American Funds The Growth Fund of America Class R-6 (RGAGX) N-CSR Certified 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

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2022

Hong T. Le

The Growth Fund of America

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

The Growth Fund of America^®   Annual report
for the year ended
August 31, 2022  

We believe in
discovering long-term
growth opportunities
around the world on
behalf of our investors

The Growth Fund of America seeks to provide you with growth of capital.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Here are the average annual total returns on a $1,000 investment for periods ended September 30, 2022 (the most recent calendar quarter-end):

	1 year			5 years			10 years
Class F-2 shares		–27.66	%		8.42	%		11.82	%
Class A shares (reflecting 5.75% maximum sales charge)		–31.96			6.93			10.92

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

The total annual fund operating expense ratios are 0.40% for Class F-2 shares and 0.60% for Class A shares as of the prospectus dated November 1, 2022 (unaudited).

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

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

Contents

1	Letter to investors
4	The value of a long-term perspective
6	Investment portfolio
16	Financial statements
42	Board of trustees and other officers

Fellow investors

The past year, ending August 31, 2022, was not easy on U.S. equities and presented a tough macroeconomic environment overall. Rate hikes from the Federal Reserve — including the largest rate increase since 1994 — and an economy continuing to emerge from the pandemic were significant factors. While some might feel nervous about these conditions, The Growth Fund of America’s investment team is energized by them. These periods can showcase the advantages of the fund’s flexibility, multiple manager perspectives and long-term horizon. The fund’s managers see the current volatility as a positive because of the prospects it offers.

That said, it has been a particularly rough period for growth stocks. The fund was down 23.62% overall over the 12-month period. By comparison, the unmanaged S&P 500 Index, a broad-based representation of the U.S. equity market and the fund’s primary benchmark, was down 11.23%.

While the one-year results are negative, it’s important to acknowledge that over time, The Growth Fund of America has been steadfast. As the table below shows, over five- and 10-year periods, the fund has returned 10.75% and 13.19%, respectively.

Investment results analysis

The year was marked by volatility as the Federal Reserve raised the federal funds rate at a quick pace, leading to a broad-based rise in interest rates. Against this backdrop, growth stocks struggled. The Growth Fund of America’s results were dampened by several of its investments in

Results at a glance

For periods ended August 31, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime1
The Growth Fund of America (Class F-2 shares)2		–23.62	%		10.75	%		13.19	%		13.50	%
The Growth Fund of America (Class A shares)		–23.78			10.52			12.94			13.26
S&P 500 Index3		–11.23			11.82			13.08			11.06

1	Since Capital Research and Management Company (CRMC) began managing the fund on December 1, 1973.
2	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3	Source: S&P Dow Jones Indices LLC. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

The Growth Fund of America 1

information technology, communication services and consumer discretionary sectors. Many of these stocks supported high valuations, including price-to-earnings multiples, that were ratcheted down by investors in the face of rising interest rates.

Among the fund’s prominent contributors was Tesla, which rose 12.4%. The company, which has a leading position in the growing electric vehicle market, delivered strong revenue and profit growth.

Health care delivered solid returns. Last year, this sector was a detractor for the fund, but by taking a long-term view, innovation in the industry propelled many stocks higher. UnitedHealth Group, another top-10 holding by weight, returned 24.8%. The company is well positioned to improve the quality and reduce the cost of U.S. health care, especially the transition to value-based care. Other contributors in health care included services provider Centene and biotech company Vertex Pharmaceuticals. Their stocks returned 42.5% and 40.7%, respectively.

The communication services sector is home of many of the new media companies. Two of the most prominent ones — Netflix and Meta Platforms (formerly Facebook) — were among the top detractors for the fund. Netflix continues to grapple with attracting new subscribers while cutting down on sharing of accounts among its viewers. The stock lost 60.7% of its value over a 12-month period. Meta, rebranded from Facebook in October 2021, is seeking new areas of growth, especially in the metaverse. The company hopes to tap into a growing market for its VR technology. Despite rebranding and its VR announcement, its stock fell by 57.1%. Part of this was attributable to a loss in advertising revenue due to Apple’s privacy policy changes.

Shopify is another growth stock that was a top detractor. It fell 79.2%. Inflation and rising interest rates may be partially to blame, along with other factors such as investor sentiment shifting away from high-growth companies and a post-COVID drop in e-commerce sales generally.

Due to the uncertain macroeconomic environment, cash was the fund’s largest holding. As of August 31, 2022, nearly 7% of the fund’s portfolio was held in cash and cash equivalents. This helped hedge against potential losses during volatile times over the past year. This amount is never predetermined, but rather reflects the aggregate amount of cash each manager feels is appropriate for their particular portfolio. Cash offers the overall fund a degree of resiliency against market volatility and provides each manager the means to take advantage of investment opportunities when they arise, without the friction of selling something first.

The road ahead

Everything moves in cycles, and the markets are no different. The overall uncertain economic environment and challenges of inflation are very real concerns. Rising inflation — and therefore the need for higher rates to achieve balance — is impacting the economy more broadly. Meanwhile, the Federal Reserve is striving to engineer a soft landing.

As that plays out, the fund’s managers are confident that what made The Growth Fund of America deliver positive long-term results for investors in the past will also help guide it into the future.

2 The Growth Fund of America

Over the last 12 months we have seen the fund’s flexible mandate in action. By focusing on capital appreciation and selecting companies best suited for this challenging economic environment, the fund’s managers believe it is well positioned.

As we are experiencing continuing volatility, the playbook for investing is changing. The last few years brought a tremendous amount of change. Amid rapid innovation, business models are being disrupted or questioned across many industries. This creates new opportunities for investors like us, and we are devoting our time and energy in identifying companies where management can navigate the current uncertainty to emerge winners on the other side.

Taking a wider lens and looking over the past 10 years, investors’ focus was on top-line growth rather than profits. However, that point of view is fading. A movement toward broad-based evaluation of fundamentals, including profit, is coming to the fore. This is a positive development for the fund.

Capital Group is a research-driven organization, and this economic setting gives the fund’s management team the opportunity to look at each company with a fresh set of eyes, separating the wheat from the chaff.

We believe that our time-tested, long-term investment approach, based on thorough research and robust debate with an eye on valuation, will continue to deliver positive results for our investors.

The Growth Fund of America’s investment professionals continue to seek out investments with the potential to provide long-term growth of capital. We remain committed to our process, which centers on deep fundamental research, a disciplined approach to valuation and a long-term horizon.

As always, we appreciate your support for The Growth Fund of America and look forward to reporting to you once again in six months.

Cordially,

 

Christopher D. Buchbinder
Co-President

 

Donald D. O’Neal
Co-President

 

Anne-Marie Peterson
Co-President

October 10, 2022

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

The Growth Fund of America 3

The value of a long-term perspective

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425.² Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

The results shown are before taxes on fund distributions and sale of fund shares.

1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2	The maximum initial sales charge was 8.5% prior to July 1, 1988.
3	The S&P 500 is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. S&P 500 source: S&P Dow Jones Indices LLC.
4	For the period December 1, 1973 (when Capital Research and Management Company became the fund’s investment adviser), through August 31, 1974.

4 The Growth Fund of America

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in Class F-2 and Class A shares of The Growth Fund of America grew from December 1, 1973, to August 31, 2022. As shown below, the investment grew to $4,801,281 or $4,067,387, respectively, with all distributions reinvested.

