
Other industries		26.51
Other asset types		0.26
Short-term & other assets less liabilities		6.07

[end pie chart]

Largest Equity Holdings	Percent of net assets

Oracle		2.6	%
Google		2.4
Apple		2.1
Microsoft		1.7
Schlumberger		1.4
Home Depot		1.4
Comcast		1.4
Suncor		1.3
Philip Morris International		1.3
Apache		1.2

							Percent
				Value			of net
Common stocks - 93.67%	Shares				(000	)	assets

Information technology - 20.95%
Oracle Corp.		133,848,376		$	4,403,612			2.63
Google Inc., Class A (1)		6,596,436			4,046,254			2.42
Apple Inc. (1)		9,803,000			3,462,518			2.07
Microsoft Corp.		105,602,000			2,806,901			1.68
EMC Corp. (1)		70,765,000			1,925,516			1.15
Corning Inc. (2)		80,230,000			1,850,104			1.11
QUALCOMM Inc.		25,030,194			1,491,299			.89
Texas Instruments Inc.		37,279,000			1,327,505			.79
Yahoo! Inc. (1)		51,299,460			841,311			.50
First Solar, Inc. (1) (2)		5,569,800			820,933			.49
Other securities					12,098,894			7.22
					35,074,847			20.95

Consumer discretionary - 14.73%
Home Depot, Inc.		62,206,900			2,330,893			1.39
Comcast Corp., Class A		64,882,100			1,671,363
Comcast Corp., Class A, special nonvoting shares		27,000,000			656,640			1.39
DIRECTV, Class A (1)		39,670,000			1,823,630			1.09
Amazon.com, Inc. (1)		10,205,000			1,768,424			1.06
Time Warner Cable Inc.		15,084,735			1,088,816			.65
Time Warner Inc.		27,635,667			1,055,682			.63
NIKE, Inc., Class B		11,546,600			1,027,994			.61
Johnson Controls, Inc.		24,999,900			1,019,996			.61
News Corp., Class A		58,405,800			1,014,509			.61
General Motors Co. (1)		25,993,500			871,562			.52
Other securities					10,321,164			6.17
					24,650,673			14.73

Energy - 11.68%
Schlumberger Ltd.		25,486,701			2,380,968			1.42
Suncor Energy Inc. (CAD denominated)		43,897,388			2,063,048
Suncor Energy Inc.		3,200,000			150,464			1.32
Apache Corp.		16,145,400			2,012,040			1.20
EOG Resources, Inc. (2)		12,850,837			1,443,277			.86
Noble Energy, Inc.		8,734,000			809,292			.49
Other securities					10,685,813			6.39
					19,544,902			11.68

Financials - 10.68%
Citigroup Inc. (1)		364,095,000			1,703,965			1.02
JPMorgan Chase & Co.		35,805,989			1,671,782			1.00
Wells Fargo & Co.		50,538,800			1,630,382			.97
Goldman Sachs Group, Inc.		7,456,000			1,221,144			.73
Bank of America Corp.		82,970,598			1,185,650			.71
Industrial and Commercial Bank of China Ltd., Class H		1,543,488,335			1,185,165			.71
Other securities					9,276,823			5.54
					17,874,911			10.68

Health care - 9.12%
Merck & Co., Inc.		41,950,256			1,366,320			.82
Gilead Sciences, Inc. (1)		29,295,000			1,141,919			.68
Stryker Corp.		17,614,600			1,114,300			.67
Allergan, Inc.		14,330,000			1,062,856			.63
UnitedHealth Group Inc.		19,704,911			839,035			.50
Other securities					9,737,879			5.82
					15,262,309			9.12

Industrials - 7.45%
Union Pacific Corp.		20,820,280			1,986,463			1.19
CSX Corp.		16,781,710			1,252,922			.75
General Dynamics Corp.		12,481,400			950,084			.57
Other securities					8,278,831			4.94
					12,468,300			7.45

Materials - 6.76%
Syngenta AG		4,069,580			1,363,973			.81
Barrick Gold Corp.		25,500,000			1,346,910			.80
Praxair, Inc.		11,032,437			1,096,404			.66	��
Newmont Mining Corp.		15,830,714			874,964			.52
Freeport-McMoRan Copper & Gold Inc.		16,000,000			847,200			.51
Other securities					5,787,952			3.46
					11,317,403			6.76

Consumer staples - 5.53%
Philip Morris International Inc.		34,466,700			2,163,819			1.29
Costco Wholesale Corp.		15,230,000			1,139,052			.68
CVS/Caremark Corp.		31,300,000			1,034,778			.62
Other securities					4,912,956			2.94
					9,250,605			5.53

Telecommunication services - 1.64%
América Móvil, SAB de CV, Series L (ADR)		20,432,028			1,173,207			.70
Other securities					1,581,544			.94
					2,754,751			1.64

Utilities - 0.29%
Other securities					479,416			.29


Miscellaneous - 4.84%
Other common stocks in initial period of acquisition					8,112,063			4.84


Total common stocks (cost: $116,474,887,000)					156,790,180			93.67



							Percent
				Value			of net
Preferred stocks - 0.04%					(000	)	assets

Other - 0.04%
Other securities					66,549			.04


Total preferred stocks (cost: $87,500,000)					66,549			.04



							Percent
				Value			of net
Warrants - 0.01%		Shares			(000	)	assets

Financials - 0.01%
Citigroup Inc., Class A, warrants, expire 2019 (1)		15,075,000		$	14,774			.01
Other securities					-			.00

Total warrants (cost: $26,099,000)					14,774			.01



							Percent
				Value			of net
Convertible securities - 0.14%					(000	)	assets

Other - 0.11%
Other securities					183,855			.11


Miscellaneous - 0.03%
Other convertible securities in initial period of acquisition					49,875			.03


Total convertible securities (cost: $215,016,000)					233,730			.14



							Percent
				Value			of net
Bonds & notes - 0.07%					(000	)	assets

Other - 0.07%
Other securities					123,032			.07


Total bonds & notes (cost: $121,061,000)					123,032			.07



	Principal						Percent
	amount			Value			of net
Short-term securities - 6.19%		(000	)		(000	)	assets

Freddie Mac 0.165%-0.401% due 3/1-12/16/2011		3,725,362			3,722,801			2.22
Fannie Mae 0.17%-0.513% due 3/1-11/1/2011		1,995,400			1,994,263			1.19
U.S. Treasury Bills 0.15%-0.291% due 4/14/2011-2/9/2012		1,197,450			1,196,096			.71
Federal Home Loan Bank 0.17%-0.411% due 3/3/2011-2/13/2012		1,165,150			1,163,430			.70
Federal Farm Credit Banks 0.19%-0.503% due 3/30/2011-1/19/2012		907,500			906,653			.54
JPMorgan Chase & Co. 0.23% due 3/21/2011		100,000			99,983
Jupiter Securitization Co., LLC 0.28% due 8/1/2011 (3)		25,000			24,954			.08
Google Inc. 0.16%-0.19% due 3/11-5/5/2011 (3)		118,530			118,484			.07
Other securities					1,139,759			.68

Total short-term securities (cost: $10,364,618,000)					10,366,423			6.19


Total investment securities (cost: $127,289,181,000)					167,594,688			100.12
Other assets less liabilities					(201,703	)		(.12	)

Net assets				$	167,392,985			100.00	%

"Miscellaneous" securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio, including securities which were valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $1,424,837,000, which represented .85% of the net assets of the fund. This amount includes $694,113,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. Some of these securities (with an aggregate value of $161,549,000, which represented .10% of the net assets of the fund) may be subject to legal or contractual restrictions on resale.

Investments in affiliates
A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund's holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund's affiliated-company holdings is either shown in the summary investment portfolio or included in the value of "Other securities" under the respective industry sectors. Further details on such holdings and related transactions during the six months ended February 28, 2011, appear below.

	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Dividend or interest income (000)		Value of affiliates at 2/28/2011 (000)
Corning Inc.		88,230,000		10,500,000		18,500,000		80,230,000	$	8,263	$	1,850,104
EOG Resources, Inc.		9,284,837		3,566,000		-		12,850,837		3,544		1,443,277
First Solar, Inc. (1)		4,229,800		1,340,000		-		5,569,800		-		820,933
Linear Technology Corp.		19,850,000		-		-		19,850,000		9,329		686,016
Intuitive Surgical, Inc. (1)		1,805,100		169,500		10,000		1,964,600		-		644,290
Edwards Lifesciences Corp. (1)		5,975,800		769,200		-		6,745,000		-		573,595
FMC Technologies, Inc. (1)		6,000,000		-		-		6,000,000		-		564,300
Virgin Media Inc.		-		19,765,400		-		19,765,400		636		538,409
KLA-Tencor Corp.		10,940,000		-		-		10,940,000		5,470		534,091
Sigma-Aldrich Corp.		6,455,000		200,000		-		6,655,000		2,231		425,188
Kerry Group PLC, Class A		8,965,824		-		-		8,965,824		1,098		325,394
Flextronics International Ltd. (1)		40,080,464		-		-		40,080,464		-		324,251
AMR Corp. (1) (4)		16,950,000		-		12,200,000		4,750,000		-		-
AMR Corp. 6.25% convertible notes 2014 (4)	$	8,000,000		-	$	8,000,000		-		205		-
CRH PLC (4)		32,675,233		8,955,000		21,736,146		19,894,087		7,661		-
Harman International Industries, Inc. (4)		3,772,000		-		1,440,800		2,331,200		58		-
St. Jude Medical, Inc. (1) (4)		16,825,000		3,188,000		7,525,000		12,488,000		-		-
Strayer Education, Inc. (4)		904,000		-		475,000		429,000		505		-
Syngenta AG (4)		4,650,000		834,580		1,415,000		4,069,580		-		-
United States Steel Corp. (4)		7,232,200		-		1,500,000		5,732,200		573		-
Vertex Pharmaceuticals Inc. (1) (4)		13,155,175		-		5,186,175		7,969,000		-		-
Xilinx, Inc. (4)		16,267,400		-		4,500,000		11,767,400		4,486		-
									$	44,059	$	8,729,848

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1) Security did not produce income during the last 12 months.
(2) Represents an affiliated company as defined under the Investment Company Act of 1940.
(3) Acquired in a transaction exempt from registration under 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, including those in "Other securities," was $1,404,980,000, which represented .84% of the net assets of the fund.
(4) Unaffiliated issuer at 2/28/2011.

Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars

See Notes to Financial Statements

Financial statements

Statement of assets and liabilities			unaudited
at February 28, 2011	(dollars in thousands)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $120,867,493)	$	158,864,840
Affiliated issuers (cost: $6,421,688)		8,729,848	$	167,594,688
Cash denominated in currencies other than U.S. dollars
(cost: $2,816)				2,819
Cash				68
Receivables for:
Sales of investments		336,207
Sales of fund's shares		237,543
Dividends and interest		207,489		781,239
				168,378,814
Liabilities:
Payables for:
Purchases of investments		367,699
Repurchases of fund's shares		466,496
Investment advisory services		34,555
Services provided by related parties		112,163
Directors' deferred compensation		3,744
Other		1,172		985,829
Net assets at February 28, 2011			$	167,392,985

Net assets consist of:
Capital paid in on shares of capital stock			$	139,356,330
Distributions in excess of net investment income				(223,094	)
Accumulated net realized loss				(12,049,097	)
Net unrealized appreciation				40,308,846
Net assets at February 28, 2011			$	167,392,985

(dollars and shares in thousands, except per-share amounts)
Total authorized capital stock - 7,500,000 shares, $.001 par value (5,263,655 total shares outstanding)
	Net assets		Shares outstanding		Net asset value per share
Class A	$	68,135,807		2,129,040	$	32.00
Class B		3,078,217		99,214		31.03
Class C		8,090,526		262,696		30.80
Class F-1		16,390,207		515,441		31.80
Class F-2		4,863,710		152,038		31.99
Class 529-A		3,639,354		114,364		31.82
Class 529-B		395,641		12,737		31.06
Class 529-C		1,033,725		33,356		30.99
Class 529-E		181,869		5,754		31.61
Class 529-F-1		117,852		3,709		31.77
Class R-1		659,560		21,237		31.06
Class R-2		2,808,069		89,930		31.23
Class R-3		13,543,518		429,790		31.51
Class R-4		19,589,123		617,116		31.74
Class R-5		14,863,608		464,940		31.97
Class R-6		10,002,199		312,293		32.03

See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended February 28, 2011	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $11,820;
also includes $43,854 from affiliates)	$	918,128
Interest (also includes $205 from affiliates)		37,493		$	955,621

Fees and expenses*:
Investment advisory services		213,301
Distribution services		227,430
Transfer agent services		51,455
Administrative services		66,653
Reports to shareholders		4,100
Registration statement and prospectus		1,401
Directors' compensation		688
Auditing and legal		52
Custodian		2,137
Other		2,573			569,790
Net investment income					385,831

Net realized gain and unrealized appreciation
on investments and currency:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $945; also includes $413,891 net loss from affiliates)		456,957
Currency transactions		(10,262	)		446,695
Net unrealized appreciation on:
Investments		35,320,742
Currency translations		2,428			35,323,170
Net realized gain and unrealized appreciation
on investments and currency					35,769,865
Net increase in net assets resulting
from operations				$	36,155,696

(*) Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.

See Notes to Financial Statements



Statements of changes in net assets
		(dollars in thousands)
	Six months ended February 28, 2011*			Year ended August 31, 2010
Operations:
Net investment income	$	385,831		$	1,082,946
Net realized gain on investments and currency transactions		446,695			5,642,931
Net unrealized appreciation (depreciation) on investments and currency translations		35,323,170			(1,935,781	)
Net increase in net assets resulting from operations		36,155,696			4,790,096

Dividends paid to shareholders from net investment income		(1,243,928	)		(1,158,261	)

Net capital share transactions		(7,737,422	)		(6,743,174	)

Total increase (decrease) in net assets		27,174,346			(3,111,339	)

Net assets:
Beginning of period		140,218,639			143,329,978
End of period (including distributions in excess of and undistributed
net investment income: $(223,094) and $635,003, respectively)	$	167,392,985		$	140,218,639

*Unaudited.

See Notes to Financial Statements

Notes to financial statements

unaudited

1.	Organization

The Growth Fund of America, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund invests in a wide range of companies that appear to offer superior opportunities for growth of capital. In 2009, shareholders approved a proposal to reorganize the fund from a Maryland corporation to a Delaware statutory trust. The reorganization may be completed in 2011; however, the fund reserves the right to delay the implementation.

The fund has 16 share classes consisting of five retail share classes, five 529 college savings plan share classes and six retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F-1) can be used to save for college education. The six retirement plan share classes (R-1, R-2, R-3, R-4, R-5 and R-6) are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described below:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-3, R-4, R-5 and R-6	None	None	None

*Class B and 529-B shares of the fund are not available for purchase.

Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. 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, administrative and shareholder 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 class.

2.	Significant accounting policies

The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The fund follows the significant accounting policies described below, 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. 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) and realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends and distributions to shareholders – Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect 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. On the accompanying financial statements, 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. 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.

Valuation

The fund’s investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The fund generally determines the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs – The fund uses the following methods and inputs to establish the fair value of its 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 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 in which the security trades.

Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained as of approximately 3:00 p.m. New York time from one or more 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; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities

Where the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the fund's board of directors. Market quotations may be considered unreliable if events occur that materially affect the value of securities (particularly equity securities trading outside the U.S.) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, 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; 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. Fair valuations and 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.

Classifications - The fund classifies its 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. Level 3 values are based on significant unobservable inputs that reflect the fund’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 February 28, 2011 (dollars in thousands):

Investment securities:	Level 1		Level 2			Level 3		Total
Common stocks:
Information technology	$	34,380,734	$	694,113	*	$	-	$	35,074,847
Consumer discretionary		24,650,673		-			-		24,650,673
Energy		19,114,591		430,311			-		19,544,902
Financials		17,755,677		119,234			-		17,874,911
Health care		15,262,309		-			-		15,262,309
Industrials		12,468,300		-			-		12,468,300
Materials		11,317,403		-			-		11,317,403
Consumer staples		9,250,605		-			-		9,250,605
Telecommunication services		2,754,751		-			-		2,754,751
Utilities		479,416		-			-		479,416
Miscellaneous		8,112,063		-			-		8,112,063
Preferred stocks		-		-			66,549		66,549
Warrants		14,774		-			-		14,774
Convertible securities		-		138,730			95,000		233,730
Bonds & notes		-		123,032			-		123,032
Short-term securities		-		10,366,423			-		10,366,423
Total	$	155,561,296	$	11,871,843		$	161,549	$	167,594,688

(*) Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading; therefore, $694,113,000 of investment securities were classified as Level 2 instead of Level 1.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the six months ended February 28, 2011 (dollars in thousands):
	Beginning value at 9/1/2010		Net purchases and sales		Net realized loss(†)			Net unrealized appreciation(†)		Ending value at 2/28/2011
Investment securities	$	25	$	161,500	$	(163	)	$	187	$	161,549

Net unrealized appreciation during the period on Level 3 investment securities held at February 28, 2011 (dollars in thousands)(†):										$	24

(†) Net realized loss and unrealized appreciation are included in the related amounts on investments in the statement of operations.

4.	Risk factors

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

Market conditions – The prices of 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.

Investing in growth-oriented stocks – Growth-oriented stocks may involve large 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 outside the U.S. 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 U.S. Investments outside the U.S. may also be subject to different settlement and accounting practices and different regulatory and reporting standards than those in the U.S.

Management – The investment advisor to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the techniques and risk 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.

5.	Taxation and distributions

Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds 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 period ended February 28, 2011, 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 period, the fund did not incur any interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2006 and by state tax authorities and tax authorities outside the U.S. for tax years before 2005.

