American Funds The Growth Fund of America (AGTHX) N-CSRS 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 29, 2012

Patrick F. Quan

The Growth Fund of America, Inc.

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 cowboy on a horse swinging a lasso as he chases two horses]

Semi-annual report for the six months ended February 29, 2012

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 more than 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, 2012 (the most recent calendar quarter-end):
	1 year			5 years			10 years
Class A shares
Reflecting 5.75% maximum sales charge		–2.46	%		0.67	%		4.55	%

The total annual fund operating expense ratio was 0.68% for Class A shares as of the prospectus dated November 1, 2011.

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 32.

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

Fellow investors:

[photo of a cowboy on a horse swinging a lasso as he chases two horses]

U.S. stocks rose strongly during the six months ended February 29, 2012. Part of the reason was that the starting point was near the peak of concerns by investors about the contagious effects of debt and deficit problems in Greece, the United States and other European countries.

Since then, we’ve seen positive developments such as new funding for Greece, a slow improvement in the U.S. economy, and a huge new funding mechanism for European banks called Long Term Refinancing Operation (LTRO). As fears declined, the stock market was able to recover. Of course, those problems could re-emerge, as we do not yet have long-term structural solutions in place.

[Begin Sidebar]

Results at a glance
Total returns for periods ended February 29, 2012, 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)		10.8	%		1.2	%		1.7	%		5.4	%		13.5	%
Standard & Poor’s 500 Composite Index2		13.3			5.1			1.6			4.2			10.6
Lipper Capital Appreciation Funds Index		10.1			1.2			3.1			5.2			10.6
Lipper Growth Funds Index		11.5			2.7			1.2			3.6			9.5
Lipper Large-Cap Core Funds Index		11.8			3.7			1.2			3.4			—	3
Lipper Large-Cap Growth Funds Index		12.5			4.9			3.3			3.4			—	3
1 Since Capital Research and Management Company (CRMC) began managing the fund on December 1, 1973.
2 The S&P 500 is unmanaged and, therefore, has no expenses.
3 This Lipper index was not in existence when CRMC began managing the fund.

[End Sidebar]

Investors were also heartened by the continuing success of U.S. corporations that showed strong balance sheets and profit levels. Concerns remain, however, about geopolitical unrest around the world, particularly in the Middle East.

In this uncertain environment, The Growth Fund of America (GFA) posted a pleasing total return of 10.8% during the six months ended February 29. On a relative basis, the fund trailed the 13.3% return of the unmanaged Standard & Poor’s 500 Composite Index, a broad measure of the U.S. stock market. As shown in the table on the previous page, GFA slightly exceeded one Lipper index but trailed three others.

Over longer periods, GFA has continued to outpace the S&P 500 and the four Lipper indexes. For the 10 years ended February 29, the fund had an average annual total return of 5.4% compared with 4.2% by the S&P 500. It also exceeded the returns of the four Lipper indexes. For its 38-year lifetime, GFA had an average annual total return of 13.5% compared with 10.6% by the S&P 500. The two applicable Lipper indexes posted returns of 10.6% and 9.5% over the same period.

Investment results analysis

All but one of GFA’s 10 largest holdings had strong six-month returns. They included Apple (+41.0%), the fund’s largest holding; Comcast (+36.2%), the largest cable television provider in the U.S. and the fund’s second largest holding; Home Depot (+42.5%), the world’s largest home-improvement retailer, and Samsung Electronics (+54.0%), Korea’s top electronics manufacturer and a global leader in semiconductor production. The fund’s third largest holding, major online retailer Amazon.com

(–16.5%), detracted from results. In the previous fiscal year, however, Amazon rose 72.5%.

Health care and biotech holdings made a major positive contribution to the fund. They included Alexion Pharmaceuticals (+44.5%), a developer of drug treatments for cardiovascular, autoimmune and neurological diseases; and Biogen Idec (+23.6%), a leader in developing therapies to treat multiple sclerosis and cancer.

GFA’s non-U.S. holdings, which constituted 16.2% of total assets, detracted from results during the past six months. During most of the past 10 years, these non-U.S. investments have helped the portfolio, but not so in recent times. We continue to believe that our extensive global research effort will add value in the long run and that our investors will benefit over time from the fund’s investments outside the United States.

The fund’s cash holdings of 5.3% of total assets also hurt results during the recent surging stock market. Many of the fund’s portfolio counselors believed that it was a good idea to hold some cash in this uncertain environment. As a reminder, cash is not a top-down decision but an aggregate of the individual decisions of the portfolio counselors.

As of February 29, 2012, GFA had 20.1% of its total assets in information technology; 17.8% in consumer discretionary, 11.6% in health care; 11.0% in energy; and 7.9% in financials. These are the largest sectors in which the fund is invested.

The road ahead

A number of economic indicators signal that the U.S. economy is getting fundamentally stronger. Many economists believe growth should remain moderate by historic standards at less than 3%. It will be important to follow developments in economic gains since they buoy wage and salary increases that in turn power consumer spending. The pick-up in hiring by corporations also suggests that corporations might loosen up their tight reins on spending and deploy some of the large cash reserves they have built up over recent years.

In the coming months, however, the U.S. economy faces potential challenges from higher oil prices, ongoing consumer caution, slower emerging market growth, and still lurking risk from European sovereign debt problems. A national election will also be decided in November. This could impact markets in either direction as the candidates debate and the government wrestles with important decisions on spending, taxation, jobs and regulation. With our worldwide network of investment professionals, we will be closely monitoring events here and abroad.

Whether the environment is improving or not, our mission is to find attractively priced, fundamentally sound companies in which to invest. With a long-term horizon, it is often easiest to find them when the headlines are bad.

We thank you for taking a long-term perspective on your investment in The Growth Fund of America. In these often volatile markets, it’s important to separate short-term stock price fluctuations from the long-term investment strategy that your fund follows. We remain confident that our investment process, which focuses on fundamental investing with a global perspective, will help us navigate these challenging markets.

Cordially,

/s/ James F. Rothenberg

James F. Rothenberg

Vice Chairman of the Board

/s/ Donald D. O’Neal

Donald D. O’Neal

President

April 5, 2012

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

[Begin Sidebar]

We are deeply saddened by the loss of Jon B. Lovelace Jr., chairman emeritus and former portfolio counselor of Capital Research and Management Company and former chairman of The Capital Group Companies.

Nearly every aspect of the Capital Group bears some stamp of Jon’s leadership and service from 1951 until 2005. He was one of the principal architects of our Multiple Portfolio Counselor System, an early proponent of international investing, the founder of New Perspective Fund and Capital Income Builder and a standard-bearer of the Capital Group’s mission to serve investors.

Though he never sought the spotlight, his accomplishments in life, work and philanthropy will long be remembered.

[End Sidebar]

Summary investment portfolio   February 29, 2012

unaudited

[begin pie chart]

Industry sector diversification	Percent of net assets
Information technology		20.05	%
Consumer discretionary		17.84
Health care		11.59
Energy		11.00
Financials		7.88
Other industries		25.03
Other securities		1.33
Short-term securities & other assets less liabilities		5.28

[end pie chart]

Largest equity holdings	Percent of net assets
Apple		5.2	%
Comcast		2.3
Amazon.com		2.2
Home Depot		2.0
Oracle		1.8
Philip Morris International		1.7
Gilead Sciences		1.7
Samsung Electronics		1.3
Microsoft		1.2
NIKE		1.2