The Growth Fund of America 5

Investment portfolio August 31, 2022

Sector diversification Percent of net assets

Largest equity holdings	Percent of net assets
Tesla		6.79	%
Microsoft		6.02
Alphabet		4.62
Amazon.com		4.58
UnitedHealth Group		3.64
Meta Platforms		2.63
Broadcom		1.93
ASML		1.34
Thermo Fisher Scientific		1.31
Netflix		1.27

Common stocks 92.57%	Shares		Value (000)
Consumer discretionary 22.59%
Tesla, Inc.1		52,504,113	$	14,470,659
Amazon.com, Inc.1		77,007,340		9,762,220
Airbnb, Inc., Class A1		16,060,982		1,816,818
Home Depot, Inc.		5,532,022		1,595,546
Chipotle Mexican Grill, Inc.1		789,475		1,260,634
General Motors Company		32,434,128		1,239,308
D.R. Horton, Inc.		15,460,785		1,100,035
Dollar General Corp.		4,256,552		1,010,590
MercadoLibre, Inc.1		1,171,258		1,001,847
LVMH Moët Hennessy-Louis Vuitton SE2		1,431,795		926,079
Hilton Worldwide Holdings, Inc.		6,805,377		866,733
NVR, Inc.1,3		181,427		751,119
Caesars Entertainment, Inc.1,3		16,961,378		731,375
NIKE, Inc., Class B		6,117,406		651,198
Flutter Entertainment PLC1,2		5,094,708		639,706
Rivian Automotive, Inc., Class A1		19,533,076		638,927
Booking Holdings, Inc.1		319,332		599,006
Darden Restaurants, Inc.		4,486,017		554,965
Mattel, Inc.1,3		23,191,666		513,000
Dollar Tree Stores, Inc.1		3,661,171		496,748
Floor & Decor Holdings, Inc., Class A1,3		5,628,011		457,895
Coupang, Inc., Class A1		27,022,599		456,682
Las Vegas Sands Corp.1		11,999,361		451,536
Aptiv PLC1		4,765,276		445,220
Polaris, Inc.3		3,860,916		437,326
Burlington Stores, Inc.1		2,984,881		418,450
Hermès International2		322,418		413,363
Royal Caribbean Cruises, Ltd.1		8,910,811		364,007
CarMax, Inc.1		3,567,981		315,552
Evolution AB2		3,736,946		299,376
Starbucks Corp.		3,524,476		296,303
Lennar Corp., Class A		3,633,186		281,390
Etsy, Inc.1		2,648,379		279,695
Moncler SpA2		6,070,435		271,753
DoorDash, Inc., Class A1		4,254,062		254,818
Wayfair, Inc., Class A1,4		4,523,996		238,460
Vail Resorts, Inc.		872,979		196,141
Xpeng, Inc., Class A (ADR)1		8,489,458		157,225
Carvana Co., Class A1,4		4,241,811		139,937
Galaxy Entertainment Group, Ltd.2		23,307,000		130,453
Adient PLC1		3,440,780		114,234
adidas AG2		759,570		113,158
Aramark		3,160,431		112,859
lululemon athletica, Inc.1		345,195		103,545
Kering SA2		199,506		100,309
Target Corp.		538,000		86,263
Norwegian Cruise Line Holdings, Ltd.1,4		6,242,804		81,656
Entain PLC2		5,476,110		80,726

6 The Growth Fund of America

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Cie. Financière Richemont SA, Class A2		694,768	$	77,583
YETI Holdings, Inc.1		1,987,000		73,300
Toll Brothers, Inc.		1,304,776		57,136
LGI Homes, Inc.1		562,094		53,348
YUM! Brands, Inc.		478,695		53,250
Domino’s Pizza, Inc.		140,644		52,300
TopBuild Corp.1		105,457		19,379
Helen of Troy, Ltd.1		139,767		17,279
				48,128,420
Information technology 20.95%
Microsoft Corp.		49,084,726		12,834,183
Broadcom, Inc.		8,236,143		4,110,741
ASML Holding NV2		3,468,140		1,681,733
ASML Holding NV (New York registered) (ADR)		2,409,666		1,180,592
Mastercard, Inc., Class A		8,310,368		2,695,634
Taiwan Semiconductor Manufacturing Company, Ltd.2		98,046,000		1,603,568
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		5,710,325		475,956
Apple, Inc.		10,405,837		1,636,006
MongoDB, Inc., Class A1,3		4,962,632		1,602,235
ServiceNow, Inc.1		3,347,744		1,454,996
Micron Technology, Inc.		21,147,496		1,195,468
Applied Materials, Inc.		12,536,137		1,179,274
Motorola Solutions, Inc.		4,469,807		1,087,996
Visa, Inc., Class A		4,150,352		824,716
EPAM Systems, Inc.1		1,816,530		774,750
Wolfspeed, Inc.1		5,867,261		665,758
Bill.com Holdings, Inc.1		3,768,928		610,114
Snowflake, Inc., Class A1		2,968,454		537,142
NVIDIA Corp.		2,997,940		452,509
Block, Inc., Class A1		6,390,466		440,367
Synopsys, Inc. (USA)1		1,243,000		430,103
Datadog, Inc., Class A1		3,930,696		412,527
Fiserv, Inc.1		3,736,091		378,055
Affirm Holdings, Inc., Class A1,4		14,924,678		349,685
Cloudflare, Inc., Class A1		5,410,900		338,560
Trimble, Inc.1		4,971,995		314,479
Atlassian Corp. PLC, Class A1		1,260,860		312,265
Shopify, Inc., Class A, subordinate voting shares1		9,762,315		308,977
Tyler Technologies, Inc.1		738,680		274,427
PayPal Holdings, Inc.1		2,653,597		247,952
Autodesk, Inc.1		1,150,910		232,185
Nice, Ltd. (ADR)1		1,011,444		215,812
DocuSign, Inc.1		3,431,150		199,762
Lam Research Corp.		417,148		182,673
CrowdStrike Holdings, Inc., Class A1		982,400		179,396
Keyence Corp.2		452,600		170,370
CDW Corp.		962,800		164,350
Zscaler, Inc.1		1,004,736		159,994
Adobe, Inc.1		426,073		159,113
MicroStrategy, Inc., Class A1,4		684,181		158,429
Arista Networks, Inc.1		1,251,296		150,005
Alteryx, Inc., Class A1		2,093,300		130,454
Smartsheet, Inc., Class A1		3,793,200		126,200
SentinelOne, Inc., Class A1		4,520,809		123,463
HashiCorp, Inc., Class A1,4		3,358,531		118,724
Advanced Micro Devices, Inc.1		1,296,000		109,992
Ciena Corp.1		2,025,000		102,748
TE Connectivity, Ltd.		812,936		102,601
MKS Instruments, Inc.		1,024,333		102,034
Paycom Software, Inc.1		267,983		94,116
Genpact, Ltd.		1,950,000		91,611
Enphase Energy, Inc.1		317,540		90,956
VeriSign, Inc.1		418,788		76,312
Nuvei Corp., subordinate voting shares1		2,487,605		76,124
Concentrix Corp.		591,040		74,341
Accenture PLC, Class A		255,805		73,789
Ceridian HCM Holding, Inc.1		1,232,327		73,496