Non-U.S. taxation – Dividend and interest income is recorded net of non-U.S. taxes paid. Gains realized by the fund on the sale of securities in certain countries are subject to non-U.S. taxes. The fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; cost of investments sold; net capital losses; and non-U.S. taxes on capital gains. 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 components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of August 31, 2010, the components of distributable earnings on a tax basis were as follows:

	(dollars in thousands)
Undistributed ordinary income				$	863,993
Post-October currency loss deferrals (realized during the period November 1, 2009, through August 31, 2010)*					(7,014	)
Capital loss carryforwards†:
Expiring 2017	$	(4,449,264	)
Expiring 2018		(7,540,573	)		(11,989,837	)

*These deferrals are considered incurred in the subsequent year.
†The capital loss carryforwards will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration dates. The fund will not make distributions from capital gains while capital loss carryforwards remain.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after August 31, 2011, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of February 28, 2011, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	42,829,938
Gross unrealized depreciation on investment securities		(3,483,672	)
Net unrealized appreciation on investment securities		39,346,266
Cost of investment securities		128,248,422

Tax-basis distributions paid to shareholders from ordinary income were as follows (dollars in thousands):

Share class	Six months ended February 28, 2011		Year ended August 31, 2010
Class A	$	531,598	$	508,627
Class B		-		1,938
Class C		6,580		13,544
Class F-1		132,266		140,687
Class F-2		49,446		42,452
Class 529-A		27,287		22,127
Class 529-B		-		358
Class 529-C		1,061		1,150
Class 529-E		933		798
Class 529-F-1		1,099		856
Class R-1		1,236		1,358
Class R-2		4,448		5,449
Class R-3		74,452		75,896
Class R-4		159,063		140,976
Class R-5		162,757		163,718
Class R-6		91,702		38,327
Total	$	1,243,928	$	1,158,261

6.	Fees and transactions with related parties

Capital Research and Management Company ("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.

Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.500% on the first $1 billion of daily net assets and decreasing to 0.233% on such assets in excess of $210 billion. For the six months ended February 28, 2011, the investment advisory services fee was $213,301,000, which was equivalent to an annualized rate of 0.271% 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 described below:

Distribution services – The fund has adopted plans of distribution for all share classes, except Classes F-2, R-5 and R-6. Under the plans, the board of directors 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 below. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Classes A and 529-A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of February 28, 2011, there were no unreimbursed expenses subject to reimbursement for Classes A or 529-A.

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

Transfer agent services – The fund has a transfer agent agreement with AFS for Classes A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC as described on the following page.

Administrative services – The fund has an administrative services agreement with CRMC for all share classes, except Classes A and B, to provide certain services, including transfer agent and recordkeeping services; coordinating, monitoring, assisting and overseeing third-party service providers; and educating advisers and shareholders about the impact of market-related events, tax laws affecting investments, retirement plan restrictions, exchange limitations and other related matters. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5 and 0.05% for Class R-6) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services.

Each 529 share class is subject to an additional administrative services fee payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.

Expenses under the agreements described above for the six months ended February 28, 2011, were as follows (dollars in thousands):

					Administrative services
Share class	Distribution services		Transfer agent services		CRMC administrative services		Transfer agent services		Commonwealth of Virginia administrative services
Class A	$	75,887	$	49,248	Not applicable		Not applicable		Not applicable
Class B		15,320		2,207	Not applicable		Not applicable		Not applicable
Class C		38,425	Included in administrative services		$	5,766	$	942	Not applicable
Class F-1		19,617				10,507		485	Not applicable
Class F-2	Not applicable					3,336		80	Not applicable
Class 529-A		3,421				1,770		305	$	1,635
Class 529-B		1,925				210		63		193
Class 529-C		4,665				508		134		469
Class 529-E		410				89		15		82
Class 529-F-1		-				58		10		53
Class R-1		3,116				439		46	Not applicable
Class R-2		9,784				1,959		2,709	Not applicable
Class R-3		31,876				9,557		2,381	Not applicable
Class R-4		22,984				13,812		102	Not applicable
Class R-5	Not applicable					6,912		47	Not applicable
Class R-6	Not applicable					1,963		16	Not applicable
Total	$	227,430	$	51,455	$	56,886	$	7,335	$	2,432

Directors’ deferred compensation – Directors 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. Directors’ compensation of $688,000, shown on the accompanying financial statements, includes $228,000 in current fees (either paid in cash or deferred) and a net increase of $460,000 in the value of the deferred amounts.

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

7.	Capital share transactions

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

	Sales(*)				Reinvestments of dividends				Repurchases(*)						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended February 28, 2011
Class A	$	2,984,394		99,857	$	515,809		17,001	$	(7,575,384	)		(255,152	)	$	(4,075,181	)		(138,294	)
Class B		24,083		826		-		-		(563,615	)		(19,714	)		(539,532	)		(18,888	)
Class C		288,382		10,043		6,262		214		(902,737	)		(31,727	)		(608,093	)		(21,470	)
Class F-1		1,229,259		41,554		124,534		4,130		(3,247,953	)		(110,229	)		(1,894,160	)		(64,545	)
Class F-2		912,908		30,935		36,619		1,208		(957,842	)		(32,109	)		(8,315	)		34
Class 529-A		264,702		8,920		27,283		904		(160,762	)		(5,448	)		131,223			4,376
Class 529-B		3,352		116		-		-		(54,186	)		(1,888	)		(50,834	)		(1,772	)
Class 529-C		72,166		2,495		1,061		36		(58,765	)		(2,048	)		14,462			483
Class 529-E		11,960		406		933		31		(8,782	)		(299	)		4,111			138
Class 529-F-1		12,719		428		1,098		37		(11,280	)		(382	)		2,537			83
Class R-1		76,921		2,753		1,230		42		(96,943	)		(3,365	)		(18,792	)		(570	)
Class R-2		306,170		10,560		4,444		150		(419,404	)		(14,462	)		(108,790	)		(3,752	)
Class R-3		1,107,950		37,920		74,281		2,485		(1,918,087	)		(65,370	)		(735,856	)		(24,965	)
Class R-4		2,041,972		69,606		159,005		5,283		(3,153,213	)		(106,850	)		(952,236	)		(31,961	)
Class R-5		1,668,595		56,151		162,270		5,357		(3,015,621	)		(100,623	)		(1,184,756	)		(39,115	)
Class R-6		2,943,417		97,390		91,535		3,016		(748,162	)		(24,918	)		2,286,790			75,488
Total net increase
(decrease)	$	13,948,950		469,960	$	1,206,364		39,894	$	(22,892,736	)		(774,584	)	$	(7,737,422	)		(264,730	)

Year ended August 31, 2010
Class A	$	6,836,812		252,892	$	489,387		18,025	$	(12,713,898	)		(473,621	)	$	(5,387,699	)		(202,704	)
Class B		60,035		2,295		1,867		71		(1,388,581	)		(53,012	)		(1,326,679	)		(50,646	)
Class C		810,993		31,212		12,789		489		(1,566,072	)		(60,658	)		(742,290	)		(28,957	)
Class F-1		3,324,276		124,181		127,954		4,744		(5,761,581	)		(216,022	)		(2,309,351	)		(87,097	)
Class F-2		1,827,784		68,025		31,492		1,161		(1,274,456	)		(47,239	)		584,820			21,947
Class 529-A		462,475		17,197		22,122		819		(280,904	)		(10,516	)		203,693			7,500
Class 529-B		7,179		275		358		14		(79,932	)		(3,032	)		(72,395	)		(2,743	)
Class 529-C		135,913		5,202		1,147		44		(108,622	)		(4,179	)		28,438			1,067
Class 529-E		22,212		834		797		29		(16,942	)		(636	)		6,067			227
Class 529-F-1		23,868		892		856		32		(13,196	)		(495	)		11,528			429
Class R-1		169,513		6,457		1,351		51		(113,137	)		(4,371	)		57,727			2,137
Class R-2		658,225		25,038		5,441		205		(759,497	)		(28,984	)		(95,831	)		(3,741	)
Class R-3		3,007,381		113,365		75,727		2,830		(3,416,526	)		(128,850	)		(333,418	)		(12,655	)
Class R-4		4,652,580		173,924		140,952		5,234		(4,666,904	)		(175,870	)		126,628			3,288
Class R-5		4,196,132		156,763		162,119		5,982		(5,930,673	)		(220,894	)		(1,572,422	)		(58,149	)
Class R-6		4,716,943		175,060		38,267		1,409		(677,200	)		(25,136	)		4,078,010			151,333
Total net increase
(decrease)	$	30,912,321		1,153,612	$	1,112,626		41,139	$	(38,768,121	)		(1,453,515	)	$	(6,743,174	)		(258,764	)

(*)Includes exchanges between share classes of the fund.

8.	Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $32,574,497,000 and $34,980,640,000, respectively, during the six months ended February 28, 2011.