								Percent
					Value			of net
Common stocks  - 93.39%	Shares					(000	)	assets
Information technology  - 20.05%
Apple Inc. (1)		12,482,000				6,770,736			5.21
Oracle Corp.		81,091,976				2,373,562			1.83
Samsung Electronics Co. Ltd. (2)		1,582,495				1,698,947			1.31
Microsoft Corp.		49,645,900				1,575,761			1.21
Google Inc., Class A (1)		2,004,236				1,239,119			.95
Texas Instruments Inc.		29,294,000				976,955			.75
EMC Corp. (1)		29,375,000				813,394			.63
QUALCOMM Inc.		11,335,194				704,822			.54
Taiwan Semiconductor Manufacturing Co. Ltd. (2)		176,096,000				483,801
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		11,350,000				164,802			.50
Yahoo! Inc. (1)		39,730,043				589,196			.46
Other securities						8,642,511			6.66
						26,033,606			20.05
Consumer discretionary  - 17.84%
Comcast Corp., Class A		76,632,100				2,251,451
Comcast Corp., Class A, special nonvoting shares		24,800,000				709,032			2.28
Amazon.com, Inc. (1)		15,711,000				2,823,110			2.17
Home Depot, Inc.		54,134,400				2,575,173			1.98
NIKE, Inc., Class B		13,963,600				1,506,952			1.16
DIRECTV, Class A (1)		28,765,860				1,332,435			1.03
News Corp., Class A		55,554,800				1,103,874			.85
YUM! Brands, Inc.		15,431,000				1,022,149			.79
Time Warner Cable Inc.		12,849,735				1,019,498			.78
Sands China Ltd. (2)		198,980,400				737,915			.57
Other securities						8,091,901			6.23
						23,173,490			17.84
Health care  - 11.59%
Gilead Sciences, Inc. (1)  (3)		47,298,666				2,152,089			1.66
Allergan, Inc.  (3)		15,565,400				1,394,504			1.07
UnitedHealth Group Inc.		19,430,000				1,083,223			.83
Merck & Co., Inc.		24,684,578				942,210			.73
Intuitive Surgical, Inc. (1)		1,728,694		��		884,434			.68
Biogen Idec Inc. (1)		7,074,400				823,955			.63
Alexion Pharmaceuticals, Inc. (1)		9,250,000				774,502			.60
Other securities						6,999,361			5.39
						15,054,278			11.59
Energy  - 11.00%
EOG Resources, Inc.		13,030,837				1,483,691			1.14
Apache Corp.		13,530,000				1,460,293			1.12
Suncor Energy Inc.		34,897,388				1,256,299			.97
Schlumberger Ltd.		15,215,000				1,180,836			.91
Noble Energy, Inc.		8,189,000				799,656			.62
Canadian Natural Resources, Ltd.		19,555,000				725,914			.56
Southwestern Energy Co. (1)  (3)		20,553,632				679,503			.52
FMC Technologies, Inc. (1)		11,572,095				583,581			.45
Other securities						6,121,880			4.71
						14,291,653			11.00
Financials  - 7.88%
Wells Fargo & Co.		33,975,978				1,063,108			.82
Aon Corp.  (3)		18,142,995				849,274			.65
Bank of America Corp.		96,878,298				772,120			.59
Citigroup Inc.		22,957,000				764,927			.59
Goldman Sachs Group, Inc.		5,166,000				594,813			.46
Other securities						6,189,676			4.77
						10,233,918			7.88
Industrials  - 7.77%
Union Pacific Corp.		13,167,500				1,451,717			1.12
CSX Corp.		33,840,170				710,982			.55
Other securities						7,924,755			6.10
						10,087,454			7.77
Materials  - 5.66%
Newmont Mining Corp.		22,648,000				1,345,291			1.04
Barrick Gold Corp.		23,250,000				1,109,723			.85
Dow Chemical Co.		29,368,700				984,145			.76
Praxair, Inc.		6,122,437				667,346			.51
Other securities						3,251,506			2.50
						7,358,011			5.66
Consumer staples  - 5.39%
Philip Morris International Inc.		26,816,700				2,239,731			1.72
Costco Wholesale Corp.		14,003,183				1,205,114			.93
CVS/Caremark Corp.		24,765,000				1,116,902			.86
Other securities						2,438,320			1.88
						7,000,067			5.39
Telecommunication services - 1.57%
Crown Castle International Corp. (1)  (3)		16,961,292				878,765			.68
Other securities						1,159,045			.89
						2,037,810			1.57
Utilities - 0.08%
Other securities						98,768			.08
Miscellaneous  -  4.56%
Other common stocks in initial period of acquisition						5,924,438			4.56
Total common stocks (cost: $88,047,044,000)						121,293,493			93.39
								Percent
					Value			of net
Preferred stocks  - 0.00%						(000	)	assets
Telecommunication services - 0.00%
Other securities						155			.00
Total preferred stocks (cost: $21,000,000)						155			.00
								Percent
					Value			of net
Warrants  - 0.02%						(000	)	assets
Other - 0.02%
Other securities						24,134			.02
Total warrants (cost: $57,788,000)						24,134			.02
								Percent
					Value			of net
Convertible securities  - 0.04%						(000	)	assets
Telecommunication services - 0.04%
Other securities						47,938			.04
Total convertible securities (cost: $65,064,000)						47,938			.04
	Principal							Percent
	amount				Value			of net
Bonds & notes  - 1.27%		(000	)			(000	)	assets
Bonds & notes of U.S. government  - 1.25%
U.S. Treasury:
3.125% 2041	$	1,080,000				1,088,413
3.75% 2041		467,230				529,867			1.25
						1,618,280			1.25
Other - 0.02%
Other securities						32,307			.02
Total bonds & notes (cost: $1,647,672,000)						1,650,587			1.27
	Principal							Percent
	amount				Value			of net
Short-term securities  - 5.31%		(000	)			(000	)	assets
Freddie Mac 0.05%-0.21% due 3/6/2012-1/9/2013		2,123,081				2,122,037			1.63
Fannie Mae 0.05%-0.21% due 3/1/2012-1/7/2013		2,000,153				1,998,661			1.54
Federal Home Loan Bank 0.07%-0.20% due 3/28-12/10/2012		1,200,499				1,199,744			.92
U.S. Treasury Bills 0.041%-0.267% due 3/8-7/19/2012		667,950				667,823			.51
Other securities						909,629			.71
Total short-term securities (cost: $6,898,152,000)						6,897,894			5.31
Total investment securities (cost: $96,736,720,000)						129,914,201			100.03
Other assets less liabilities						(42,765	)		(.03	)
Net assets					$	129,871,436			100.00	%

As permitted by U.S. Securities and Exchange Commission regulations, "Miscellaneous" securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with an aggregate value of $522,709,000, which represented .40% of the net assets of the fund) were acquired in transactions exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. Some of these securities (with an aggregate value of $293,234,000, an aggregate cost of $224,023,000 and representing .23% of the net assets of the fund) were acquired through private placement transactions from 7/7/2000 to 6/21/2011 that may subject them 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 29, 2012, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Dividend income (000)		Value of affiliates at 2/29/2012 (000)
Gilead Sciences, Inc. (1)		27,070,000		20,705,900		477,234		47,298,666	$	-	$	2,152,089
Allergan, Inc.		15,955,400		550,000		940,000		15,565,400		1,570		1,394,504
Crown Castle International Corp. (1)		13,329,250		3,632,042		-		16,961,292		-		878,765
Aon Corp.		5,793,000		12,749,995		400,000		18,142,995		3,944		849,274
Southwestern Energy Co. (1)		21,925,000		1,045,000		2,416,368		20,553,632		-		679,503
Edwards Lifesciences Corp. (1)		7,210,000		112,000		-		7,322,000		-		535,458
Linear Technology Corp.		15,160,000		-		-		15,160,000		7,429		507,557
Virgin Media Inc.		19,765,400		-		-		19,765,400		1,581		498,088
Celanese Corp., Series A		8,784,500		1,375,500		-		10,160,000		1,219		483,311
KLA-Tencor Corp.		10,940,000		-		1,000,000		9,940,000		7,308		481,096
Denbury Resources Inc. (1)		19,515,000		300,000		-		19,815,000		-		394,517
Kerry Group PLC, Class A (2)		8,865,824		-		-		8,865,824		1,188		377,809
Stericycle, Inc. (1)		4,239,000		-		-		4,239,000		-		367,818
Southwest Airlines Co.		36,889,000		2,000,000		-		38,889,000		350		349,223
Illumina, Inc. (1)		5,425,000		791,900		-		6,216,900		-		318,616
Flextronics International Ltd. (1)		40,080,464		-		-		40,080,464		-		282,567
First Solar, Inc. (1)		5,568,900		-		800,000		4,768,900		-		154,036
Human Genome Sciences, Inc. (1)		10,297,900		1,177,900		-		11,475,800		-		90,429
DIRECTV, Class A (1) (4)		40,270,000		500,000		12,004,140		28,765,860		-		-
EOG Resources, Inc. (4)		14,755,837		40,000		1,765,000		13,030,837		4,532		-
FMC Technologies, Inc. (1) (4)		12,000,000		1,447,095		1,875,000		11,572,095		-		-
Nexen Inc. (CAD denominated) (4)		16,383,474		32,309		16,415,783		-		1,226		-
Nexen Inc. (4)		10,435,000		3,500,000		1,500,000		12,435,000		1,035		-
									$	31,382	$	10,794,660

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) Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in "Miscellaneous" and "Other securities," was $13,876,171,000, which represented 10.68% of the net assets of the fund. This amount includes $13,475,413,000 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.

(3) Represents an affiliated company as defined under the Investment Company Act of 1940.

(4) Unaffiliated issuer at 2/29/2012.