The Growth Fund of America 7

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Kulicke and Soffa Industries, Inc.		1,525,495	$	64,132
TELUS International (Cda), Inc., subordinate voting shares1		2,199,620		62,689
GoDaddy, Inc., Class A1		787,924		59,740
Samsung Electronics Co., Ltd.2		1,305,500		57,832
Marqeta, Inc., Class A1		7,268,518		56,622
QUALCOMM, Inc.		386,285		51,094
Globant SA1		234,134		49,348
Zebra Technologies Corp., Class A1		158,102		47,690
Qorvo, Inc.1		522,442		46,905
Cognizant Technology Solutions Corp., Class A		549,373		34,704
Stripe, Inc., Class B1,2,5,6		1,123,404		32,287
Amadeus IT Group SA, Class A, non-registered shares1,2		527,300		27,821
Gitlab, Inc., Class A1		450,071		26,946
Toast, Inc., Class A1		1,329,916		25,175
Elastic NV, non-registered shares1		196,665		16,502
CCC Intelligent Solutions Holdings, Inc.1		1,480,590		14,154
Guidewire Software, Inc.1		164,593		11,803
Paylocity Holding Corp.1		8,999		2,169
				44,637,431
Health care 14.46%
UnitedHealth Group, Inc.		14,917,357		7,747,031
Thermo Fisher Scientific, Inc.		5,126,422		2,795,541
Eli Lilly and Company		5,608,844		1,689,552
Regeneron Pharmaceuticals, Inc.1		2,614,646		1,519,266
Abbott Laboratories		14,089,299		1,446,267
Vertex Pharmaceuticals, Inc.1		4,458,027		1,256,094
Alnylam Pharmaceuticals, Inc.1,3		6,069,173		1,254,316
Centene Corp.1		11,838,985		1,062,431
Seagen, Inc.1		6,831,825		1,054,082
CVS Health Corp.		7,939,345		779,247
Zoetis, Inc., Class A		4,649,484		727,784
Stryker Corp.		3,353,147		688,066
Humana, Inc.		1,215,305		585,510
NovoCure, Ltd.1,3		6,954,553		571,177
Edwards Lifesciences Corp.1		6,157,031		554,749
Teva Pharmaceutical Industries, Ltd. (ADR)1,3		58,790,246		531,464
Insulet Corp.1		1,983,163		506,639
Molina Healthcare, Inc.1		1,496,383		504,835
Intuitive Surgical, Inc.1		2,168,309		446,108
Danaher Corp.		1,552,079		418,922
AbbVie, Inc.		3,077,386		413,785
ResMed, Inc.		1,792,708		394,252
PerkinElmer, Inc.		2,790,741		376,917
Catalent, Inc.1		3,544,924		311,953
Novo Nordisk A/S, Class B2		2,910,555		310,927
DexCom, Inc.1		3,351,087		275,493
Oak Street Health, Inc.1		8,231,885		215,675
Karuna Therapeutics, Inc.1		817,056		208,398
Horizon Therapeutics PLC1		3,296,253		195,171
AstraZeneca PLC2		1,554,353		192,349
Mettler-Toledo International, Inc.1		151,928		184,207
QIAGEN NV1		3,634,300		165,106
Pfizer, Inc.		3,625,000		163,959
Biohaven Pharmaceutical Holding Co., Ltd.1		1,055,751		157,676
Moderna, Inc.1		1,121,999		148,407
Guardant Health, Inc.1		2,943,323		147,343
Zimmer Biomet Holdings, Inc.		1,000,000		106,320
Verily Life Sciences, LLC1,2,5,6		673,374		101,444
Elevance Health, Inc.		188,220		91,307
Inari Medical, Inc.1		1,205,423		83,596
Exact Sciences Corp.1		1,713,000		60,897
Fate Therapeutics, Inc.1		2,176,300		56,888
Ascendis Pharma A/S (ADR)1		632,152		56,622
BeiGene, Ltd. (ADR)1		306,306		52,580
CRISPR Therapeutics AG1,4		801,620		52,177
Galapagos NV1,2		729,729		36,606
Acerta Pharma BV1,2,5,6		273,779,325		26,119

8 The Growth Fund of America

Common stocks (continued)	Shares		Value (000)
Health care (continued)
R1 RCM, Inc.1		1,122,848	$	24,534
Vir Biotechnology, Inc.1		1,032,788		24,529
Ultragenyx Pharmaceutical, Inc.1		506,334		24,147
				30,798,465
Communication services 10.24%
Alphabet, Inc., Class C1		52,615,251		5,742,955
Alphabet, Inc., Class A1		37,864,620		4,097,709
Meta Platforms, Inc., Class A1		34,399,411		5,604,697
Netflix, Inc.1		12,094,364		2,703,816
Charter Communications, Inc., Class A1		2,312,104		954,043
Comcast Corp., Class A		16,517,067		597,753
ZoomInfo Technologies, Inc.1		9,927,863		450,924
Activision Blizzard, Inc.		5,300,761		416,057
T-Mobile US, Inc.1		2,200,562		316,793
Frontier Communications Parent, Inc.1		8,003,234		206,163
Iridium Communications, Inc.1		3,950,036		175,342
Snap, Inc., Class A, nonvoting shares1		12,307,576		133,906
Take-Two Interactive Software, Inc.1		1,020,000		125,011
ROBLOX Corp., Class A1		2,152,000		84,165
Electronic Arts, Inc.		580,215		73,612
Epic Games, Inc.1,2,5,6		84,249		61,853
Pinterest, Inc., Class A1		1,906,054		43,916
Tencent Holdings, Ltd.2		812,600		33,656
Yandex NV, Class A1,2,5		9,341,235		—	7
				21,822,371
Industrials 7.86%
Carrier Global Corp.3		53,745,966		2,102,542
General Electric Co.		22,577,660		1,658,103
Old Dominion Freight Line, Inc.3		5,598,236		1,519,417
TransDigm Group, Inc.		2,362,638		1,418,504
Caterpillar, Inc.		6,569,823		1,213,512
CSX Corp.		29,604,570		936,985
Airbus SE, non-registered shares2		6,833,814		670,522
Raytheon Technologies Corp.		6,741,008		605,005
HEICO Corp.		2,972,824		452,761
HEICO Corp., Class A		304,964		37,383
United Rentals, Inc.1		1,613,990		471,350
Jacobs Solutions, Inc.		3,699,106		460,835
Chart Industries, Inc.1,3		2,168,344		420,355
Uber Technologies, Inc.1		12,156,402		349,618
Ryanair Holdings PLC (ADR)1		4,431,787		322,235
Ryanair Holdings PLC1,2		315,525		3,907
Canadian Pacific Railway, Ltd.		4,332,000		324,294
Safran SA2		2,984,930		304,063
Robert Half International, Inc.		3,779,700		290,924
Delta Air Lines, Inc.1		8,848,133		274,912
Axon Enterprise, Inc.1		1,950,000		227,526
Boeing Company1		1,188,208		190,410
Dun & Bradstreet Holdings, Inc.		12,776,472		182,065
Advanced Drainage Systems, Inc.		1,254,333		170,213
Honeywell International, Inc.		864,498		163,693
United Airlines Holdings, Inc.1		4,665,542		163,341
Rockwell Automation		670,996		158,986
Union Pacific Corp.		704,955		158,269
L3Harris Technologies, Inc.		656,608		149,831
Armstrong World Industries, Inc.		1,558,203		130,874
ABB, Ltd.2		4,705,230		129,737
ASSA ABLOY AB, Class B2		6,300,000		127,718
Otis Worldwide Corp.		1,757,966		126,960
Waste Connections, Inc.		911,965		126,927
AMETEK, Inc.		931,574		111,938
Trane Technologies PLC		668,000		102,919
Harmonic Drive Systems, Inc.2		2,769,283		100,946
Cummins, Inc.		398,748		85,878
Simpson Manufacturing Co., Inc.		687,212		63,663
Copart, Inc.1		497,669		59,546

The Growth Fund of America 9

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Northrop Grumman Corp.		112,568	$	53,806
Regal Rexnord Corp.		315,000		43,341
Saia, Inc.1		191,602		39,629
ManpowerGroup, Inc.		357,376		26,203
TFI International, Inc.		70,000		6,985
				16,738,631
Financials 6.45%
SVB Financial Group1		2,356,881		958,119
Wells Fargo & Company		18,895,286		825,913
Morgan Stanley		8,776,622		747,944
KKR & Co., Inc.		14,731,472		744,823
S&P Global, Inc.		2,045,967		720,549
Berkshire Hathaway, Inc., Class B1		2,400,000		673,920
JPMorgan Chase & Co.		5,572,306		633,738
CME Group, Inc., Class A		2,964,463		579,879
First Republic Bank		3,669,353		557,118
MSCI, Inc.		1,131,039		508,108
Marsh & McLennan Companies, Inc.		2,681,798		432,762
Progressive Corp.		3,253,958		399,098
Apollo Asset Management, Inc.		6,721,590		373,586
Bank of America Corp.		10,545,099		354,421
BlackRock, Inc.		475,179		316,655
PNC Financial Services Group, Inc.		1,923,245		303,873
Western Alliance Bancorporation		3,590,608		275,471
Discover Financial Services		2,642,000		265,495
American International Group, Inc.		5,073,868		262,573
Arch Capital Group, Ltd.1		5,728,660		261,914
Signature Bank		1,426,035		248,643
Chubb, Ltd.		1,288,411		243,574
Tradeweb Markets, Inc., Class A		3,370,939		234,584
Blue Owl Capital, Inc., Class A		20,803,700		230,921
Carlyle Group, Inc.		6,758,771		219,863
Essent Group, Ltd.3		5,470,155		218,751
LPL Financial Holdings, Inc.		918,817		203,362
Capital One Financial Corp.		1,909,662		202,080
HDFC Bank, Ltd.2		6,041,967		111,691
HDFC Bank, Ltd. (ADR)		1,367,630		83,494
AIA Group, Ltd.2		19,583,688		188,859
East West Bancorp, Inc.		2,280,899		164,612
Goldman Sachs Group, Inc.		429,439		142,861
T. Rowe Price Group, Inc.		1,159,000		139,080
Intercontinental Exchange, Inc.		1,361,960		137,354
Blackstone, Inc., nonvoting shares		1,314,464		123,481
Ares Management Corp., Class A		1,611,803		119,499
Trupanion, Inc.1		1,549,269		109,347
Ryan Specialty Holdings, Inc., Class A1		2,506,440		106,173
Focus Financial Partners, Inc., Class A1		2,178,000		85,269
Charles Schwab Corp.		1,025,000		72,724
Nu Holdings, Ltd., Class A1		14,764,705		72,347
Cullen/Frost Bankers, Inc.		518,700		67,410
Fifth Third Bancorp		461,858		15,772
				13,737,710
Energy 4.62%
Cenovus Energy, Inc. (CAD denominated)		75,694,022		1,420,109
Cenovus Energy, Inc.		10,250,000		192,290
EOG Resources, Inc.		12,356,049		1,498,789
Canadian Natural Resources, Ltd. (CAD denominated)		20,242,923		1,109,750
Pioneer Natural Resources Company		4,370,836		1,106,783
Halliburton Company		25,265,824		761,259
ConocoPhillips		5,805,244		635,384
Baker Hughes Co., Class A		21,858,308		552,141
Chevron Corp.		2,570,600		406,309
Cheniere Energy, Inc.		2,431,500		389,478
Chesapeake Energy Corp.		3,338,000		335,436
Tourmaline Oil Corp.		4,255,696		251,612
Coterra Energy, Inc.		8,111,178		250,717