Financial highlights(1)

				Income (loss) from investment operations(2)									Dividends and distributions
		Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return(3)(4)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements/ waivers			Ratio of expenses to average net assets after reimbursements/ waivers(4)			Ratio of net income (loss) to average net assets(4)

Class A:	Six months ended 2/28/2011(5)	$	25.53	$	.08		$	6.64		$	6.72		$	(.25	)	$	-		$	(.25	)	$	32.00		26.36	%	$	68,136		.68	%⁽⁶⁾		.68	%⁽⁶⁾		.54	%⁽⁶⁾
	Year ended 8/31/2010		24.93		.21			.60			.81			(.21	)		-			(.21	)		25.53		3.20			57,890		.69			.69			.76
	Year ended 8/31/2009		30.61		.22			(5.67	)		(5.45	)		(.23	)		-			(.23	)		24.93		(17.59	)		61,587		.76			.75			1.00
	Year ended 8/31/2008		35.77		.36			(3.10	)		(2.74	)		(.36	)		(2.06	)		(2.42	)		30.61		(8.24	)		81,529		.65			.62			1.09
	Year ended 8/31/2007		31.93		.32			4.89			5.21			(.27	)		(1.10	)		(1.37	)		35.77		16.69			90,125		.64			.62			.94
	Year ended 8/31/2006		29.51		.28			2.56			2.84			(.19	)		(.23	)		(.42	)		31.93		9.66			78,854		.65			.63			.89

Class B:	Six months ended 2/28/2011(5)		24.65		(.03	)		6.41			6.38			-			-			-			31.03		25.88			3,078		1.43⁽⁶⁾			1.43⁽⁶⁾			(.21	)⁽⁶⁾
	Year ended 8/31/2010		24.08		-	(7)		.58			.58			(.01	)		-			(.01	)		24.65		2.42			2,911		1.45			1.45			(.01	)
	Year ended 8/31/2009		29.44		.06			(5.41	)		(5.35	)		(.01	)		-			(.01	)		24.08		(18.18	)		4,063		1.50			1.49			.27
	Year ended 8/31/2008		34.48		.11			(2.99	)		(2.88	)		(.10	)		(2.06	)		(2.16	)		29.44		(8.91	)		6,367		1.39			1.37			.34
	Year ended 8/31/2007		30.83		.06			4.73			4.79			(.04	)		(1.10	)		(1.14	)		34.48		15.82			7,596		1.39			1.36			.20
	Year ended 8/31/2006		28.55		.04			2.47			2.51			-			(.23	)		(.23	)		30.83		8.80			6,839		1.40			1.38			.14

Class C:	Six months ended 2/28/2011(5)		24.49		(.03	)		6.36			6.33			(.02	)		-			(.02	)		30.80		25.87			8,090		1.46⁽⁶⁾			1.46⁽⁶⁾			(.25	)⁽⁶⁾
	Year ended 8/31/2010		23.96		-	(7)		.57			.57			(.04	)		-			(.04	)		24.49		2.38			6,959		1.47			1.47			(.02	)
	Year ended 8/31/2009		29.30		.06			(5.39	)		(5.33	)		(.01	)		-			(.01	)		23.96		(18.18	)		7,502		1.50			1.49			.26
	Year ended 8/31/2008		34.34		.09			(2.97	)		(2.88	)		(.10	)		(2.06	)		(2.16	)		29.30		(8.95	)		10,209		1.44			1.41			.29
	Year ended 8/31/2007		30.73		.05			4.70			4.75			(.04	)		(1.10	)		(1.14	)		34.34		15.74			11,091		1.45			1.42			.14
	Year ended 8/31/2006		28.47		.02			2.47			2.49			-			(.23	)		(.23	)		30.73		8.75			9,036		1.47			1.44			.07

Class F-1:	Six months ended 2/28/2011(5)		25.37		.08			6.60			6.68			(.25	)		-			(.25	)		31.80		26.37			16,390		.67⁽⁶⁾			.67⁽⁶⁾			.55⁽⁶⁾
	Year ended 8/31/2010		24.78		.21			.60			.81			(.22	)		-			(.22	)		25.37		3.22			14,714		.67			.67			.79
	Year ended 8/31/2009		30.41		.24			(5.63	)		(5.39	)		(.24	)		-			(.24	)		24.78		(17.52	)		16,531		.69			.68			1.08
	Year ended 8/31/2008		35.56		.36			(3.08	)		(2.72	)		(.37	)		(2.06	)		(2.43	)		30.41		(8.23	)		25,528		.63			.61			1.09
	Year ended 8/31/2007		31.76		.32			4.87			5.19			(.29	)		(1.10	)		(1.39	)		35.56		16.71			25,404		.63			.61			.95
	Year ended 8/31/2006		29.37		.28			2.54			2.82			(.20	)		(.23	)		(.43	)		31.76		9.62			17,613		.64			.61			.91

Class F-2:	Six months ended 2/28/2011(5)		25.55		.11			6.65			6.76			(.32	)		-			(.32	)		31.99		26.53			4,864		.43⁽⁶⁾			.43⁽⁶⁾			.78⁽⁶⁾
	Year ended 8/31/2010		24.97		.28			.59			.87			(.29	)		-			(.29	)		25.55		3.43			3,884		.44			.44			1.02
	Year ended 8/31/2009		30.61		.26			(5.63	)		(5.37	)		(.27	)		-			(.27	)		24.97		(17.31	)		3,247		.46			.46			1.19
	Period from 8/1/2008 to 8/31/2008		30.43		.03			.15			.18			-			-			-			30.61		.59			114		.04			.03			.09

Class 529-A:	Six months ended 2/28/2011(5)		25.39		.07			6.60			6.67			(.24	)		-			(.24	)		31.82		26.34			3,639		.72⁽⁶⁾			.72⁽⁶⁾			.49⁽⁶⁾
	Year ended 8/31/2010		24.81		.20			.59			.79			(.21	)		-			(.21	)		25.39		3.14			2,793		.73			.73			.73
	Year ended 8/31/2009		30.47		.22			(5.64	)		(5.42	)		(.24	)		-			(.24	)		24.81		(17.60	)		2,543		.77			.76			.99
	Year ended 8/31/2008		35.62		.34			(3.08	)		(2.74	)		(.35	)		(2.06	)		(2.41	)		30.47		(8.27	)		2,859		.69			.66			1.03
	Year ended 8/31/2007		31.81		.31			4.87			5.18			(.27	)		(1.10	)		(1.37	)		35.62		16.66			2,725		.69			.66			.90
	Year ended 8/31/2006		29.42		.27			2.54			2.81			(.19	)		(.23	)		(.42	)		31.81		9.57			1,968		.68			.66			.86

Class 529-B:	Six months ended 2/28/2011(5)		24.69		(.04	)		6.41			6.37			-			-			-			31.06		25.80			396		1.53⁽⁶⁾			1.53⁽⁶⁾			(.31	)⁽⁶⁾
	Year ended 8/31/2010		24.14		(.02	)		.59			.57			(.02	)		-			(.02	)		24.69		2.36			358		1.53			1.53			(.08	)
	Year ended 8/31/2009		29.56		.04			(5.45	)		(5.41	)		(.01	)		-			(.01	)		24.14		(18.28	)		416		1.58			1.57			.17
	Year ended 8/31/2008		34.62		.07			(2.99	)		(2.92	)		(.08	)		(2.06	)		(2.14	)		29.56		(9.00	)		514		1.50			1.48			.23
	Year ended 8/31/2007		30.97		.03			4.74			4.77			(.02	)		(1.10	)		(1.12	)		34.62		15.69			534		1.51			1.48			.08
	Year ended 8/31/2006		28.71		.01			2.48			2.49			-			(.23	)		(.23	)		30.97		8.68			424		1.52			1.50			.02

Class 529-C:	Six months ended 2/28/2011(5)		24.66		(.04	)		6.40			6.36			(.03	)		-			(.03	)		30.99		25.81			1,034		1.52⁽⁶⁾			1.52⁽⁶⁾			(.31	)⁽⁶⁾
	Year ended 8/31/2010		24.13		(.02	)		.59			.57			(.04	)		-			(.04	)		24.66		2.33			811		1.53			1.53			(.07	)
	Year ended 8/31/2009		29.55		.04			(5.44	)		(5.40	)		(.02	)		-			(.02	)		24.13		(18.25	)		767		1.58			1.57			.18
	Year ended 8/31/2008		34.62		.07			(2.99	)		(2.92	)		(.09	)		(2.06	)		(2.15	)		29.55		(8.99	)		881		1.50			1.47			.23
	Year ended 8/31/2007		30.99		.03			4.74			4.77			(.04	)		(1.10	)		(1.14	)		34.62		15.66			849		1.50			1.48			.08
	Year ended 8/31/2006		28.72		.01			2.49			2.50			-			(.23	)		(.23	)		30.99		8.71			619		1.52			1.49			.03

Class 529-E:	Six months ended 2/28/2011(5)	$	25.19	$	.03		$	6.55		$	6.58		$	(.16	)	$	-		$	(.16	)	$	31.61		26.17	%	$	182		1.01	%⁽⁶⁾		1.01	%⁽⁶⁾		.20	%⁽⁶⁾
	Year ended 8/31/2010		24.63		.12			.59			.71			(.15	)		-			(.15	)		25.19		2.83			142		1.02			1.02			.44
	Year ended 8/31/2009		30.21		.15			(5.57	)		(5.42	)		(.16	)		-			(.16	)		24.63		(17.82	)		133		1.07			1.06			.68
	Year ended 8/31/2008		35.34		.24			(3.06	)		(2.82	)		(.25	)		(2.06	)		(2.31	)		30.21		(8.55	)		147		.99			.97			.73
	Year ended 8/31/2007		31.58		.20			4.84			5.04			(.18	)		(1.10	)		(1.28	)		35.34		16.29			143		.99			.97			.59
	Year ended 8/31/2006		29.23		.17			2.52			2.69			(.11	)		(.23	)		(.34	)		31.58		9.21			107		1.00			.97			.54

Class 529-F-1:	Six months ended 2/28/2011(5)		25.38		.10			6.59			6.69			(.30	)		-			(.30	)		31.77		26.43			118		.52⁽⁶⁾			.52⁽⁶⁾			.70⁽⁶⁾
	Year ended 8/31/2010		24.79		.25			.60			.85			(.26	)		-			(.26	)		25.38		3.37			92		.52			.52			.94
	Year ended 8/31/2009		30.46		.26			(5.64	)		(5.38	)		(.29	)		-			(.29	)		24.79		(17.41	)		79		.57			.56			1.18
	Year ended 8/31/2008		35.61		.41			(3.08	)		(2.67	)		(.42	)		(2.06	)		(2.48	)		30.46		(8.09	)		85		.49			.47			1.24
	Year ended 8/31/2007		31.80		.37			4.87			5.24			(.33	)		(1.10	)		(1.43	)		35.61		16.86			81		.49			.47			1.09
	Year ended 8/31/2006		29.38		.33			2.53			2.86			(.21	)		(.23	)		(.44	)		31.80		9.79			52		.50			.47			1.05