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 29, 2012	(dollars in thousands)
Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $86,808,604)	$	119,119,541
Affiliated issuers (cost: $9,928,116)		10,794,660	$	129,914,201
Cash denominated in non-U.S. currencies (cost: $12,368)				12,380
Cash				165
Receivables for:
Sales of investments		802,806
Sales of fund's shares		119,746
Dividends and interest		142,676		1,065,228
				130,991,974
Liabilities:
Payables for:
Purchases of investments		318,372
Repurchases of fund's shares		682,861
Investment advisory services		28,605
Services provided by related parties		84,802
Directors' deferred compensation		3,885
Other		2,013		1,120,538
Net assets at February 29, 2012			$	129,871,436
Net assets consist of:
Capital paid in on shares of capital stock			$	103,556,792
Distributions in excess of net investment income				(72,103	)
Accumulated net realized loss				(6,790,618	)
Net unrealized appreciation				33,177,365
Net assets at February 29, 2012			$	129,871,436

	(dollars and shares in thousands, except per-share amounts)
Total authorized capital stock - 7,500,000 shares, $.001 par value  (4,063,367 total shares outstanding)
		Net assets		Shares outstanding		Net asset value per share
Class A		$	57,936,764		1,802,176	$	32.15
Class B			1,912,685		61,362		31.17
Class C			6,335,155		204,794		30.93
Class F-1			12,199,286		381,809		31.95
Class F-2			3,209,502		99,888		32.13
Class 529-A			3,738,985		117,016		31.95
Class 529-B			281,650		9,034		31.18
Class 529-C			1,010,032		32,471		31.11
Class 529-E			180,061		5,673		31.74
Class 529-F-1			119,010		3,731		31.90
Class R-1			546,182		17,503		31.21
Class R-2			2,353,084		74,971		31.39
Class R-3			9,484,497		299,292		31.69
Class R-4			11,663,626		365,499		31.91
Class R-5			8,484,189		264,224		32.11
Class R-6			10,416,728		323,924		32.16
See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended February 29, 2012	(dollars in thousands)
Investment income:
Income:
Dividends (net of non-U.S. taxes of $14,388;
also includes $31,382 from affiliates)	$	769,112
Interest		36,250		$	805,362
Fees and expenses*:
Investment advisory services		176,870
Distribution services		180,827
Transfer agent services		89,190
Administrative services		17,013
Reports to shareholders		3,651
Registration statement and prospectus		603
Directors' compensation		172
Auditing and legal		65
Custodian		1,841
Other		2,642			472,874
Net investment income					332,488
Net realized gain and unrealized appreciation
on investments and currency:
Net realized gain (loss) on:
Investments (includes $27,859 net gain from affiliates)		1,027,664
Currency transactions		(2,823	)		1,024,841
Net unrealized appreciation on:
Investments (net of non-U.S. taxes of $752)		11,403,708
Currency translations		197			11,403,905
Net realized gain and unrealized appreciation
on investments and currency					12,428,746
Net increase in net assets resulting
from operations				$	12,761,234
(*) 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 29, 2012*			Year ended August 31, 2011
Operations:
Net investment income	$	332,488		$	978,141
Net realized gain on investments and currency transactions		1,024,841			4,791,234
Net unrealized appreciation on investments and currency translations		11,403,905			16,787,784
Net increase in net assets resulting from operations		12,761,234			22,557,159
Dividends paid to shareholders from net investment income		(884,495	)		(1,243,930	)
Net capital share transactions		(19,491,821	)		(24,045,350	)
Total decrease in net assets		(7,615,082	)		(2,732,121	)
Net assets:
Beginning of period		137,486,518			140,218,639
End of period (including distributions in excess of and undistributed
net investment income: $(72,103) and $479,904, respectively)	$	129,871,436		$	137,486,518
*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. Shareholders approved a proposal to reorganize the fund from a Maryland corporation to a Delaware statutory trust. The reorganization may be completed in 2012; however, the fund reserves the right to delay the implementation.

The fund has 16 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes and six retirement plan share classes. The 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) can be used to save for college education. The retirement plan share classes (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 recognizedon 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.

3.   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 on 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 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

When 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. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the 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 presentsthe fund’s valuation levels as of February 29, 2012 (dollars in thousands):

Investment securities:	Level 1		Level 2				Level 3		Total
Common stocks:
Information technology	$	22,600,573	$	3,379,969	(1	)	$	53,064	$	26,033,606
Consumer discretionary		20,580,175		2,593,315	(1	)		-		23,173,490
Health care		14,725,967		328,311	(1	)		-		15,054,278
Energy		13,626,629		624,219	(1	)		40,805		14,291,653
Financials		8,573,201		1,660,717	(1	)		-		10,233,918
Industrials		8,900,006		1,187,448	(1	)		-		10,087,454
Materials		6,209,954		1,146,078	(1	)		1,979		7,358,011
Consumer staples		5,721,892		1,278,175	(1	)		-		7,000,067
Telecommunication services		1,775,331		262,479	(1	)		-		2,037,810
Utilities		48,049		50,719	(1	)		-		98,768
Miscellaneous		4,655,700		1,268,738	(1	)		-		5,924,438
Preferred stocks		-		-				155		155
Warrants		24,134		-				-		24,134
Convertible securities		-		47,938				-		47,938
Bonds & notes		-		1,650,587				-		1,650,587
Short-term securities		-		6,897,894				-		6,897,894
Total	$	107,441,611	$	22,376,587			$	96,003	$	129,914,201
(1) 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, $13,475,413,000 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 29, 2012 (dollars in thousands):
	Beginning value at 9/1/2011		Unrealized depreciation(2)			Transfers out of Level 3(3)			Ending value at 2/29/2012
Investment securities	$	307,144	$	(42,733	)	$	(168,408	)	$	96,003
Net unrealized depreciation during the period on Level 3 investment securities held at February 29, 2012 (dollars in thousands)(2):									$	(18,675	)
(2) Net unrealized depreciation is included in the related amounts on investments in the statement of operations.
(3) Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred.

4.   Risk factors

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

Market conditions – The prices of, and the income generated by, the common stocks and other securities held by the fund may decline 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 larger price swings and greater potential for loss than other types of investments.

Investing outside the U.S. – Securities of issuers domiciled outside the U.S., or with significant operations outside the U.S., may lose value because of political, social, economic or market developments in the countries or regions in which the issuer operates. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. 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, legal and reporting standards, and may be more difficult to value, than those in the U.S. These risks may be heightened in connection with investments in emerging market countries.

Management – The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment 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 29, 2012, 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 2007, by state tax authorities for tax years before 2006 and by tax authorities outside the U.S. for tax years before 2005.

Non-U.S. taxation – Dividend and interest income are 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; and net capital losses.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, 2011, the components of distributable earnings on a tax basis were as follows:

(dollars in thousands)
Undistributed ordinary income	$	620,256
Post-October currency loss deferrals (realized during the period November 1, 2010, through August 31, 2011)*		(1,882	)
Capital loss carryforward expiring 2018†		(7,219,511	)
*These deferrals are considered incurred in the subsequent year.
†The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration date. The fund will not make distributions from capital gains while a capital loss carryforward remains.

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 29, 2012, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	37,105,382
Gross unrealized depreciation on investment securities		(4,454,172	)
Net unrealized appreciation on investment securities		32,651,210
Cost of investment securities		97,262,991

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

Share class	Six months ended February 29, 2012		Year ended August 31, 2011
Class A	$	405,819	$	531,599
Class B		-		-
Class C		-		6,580
Class F-1		87,418		132,266
Class F-2		33,344		49,446
Class 529-A		25,030		27,288
Class 529-B		-		-
Class 529-C		-		1,061
Class 529-E		767		933
Class 529-F-1		1,045		1,099
Class R-1		-		1,236
Class R-2		-		4,448
Class R-3		34,926		74,452
Class R-4		85,157		159,063
Class R-5		96,087		162,757
Class R-6		114,902		91,702
Total	$	884,495	$	1,243,930

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 fund has an investment advisory and service agreement with CRMC that providesfor 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 29, 2012, the investment advisory services fee was $176,870,000, which was equivalent to an annualized rate of 0.278% of average dailynet 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 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, distribution-related expenses include 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 29, 2012, 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 shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

During the period September 1, 2011, through December 31, 2011, only Class A and B shares were subject to the shareholder services agreement with AFS. During this period, AFS and other third parties were compensated for providing transfer agent services to Class C, F, R and 529 shares through the fees paid by the fund to CRMC under the fund’s administrative services agreement with CRMC as described in the administrative services section below; CRMC paid for any transfer agent services expenses in excess of 0.10% of the respective average daily net assets of each of such share classes.

Effective January 1, 2012, the shareholder services agreement with AFS was modified to include Class C, F, R and 529 shares and payment for transfer agent services for such classes under the administrative services agreement terminated. Under this structure, transfer agent services expenses for some classes may exceed 0.10% of average daily net assets, resulting in an increase in expenses paid by some share classes.