10 The Growth Fund of America

Common stocks (continued)	Shares		Value (000)
Energy (continued)
New Fortress Energy, Inc., Class A		4,363,130	$	250,226
Hess Corp.		1,907,000		230,327
Diamondback Energy, Inc.		1,367,700		182,287
Weatherford International1,3		4,557,509		128,248
Suncor Energy, Inc.4		2,579,994		83,469
ONEOK, Inc.		682,754		41,805
Equitrans Midstream Corp.		1,090,194		10,106
				9,836,525
Consumer staples 2.28%
Philip Morris International, Inc.		11,791,456		1,125,966
Costco Wholesale Corp.		1,436,550		750,023
Constellation Brands, Inc., Class A		2,467,965		607,243
British American Tobacco PLC2		11,575,334		463,664
Archer Daniels Midland Company		4,366,126		383,739
Altria Group, Inc.		6,207,015		280,060
Estée Lauder Companies, Inc., Class A		958,044		243,707
Monster Beverage Corp.1		2,435,914		216,382
Reckitt Benckiser Group PLC2		2,179,011		167,935
Seven & i Holdings Co., Ltd.2,4		3,418,800		135,500
Molson Coors Beverage Company, Class B, restricted voting shares		2,577,170		133,162
Kerry Group PLC, Class A2		1,123,456		115,824
Fever-Tree Drinks PLC2,3		7,443,100		78,906
Celsius Holdings, Inc.1		626,076		64,793
Performance Food Group Co.1		1,274,599		63,704
Kroger Co.		478,816		22,954
JUUL Labs, Inc., Class A1,2,5,6		433,213		3,925
				4,857,487
Materials 2.16%
Linde PLC		3,031,360		857,451
Vale SA, ordinary nominative shares (ADR)		47,463,592		589,498
Vale SA, ordinary nominative shares		8,776,865		108,816
Freeport-McMoRan, Inc.		23,136,503		684,841
Nutrien, Ltd. (CAD denominated)		6,581,442		604,199
Sherwin-Williams Company		2,559,038		593,953
Shin-Etsu Chemical Co., Ltd.2		2,290,600		266,233
Albemarle Corp.		747,719		200,359
ATI, Inc.1		5,974,249		178,809
Steel Dynamics, Inc.		2,004,300		161,787
Mosaic Co.		2,200,000		118,514
Summit Materials, Inc., Class A1		3,775,193		107,291
Glencore PLC2		17,718,900		96,944
Packaging Corporation of America		173,571		23,765
				4,592,460
Utilities 0.80%
PG&E Corp.1		87,273,377		1,076,081
AES Corp.		9,544,599		242,910
NextEra Energy, Inc.		1,970,817		167,638
CenterPoint Energy, Inc.		4,412,770		139,134
Edison International		671,400		45,501
Exelon Corp.		896,592		39,369
				1,710,633
Real estate 0.16%
Equinix, Inc. REIT		273,161		179,568
SBA Communications Corp. REIT		319,646		103,965
American Tower Corp. REIT		241,010		61,228
				344,761
Total common stocks (cost: $106,750,895,000)				197,204,894

The Growth Fund of America 11

Preferred securities 0.41%	Shares		Value (000)
Financials 0.21%
Fannie Mae, Series S, 8.25% noncumulative preferred shares1		62,266,695	$	198,631
Fannie Mae, Series T, 8.25% noncumulative preferred shares1		6,954,484		20,237
Fannie Mae, Series O, 7.00% noncumulative preferred shares1		1,739,366		8,262
Fannie Mae, Series R, 7.625% noncumulative preferred shares1		837,675		2,178
Fannie Mae, Series P, 4.50% noncumulative preferred shares1		190,000		474
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1,4		71,493,658		218,056
Federal Home Loan Mortgage Corp., Series X, 6.02% noncumulative preferred shares1		239,000		645
Federal Home Loan Mortgage Corp., Series V, 5.57% preferred shares1		212,500		468
				448,951
Consumer discretionary 0.10%
Waymo, LLC, Series A-2, 8.00% noncumulative preferred shares1,2,5,6		1,164,589		106,818
Waymo, LLC, Series B-2, preferred shares1,2,5,6		163,537		15,000
GM Cruise Holdings, LLC, Series F, preferred shares1,2,5,6		5,205,500		95,990
				217,808
Information technology 0.08%
Chime Financial, Inc., Series G, preferred shares1,2,5,6		1,433,730		59,801
Samsung Electronics Co., Ltd., nonvoting preferred shares2		1,366,500		55,397
Tipalti Solutions, Ltd., Series F, preferred shares1,2,5,6		3,800,381		31,049
PsiQuantum Corp., Series D, preferred shares1,2,5,6		613,889		16,587
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,2,5,6		376,444		10,819
				173,653
Industrials 0.02%
ABL Space Systems Co., Series B2, preferred shares1,2,5,6		576,000		33,293
Total preferred securities (cost: $1,331,912,000)				873,705
Rights & warrants 0.01%
Energy 0.01%
Cenovus Energy, Inc., warrants, expire 20261		1,057,325		14,636
Total rights & warrants (cost: $3,563,000)				14,636
Convertible stocks 0.02%
Financials 0.02%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023		625,300		38,919
Total convertible stocks (cost: $38,562,000)				38,919
Convertible bonds & notes 0.01%	Principal amount (000)
Consumer discretionary 0.01%
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 2023	USD	15,707		15,513
Industrials 0.00%
Einride AB, convertible notes, 7.00% 20232,5,6		8,500		9,562
Total convertible bonds & notes (cost: $24,096,000)				25,075
Short-term securities 7.22%		Shares
Money market investments 6.96%
Capital Group Central Cash Fund 2.26%3,8		148,333,764		14,830,410
Money market investments purchased with collateral from securities on loan 0.26%
Capital Group Central Cash Fund 2.26%3,8,9		2,314,701		231,424
BlackRock Liquidity Funds – FedFund, Institutional Shares 2.02%8,9		64,797,356		64,798
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 2.22%8,9		64,797,356		64,797

12 The Growth Fund of America

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 2.11%8,9		64,797,356	$	64,797
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.22%8,9		64,797,356		64,797
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.17%8,9		57,832,073		57,832
				548,445
Total short-term securities (cost: $15,379,836,000)				15,378,855
Total investment securities 100.24% (cost: $123,528,864,000)				213,536,084
Other assets less liabilities (0.24)%				(508,039	)
Net assets 100.00%			$	213,028,045