Class R-1:	Six months ended 2/28/2011(5)		24.72		(.03	)		6.43			6.40			(.06	)		-			(.06	)		31.06		25.89			660		1.43⁽⁶⁾			1.43⁽⁶⁾			(.22	)⁽⁶⁾
	Year ended 8/31/2010		24.19		-	(7)		.60			.60			(.07	)		-			(.07	)		24.72		2.45			539		1.44			1.44			.02
	Year ended 8/31/2009		29.65		.06			(5.46	)		(5.40	)		(.06	)		-			(.06	)		24.19		(18.17	)		476		1.47			1.46			.29
	Year ended 8/31/2008		34.76		.10			(3.02	)		(2.92	)		(.13	)		(2.06	)		(2.19	)		29.65		(8.96	)		503		1.42			1.39			.30
	Year ended 8/31/2007		31.13		.05			4.77			4.82			(.09	)		(1.10	)		(1.19	)		34.76		15.79			408		1.43			1.40			.16
	Year ended 8/31/2006		28.88		.03			2.49			2.52			(.04	)		(.23	)		(.27	)		31.13		8.75			245		1.45			1.42			.11

Class R-2:	Six months ended 2/28/2011(5)		24.84		(.02	)		6.46			6.44			(.05	)		-			(.05	)		31.23		25.93			2,808		1.38⁽⁶⁾			1.38⁽⁶⁾			(.17	)⁽⁶⁾
	Year ended 8/31/2010		24.30		.01			.59			.60			(.06	)		-			(.06	)		24.84		2.44			2,327		1.41			1.41			.04
	Year ended 8/31/2009		29.77		.06			(5.48	)		(5.42	)		(.05	)		-			(.05	)		24.30		(18.17	)		2,367		1.48			1.47			.27
	Year ended 8/31/2008		34.84		.12			(3.01	)		(2.89	)		(.12	)		(2.06	)		(2.18	)		29.77		(8.87	)		2,708		1.36			1.33			.37
	Year ended 8/31/2007		31.16		.05			4.77			4.82			(.04	)		(1.10	)		(1.14	)		34.84		15.76			2,815		1.42			1.40			.16
	Year ended 8/31/2006		28.86		.03			2.50			2.53			-			(.23	)		(.23	)		31.16		8.77			2,164		1.46			1.43			.09

Class R-3:	Six months ended 2/28/2011(5)		25.12		.04			6.52			6.56			(.17	)		-			(.17	)		31.51		26.15			13,543		.97⁽⁶⁾			.97⁽⁶⁾			.25⁽⁶⁾
	Year ended 8/31/2010		24.55		.13			.60			.73			(.16	)		-			(.16	)		25.12		2.94			11,422		.97			.97			.48
	Year ended 8/31/2009		30.11		.16			(5.56	)		(5.40	)		(.16	)		-			(.16	)		24.55		(17.78	)		11,477		.99			.98			.76
	Year ended 8/31/2008		35.23		.26			(3.05	)		(2.79	)		(.27	)		(2.06	)		(2.33	)		30.11		(8.50	)		13,098		.94			.91			.79
	Year ended 8/31/2007		31.49		.21			4.83			5.04			(.20	)		(1.10	)		(1.30	)		35.23		16.33			13,652		.96			.93			.63
	Year ended 8/31/2006		29.15		.18			2.52			2.70			(.13	)		(.23	)		(.36	)		31.49		9.30			9,724		.96			.94			.59

Class R-4:	Six months ended 2/28/2011(5)		25.33		.08			6.58			6.66			(.25	)		-			(.25	)		31.74		26.35			19,589		.68⁽⁶⁾			.68⁽⁶⁾			.54⁽⁶⁾
	Year ended 8/31/2010		24.75		.21			.60			.81			(.23	)		-			(.23	)		25.33		3.20			16,442		.68			.68			.77
	Year ended 8/31/2009		30.38		.23			(5.62	)		(5.39	)		(.24	)		-			(.24	)		24.75		(17.53	)		15,985		.70			.69			1.04
	Year ended 8/31/2008		35.52		.35			(3.08	)		(2.73	)		(.35	)		(2.06	)		(2.41	)		30.38		(8.26	)		17,215		.67			.64			1.06
	Year ended 8/31/2007		31.73		.31			4.85			5.16			(.27	)		(1.10	)		(1.37	)		35.52		16.63			17,856		.68			.65			.91
	Year ended 8/31/2006		29.35		.27			2.54			2.81			(.20	)		(.23	)		(.43	)		31.73		9.60			12,558		.69			.66			.86

Class R-5:	Six months ended 2/28/2011(5)		25.54		.12			6.64			6.76			(.33	)		-			(.33	)		31.97		26.55			14,864		.38⁽⁶⁾			.38⁽⁶⁾			.84⁽⁶⁾
	Year ended 8/31/2010		24.94		.29			.60			.89			(.29	)		-			(.29	)		25.54		3.51			12,874		.39			.39			1.07
	Year ended 8/31/2009		30.66		.30			(5.69	)		(5.39	)		(.33	)		-			(.33	)		24.94		(17.30	)		14,023		.40			.40			1.36
	Year ended 8/31/2008		35.82		.45			(3.09	)		(2.64	)		(.46	)		(2.06	)		(2.52	)		30.66		(7.96	)		17,362		.37			.34			1.35
	Year ended 8/31/2007		31.98		.41			4.89			5.30			(.36	)		(1.10	)		(1.46	)		35.82		16.97			12,630		.38			.35			1.21
	Year ended 8/31/2006		29.56		.37			2.55			2.92			(.27	)		(.23	)		(.50	)		31.98		9.92			6,863		.39			.36			1.17

Class R-6:	Six months ended 2/28/2011(5)		25.60		.13			6.65			6.78			(.35	)		-			(.35	)		32.03		26.56			10,002		.33⁽⁶⁾			.33⁽⁶⁾			.87⁽⁶⁾
	Year ended 8/31/2010		24.97		.31			.60			.91			(.28	)		-			(.28	)		25.60		3.58			6,061		.34			.34			1.16
	Period from 5/1/2009 to 8/31/2009		21.68		.09			3.20			3.29			-			-			-			24.97		15.17			2,134		.14			.14			.38

	Six months ended February 28,			Year ended August 31
	2011(5)			2010			2009			2008			2007			2006

Portfolio turnover rate for all share classes		22	%		33	%		38	%		32	%		26	%		22	%

(1)Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year.

(2)Based on average shares outstanding.

(3)Total returns exclude any applicable sales charges, including contingent deferred sales charges.

(4)This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes.

(5)Unaudited.

(6)Annualized.

(7)Amount less than $.01.

See Notes to Financial Statements

Expense example

unaudited

As a shareholder of the fund, 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 (September 1, 2010, through February 28, 2011).

Actual expenses:

The first line of each share class in the table on the next 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 entitled "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 next 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:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1 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 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.

	Beginning account value 9/1/2010		Ending account value 2/28/2011		Expenses paid during period*		Annualized expense ratio

Class A -- actual return	$	1,000.00	$	1,263.55	$	3.82		.68	%
Class A -- assumed 5% return		1,000.00		1,021.42		3.41		.68
Class B -- actual return		1,000.00		1,258.83		8.01		1.43
Class B -- assumed 5% return		1,000.00		1,017.70		7.15		1.43
Class C -- actual return		1,000.00		1,258.70		8.18		1.46
Class C -- assumed 5% return		1,000.00		1,017.55		7.30		1.46
Class F-1 -- actual return		1,000.00		1,263.70		3.76		.67
Class F-1 -- assumed 5% return		1,000.00		1,021.47		3.36		.67
Class F-2 -- actual return		1,000.00		1,265.27		2.42		.43
Class F-2 -- assumed 5% return		1,000.00		1,022.66		2.16		.43
Class 529-A -- actual return		1,000.00		1,263.41		4.04		.72
Class 529-A -- assumed 5% return		1,000.00		1,021.22		3.61		.72
Class 529-B -- actual return		1,000.00		1,257.99		8.57		1.53
Class 529-B -- assumed 5% return		1,000.00		1,017.21		7.65		1.53
Class 529-C -- actual return		1,000.00		1,258.07		8.51		1.52
Class 529-C -- assumed 5% return		1,000.00		1,017.26		7.60		1.52
Class 529-E -- actual return		1,000.00		1,261.74		5.66		1.01
Class 529-E -- assumed 5% return		1,000.00		1,019.79		5.06		1.01
Class 529-F-1 -- actual return		1,000.00		1,264.26		2.92		.52
Class 529-F-1 -- assumed 5% return		1,000.00		1,022.22		2.61		.52
Class R-1 -- actual return		1,000.00		1,258.86		8.01		1.43
Class R-1 -- assumed 5% return		1,000.00		1,017.70		7.15		1.43
Class R-2 -- actual return		1,000.00		1,259.32		7.73		1.38
Class R-2 -- assumed 5% return		1,000.00		1,017.95		6.90		1.38
Class R-3 -- actual return		1,000.00		1,261.47		5.44		.97
Class R-3 -- assumed 5% return		1,000.00		1,019.98		4.86		.97
Class R-4 -- actual return		1,000.00		1,263.51		3.82		.68
Class R-4 -- assumed 5% return		1,000.00		1,021.42		3.41		.68
Class R-5 -- actual return		1,000.00		1,265.53		2.13		.38
Class R-5 -- assumed 5% return		1,000.00		1,022.91		1.91		.38
Class R-6 -- actual return		1,000.00		1,265.63		1.85		.33
Class R-6 -- assumed 5% return		1,000.00		1,023.16		1.66		.33

*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).