For the six months ended February 29, 2012, the total transfer agent services fee paid under these agreements was $89,190,000, of which $69,436,000 was paid by the fund to AFS and $19,754,000 was paid by the fund to CRMC through its administrative services agreement with the fund. Amounts paid to CRMC by the fund were then paid by CRMC to AFS and other third parties.

Administrative services – The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to Class A, C, F, R and 529 shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders.

During the period September 1, 2011, through December 31, 2011, the agreement applied only to Class C, F, R and 529 shares. The agreement also required CRMC to arrange for the provision of transfer agent services for such share classes, which paid CRMC annual fees up to 0.15% (0.10% for Class R-5 and 0.05% for Class R-6) of their respective average daily net assets. During this period, up to 0.05% of these fees were used to compensate CRMC for performing administrative services; all other amounts paid under this agreement were used to compensate AFS and other third parties for transfer agent services.

Effective January 1, 2012, the administrative services agreement with CRMC was modified to include Class A shares. Under the revised agreement, Class A shares pay an annual fee of 0.01% and Class C, F, R and 529 shares pay an annual fee of 0.05% of their respective average daily net assets to CRMC for administrative services. Fees for transfer agent services are no longer included as part of the administrative services fee paid by the fund to CRMC.

For the six months ended February 29, 2012, total fees paid to CRMC for performing administrative services were $17,013,000.

529 plan services – Each 529 share class is subject to service fees to compensate 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. The fee is included in other expenses on the accompanying financial statements. The Commonwealth of Virginia is not considered a related party.

Class-specific expenses under the agreements described above for the six months ended February 29, 2012, were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services		Administrative services		529 plan  services
Class A	$	64,723	$	50,876	$	924	Not applicable
Class B		9,804		1,763	Not applicable		Not applicable
Class C		30,581		5,244		829	Not applicable
Class F-1		14,853		5,981		2,905	Not applicable
Class F-2	Not applicable			1,744		765	Not applicable
Class 529-A		3,568		2,037		699	$	1,683
Class 529-B		1,403		200		58		141
Class 529-C		4,593		607		191		461
Class 529-E		410		73		37		82
Class 529-F-1		-		65		22		54
Class R-1		2,633		284		126	Not applicable
Class R-2		8,351		3,587		547	Not applicable
Class R-3		23,968		7,032		2,282	Not applicable
Class R-4		15,940		7,070		2,870	Not applicable
Class R-5	Not applicable			2,610		2,262	Not applicable
Class R-6	Not applicable			17		2,496	Not applicable
Total class-specific expenses	$	180,827	$	89,190	$	17,013	$	2,421

Directors’ deferred compensation – Directors who are unaffiliated with CRMCmay 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 $172,000, shown on the accompanying financial statements, includes $213,000 in current fees (either paid in cash or deferred) and a net decrease of $41,000 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 29, 2012
Class A	$	2,043,557		69,560	$	396,548		13,933	$	(6,867,134	)		(234,287	)	$	(4,427,029	)		(150,794	)
Class B		11,007		383		-		-		(507,196	)		(17,949	)		(496,189	)		(17,566	)
Class C		164,918		5,837		-		-		(969,608	)		(34,421	)		(804,690	)		(28,584	)
Class F-1		674,355		23,147		85,810		3,033		(2,695,760	)		(92,777	)		(1,935,595	)		(66,597	)
Class F-2		237,687		8,078		29,280		1,030		(1,063,070	)		(36,266	)		(796,103	)		(27,158	)
Class 529-A		224,410		7,698		25,020		885		(208,278	)		(7,132	)		41,152			1,451
Class 529-B		1,704		59		-		-		(56,535	)		(1,998	)		(54,831	)		(1,939	)
Class 529-C		55,829		1,974		-		-		(74,947	)		(2,645	)		(19,118	)		(671	)
Class 529-E		10,372		360		767		27		(12,796	)		(441	)		(1,657	)		(54	)
Class 529-F-1		12,203		422		1,045		37		(11,679	)		(397	)		1,569			62
Class R-1		33,525		1,180		-		-		(99,444	)		(3,516	)		(65,919	)		(2,336	)
Class R-2		232,994		8,155		-		-		(438,736	)		(15,413	)		(205,742	)		(7,258	)
Class R-3		622,042		21,588		34,831		1,241		(2,814,838	)		(98,123	)		(2,157,965	)		(75,294	)
Class R-4		855,576		29,500		85,127		3,014		(5,283,343	)		(182,254	)		(4,342,640	)		(149,740	)
Class R-5		856,505		29,555		95,858		3,374		(4,598,535	)		(157,406	)		(3,646,172	)		(124,477	)
Class R-6		1,724,024		59,132		114,760		4,034		(2,419,676	)		(82,504	)		(580,892	)		(19,338	)
Total net increase (decrease)	$	7,760,708		266,628	$	869,046		30,608	$	(28,121,575	)		(967,529	)	$	(19,491,821	)		(670,293	)
Year ended August 31, 2011
Class A	$	5,586,951		183,617	$	515,811		17,001	$	(15,635,437	)		(514,982	)	$	(9,532,675	)		(314,364	)
Class B		37,592		1,275		-		-		(1,185,607	)		(40,449	)		(1,148,015	)		(39,174	)
Class C		531,232		18,161		6,262		214		(2,017,874	)		(69,163	)		(1,480,380	)		(50,788	)
Class F-1		2,252,172		74,640		124,534		4,131		(6,331,610	)		(210,351	)		(3,954,904	)		(131,580	)
Class F-2		1,468,359		48,857		36,619		1,208		(2,288,573	)		(75,023	)		(783,595	)		(24,958	)
Class 529-A		501,640		16,587		27,283		904		(359,443	)		(11,914	)		169,480			5,577
Class 529-B		5,816		197		-		-		(109,390	)		(3,733	)		(103,574	)		(3,536	)
Class 529-C		134,290		4,560		1,061		36		(126,834	)		(4,327	)		8,517			269
Class 529-E		22,642		756		933		31		(20,268	)		(676	)		3,307			111
Class 529-F-1		25,459		839		1,098		37		(25,314	)		(833	)		1,243			43
Class R-1		123,487		4,292		1,231		42		(185,045	)		(6,302	)		(60,327	)		(1,968	)
Class R-2		572,336		19,332		4,444		150		(920,045	)		(30,935	)		(343,265	)		(11,453	)
Class R-3		2,046,839		68,453		74,281		2,485		(4,542,701	)		(151,107	)		(2,421,581	)		(80,169	)
Class R-4		3,512,296		117,286		159,005		5,283		(7,756,274	)		(256,407	)		(4,084,973	)		(133,838	)
Class R-5		2,901,025		95,733		162,270		5,357		(6,643,137	)		(216,444	)		(3,579,842	)		(115,354	)
Class R-6		5,394,491		175,598		91,536		3,016		(2,220,793	)		(72,157	)		3,265,234			106,457
Total net increase (decrease)	$	25,116,627		830,183	$	1,206,368		39,895	$	(50,368,345	)		(1,664,803	)	$	(24,045,350	)		(794,725	)
* 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 $10,429,359,000 and $27,791,126,000, respectively, during the six months ended February 29, 2012.