Investments in affiliates³

										Net
	Value of						Net			unrealized			Value of		Dividend
	affiliates at						realized			(depreciation)			affiliates at		or interest
	9/1/2021		Additions		Reductions		(loss) gain			appreciation			8/31/2022		income
	(000)		(000)		(000)		(000)			(000)			(000)		(000)
Common stocks 5.31%
Consumer discretionary 1.36%
NVR, Inc.1	$	939,843	$	107,759	$	98,681	$	(9,101	)	$	(188,701	)	$	751,119	$	—
Caesars Entertainment, Inc.1		1,672,612		246,899		120,623		(157,195	)		(910,318	)		731,375		—
Mattel, Inc.1		417,243		78,439		28		15			17,331			513,000		—
Floor & Decor Holdings, Inc., Class A1		309,889		232,258		20		14			(84,246	)		457,895		—
Polaris, Inc.		—		431,032		14		(1	)		6,309			437,326		7,312
Burlington Stores, Inc.1,10		1,109,393		175,662		431,819		47,216			(482,002	)		—		—
Royal Caribbean Cruises, Ltd.1,10		1,926,185		36,135		722,014		(347,821	)		(528,478	)		—		—
														2,890,715
Information technology 0.75%
MongoDB, Inc., Class A1		1,944,651		109,437		145,662		44,593			(350,784	)		1,602,235		—
Health care 1.10%
Alnylam Pharmaceuticals, Inc.1		36,170		901,186		2		1			316,961			1,254,316		—
NovoCure, Ltd.1		1,266,535		115,408		266,623		(368,351	)		(175,792	)		571,177		—
Teva Pharmaceutical Industries, Ltd. (ADR)1		395,479		565,700		304,845		(299,183	)		174,313			531,464		—
Allakos, Inc.11		316,956		—		54,875		(125,322	)		(136,759	)		—		—
Allogene Therapeutics, Inc.11		173,924		—		95,136		(113,362	)		34,574			—		—
Biohaven Pharmaceutical Holding Co., Ltd.1,10		759,587		93,907		741,889		359,914			(313,843	)		—		—
Quince Therapeutics, Inc.11,12		233,632		14,610		14,290		(122,895	)		(111,057	)		—		—
Guardant Health, Inc.1,10		266,200		533,889		314,172		(156,413	)		(182,161	)		—		—
Insulet Corp.1,10		1,041,405		91,807		448,912		36,337			(213,998	)		—		—
Oak Street Health, Inc.1,10		526,713		266,183		228,898		(372,985	)		24,662			—		—
Twist Bioscience Corp.11		285,727		15,031		89,544		(180,587	)		(30,627	)		—		—
														2,356,957
Communication services 0.00%
Netflix, Inc.1,10		13,792,670		653,775		5,971,723		2,935,212			(8,706,118	)		—		—
Industrials 1.90%
Carrier Global Corp.		2,689,777		344,482		2,117		128			(929,728	)		2,102,542		29,203
Old Dominion Freight Line, Inc.		1,167,513		585,309		182,137		101,396			(152,664	)		1,519,417		3,188
Chart Industries, Inc.1		214,182		173,603		15		2			32,583			420,355		—
Dun & Bradstreet Holdings, Inc.10		432,904		—		189,543		(68,386	)		7,090			—		639
Harmonic Drive Systems, Inc.2,10		284,744		9,563		69,137		(126,746	)		2,522			—		926
														4,042,314

The Growth Fund of America 13

Investments in affiliates³ (continued)

													Net
	Value of									Net			unrealized			Value of		Dividend
	affiliates at									realized			(depreciation)			affiliates at		or interest
	9/1/2021		Additions				Reductions			(loss) gain			appreciation			8/31/2022		income
	(000)		(000)				(000)			(000)			(000)			(000)		(000)
Financials 0.10%
Essent Group, Ltd.	$	233,250	$	60,605			$	40,509		$	(9,119	)	$	(25,476	)	$	218,751	$	4,284
Energy 0.06%
Weatherford International1		68,075		4,949				8			2			55,230			128,248		—
Cenovus Energy, Inc. (CAD denominated)10		1,077,536		157,140				955,717			422,220			718,930			—		14,706
																	128,248
Consumer staples 0.04%
Fever-Tree Drinks PLC2		54,704		110,601				5			1			(86,395	)		78,906		1,847
Herbalife Nutrition, Ltd.11		466,788		—				389,931			16,976			(93,833	)		—		—
																	78,906
Total common stocks																	11,318,126
Rights & warrants 0.00%
Energy 0.00%
Cenovus Energy, Inc., warrants, expire 20261,10		4,836		—				—	7		—	7		9,800			—		—
Convertible bonds & notes 0.00%						��
Consumer discretionary 0.00%
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 202310		21,225		—				1			—	7		(5,711	)		—		802
Short-term securities 7.07%
Money market investments 6.96%
Capital Group Central Cash Fund 2.26%8		8,094,078		31,894,921				25,154,577			(2,425	)		(1,587	)		14,830,410		85,966
Money market investments purchased with collateral from securities on loan 0.11%
Capital Group Central Cash Fund 2.26%8,9		101,118		130,306	13												231,424		—	14
Total short-term securities																	15,061,834
Total 12.38%										$	1,504,135		$	(12,309,973	)	$	26,379,960	$	148,873

Restricted securities⁶

						Percent
	Acquisition	Cost		Value		of net
	date	(000)		(000)		assets
Waymo, LLC, Series A-2, 8.00% noncumulative preferred shares1,2,5	5/1/2020	$	100,000	$	106,818		.05	%
Waymo, LLC, Series B-2, preferred shares1,2,5	6/11/2021		15,000		15,000		.01
Verily Life Sciences, LLC1,2,5	12/21/2018		83,000		101,444		.05
GM Cruise Holdings, LLC, Series F, preferred shares1,2,5	5/7/2020		95,000		95,990		.04
Epic Games, Inc.1,2,5	3/29/2021		74,560		61,853		.03
Chime Financial, Inc., Series G, preferred shares1,2,5	8/24/2021		99,027		59,801		.03
Stripe, Inc., Class B1,2,5	5/6/2021		45,080		32,287		.02
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,2,5	3/15/2021		15,105		10,819		.00
ABL Space Systems Co., Series B2, preferred shares1,2,5	10/22/2021		39,166		33,293		.02
Tipalti Solutions, Ltd., Series F, preferred shares1,2,5	12/1/2021		65,064		31,049		.01
Acerta Pharma BV1,2,5	5/7/2015		10,221		26,119		.01
PsiQuantum Corp., Series D, preferred shares1,2,5	5/28/2021		16,100		16,587		.01
Einride AB, convertible notes, 7.00% 20232,5	1/7/2022		8,500		9,562		.00
JUUL Labs, Inc., Class A1,2,5	4/8/2019		120,000		3,925		.00
Total		$	785,823	$	604,547		.28	%

14 The Growth Fund of America

1	Security did not produce income during the last 12 months.
2	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $10,789,761,000, which represented 5.06% of the net assets of the fund. This amount includes $10,185,214,000 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	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
4	All or a portion of this security was on loan. The total value of all such securities was $589,812,000, which represented .28% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
5	Value determined using significant unobservable inputs.
6	Restricted security subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $604,547,000, which represented .28% of the net assets of the fund.
7	Amount less than one thousand.
8	Rate represents the seven-day yield at 8/31/2022.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	Affiliated issuer during the reporting period but no longer an affiliate at 8/31/2022. Refer to the investment portfolio for the security value at 8/31/2022.
11	Affiliated issuer during the reporting period but no longer held at 8/31/2022.
12	This security changed its name during the reporting period.
13	Represents net activity. Refer to Note 5 for more information on securities lending.
14	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

The Growth Fund of America 15

Financial statements

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

Assets:
Investment securities, at value (includes $589,812 of investment securities on loan):
Unaffiliated issuers (cost: $99,724,701)	$	187,156,124
Affiliated issuers (cost: $23,804,163)		26,379,960	$	213,536,084
Cash				5,554
Cash denominated in currencies other than U.S. dollars (cost: $19,655)				19,655
Cash collateral received for securities on loan				60,938
Receivables for:
Sales of investments		185,849
Sales of fund’s shares		121,524
Dividends and interest		186,288
Securities lending income		25
Other		3		493,689
				214,115,920
Liabilities:
Collateral for securities on loan				609,383
Payables for:
Purchases of investments		232,744
Repurchases of fund’s shares		138,126
Investment advisory services		49,860
Services provided by related parties		44,082
Trustees’ deferred compensation		5,655
Other		8,025		478,492
Net assets at August 31, 2022			$	213,028,045
Net assets consist of:
Capital paid in on shares of beneficial interest			$	116,084,423
Total distributable earnings				96,943,622
Net assets at August 31, 2022			$	213,028,045

Refer to the notes to financial statements.