Office of the fund

One Market

Steuart Tower, Suite 2000

Mailing address: P.O. Box 7650

San Francisco, CA 94120-7650

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Counsel

K&L Gates LLP

Four Embarcadero Center, Suite 1200

San Francisco, CA 94111-5994

Independent registered public

accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1200

Costa Mesa, CA 92626-7188

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s 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 800/421-0180 or visit the American Funds website at americanfunds.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds 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 the American Funds website.

A complete February 28, 2011, portfolio of The Growth Fund of America’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).

The Growth Fund 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 N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of The Growth Fund 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 June 30, 2011, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

This page intentionally left blank.

What makes American Funds different?

For 80 years, we have followed a consistent philosophy to benefit our investors. Our 33 carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.

Our unique combination of strengths includes these five factors:

•A long-term, value-oriented approach

We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term.

•An extensive global research effort

Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets.

•The multiple portfolio counselor system

Our unique approach to portfolio management, developed more than 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives.

•Experienced investment professionals

American Funds portfolio counselors have an average of 27 years of investment experience, providing a depth of knowledge and broad perspective that few organizations have.

•A commitment to low management fees

The American Funds provide exceptional value for shareholders, with management fees that are among the lowest in the mutual fund industry.

American Funds span a range of investment objectives

•Growth funds

AMCAP Fund®

EuroPacific Growth Fund®

>The Growth Fund of America®

The New Economy Fund®

New Perspective Fund®

New World Fund®

SMALLCAP World Fund®

•Growth-and-income funds

American Mutual Fund®

Capital World Growth and Income FundSM

Fundamental InvestorsSM

International Growth and Income FundSM

The Investment Company of America®

Washington Mutual Investors FundSM

•Equity-income funds

Capital Income Builder®

The Income Fund of America®

•Balanced funds

American Balanced Fund®

American Funds Global Balanced FundSM

•Bond funds

American Funds Mortgage FundSM

American High-Income TrustSM

The Bond Fund of AmericaSM

Capital World Bond Fund®

Intermediate Bond Fund of America®

Short-Term Bond Fund of AmericaSM

U.S. Government Securities FundSM

•Tax-exempt bond funds

American Funds Short-Term Tax-Exempt Bond FundSM

American High-Income Municipal Bond Fund®

Limited Term Tax-Exempt Bond Fund of AmericaSM

The Tax-Exempt Bond Fund of America®

State-specific tax-exempt funds

American Funds Tax-Exempt Fund of New YorkSM

The Tax-Exempt Fund of California®

The Tax-Exempt Fund of Maryland®

The Tax-Exempt Fund of Virginia®

•Money market fund

American Funds Money Market Fund®

•American Funds Target Date Retirement Series®

The Capital Group Companies

American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust

Lit. No. MFGESR-905-0411P

Litho in USA AGD/ALD/8084-S26165

Printed on paper containing 10% post-consumer waste

Printed with inks containing soy and/or vegetable oil

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

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

The Growth Fund of America®

Investment portfolio

February 28, 2011

unaudited

Common stocks — 93.67%	Shares		Value (000)

INFORMATION TECHNOLOGY — 20.95%
Oracle Corp.		133,848,376	$	4,403,612
Google Inc., Class A1		6,596,436		4,046,254
Apple Inc.1		9,803,000		3,462,518
Microsoft Corp.		105,602,000		2,806,901
EMC Corp.1		70,765,000		1,925,516
Corning Inc.2		80,230,000		1,850,104
QUALCOMM Inc.		25,030,194		1,491,299
Texas Instruments Inc.		37,279,000		1,327,505
Yahoo! Inc.1		51,299,460		841,311
First Solar, Inc.1,2		5,569,800		820,933
Samsung Electronics Co. Ltd.		948,483		775,661
Linear Technology Corp.2		19,850,000		686,016
International Business Machines Corp.		4,085,000		661,280
Intel Corp.		30,000,000		644,100
eBay Inc.1		16,500,000		552,832
KLA-Tencor Corp.2		10,940,000		534,091
Visa Inc., Class A		7,196,400		525,697
Cisco Systems, Inc.1		27,405,000		508,637
Accenture PLC, Class A		9,600,000		494,208
Automatic Data Processing, Inc.		9,695,000		484,750
Baidu, Inc., Class A (ADR)1		3,766,000		456,289
Juniper Networks, Inc.1		10,000,000		440,000
Intuit Inc.1		8,215,000		431,945
Taiwan Semiconductor Manufacturing Co. Ltd.3		113,125,000		269,294
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		11,350,000		139,491
Xilinx, Inc.		11,767,400		391,266
Avago Technologies Ltd.		9,898,696		336,457
Altera Corp.		8,000,000		334,880
Flextronics International Ltd.1,2		40,080,464		324,251
Electronic Arts1		16,590,000		311,892
Tyco Electronics Ltd.		7,363,000		265,362
MediaTek Inc.3		22,709,996		255,688
FLIR Systems, Inc.		7,498,000		242,185
Fidelity National Information Services, Inc.		6,513,700		210,979
Analog Devices, Inc.		5,087,559		202,892
ASML Holding NV (New York registered)		2,977,778		129,831
ASML Holding NV		1,130,000		49,049
Quanta Computer Inc.3		78,014,258		152,887
SAP AG		2,285,000		137,857
Akamai Technologies, Inc.1		3,335,000		125,163
Maxim Integrated Products, Inc.		4,470,000		123,283
Nokia Corp. (ADR)		13,089,474		112,962
National Instruments Corp.		3,605,010		112,224
Telefonaktiebolaget LM Ericsson, Class B		6,599,800		84,925
AOL Inc.1		3,993,164		83,337
Rohm Co., Ltd.		1,005,000		70,763
Hewlett-Packard Co.		1,580,000		68,935
Redecard SA, ordinary nominative		4,364,500		56,399
Lender Processing Services, Inc.		1,550,000		52,808
Comverse Technology, Inc.1		6,000,000		43,500
Paychex, Inc.		1,120,000		37,666
Advanced Micro Devices, Inc.1		3,800,000		34,998
Applied Materials, Inc.		1,900,000		31,217
eAccess Ltd.		47,727		30,105
AVEVA Group PLC		1,000,000		25,913
Western Union Co.		890,000		19,571
Monster Worldwide, Inc.1		1,114,500		19,114
HTC Corp.3		450,000		16,244
				35,074,847

CONSUMER DISCRETIONARY — 14.73%
Home Depot, Inc.		62,206,900		2,330,893
Comcast Corp., Class A		64,882,100		1,671,363
Comcast Corp., Class A, special nonvoting shares		27,000,000		656,640
DIRECTV, Class A1		39,670,000		1,823,630
Amazon.com, Inc.1		10,205,000		1,768,424
Time Warner Cable Inc.		15,084,735		1,088,816
Time Warner Inc.		27,635,667		1,055,682
NIKE, Inc., Class B		11,546,600		1,027,994
Johnson Controls, Inc.		24,999,900		1,019,996
News Corp., Class A		58,405,800		1,014,509
General Motors Co.1		25,993,500		871,562
Las Vegas Sands Corp.1		17,015,000		793,580
YUM! Brands, Inc.		14,431,000		726,312
Walt Disney Co.		15,000,000		656,100
Carnival Corp., units		14,320,000		611,034
Virgin Media Inc.2		19,765,400		538,409
Kohl’s Corp.1		9,720,000		523,811
Nikon Corp.		20,000,000		467,698
Sands China Ltd.1		193,456,800		459,547
Lowe’s Companies, Inc.		17,353,400		454,139
Target Corp.		8,590,000		451,405
McDonald’s Corp.		5,485,000		415,105
CarMax, Inc.1		11,185,000		395,613
Naspers Ltd., Class N		6,770,000		388,892
priceline.com Inc.1		825,000		374,451
Staples, Inc.		15,247,000		324,761
Daimler AG1		4,480,000		315,600
Marriott International, Inc., Class A		7,000,000		274,470
Starbucks Corp.		8,000,000		263,840
AutoNation, Inc.1		6,660,000		224,042
Darden Restaurants, Inc.		4,000,000		188,520
Wynn Resorts, Ltd.		1,500,000		184,395
Shaw Communications Inc., Class B, nonvoting		8,328,700		177,734
Harley-Davidson, Inc.		3,599,500		146,932
Li & Fung Ltd.		23,293,000		141,768
Toyota Motor Corp.		2,730,000		127,481
Sony Corp.		3,350,000		122,566
Chipotle Mexican Grill, Inc.1		500,000		122,500
Harman International Industries, Inc.		2,331,200		113,390
DreamWorks Animation SKG, Inc., Class A1		3,900,000		107,718
Apollo Group, Inc., Class A1		1,705,000		77,168
D.R. Horton, Inc.		5,180,000		61,331
Strayer Education, Inc.		429,000		58,962
Toll Corp.1		1,500,000		31,890
				24,650,673