Financial highlights

				Income (loss) from investment operations(1)									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(2)(3)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers(3)			Ratio of net income (loss) to average net assets(3)
Class A:	Six months ended 2/29/2012(4)(5)	$	29.23	$	.08		$	3.06		$	3.14		$	(.22	)	$	-		$	(.22	)	$	32.15		10.83	%	$	57,937		.71	%(6)		.71	%(6)		.55	%(6)
	Year ended 8/31/2011		25.53		.20			3.75			3.95			(.25	)		-			(.25	)		29.23		15.42			57,082		.68			.68			.67
	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
Class B:	Six months ended 2/29/2012(4)(5)		28.23		(.03	)		2.97			2.94			-			-			-			31.17		10.41			1,913		1.47	(6)		1.47	(6)		(.20	)(6)
	Year ended 8/31/2011		24.65		(.03	)		3.61			3.58			-			-			-			28.23		14.52			2,228		1.43			1.43			(.09	)
	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
Class C:	Six months ended 2/29/2012(4)(5)		28.02		(.03	)		2.94			2.91			-			-			-			30.93		10.39			6,335		1.49	(6)		1.49	(6)		(.22	)(6)
	Year ended 8/31/2011		24.49		(.03	)		3.58			3.55			(.02	)		-			(.02	)		28.02		14.51			6,539		1.46			1.46			(.12	)
	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
Class F-1:	Six months ended 2/29/2012(4)(5)		29.04		.08			3.05			3.13			(.22	)		-			(.22	)		31.95		10.86			12,199		.69	(6)		.69	(6)		.58	(6)
	Year ended 8/31/2011		25.37		.20			3.72			3.92			(.25	)		-			(.25	)		29.04		15.40			13,023		.67			.67			.67
	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
Class F-2:	Six months ended 2/29/2012(4)(5)		29.25		.12			3.06			3.18			(.30	)		-			(.30	)		32.13		11.00			3,209		.44	(6)		.44	(6)		.83	(6)
	Year ended 8/31/2011		25.55		.28			3.74			4.02			(.32	)		-			(.32	)		29.25		15.69			3,717		.43			.43			.91
	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(4)		30.43		.03			.15			.18			-			-			-			30.61		.59			114		.04			.03			.09
Class 529-A:	Six months ended 2/29/2012(4)(5)		29.06		.07			3.04			3.11			(.22	)		-			(.22	)		31.95		10.78			3,739		.76	(6)		.76	(6)		.50	(6)
	Year ended 8/31/2011		25.39		.19			3.72			3.91			(.24	)		-			(.24	)		29.06		15.38			3,358		.73			.73			.62
	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
Class 529-B:	Six months ended 2/29/2012(4)(5)		28.25		(.04	)		2.97			2.93			-			-			-			31.18		10.34			282		1.57	(6)		1.57	(6)		(.30	)(6)
	Year ended 8/31/2011		24.69		(.06	)		3.62			3.56			-			-			-			28.25		14.42			310		1.53			1.53			(.19	)
	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
Class 529-C:	Six months ended 2/29/2012(4)(5)		28.18		(.04	)		2.97			2.93			-			-			-			31.11		10.40			1,010		1.56	(6)		1.56	(6)		(.29	)(6)
	Year ended 8/31/2011		24.66		(.05	)		3.60			3.55			(.03	)		-			(.03	)		28.18		14.40			934		1.53			1.53			(.18	)
	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
Financial highlights
Class 529-E:	Six months ended 2/29/2012(4)(5)	$	28.82	$	.03		$	3.02		$	3.05		$	(.13	)	$	-		$	(.13	)	$	31.74		10.66	%	$	180		1.02	%(6)		1.02	%(6)		.24	%(6)
	Year ended 8/31/2011		25.19		.10			3.69			3.79			(.16	)		-			(.16	)		28.82		15.04			165		1.01			1.01			.34
	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
Class 529-F-1:	Six months ended 2/29/2012(4)(5)		29.04		.10			3.04			3.14			(.28	)		-			(.28	)		31.90		10.94			119		.55	(6)		.55	(6)		.71	(6)
	Year ended 8/31/2011		25.38		.25			3.71			3.96			(.30	)		-			(.30	)		29.04		15.56			106		.52			.52			.83
	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
Class R-1:	Six months ended 2/29/2012(4)(5)		28.26		(.03	)		2.98			2.95			-			-			-			31.21		10.44			546		1.44	(6)		1.44	(6)		(.18	)(6)
	Year ended 8/31/2011		24.72		(.03	)		3.63			3.60			(.06	)		-			(.06	)		28.26		14.54			561		1.43			1.43			(.09	)
	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
Class R-2:	Six months ended 2/29/2012(4)(5)		28.42		(.02	)		2.99			2.97			-			-			-			31.39		10.45			2,353		1.41	(6)		1.41	(6)		(.14	)(6)
	Year ended 8/31/2011		24.84		(.01	)		3.64			3.63			(.05	)		-			(.05	)		28.42		14.60			2,337		1.39			1.39			(.04	)
	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
Class R-3:	Six months ended 2/29/2012(4)(5)		28.74		.04			3.02			3.06			(.11	)		-			(.11	)		31.69		10.68			9,484		.98	(6)		.98	(6)		.28	(6)
	Year ended 8/31/2011		25.12		.11			3.68			3.79			(.17	)		-			(.17	)		28.74		15.06			10,765		.97			.97			.38
	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
Class R-4:	Six months ended 2/29/2012(4)(5)		28.99		.08			3.04			3.12			(.20	)		-			(.20	)		31.91		10.85			11,664		.69	(6)		.69	(6)		.57	(6)
	Year ended 8/31/2011		25.33		.20			3.71			3.91			(.25	)		-			(.25	)		28.99		15.40			14,937		.68			.68			.66
	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
Class R-5:	Six months ended 2/29/2012(4)(5)		29.24		.13			3.05			3.18			(.31	)		-			(.31	)		32.11		11.02			8,484		.39	(6)		.39	(6)		.88	(6)
	Year ended 8/31/2011		25.54		.29			3.74			4.03			(.33	)		-			(.33	)		29.24		15.75			11,366		.38			.38			.96
	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
Class R-6:	Six months ended 2/29/2012(4)(5)		29.30		.14			3.06			3.20			(.34	)		-			(.34	)		32.16		11.06			10,417		.34	(6)		.34	(6)		.93	(6)
	Year ended 8/31/2011		25.60		.31			3.74			4.05			(.35	)		-			(.35	)		29.30		15.78			10,059		.33			.33			1.02
	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(4)		21.68		.09			3.20			3.29			-			-			-			24.97		15.17			2,134		.14			.14			.38

	Six months ended February 29,			Year ended August 31
	2012(4)(5)			2011			2010			2009			2008			2007
Portfolio turnover rate for all share classes		11	%		34	%		33	%		38	%		32	%		26	%

(1)Based on average shares outstanding.

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

(3)This column reflects the impact, if any, of certain waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services.

(4)Based on operations for the period shown and, accordingly, is not representative of a full year.

(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, 2011, through February 29, 2012).

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 9/1/2011		Ending account value 2/29/2012		Expenses paid during period*		Annualized expense ratio
Class A -- actual return	$	1,000.00	$	1,108.34	$	3.72		.71	%
Class A -- assumed 5% return		1,000.00		1,021.33		3.57		.71
Class B -- actual return		1,000.00		1,104.13		7.69		1.47
Class B -- assumed 5% return		1,000.00		1,017.55		7.37		1.47
Class C -- actual return		1,000.00		1,103.86		7.79		1.49
Class C -- assumed 5% return		1,000.00		1,017.45		7.47		1.49
Class F-1 -- actual return		1,000.00		1,108.60		3.62		.69
Class F-1 -- assumed 5% return		1,000.00		1,021.43		3.47		.69
Class F-2 -- actual return		1,000.00		1,110.00		2.31		.44
Class F-2 -- assumed 5% return		1,000.00		1,022.68		2.21		.44
Class 529-A -- actual return		1,000.00		1,107.83		3.98		.76
Class 529-A -- assumed 5% return		1,000.00		1,021.08		3.82		.76
Class 529-B -- actual return		1,000.00		1,103.36		8.21		1.57
Class 529-B -- assumed 5% return		1,000.00		1,017.06		7.87		1.57
Class 529-C -- actual return		1,000.00		1,103.97		8.16		1.56
Class 529-C -- assumed 5% return		1,000.00		1,017.11		7.82		1.56
Class 529-E -- actual return		1,000.00		1,106.55		5.34		1.02
Class 529-E -- assumed 5% return		1,000.00		1,019.79		5.12		1.02
Class 529-F-1 -- actual return		1,000.00		1,109.35		2.88		.55
Class 529-F-1 -- assumed 5% return		1,000.00		1,022.13		2.77		.55
Class R-1 -- actual return		1,000.00		1,104.40		7.53		1.44
Class R-1 -- assumed 5% return		1,000.00		1,017.70		7.22		1.44
Class R-2 -- actual return		1,000.00		1,104.49		7.38		1.41
Class R-2 -- assumed 5% return		1,000.00		1,017.85		7.07		1.41
Class R-3 -- actual return		1,000.00		1,106.84		5.13		.98
Class R-3 -- assumed 5% return		1,000.00		1,019.99		4.92		.98
Class R-4 -- actual return		1,000.00		1,108.46		3.62		.69
Class R-4 -- assumed 5% return		1,000.00		1,021.43		3.47		.69
Class R-5 -- actual return		1,000.00		1,110.24		2.05		.39
Class R-5 -- assumed 5% return		1,000.00		1,022.92		1.96		.39
Class R-6 -- actual return		1,000.00		1,110.65		1.78		.34
Class R-6 -- assumed 5% return		1,000.00		1,023.17		1.71		.34
*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 366 (to reflect the one-half year period).