16 The Growth Fund of America

Financial statements (continued)

Statement of assets and liabilities
at August 31, 2022 (continued)

(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (3,884,224 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	104,663,653		1,899,454		$	55.10
Class C		3,251,910		66,727			48.73
Class T		12		—	*		55.13
Class F-1		5,330,378		97,548			54.64
Class F-2		28,562,659		519,335			55.00
Class F-3		8,922,116		161,582			55.22
Class 529-A		10,549,434		194,254			54.31
Class 529-C		339,548		6,951			48.85
Class 529-E		310,670		5,817			53.41
Class 529-T		18		—	*		55.10
Class 529-F-1		10		—	*		54.19
Class 529-F-2		772,997		14,030			55.10
Class 529-F-3		31		1			55.05
Class R-1		269,414		5,420			49.71
Class R-2		1,804,919		35,814			50.40
Class R-2E		189,789		3,564			53.25
Class R-3		4,118,208		76,968			53.51
Class R-4		5,093,297		93,499			54.47
Class R-5E		996,296		18,269			54.53
Class R-5		1,456,577		26,401			55.17
Class R-6		36,396,109		658,590			55.26

* Amount less than one thousand.

Refer to the notes to financial statements.

The Growth Fund of America 17

Financial statements (continued)

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

Investment income:
Income:
Dividends (net of non-U.S. taxes of $39,133; also includes $148,071 from affiliates)	$	2,103,958
Securities lending income (net of fees)		9,395
Interest (includes $802 from affiliates)		7,706		$	2,121,059
Fees and expenses*:
Investment advisory services		656,611
Distribution services		465,063
Transfer agent services		168,594
Administrative services		76,457
529 plan services		8,350
Reports to shareholders		4,409
Registration statement and prospectus		2,198
Trustees’ compensation		(177	)
Auditing and legal		237
Custodian		3,630
Other		344
Total fees and expenses before waiver		1,385,716
Less waiver of fees and expenses:
Investment advisory services waiver		426
Total fees and expenses after waiver					1,385,290
Net investment income					735,769
Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		8,693,514
Affiliated issuers		1,504,135
In-kind redemptions		12,551
Currency transactions		(5,944	)		10,204,256
Net unrealized depreciation on:
Investments (net of non-U.S. taxes of $4,005):
Unaffiliated issuers		(65,834,469	)
Affiliated issuers		(12,309,973	)
Currency translations		(616	)		(78,145,058	)
Net realized gain and unrealized depreciation					(67,940,802	)
Net decrease in net assets resulting from operations				$	(67,205,033	)

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

Refer to the notes to financial statements.

18 The Growth Fund of America

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	Year ended August 31,
	2022			2021
Operations:
Net investment income	$	735,769		$	321,192
Net realized gain		10,204,256			26,149,154
Net unrealized (depreciation) appreciation		(78,145,058	)		40,957,744
Net (decrease) increase in net assets resulting from operations		(67,205,033	)		67,428,090
Distributions paid to shareholders		(22,497,477	)		(10,832,505	)
Net capital share transactions		12,808,331			(2,115,283	)
Total (decrease) increase in net assets		(76,894,179	)		54,480,302
Net assets:
Beginning of year		289,922,224			235,441,922
End of year	$	213,028,045		$	289,922,224

Refer to the notes to financial statements.

The Growth Fund of America 19

Notes to financial statements

1. Organization

The Growth Fund of America (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide growth of capital.

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

2. Significant accounting policies

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.

20 The Growth Fund of America

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

In-kind redemptions — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. Realized gains or losses resulting from redemptions of shares in-kind are reflected separately in the fund’s statement of operations.

3. Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities, are generally valued at 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 & loans; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask 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 for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.

The Growth Fund of America 21

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations 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.

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

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

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

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Consumer discretionary	$	45,075,914	$	3,052,506	$	—	$	48,128,420
Information technology		41,063,820		3,541,324		32,287		44,637,431
Health care		30,131,020		539,882		127,563		30,798,465
Communication services		21,726,862		33,656		61,853		21,822,371
Industrials		15,401,738		1,336,893		—		16,738,631
Financials		13,437,160		300,550		—		13,737,710
Energy		9,836,525		—		—		9,836,525
Consumer staples		3,891,733		961,829		3,925		4,857,487
Materials		4,229,283		363,177		—		4,592,460
Utilities		1,710,633		—		—		1,710,633
Real estate		344,761		—		—		344,761
Preferred securities		448,951		55,397		369,357		873,705
Rights & warrants		14,636		—		—		14,636
Convertible stocks		38,919		—		—		38,919
Convertible bonds & notes		—		15,513		9,562		25,075
Short-term securities		15,378,855		—		—		15,378,855
Total	$	202,730,810	$	10,200,727	$	604,547	$	213,536,084

22 The Growth Fund of America

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques

Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

The Growth Fund of America 23

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.

As of August 31, 2022, the total value of securities on loan was $589,812,000, and the total value of collateral received was $609,383,000, which consisted entirely of cash. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended August 31, 2022, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended August 31, 2022, the fund recognized $9,101,000 in reclaims (net of $249,000 in fees and the effect of realized gain or loss from currency translations) and $1,219,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase and unrealized appreciation of certain investments in securities outside the U.S.. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended August 31, 2022, the fund reclassified $983,689,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

24 The Growth Fund of America

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

Undistributed ordinary income	$	622,728
Undistributed long-term capital gains		7,024,949
Post-October capital loss deferral1		(500,000	)
Gross unrealized appreciation on investments		97,700,121
Gross unrealized depreciation on investments		(7,893,813	)
Net unrealized appreciation on investments		89,806,308
Cost of investments		123,729,776

¹ This deferral is considered incurred in the subsequent year.

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

	Year ended August 31, 2022							Year ended August 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	117,403		$	10,926,184	$	11,043,587	$	304,861		$	4,904,093		$	5,208,954
Class C		—			402,119		402,119		—			192,825			192,825
Class T		—	2		1		1		—	2		1			1
Class F-1		—			584,336		584,336		16,567			345,610			362,177
Class F-2		104,867			2,871,495		2,976,362		137,236			1,255,271			1,392,507
Class F-3		44,237			893,053		937,290		46,777			359,773			406,550
Class 529-A		7,149			1,116,228		1,123,377		28,863			508,035			536,898
Class 529-C		—			44,516		44,516		—			24,057			24,057
Class 529-E		—			34,628		34,628		95			16,165			16,260
Class 529-T		—	2		2		2		—	2		1			1
Class 529-F-1		—	2		1		1		—	2		—	2		—	2
Class 529-F-23		2,551			73,501		76,052		2,999			28,706			31,705
Class 529-F-33		—	2		2		2		—	2		1			1
Class R-1		—			32,247		32,247		—			16,878			16,878
Class R-2		—			213,900		213,900		—			104,061			104,061
Class R-2E		—			20,959		20,959		—			10,945			10,945
Class R-3		—			470,734		470,734		—			242,632			242,632
Class R-4		1,862			585,697		587,559		16,117			301,902			318,019
Class R-5E		3,590			105,116		108,706		3,890			39,407			43,297
Class R-5		6,838			164,562		171,400		13,117			109,944			123,061
Class R-6		172,699			3,497,000		3,669,699		207,814			1,593,862			1,801,676
Total	$	461,196		$	22,036,281	$	22,497,477	$	778,336		$	10,054,169		$	10,832,505

2	Amount less than one thousand.
3	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.500% on the first $1 billion of daily net assets and decreasing to 0.233% on such assets in excess of $210 billion. On September 14, 2021, the fund’s board of trustees approved an amended investment advisory and service agreement effective December 1, 2021, decreasing the annual rate to 0.231% and 0.229% on daily net assets in excess of $233 billion and $269 billion, respectively. CRMC waived investment advisory services fees of $426,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $656,611,000, which were equivalent to an annualized rate of 0.258% of average daily net assets, were reduced to $656,185,000, which were equivalent to an annualized rate of 0.257% of average daily net assets.