ENERGY — 11.68%
Schlumberger Ltd.		25,486,701		2,380,968
Suncor Energy Inc. (CAD denominated)		43,897,388		2,063,048
Suncor Energy Inc.		3,200,000		150,464
Apache Corp.		16,145,400		2,012,040
EOG Resources, Inc.2		12,850,837		1,443,277
Noble Energy, Inc.		8,734,000		809,292
Devon Energy Corp.		8,459,900		773,573
Occidental Petroleum Corp.		7,500,000		764,775
Canadian Natural Resources, Ltd.		12,890,000		649,177
FMC Technologies, Inc.1,2		6,000,000		564,300
Baker Hughes Inc.		7,700,000		547,085
CONSOL Energy Inc.		9,715,213		492,658
Cimarex Energy Co.		4,155,000		482,520
Talisman Energy Inc.		18,250,000		452,965
Denbury Resources Inc.1		18,515,000		448,618
Nexen Inc.		16,398,232		447,447
Tenaris SA (ADR)		9,660,000		438,371
Woodside Petroleum Ltd.3		9,925,797		430,311
Petróleo Brasileiro SA – Petrobras, ordinary nominative (ADR)		9,590,200		381,978
BG Group PLC		14,450,000		351,537
Pioneer Natural Resources Co.		3,405,000		348,468
Concho Resources Inc.1,4		2,207,506		235,144
Concho Resources Inc.1		540,000		57,521
Newfield Exploration Co.1		3,559,056		259,064
Transocean Ltd.1		3,058,777		258,864
Pacific Rubiales Energy Corp.		7,711,000		258,422
Chevron Corp.		2,450,000		254,188
Murphy Oil Corp.		3,456,000		254,120
Range Resources Corp.		4,485,000		243,536
Imperial Oil Ltd.		4,522,754		235,506
ConocoPhillips		2,900,000		225,823
Peabody Energy Corp.		2,830,000		185,337
Cenovus Energy Inc.		4,026,503		156,452
Petrohawk Energy Corp.1		5,690,000		122,904
Cobalt International Energy, Inc.1		7,771,200		121,697
Core Laboratories NV		1,160,173		119,904
Cameco Corp.		1,513,100		61,644
Diamond Offshore Drilling, Inc.		680,000		53,196
OAO Gazprom (ADR)		296,000		8,708
				19,544,902

FINANCIALS — 10.68%
Citigroup Inc.1		364,095,000		1,703,965
JPMorgan Chase & Co.		35,805,989		1,671,782
Wells Fargo & Co.		50,538,800		1,630,382
Goldman Sachs Group, Inc.		7,456,000		1,221,144
Bank of America Corp.		82,970,598		1,185,650
Industrial and Commercial Bank of China Ltd., Class H		1,543,488,335		1,185,165
Banco Bradesco SA, preferred nominative (ADR)		31,005,281		607,083
Bank of New York Mellon Corp.		19,623,800		596,367
Agricultural Bank of China, Class H1		1,071,645,000		531,144
AIA Group Ltd.1		170,594,600		497,239
Fifth Third Bancorp		28,932,000		422,407
Berkshire Hathaway Inc., Class A1		2,960		388,648
Aon Corp.		7,171,700		377,518
Housing Development Finance Corp. Ltd.		24,900,000		346,119
State Street Corp.		7,508,100		335,762
Bank of Nova Scotia		4,990,000		308,167
ACE Ltd.		4,865,000		307,711
Morgan Stanley		10,000,000		296,800
Marsh & McLennan Companies, Inc.		9,603,300		292,324
HDFC Bank Ltd.		5,097,193		231,099
HDFC Bank Ltd. (ADR)		400,000		58,844
Discover Financial Services		13,011,000		282,989
American Express Co.		6,180,000		269,263
PNC Financial Services Group, Inc.		4,256,058		262,599
SunTrust Banks, Inc.		8,220,291		248,006
Credit Suisse Group AG		5,000,000		231,299
New York Community Bancorp, Inc.		12,000,000		223,920
CapitaMalls Asia Ltd.		163,637,000		221,305
Itaú Unibanco Holding SA, preferred nominative (ADR)		8,460,000		187,981
Onex Corp.		5,200,000		185,831
Franklin Resources, Inc.		1,250,000		157,025
Moody’s Corp.		4,722,700		150,654
Toronto-Dominion Bank		1,610,000		134,726
Northern Trust Corp.		2,551,192		131,565
Jefferies Group, Inc.		5,000,000		120,300
AMP Ltd.3		22,054,313		119,234
Banco Santander, SA		9,332,751		115,071
UBS AG1		5,374,666		106,730
Charles Schwab Corp.		5,000,000		94,850
First Horizon National Corp.1		8,059,286		92,682
Genworth Financial, Inc., Class A1		6,280,200		83,087
Zions Bancorporation		3,200,000		74,752
BOK Financial Corp.		1,250,000		64,188
City National Corp.		1,066,475		62,826
Willis Group Holdings PLC		1,210,000		47,057
Weyerhaeuser Co.		422,321		10,309
Washington Mutual, Inc.1		24,571,428		1,342
				17,874,911

HEALTH CARE — 9.12%
Merck & Co., Inc.		41,950,256		1,366,320
Gilead Sciences, Inc.1		29,295,000		1,141,919
Stryker Corp.		17,614,600		1,114,300
Allergan, Inc.		14,330,000		1,062,856
UnitedHealth Group Inc.		19,704,911		839,035
Biogen Idec Inc.1		11,167,400		763,850
Amgen Inc.1		13,782,900		707,476
Teva Pharmaceutical Industries Ltd. (ADR)		13,289,307		665,794
Intuitive Surgical, Inc.1,2		1,964,600		644,290
St. Jude Medical, Inc.1		12,488,000		597,926
Edwards Lifesciences Corp.1,2		6,745,000		573,595
Medco Health Solutions, Inc.1		9,000,000		554,760
Aetna Inc.		11,820,000		441,595
Bristol-Myers Squibb Co.		14,860,000		383,537
Vertex Pharmaceuticals Inc.1		7,969,000		371,913
Hospira, Inc.1		6,740,000		356,209
Baxter International Inc.		6,670,000		354,511
Boston Scientific Corp.1		44,645,000		319,658
Novo Nordisk A/S, Class B		2,527,400		318,322
Johnson & Johnson		4,800,000		294,912
Life Technologies Corp.1		5,200,000		277,524
Celgene Corp.1		5,049,600		268,134
ResMed Inc.1		7,571,000		239,244
Human Genome Sciences, Inc.1		9,400,000		235,282
Medtronic, Inc.		5,825,000		232,534
Roche Holding AG		1,245,000		187,735
Thermo Fisher Scientific Inc.1		2,965,000		165,506
Abbott Laboratories		3,260,900		156,849
Covance Inc.1		2,750,000		155,183
Hologic, Inc.1		7,665,232		154,684
Zimmer Holdings, Inc.1		2,370,000		147,746
Illumina, Inc.1		1,925,000		133,595
Thoratec Corp.1		1,273,000		35,491
Fresenius SE1		1,176,253		24
				15,262,309

INDUSTRIALS — 7.45%
Union Pacific Corp.		20,820,280		1,986,463
CSX Corp.		16,781,710		1,252,922
General Dynamics Corp.		12,481,400		950,084
Caterpillar Inc.		7,500,000		771,975
United Technologies Corp.		8,864,674		740,555
Boeing Co.		9,200,000		662,492
Norfolk Southern Corp.		9,705,900		636,513
Lockheed Martin Corp.		6,430,000		508,999
United Parcel Service, Inc., Class B		6,250,000		461,250
Southwest Airlines Co.		34,889,000		412,737
Precision Castparts Corp.		2,718,000		385,277
Stericycle, Inc.1		4,239,000		366,334
Delta Air Lines, Inc.1		31,500,000		354,060
United Continental Holdings, Inc.1		13,949,250		335,340
General Electric Co.		15,000,000		313,800
3M Co.		2,936,900		270,870
PACCAR Inc		5,150,000		258,170
Atlas Copco AB, Class A		8,115,000		203,849
Roper Industries, Inc.		3,000,000		252,390
Deere & Co.		2,545,000		229,432
Joy Global Inc.		2,238,600		217,995
KBR, Inc.		6,575,289		215,669
Tyco International Ltd.		4,163,000		188,750
MTU Aero Engines Holding AG		2,077,000		138,478
SGS SA		75,000		130,530
Northrop Grumman Corp.		1,600,000		106,688
Iron Mountain Inc.		1,975,000		51,350
Robert Half International Inc.		1,044,310		33,313
AMR Corp.1		4,750,000		32,015
				12,468,300