Other share class results

unaudited

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, 2012							10 years/Life
(the most recent calendar quarter-end):	1 year			5 years			of class1
Class B shares2
Reflecting applicable contingent deferred sales
charge (CDSC), maximum of 5%, payable only
if shares are sold within six years of purchase		–2.26	%		0.73	%		4.55	%
Not reflecting CDSC		2.74			1.11			4.55
Class C shares
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		1.69			1.08			4.35
Not reflecting CDSC		2.69			1.08			4.35
Class F-1 shares3
Not reflecting annual asset-based fee charged
by sponsoring firm		3.55			1.90			5.19
Class F-2 shares3 — first sold 8/1/08
Not reflecting annual asset-based fee charged
by sponsoring firm		3.79			—			3.43
Class 529-A shares4
Reflecting 5.75% maximum sales charge		–2.48			0.63			4.52
Not reflecting maximum sales charge		3.45			1.83			5.14
Class 529-B shares2,4
Reflecting applicable CDSC, maximum of 5%,
payable only if shares are sold within six years
of purchase		–2.36			0.63			4.43
Not reflecting CDSC		2.64			1.01			4.43
Class 529-C shares4
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		1.65			1.02			4.27
Not reflecting CDSC		2.65			1.02			4.27
Class 529-E shares3,4		3.18			1.53			4.81
Class 529-F-1 shares3,4 — first sold 9/16/02
Not reflecting annual asset-based fee charged
by sponsoring firm		3.69			2.04			8.22

1Applicable to Class F-2 and 529-F-1 shares only. All other share classes reflect 10-year results.

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.

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 that include expense ratios for all share classes.

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

prospectus.

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 800/421-4225 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 29, 2012, 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, 2012, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

   

The American Funds difference

Since 1931, American Funds has helped investors pursue long-term investment success. Our consistent approach — in combination with a proven system — has resulted in a superior long-term track record.

Consistent approach

We base our decisions on a long-term perspective because we believe it is the best way to achieve superior long-term investment results. Our portfolio counselors average 25 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.1

Proven system

Our system combines individual accountability with teamwork. Each fund is divided into portions that are managed by investment professionals with varied backgrounds, ages and investment styles. An extensive global research effort is the backbone of our system.

Superior long-term track record

Our equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 60% of 10-year periods and 67% of 20-year periods.2 Our fund management fees have been among the lowest in the industry.3

1 As of 12/31/11.

2 Based on Class A share results for periods through 12/31/11. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date.

3 Based on management fees for the 20-year period ended 12/31/11 versus comparable Lipper categories, excluding funds of funds.

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 Fund®

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 Fund®

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 FundsCapital Research and ManagementCapital InternationalCapital GuardianCapital Bank and Trust