The Growth Fund of America 25

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.25	%		0.25	%
Class 529-A		0.25			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of August 31, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended August 31, 2022, the 529 plan services fees were $8,350,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

26 The Growth Fund of America

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

Share class	Distribution services	Transfer agent services		Administrative services		529 plan services
Class A	$308,469	$ 85,956		$37,816		Not applicable
Class C	40,984	2,773		1,231		Not applicable
Class T	—	—	*	—	*	Not applicable
Class F-1	16,458	8,116		1,982		Not applicable
Class F-2	Not applicable	36,154		10,018		Not applicable
Class F-3	Not applicable	121		3,131		Not applicable
Class 529-A	28,737	7,899		3,828		$7,363
Class 529-C	4,494	281		135		261
Class 529-E	1,912	137		115		221
Class 529-T	—	—	*	—	*	—	*
Class 529-F-1	—	—	*	—	*	—	*
Class 529-F-2	Not applicable	420		263		505
Class 529-F-3	Not applicable	—	*	—	*	—	*
Class R-1	3,348	316		101		Not applicable
Class R-2	16,836	7,947		673		Not applicable
Class R-2E	1,437	496		72		Not applicable
Class R-3	25,925	7,934		1,559		Not applicable
Class R-4	16,463	6,788		1,977		Not applicable
Class R-5E	Not applicable	1,828		355		Not applicable
Class R-5	Not applicable	942		561		Not applicable
Class R-6	Not applicable	486		12,640		Not applicable
Total class-specific expenses	$465,063	$168,594		$76,457		$8,350

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $(177,000) in the fund’s statement of operations reflects $1,035,000 in current fees (either paid in cash or deferred) and a net decrease of $1,212,000 in the value of the deferred amounts.

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

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended August 31, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,903,777,000 and $2,232,149,000, respectively, which generated $316,261,000 of net realized losses from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended August 31, 2022.

The Growth Fund of America 27

8. Indemnifications

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

9. Capital share transactions

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

	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended August 31, 2022
Class A	$	7,931,916		119,722	$	10,873,579		151,675		$	(13,791,528	)		(208,423	)	$	5,013,967			62,974
Class C		558,949		9,396		400,408		6,281			(1,042,813	)		(17,774	)		(83,456	)		(2,097	)
Class T		—		—		—		—			—			—			—			—
Class F-1		294,307		4,518		577,145		8,116			(961,859	)		(14,675	)		(90,407	)		(2,041	)
Class F-2		6,462,785		99,632		2,887,906		40,419			(6,492,079	)		(99,208	)		2,858,612			40,843
Class F-3		2,242,510		34,125		917,116		12,795			(2,113,197	)		(32,395	)		1,046,429			14,525
Class 529-A		1,099,601		16,704		1,123,163		15,893			(1,652,825	)		(25,504	)		569,939			7,093
Class 529-C		76,381		1,279		44,506		696			(176,890	)		(2,959	)		(56,003	)		(984	)
Class 529-E		31,790		491		34,622		497			(67,091	)		(1,032	)		(679	)		(44	)
Class 529-T		—		—		2		—	2		—			—			2			—	2
Class 529-F-1		—		—		1		—	2		—			—			1			—	2
Class 529-F-2		192,971		2,872		76,051		1,063			(119,065	)		(1,793	)		149,957			2,142
Class 529-F-3		5		1		3		—	2		—			—			8			1
Class R-1		36,889		631		32,161		494			(79,389	)		(1,304	)		(10,339	)		(179	)
Class R-2		374,844		6,165		213,765		3,242			(640,689	)		(10,337	)		(52,080	)		(930	)
Class R-2E		48,203		754		20,959		301			(87,466	)		(1,304	)		(18,304	)		(249	)
Class R-3		629,419		9,779		469,220		6,724			(1,374,003	)		(21,011	)		(275,364	)		(4,508	)
Class R-4		680,931		10,203		587,218		8,283			(1,726,459	)		(26,532	)		(458,310	)		(8,046	)
Class R-5E		255,735		3,884		108,703		1,534			(292,506	)		(4,359	)		71,932			1,059
Class R-5		193,049		2,954		170,439		2,379			(571,803	)		(8,515	)		(208,315	)		(3,182	)
Class R-6		6,934,436		107,058		3,656,418		50,967			(6,240,113	)		(93,876	)		4,350,741			64,149
Total net increase (decrease)	$	28,044,721		430,168	$	22,193,385		311,359		$	(37,429,775	)		(571,001	)	$	12,808,331			170,526

Refer to the end of the table for footnotes.

28 The Growth Fund of America

	Sales1					Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares
Year ended August 31, 2021
Class A	$	10,931,972		157,620		$	5,138,087		76,517		$	(14,527,129	)		(211,223	)	$	1,542,930			22,914
Class C		729,156		11,719			191,952		3,163			(1,153,841	)		(18,510	)		(232,733	)		(3,628	)
Class T		—		—			—		—			—			—			—			—
Class F-1		350,882		5,124			352,860		5,295			(2,912,604	)		(41,558	)		(2,208,862	)		(31,139	)
Class F-2		6,830,576		99,492			1,349,189		20,155			(6,620,287	)		(95,926	)		1,559,478			23,721
Class F-3		2,725,827		39,370			396,528		5,907			(1,834,872	)		(26,538	)		1,287,483			18,739
Class 529-A		1,253,180		18,385			536,742		8,099			(1,841,086	)		(26,793	)		(51,164	)		(309	)
Class 529-C		98,004		1,570			24,051		395			(218,725	)		(3,491	)		(96,670	)		(1,526	)
Class 529-E		37,758		561			16,253		248			(67,174	)		(992	)		(13,163	)		(183	)
Class 529-T		—		—			1		—	2		—			—			1			—	2
Class 529-F-1		30,383		501			1		—	2		(631,766	)		(10,818	)		(601,382	)		(10,317	)
Class 529-F-23		789,112		12,840			31,702		473			(101,080	)		(1,425	)		719,734			11,888
Class 529-F-33		25		—	2		1		—	2		—			—			26			—	2
Class R-1		38,083		601			16,839		272			(121,311	)		(1,925	)		(66,389	)		(1,052	)
Class R-2		447,511		6,974			103,990		1,661			(730,181	)		(11,456	)		(178,680	)		(2,821	)
Class R-2E		57,547		863			10,945		167			(87,538	)		(1,299	)		(19,046	)		(269	)
Class R-3		801,605		11,943			241,925		3,684			(1,876,463	)		(27,989	)		(832,933	)		(12,362	)
Class R-4		812,301		11,977			317,854		4,784			(2,276,190	)		(33,609	)		(1,146,035	)		(16,848	)
Class R-5E		713,621		10,238			43,297		651			(633,621	)		(9,482	)		123,297			1,407
Class R-5		354,275		5,178			122,054		1,820			(1,407,454	)		(20,367	)		(931,125	)		(13,369	)
Class R-6		7,105,757		102,071			1,794,629		26,714			(9,870,436	)		(143,501	)		(970,050	)		(14,716	)
Total net increase (decrease)	$	34,107,575		497,027		$	10,688,900		160,005		$	(46,911,758	)		(686,902	)	$	(2,115,283	)		(29,870	)

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

10. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $71,967,280,000 and $87,561,956,000, respectively, during the year ended August 31, 2022.