MATERIALS — 6.76%
Syngenta AG		4,069,580		1,363,973
Barrick Gold Corp.		25,500,000		1,346,910
Praxair, Inc.		11,032,437		1,096,404
Newmont Mining Corp.		15,830,714		874,964
Freeport-McMoRan Copper & Gold Inc.		16,000,000		847,200
BHP Billiton PLC		18,265,000		722,567
Rio Tinto PLC		8,345,000		584,629
Cliffs Natural Resources Inc.		5,700,000		553,299
CRH PLC		19,894,087		460,796
Dow Chemical Co.		12,178,700		452,560
Sigma-Aldrich Corp.2		6,655,000		425,188
ArcelorMittal		11,170,000		410,399
Potash Corp. of Saskatchewan Inc.		6,255,000		385,308
United States Steel Corp.		5,732,200		329,544
Nucor Corp.		5,950,000		285,362
Celanese Corp., Series A		6,300,000		261,135
Sino-Forest Corp.1		9,900,000		221,223
Steel Dynamics, Inc.		10,850,000		200,291
Xstrata PLC		6,500,000		148,462
Alcoa Inc.		7,000,000		117,950
Monsanto Co.		1,490,000		107,116
Kuraray Co., Ltd.		2,290,000		32,276
AK Steel Holding Corp.		1,940,881		31,015
Air Products and Chemicals, Inc.		335,000		30,820
Akzo Nobel NV		412,000		28,012
				11,317,403

CONSUMER STAPLES — 5.53%
Philip Morris International Inc.		34,466,700		2,163,819
Costco Wholesale Corp.		15,230,000		1,139,052
CVS/Caremark Corp.		31,300,000		1,034,778
Avon Products, Inc.		20,380,000		566,768
Coca-Cola Co.		8,390,000		536,289
PepsiCo, Inc.		7,950,000		504,189
Altria Group, Inc.		16,336,700		414,462
Colgate-Palmolive Co.		5,017,400		393,966
Diageo PLC		19,250,000		376,151
Estée Lauder Companies Inc., Class A		3,789,000		357,719
Wilmar International Ltd.		82,989,000		332,139
Kerry Group PLC, Class A2		8,965,824		325,394
Molson Coors Brewing Co., Class B		5,370,011		245,571
Procter & Gamble Co.		3,060,000		192,933
Whole Foods Market, Inc.		2,715,000		158,990
British American Tobacco PLC		3,750,000		150,088
L’Oréal SA		1,010,000		117,409
Sysco Corp.		3,802,993		105,685
General Mills, Inc.		2,470,000		91,736
Shoppers Drug Mart Corp.		1,025,000		43,467
				9,250,605

TELECOMMUNICATION SERVICES — 1.64%
América Móvil, SAB de CV, Series L (ADR)		20,432,028		1,173,207
SOFTBANK CORP.		16,054,400		658,426
American Tower Corp., Class A1		5,615,000		302,985
China Telecom Corp. Ltd., Class H		310,000,000		182,306
MetroPCS Communications, Inc.1		12,051,771		173,546
Qwest Communications International Inc.		22,150,000		151,063
Telephone and Data Systems, Inc., special common shares		2,303,100		68,241
Sprint Nextel Corp., Series 11		9,195,000		40,182
CenturyLink, Inc.		116,450		4,795
Broadview Networks Holdings, Inc., Class A1,3,5		31,812		—
				2,754,751

UTILITIES — 0.29%
Edison International		8,500,000		315,520
RRI Energy, Inc.1		17,302,000		70,073
NRG Energy, Inc.1		2,500,000		49,975
Exelon Corp.		1,050,000		43,848
				479,416

MISCELLANEOUS — 4.84%
Other common stocks in initial period of acquisition				8,112,063


Total common stocks (cost: $116,474,887,000)				156,790,180




Preferred stocks — 0.04%

INFORMATION TECHNOLOGY — 0.04%
Zynga Inc., Class C1,3,5		2,370,072		66,500


TELECOMMUNICATION SERVICES — 0.00%
Broadview Networks Holdings, Inc., Series B1,3,5		1,272		49


Total preferred stocks (cost: $87,500,000)				66,549




Warrants — 0.01%

FINANCIALS — 0.01%
Citigroup Inc., Class A, warrants, expire 20191		15,075,000		14,774
Washington Mutual, Inc., warrants, expire 20131,3		2,857,142		—


Total warrants (cost: $26,099,000)				14,774




Convertible securities — 0.14%

CONSUMER DISCRETIONARY — 0.07%
Groupon Inc., Series G, convertible preferred1,3,5		3,007,282		95,000
Johnson Controls, Inc. 11.50% convertible preferred 2012, units3		99,040		19,630
				114,630

TELECOMMUNICATION SERVICES — 0.04%
Clearwire Corp. 8.25% convertible notes 20404		65,000		69,225


MISCELLANEOUS — 0.03%
Other convertible securities in initial period of acquisition				49,875


Total convertible securities (cost: $215,016,000)				233,730



Bonds & notes — 0.07%

CONSUMER DISCRETIONARY — 0.03%
General Motors Corp. 7.20% 20116		61,405		19,650
General Motors Corp. 8.25% 20236		21,775		7,077
General Motors Corp. 8.375% 20336		60,970		20,577
MGM Resorts International 13.00% 2013		4,125		4,960
				52,264

TELECOMMUNICATION SERVICES — 0.03%
LightSquared, Term Loan B, 12.00% 20147,8,9		28,628		28,377
Clearwire Communications and Clearwire Finance, Inc. 12.00% 20154		4,000		4,380
Clearwire Communications and Clearwire Finance, Inc. 12.00% 20174		12,000		12,990
				45,747

BONDS & NOTES OF U.S. GOVERNMENT AGENCIES — 0.01%
Federal Home Loan Bank 0.23% 201110		25,000		25,021


Total bonds & notes (cost: $121,061,000)				123,032




Short-term securities — 6.19%

Freddie Mac 0.165%–0.401% due 3/1–12/16/2011		3,725,362		3,722,801
Fannie Mae 0.17%–0.513% due 3/1–11/1/2011		1,995,400		1,994,263
U.S. Treasury Bills 0.15%–0.291% due 4/14/2011–2/9/2012		1,197,450		1,196,096
Federal Home Loan Bank 0.17%–0.411% due 3/3/2011–2/13/2012		1,165,150		1,163,430
Federal Farm Credit Banks 0.19%–0.503% due 3/30/2011–1/19/2012		907,500		906,653
Straight-A Funding LLC 0.22%–0.25% due 3/16–5/5/20114		225,700		225,654
General Electric Capital Services, Inc. 0.21% due 3/25/2011		100,000		99,985
General Electric Capital Corp. 0.22% due 4/19/2011		100,000		99,971
Procter & Gamble Co. 0.18%–0.23% due 3/3–4/7/20114		122,000		121,985
Procter & Gamble International Funding S.C.A. 0.17% due 3/10/20114		40,200		40,198
Coca-Cola Co. 0.21%–0.24% due 3/29–5/13/20114		160,000		159,938
JPMorgan Chase & Co. 0.23% due 3/21/2011		100,000		99,983
Jupiter Securitization Co., LLC 0.28% due 8/1/20114		25,000		24,954
Google Inc. 0.16%–0.19% due 3/11–5/5/20114		118,530		118,484
NetJets Inc. 0.20%–0.22% due 3/1–3/25/20114		109,200		109,192
Private Export Funding Corp. 0.20%–0.32% due 4/15–7/6/20114		100,000		99,940
Wal-Mart Stores, Inc. 0.16% due 3/22/20114		67,300		67,293
Johnson & Johnson 0.25% due 5/3/20114		36,228		36,216
Medtronic Inc. 0.21% due 4/4/20114		29,400		29,392
John Deere Credit Ltd. 0.20% due 3/8/20114		25,000		24,999
Walt Disney Co. 0.20% due 3/23/20114		25,000		24,996


Total short-term securities (cost: $10,364,618,000)				10,366,423

Total investment securities (cost: $127,289,181,000)				167,594,688
Other assets less liabilities				(201,703	)

Net assets			$	167,392,985

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

1 Security did not produce income during the last 12 months.

2 Represents an affiliated company as defined under the Investment Company Act of 1940.

3 Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $1,424,837,000, which represented .85% of the net assets of the fund. THis amount includes $694,113,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

4 Acquired in a transaction exempt from registration under 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 $1,404,980,000, which represented .84% of the net assets of the fund.

5 Acquired in a transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets

Groupon Inc., Series G, convertible preferred	12/17/2010	$	95,000	$	95,000		.06	%
Zynga Inc., Class C	2/18/2011		66,500		66,500		.04
Broadview Networks Holdings, Inc., Series B	7/7/2000–3/6/2002		21,000		49		.00
Broadview Networks Holdings, Inc., Class A	7/7/2000–3/6/2002		—		—		.00

Total restricted securities		$	182,500	$	161,549		.10	%

6 Scheduled interest and/or principal payment was not received.

7 Payment in kind; the issuer has the option of paying additional securities in lieu of cash.

8 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

9 Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $28,377,000, which represented .02% of the net assets of the fund.

10Coupon rate may change periodically.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

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

MFGEFP-905-0411O-S25594

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 directors 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 directors. 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 second fiscal quarter of the 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)	Not applicable for filing of semi-annual reports to shareholders.

(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 GROWTH FUND OF AMERICA, INC.

	By /s/ Paul G. Haaga, Jr.
	Paul G. Haaga, Jr., Executive Vice President and Principal Executive Officer

	Date: April 29, 2011

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/ Paul G. Haaga, Jr.

Paul G. Haaga, Jr., Executive Vice President and

Principal Executive Officer

Date: April 29, 2011

By /s/ Jeffrey P. Regal

Jeffrey P. Regal, Treasurer and

Principal Financial Officer

Date: April 29, 2011

American Funds The Growth Fund of America Class R-6 (RGAGX) N-CSRSCertified semi-annual shareholder report (management investment company)