Lit. No. MFGESR-905-0412P

Litho in USA AGD/ALD/8084-S28722

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 29, 2012

unaudited

Common stocks — 93.39%	Shares			Value (000)
INFORMATION TECHNOLOGY — 20.05%
Apple Inc.1		12,482,000		$	6,770,736
Oracle Corp.		81,091,976			2,373,562
Samsung Electronics Co. Ltd.2		1,582,495			1,698,947
Microsoft Corp.		49,645,900			1,575,761
Google Inc., Class A1		2,004,236			1,239,119
Texas Instruments Inc.		29,294,000			976,955
EMC Corp.1		29,375,000			813,394
QUALCOMM Inc.		11,335,194			704,822
Taiwan Semiconductor Manufacturing Co. Ltd.2		176,096,000			483,801
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		11,350,000			164,802
Yahoo! Inc.1		39,730,043			589,196
Baidu, Inc., Class A (ADR)1		4,230,000			578,241
Visa Inc., Class A		4,565,000			531,229
ASML Holding NV (New York registered)		9,147,778			416,681
ASML Holding NV2		2,380,000			109,279
Linear Technology Corp.3		15,160,000			507,557
KLA-Tencor Corp.3		9,940,000			481,096
Accenture PLC, Class A		7,750,000			461,435
International Business Machines Corp.		2,150,000			422,969
Avago Technologies Ltd.		9,992,120			375,804
Automatic Data Processing, Inc.		6,305,000			342,488
Intel Corp.		12,500,000			336,000
Altera Corp.		8,000,000			307,600
Motorola Solutions, Inc.		5,900,000			293,820
Zynga Inc., Class B1,2,4		4,740,144			53,064
Flextronics International Ltd.1,3		40,080,464			282,567
Arm Holdings PLC2		26,753,000			242,289
TE Connectivity Ltd.		5,923,000			216,486
Corning Inc.		16,211,099			211,393
SINA Corp.1		3,075,000			209,284
Fidelity National Information Services, Inc.		6,513,700			206,680
Murata Manufacturing Co., Ltd.2		3,450,000			206,002
FLIR Systems, Inc.		7,498,000			196,223
Maxim Integrated Products, Inc.		5,902,120			164,610
Mail.ru Group Ltd. (GDR)1,2		3,695,041			145,952
Mail.ru Group Ltd. (GDR)1,2,5		350,000			13,825
First Solar, Inc.1,3		4,768,900			154,036
Electronic Arts Inc.1		7,481,500			122,173
MediaTek Inc.2		11,600,000			117,954
National Instruments Corp.		4,105,010			109,193
Quanta Computer Inc.2		42,254,258			105,545
Dolby Laboratories, Inc., Class A1		2,650,000			100,885
SAP AG2		1,285,000			86,717
Nokia Corp. (ADR)		13,089,474			69,243
Nokia Corp.2		1,000,000			5,267
Xilinx, Inc.		2,000,000			73,860
AOL Inc.1		3,993,164			71,717
Intuit Inc.		1,200,000			69,408
Nintendo Co., Ltd.2		460,400			67,368
Rohm Co., Ltd.2		1,005,000			50,571
HTC Corp.2		2,096,450			46,452
Comverse Technology, Inc.1		6,011,792			38,596
Western Union Co.		890,000			15,548
Compuware Corp.1		1,580,000			14,236
Monster Worldwide, Inc.1		1,114,500			7,735
Analog Devices, Inc.		87,559			3,433
					26,033,606
CONSUMER DISCRETIONARY — 17.84%
Comcast Corp., Class A		76,632,100			2,251,451
Comcast Corp., Class A, special nonvoting shares		24,800,000			709,032
Amazon.com, Inc.1		15,711,000			2,823,110
Home Depot, Inc.		54,134,400			2,575,173
NIKE, Inc., Class B		13,963,600			1,506,952
DIRECTV, Class A1		28,765,860			1,332,435
News Corp., Class A		55,554,800			1,103,874
YUM! Brands, Inc.		15,431,000			1,022,149
Time Warner Cable Inc.		12,849,735			1,019,498
Sands China Ltd.2		198,980,400			737,915
Johnson Controls, Inc.		17,539,900			572,327
General Motors Co.1		20,891,632			543,600
Las Vegas Sands Corp.1		9,585,000			533,022
Virgin Media Inc.3		19,765,400			498,088
Time Warner Inc.		11,920,000			443,543
Chipotle Mexican Grill, Inc.1		1,065,000			415,584
Liberty Media Corp., Class A1		4,546,302			408,667
Nikon Corp.2		15,000,000			406,846
Naspers Ltd., Class N2		6,270,000			347,595
Daimler AG2		5,720,000			345,340
Groupon, Inc., Class A1,2,4		12,029,128			199,210
Groupon, Inc., Class A1		6,750,000			133,076
McDonald’s Corp.		2,766,200			274,628
CarMax, Inc.1		8,185,000			251,198
Marriott International, Inc., Class A		7,000,000			246,960
Carnival Corp., units		6,820,000			206,578
priceline.com Inc.1		290,000			181,836
Lowe’s Companies, Inc.		6,400,000			181,632
AutoNation, Inc.1		5,000,000			170,400
Harley-Davidson, Inc.		3,599,500			167,665
Expedia, Inc.		4,494,329			153,032
Starbucks Corp.		3,000,000			145,680
Mattel, Inc.		4,400,000			142,736
Darden Restaurants, Inc.		2,500,000			127,475
Shaw Communications Inc., Class B, nonvoting		6,123,900			125,479
Toyota Motor Corp.2		2,730,000			112,845
D.R. Horton, Inc.		7,580,000			108,697
Bayerische Motoren Werke AG2		1,080,000			99,886
Kohl’s Corp.		2,000,000			99,360
Isuzu Motors Ltd.2		14,200,000			79,595
Volkswagen AG, nonvoting preferred2		425,000			79,458
Toll Corp.1		3,300,000			77,418
Li & Fung Ltd.2		34,030,000			77,415
Kia Motors Corp.2		950,000			59,756
Genting Singapore PLC1,2		37,000,000			47,454
Harman International Industries, Inc.		566,258			27,820
					23,173,490
HEALTH CARE — 11.59%
Gilead Sciences, Inc.1,3		47,298,666			2,152,089
Allergan, Inc.3		15,565,400			1,394,504
UnitedHealth Group Inc.		19,430,000			1,083,223
Merck & Co., Inc.		24,684,578			942,210
Intuitive Surgical, Inc.1		1,728,694			884,434
Biogen Idec Inc.1		7,074,400			823,955
Alexion Pharmaceuticals, Inc.1		9,250,000			774,502
Amgen Inc.		8,262,400			561,430
Medco Health Solutions, Inc.1		8,302,400			561,159
St. Jude Medical, Inc.		13,073,000			550,635
Baxter International Inc.		9,449,100			549,276
Edwards Lifesciences Corp.1,3		7,322,000			535,458
Regeneron Pharmaceuticals, Inc.1		4,083,500			427,910
Celgene Corp.1		5,420,000			397,422
Stryker Corp.		7,300,716			391,610
Novo Nordisk A/S, Class B2		2,340,000			328,311
Bristol-Myers Squibb Co.		10,051,000			323,341
Illumina, Inc.1,3		6,216,900			318,616
Aetna Inc.		6,385,000			298,563
Hospira, Inc.1		7,127,840			253,894
Medtronic, Inc.		5,825,000			222,049
Boston Scientific Corp.1		29,995,000			186,569
Vertex Pharmaceuticals Inc.1		4,468,095			173,898
AMERIGROUP Corp.1		2,331,969			158,411
Hologic, Inc.1		7,095,000			147,079
Abbott Laboratories		2,500,000			141,525
Zimmer Holdings, Inc.1		1,980,000			120,285
Thermo Fisher Scientific Inc.1		1,765,000			99,934
Human Genome Sciences, Inc.1,3		11,475,800			90,429
Teva Pharmaceutical Industries Ltd. (ADR)		2,000,000			89,620
Dendreon Corp.1		3,530,000			39,748
Thoratec Corp.1		933,000			32,189
					15,054,278
ENERGY — 11.00%
EOG Resources, Inc.		13,030,837			1,483,691
Apache Corp.		13,530,000			1,460,293
Suncor Energy Inc.		34,897,388			1,256,299
Schlumberger Ltd.		15,215,000			1,180,836
Noble Energy, Inc.		8,189,000			799,656
Canadian Natural Resources, Ltd.		19,555,000			725,914
Southwestern Energy Co.1,3		20,553,632			679,503
FMC Technologies, Inc.1		11,572,095			583,581
Devon Energy Corp.		7,909,900			579,875
Pioneer Natural Resources Co.		4,885,000			535,591
Concho Resources Inc.1		4,287,506			458,077
Denbury Resources Inc.1,3		19,815,000			394,517
CONSOL Energy Inc.		9,715,213			347,999
Cimarex Energy Co.		4,275,000			344,864
Cobalt International Energy, Inc.1		10,019,600			301,189
Technip SA2		2,670,000			291,158
Chevron Corp.		2,450,000			267,344
Core Laboratories NV		2,147,345			261,246
Nexen Inc.		12,435,000			253,425
Pacific Rubiales Energy Corp.		8,351,000			242,482
Murphy Oil Corp.		3,456,000			220,977
Talisman Energy Inc.		15,583,020			214,266
Baker Hughes Inc.		3,697,100			185,890
Occidental Petroleum Corp.		1,500,000			156,555
BP PLC2		12,470,000			97,874
BP PLC (ADR)		1,138,700			53,701
Newfield Exploration Co.1		3,166,500			113,994
Petróleo Brasileiro SA – Petrobras, ordinary nominative (ADR)		3,589,200			107,102
Range Resources Corp.		1,560,000			99,341
Woodside Petroleum Ltd.2		2,340,000			92,902
Tenaris SA (ADR)		2,145,000			82,969
Crescent Point Energy Corp.		1,740,000			82,388
INPEX CORP.2		10,680			75,407
Legacy Oil + Gas Inc.1		5,421,000			61,363
BG Group PLC2		1,975,000			47,630
Diamond Offshore Drilling, Inc.		680,000			46,560
Laricina Energy Ltd.1,2,4		950,000			40,805
Cenovus Energy Inc.		800,000			31,096
Oceaneering International, Inc.		258,800			14,045
Coal India Ltd.2		1,684,602			11,407
OAO Gazprom (ADR)2		592,000			7,841
					14,291,653
FINANCIALS — 7.88%
Wells Fargo & Co.		33,975,978			1,063,108
Aon Corp.3		18,142,995			849,274
Bank of America Corp.		96,878,298			772,120
Citigroup Inc.		22,957,000			764,927
Goldman Sachs Group, Inc.		5,166,000			594,813
AIA Group Ltd.2		152,613,800			577,595
Agricultural Bank of China, Class H2		888,184,000			436,747
State Street Corp.		9,508,800			401,557
American Express Co.		6,980,000			369,172
Fifth Third Bancorp		26,626,000			362,380
ACE Ltd.		4,545,000			325,922
Marsh & McLennan Companies, Inc.		10,047,171			313,472
American Tower Corp.		4,485,000			280,671
Morgan Stanley		15,000,000			278,100
ICICI Bank Ltd. (ADR)		5,855,000			212,536
ICICI Bank Ltd.2		1,750,000			31,968
JPMorgan Chase & Co.		5,871,712			230,406
Berkshire Hathaway Inc., Class A1		1,930			227,613
PNC Financial Services Group, Inc.		3,800,058			226,179
Industrial and Commercial Bank of China Ltd., Class H2		263,820,000			191,860
Onex Corp.		5,200,000			191,035
Jefferies Group, Inc.		7,950,000			132,924
Toronto-Dominion Bank		1,350,000			110,284
XL Group PLC		5,000,000			104,000
HDFC Bank Ltd. (ADR)		2,700,000			92,745
HDFC Bank Ltd.2		485,965			5,092
AMP Ltd.2		22,673,816			96,899
Bank of New York Mellon Corp.		4,261,885			94,230
Deutsche Bank AG2		2,000,000			93,131
UBS AG1,2		6,274,666			87,662
Moody’s Corp.		2,229,500			86,081
Banco Santander, SA2		9,730,241			80,675
Popular, Inc.1		40,800,000			77,520
Genworth Financial, Inc., Class A1		7,647,700			69,518
BOK Financial Corp.		1,250,000			67,100
Willis Group Holdings PLC		1,710,000			61,355
Housing Development Finance Corp. Ltd.2		3,500,000			47,013
City National Corp.		948,766			44,592
Charles Schwab Corp.		3,102,447			43,062
Bank of Nova Scotia		740,000			39,900
Regions Financial Corp.		5,700,000			32,832
Zions Bancorporation		1,175,000			22,325
New York Community Bancorp, Inc.		1,670,000			21,727
Credit Suisse Group AG2		450,000			12,075
Weyerhaeuser Co.		422,321			8,822
Washington Mutual, Inc.1		24,571,428			899
					10,233,918
INDUSTRIALS — 7.77%
Union Pacific Corp.		13,167,500			1,451,717
CSX Corp.		33,840,170			710,982
General Dynamics Corp.		7,301,400			534,682
Cummins Inc.		4,395,000			529,905
United Parcel Service, Inc., Class B		6,250,000			480,563
Precision Castparts Corp.		2,479,000			415,059
Boeing Co.		5,200,000			389,740
Caterpillar Inc.		3,300,000			376,893
Stericycle, Inc.1,3		4,239,000			367,818
Southwest Airlines Co.3		38,889,000			349,223
United Continental Holdings, Inc.1		16,399,250			338,645
Norfolk Southern Corp.		4,900,000			337,610
General Electric Co.		15,000,000			285,750
Delta Air Lines, Inc.1		29,090,000			285,373
KBR, Inc.		7,401,289			268,815
Deere & Co.		3,170,000			262,888
Atlas Copco AB, Class A2		8,115,000			211,310
Atlas Copco AB, Class B2		2,187,800			50,635
United Technologies Corp.		3,065,000			257,062
Iron Mountain Inc.		6,905,000			214,400
Lockheed Martin Corp.		2,393,471			211,607
Ryanair Holdings PLC (ADR)1		6,285,000			210,673
3M Co.		2,336,900			204,712
Jardine Matheson Holdings Ltd.2		3,606,800			182,928
Joy Global Inc.		2,000,000			173,920
European Aeronautic Defence and Space Co. EADS NV2		4,214,844			153,122
Ingersoll-Rand PLC		3,760,000			149,949
MTU Aero Engines Holding AG2		1,877,000			142,849
SGS SA2		75,000			140,338
Schneider Electric SA2		1,945,000			132,218
PACCAR Inc		2,000,000			92,020
Vallourec SA2		700,000			49,172
Bureau Veritas SA2		564,010			46,558
Wolseley PLC2		1,194,000			46,280
KONE Oyj, Class B2		540,000			32,038
					10,087,454
MATERIALS — 5.66%
Newmont Mining Corp.		22,648,000			1,345,291
Barrick Gold Corp.		23,250,000			1,109,723
Dow Chemical Co.		29,368,700			984,145
Praxair, Inc.		6,122,437			667,346
Syngenta AG2		1,490,000			486,404
Celanese Corp., Series A3		10,160,000			483,311
LyondellBasell Industries NV, Class A		9,640,000			416,255
CRH PLC2		15,569,763			332,669
Potash Corp. of Saskatchewan Inc.		5,470,000			254,629
Cliffs Natural Resources Inc.		3,930,000			249,476
Sigma-Aldrich Corp.		2,995,000			215,011
Nucor Corp.		2,604,000			113,352
Steel Dynamics, Inc.		6,638,000			98,309
ArcelorMittal2		4,150,000			87,246
Nitto Denko Corp.2		2,000,000			82,069
Jindal Steel & Power Ltd.2		6,000,000			70,731
Alcoa Inc.		6,510,000			66,207
United States Steel Corp.		1,982,200			53,956
FMC Corp.		500,000			49,485
Ecolab Inc.		600,000			36,000
Kuraray Co., Ltd.2		2,290,000			32,856
Air Products and Chemicals, Inc.		335,000			30,230
Akzo Nobel NV2		412,000			23,324
Huntsman Corp.		1,600,000			21,856
ACC Ltd.2		652,938			17,344
AK Steel Holding Corp.		1,940,881			15,372
Ambuja Cements Ltd.2		4,111,264			13,435
Sino-Forest Corp.1,2		9,900,000			1,979
					7,358,011
CONSUMER STAPLES — 5.39%
Philip Morris International Inc.		26,816,700			2,239,731
Costco Wholesale Corp.		14,003,183			1,205,114
CVS/Caremark Corp.		24,765,000			1,116,902
Kerry Group PLC, Class A2,3		8,865,824			377,809
Estée Lauder Companies Inc., Class A		4,018,000			235,214
Altria Group, Inc.		7,251,865			218,281
Diageo PLC2		8,500,000			203,030
AMOREPACIFIC Corp.2		197,000			180,288
Whole Foods Market, Inc.		2,137,600			172,590
British American Tobacco PLC2		3,315,000			167,547
Wilmar International Ltd.2		40,642,000			165,825
Molson Coors Brewing Co., Class B		3,475,000			152,691
L’Oréal SA2		1,010,000			115,197
PepsiCo, Inc.		1,680,000			105,739
Procter & Gamble Co.		1,500,000			101,280
Colgate-Palmolive Co.		700,000			65,226
Avon Products, Inc.		3,455,000			64,574
Coca-Cola Co.		637,700			44,550
Nestlé SA2		600,000			36,666
Danone SA2		470,000			31,813
					7,000,067
TELECOMMUNICATION SERVICES — 1.57%
Crown Castle International Corp.1,3		16,961,292			878,765
América Móvil, SAB de CV, Series L (ADR)		19,080,000			456,775
SOFTBANK CORP.2		8,800,000			262,479
MetroPCS Communications, Inc.1		18,097,771			186,407
Sprint Nextel Corp., Series 11		66,144,000			163,375
CenturyLink, Inc.		1,224,674			49,293
Leap Wireless International, Inc.1		3,900,000			40,716
Broadview Networks Holdings, Inc., Class A1,2,4		31,812			—
					2,037,810
UTILITIES — 0.08%
Power Grid Corp. of India Ltd.2		22,100,000			50,719
RRI Energy, Inc.1		19,532,000			48,049
					98,768
MISCELLANEOUS — 4.56%
Other common stocks in initial period of acquisition					5,924,438
Total common stocks (cost: $88,047,044,000)					121,293,493
Preferred stocks — 0.00%
TELECOMMUNICATION SERVICES — 0.00%
Broadview Networks Holdings, Inc., Series B1,2,4		1,272			155
Total preferred stocks (cost: $21,000,000)					155
Warrants — 0.02%
CONSUMER DISCRETIONARY — 0.01%
General Motors Co., Series A, warrants, expire 20161		534,593			9,072
General Motors Co., Series B, warrants, expire 20191		534,593			6,137
					15,209
FINANCIALS — 0.01%
Citigroup Inc., Class A, warrants, expire 20191		25,500,000			8,925
Washington Mutual, Inc., warrants, expire 20131,2		2,857,142			—
					8,925
Total warrants (cost: $57,788,000)					24,134
	Principal amount
Convertible securities — 0.04%		(000	)
TELECOMMUNICATION SERVICES — 0.04%
Clearwire Corp. 8.25% convertible notes 20405	$	65,000			47,938
Total convertible securities (cost: $65,064,000)					47,938
Bonds & notes — 1.27%
BONDS & NOTES OF U.S. GOVERNMENT — 1.25%
U.S. Treasury 3.125% 2041		1,080,000			1,088,413
U.S. Treasury 3.75% 2041		467,230			529,867
					1,618,280
TELECOMMUNICATION SERVICES — 0.02%
Clearwire Communications and Clearwire Finance, Inc., Series A, 12.00% 20155		4,000			3,910
Clearwire Communications and Clearwire Finance, Inc. 12.00% 20175		12,000			10,230
LightSquared, Term Loan B, 12.00% 20146,7,8		31,305			13,330
					27,470
CONSUMER DISCRETIONARY — 0.00%
MGM Resorts International 13.00% 2013		4,125			4,837
Total bonds & notes (cost: $1,647,672,000)					1,650,587
Short-term securities — 5.31%
Freddie Mac 0.05%–0.21% due 3/6/2012–1/9/2013		2,123,081			2,122,037
Fannie Mae 0.05%–0.21% due 3/1/2012–1/7/2013		2,000,153			1,998,661
Federal Home Loan Bank 0.07%–0.20% due 3/28–12/10/2012		1,200,499			1,199,744
U.S. Treasury Bills 0.041%–0.267% due 3/8–7/19/2012		667,950			667,823
Federal Farm Credit Banks 0.10%–0.18% due 6/7/2012–1/30/2013		364,000			363,630
Coca-Cola Co. 0.11%–0.19% due 4/25–5/22/20125		190,500			190,446
Straight-A Funding LLC 0.18%–0.19% due 4/10–5/10/20125		149,391			149,380
Variable Funding Capital Company LLC 0.13% due 3/30–4/2/20125		56,900			56,894
ExxonMobil Corp. 0.06% due 3/1/2012		50,000			50,000
Paccar Financial Corp. 0.09% due 3/12/2012		38,000			37,999
eBay Inc. 0.14% due 5/10/20125		25,100			25,093
Private Export Funding Corp. 0.13% due 4/4/20125		25,000			24,993
Becton, Dickinson and Co. 0.10% due 4/27/2012		11,200			11,194
Total short-term securities (cost: $6,898,152,000)					6,897,894
Total investment securities (cost: $96,736,720,000)					129,914,201
Other assets less liabilities					(42,765	)
Net assets				$	129,871,436

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

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

2Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in “Miscellaneous,” was $13,876,171,000, which represented 10.68% of the net assets of the fund. This amount includes $13,475,413,000 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.

3Represents an affiliated company as defined under the Investment Company Act of 1940.

4Acquired through a private placement 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	Cost			Value			Percent of
	date(s)		(000	)		(000	)	net assets
Groupon, Inc., Class A	12/17/2010	$	95,000		$	199,210			.16	%
Zynga Inc., Class B	2/18/2011		66,500			53,064			.04
Laricina Energy Ltd.	6/21/2011		41,523			40,805			.03
Broadview Networks Holdings, Inc., Series B	7/7/2000–3/6/2002		21,000			155			.00
Broadview Networks Holdings, Inc., Class A	7/7/2000–3/6/2002		—			—			.00
Total restricted securities		$	224,023		$	293,234			.23	%

5Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $522,709,000, which represented .40% of the net assets of the fund.

6Payment in kind; the issuer has the option of paying additional securities in lieu of cash.

7Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

8Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $13,330,000, which represented .01% of the net assets of the fund.

Key to abbreviations

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

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

Investors should carefully consider 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 800/421-4225 or visit the American Funds website at americanfunds.com.

MFGEFP-905-0412O-S29445

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 F. Roye

Paul F. Roye, Executive Vice President and

Principal Executive Officer

Date: April 30, 2012

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 F. Roye

Paul F. Roye, Executive Vice President and

Principal Executive Officer

Date: April 30, 2012

By /s/ Jeffrey P. Regal

Jeffrey P. Regal, Treasurer and

Principal Financial Officer

Date: April 30, 2012