The Growth Fund of America 29

Financial highlights

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class A:
8/31/2022	$	78.42	$	.15		$	(17.40	)	$	(17.25	)	$	(.06	)	$	(6.01	)	$	(6.07	)	$	55.10		(23.78	)%	$	104,664			.60	%		.60	%		.23	%
8/31/2021		63.18		.05			18.10			18.15			(.17	)		(2.74	)		(2.91	)		78.42		29.49			144,012			.61			.61			.07
8/31/2020		49.39		.22			17.23			17.45			(.38	)		(3.28	)		(3.66	)		63.18		37.07			114,585			.64			.64			.42
8/31/2019		56.31		.30			(2.09	)		(1.79	)		(.31	)		(4.82	)		(5.13	)		49.39		(1.31	)		87,316			.63			.63			.61
8/31/2018		48.81		.28			10.70			10.98			(.25	)		(3.23	)		(3.48	)		56.31		23.49			93,649			.62			.62			.53
Class C:
8/31/2022		70.50		(.32	)		(15.44	)		(15.76	)		—			(6.01	)		(6.01	)		48.73		(24.36	)		3,252			1.36			1.36			(.53	)
8/31/2021		57.32		(.42	)		16.34			15.92			—			(2.74	)		(2.74	)		70.50		28.54			4,852			1.35			1.35			(.68	)
8/31/2020		45.09		(.14	)		15.65			15.51			—	5		(3.28	)		(3.28	)		57.32		36.07			4,153			1.38			1.38			(.30	)
8/31/2019		51.96		(.08	)		(1.97	)		(2.05	)		—			(4.82	)		(4.82	)		45.09		(2.09	)		4,134			1.41			1.41			(.17	)
8/31/2018		45.39		(.13	)		9.93			9.80			—			(3.23	)		(3.23	)		51.96		22.54			4,953			1.42			1.42			(.28	)
Class T:
8/31/2022		78.44		.31			(17.38	)		(17.07	)		(.23	)		(6.01	)		(6.24	)		55.13		(23.58	)6		—	7		.36	6		.36	6		.47	6
8/31/2021		63.19		.20			18.10			18.30			(.31	)		(2.74	)		(3.05	)		78.44		29.76	6		—	7		.38	6		.38	6		.29	6
8/31/2020		49.39		.34			17.24			17.58			(.50	)		(3.28	)		(3.78	)		63.19		37.40	6		—	7		.40	6		.40	6		.66	6
8/31/2019		56.34		.41			(2.12	)		(1.71	)		(.42	)		(4.82	)		(5.24	)		49.39		(1.11	)6		—	7		.41	6		.41	6		.83	6
8/31/2018		48.84		.38			10.72			11.10			(.37	)		(3.23	)		(3.60	)		56.34		23.76	6		—	7		.42	6		.42	6		.73	6
Class F-1:
8/31/2022		77.79		.11			(17.25	)		(17.14	)		—			(6.01	)		(6.01	)		54.64		(23.82	)		5,330			.66			.66			.16
8/31/2021		62.70		.01			17.95			17.96			(.13	)		(2.74	)		(2.87	)		77.79		29.40			7,747			.66			.66			.02
8/31/2020		49.02		.20			17.11			17.31			(.35	)		(3.28	)		(3.63	)		62.70		37.05			8,196			.67			.67			.40
8/31/2019		55.92		.27			(2.09	)		(1.82	)		(.26	)		(4.82	)		(5.08	)		49.02		(1.40	)		7,539			.69			.69			.54
8/31/2018		48.47		.24			10.64			10.88			(.20	)		(3.23	)		(3.43	)		55.92		23.43			8,381			.69			.69			.45
Class F-2:
8/31/2022		78.29		.29			(17.35	)		(17.06	)		(.22	)		(6.01	)		(6.23	)		55.00		(23.62	)		28,563			.40			.40			.43
8/31/2021		63.07		.19			18.07			18.26			(.30	)		(2.74	)		(3.04	)		78.29		29.76			37,459			.40			.40			.28
8/31/2020		49.30		.34			17.20			17.54			(.49	)		(3.28	)		(3.77	)		63.07		37.38			28,682			.41			.41			.65
8/31/2019		56.25		.40			(2.11	)		(1.71	)		(.42	)		(4.82	)		(5.24	)		49.30		(1.10	)		22,265			.42			.42			.81
8/31/2018		48.76		.39			10.69			11.08			(.36	)		(3.23	)		(3.59	)		56.25		23.76			22,226			.42			.42			.74
Class F-3:
8/31/2022		78.57		.36			(17.40	)		(17.04	)		(.30	)		(6.01	)		(6.31	)		55.22		(23.53	)		8,922			.29			.29			.54
8/31/2021		63.28		.26			18.13			18.39			(.36	)		(2.74	)		(3.10	)		78.57		29.88			11,555			.30			.30			.38
8/31/2020		49.45		.39			17.26			17.65			(.54	)		(3.28	)		(3.82	)		63.28		37.53			8,120			.31			.31			.75
8/31/2019		56.41		.46			(2.13	)		(1.67	)		(.47	)		(4.82	)		(5.29	)		49.45		(1.01	)		5,796			.32			.32			.92
8/31/2018		48.90		.44			10.71			11.15			(.41	)		(3.23	)		(3.64	)		56.41		23.86			4,704			.33			.33			.84
Class 529-A:
8/31/2022		77.37		.13			(17.14	)		(17.01	)		(.04	)		(6.01	)		(6.05	)		54.31		(23.79	)		10,549			.64			.64			.20
8/31/2021		62.38		.02			17.87			17.89			(.16	)		(2.74	)		(2.90	)		77.37		29.45			14,481			.64			.64			.03
8/31/2020		48.80		.20			17.01			17.21			(.35	)		(3.28	)		(3.63	)		62.38		37.01			11,695			.68			.68			.38
8/31/2019		55.70		.26			(2.07	)		(1.81	)		(.27	)		(4.82	)		(5.09	)		48.80		(1.38	)		8,569			.70			.70			.54
8/31/2018		48.33		.24			10.59			10.83			(.23	)		(3.23	)		(3.46	)		55.70		23.41			9,114			.70			.70			.46

Refer to the end of the table for footnotes.

30 The Growth Fund of America

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class 529-C:
8/31/2022	$	70.68	$	(.35	)	$	(15.47	)	$	(15.82	)	$	—		$	(6.01	)	$	(6.01	)	$	48.85		(24.39	)%	$	340			1.41	%		1.41	%		(.59	)%
8/31/2021		57.48		(.44	)		16.38			15.94			—			(2.74	)		(2.74	)		70.68		28.49			561			1.38			1.38			(.71	)
8/31/2020		45.23		(.15	)		15.68			15.53			—			(3.28	)		(3.28	)		57.48		35.98			544			1.42			1.42			(.31	)
8/31/2019		52.11		(.10	)		(1.96	)		(2.06	)		—			(4.82	)		(4.82	)		45.23		(2.11	)		989			1.45			1.45			(.21	)
8/31/2018		45.54		(.16	)		9.96			9.80			—			(3.23	)		(3.23	)		52.11		22.46			1,240			1.46			1.46			(.34	)
Class 529-E:
8/31/2022		76.33		(.04	)		(16.87	)		(16.91	)		—			(6.01	)		(6.01	)		53.41		(23.98	)		311			.88			.88			(.05	)
8/31/2021		61.59		(.14	)		17.64			17.50			(.02	)		(2.74	)		(2.76	)		76.33		29.14			447			.88			.88			(.21	)
8/31/2020		48.22		.08			16.80			16.88			(.23	)		(3.28	)		(3.51	)		61.59		36.70			372			.90			.90			.16
8/31/2019		55.07		.15			(2.04	)		(1.89	)		(.14	)		(4.82	)		(4.96	)		48.22		(1.60	)		305			.93			.93			.30
8/31/2018		47.81		.11			10.48			10.59			(.10	)		(3.23	)		(3.33	)		55.07		23.11			351			.94			.94			.21
Class 529-T:
8/31/2022		78.41		.28			(17.39	)		(17.11	)		(.19	)		(6.01	)		(6.20	)		55.10		(23.64	)6		—	7		.41	6		.41	6		.42	6
8/31/2021		63.17		.16			18.10			18.26			(.28	)		(2.74	)		(3.02	)		78.41		29.71	6		—	7		.44	6		.44	6		.24	6
8/31/2020		49.38		.32			17.23			17.55			(.48	)		(3.28	)		(3.76	)		63.17		37.33	6		—	7		.44	6		.44	6		.62	6
8/31/2019		56.32		.39			(2.12	)		(1.73	)		(.39	)		(4.82	)		(5.21	)		49.38		(1.15	)6		—	7		.45	6		.45	6		.79	6
8/31/2018		48.83		.35			10.72			11.07			(.35	)		(3.23	)		(3.58	)		56.32		23.70	6		—	7		.47	6		.47	6		.68	6
Class 529-F-1:
8/31/2022		77.23		.23			(17.09	)		(16.86	)		(.17	)		(6.01	)		(6.18	)		54.19		(23.68	)6		—	7		.48	6		.48	6		.35	6
8/31/2021		62.24		.13			17.88			18.01			(.28	)		(2.74	)		(3.02	)		77.23		29.74	6		—	7		.42	6		.42	6		.22	6
8/31/2020		48.69		.31			16.99			17.30			(.47	)		(3.28	)		(3.75	)		62.24		37.35			642			.45			.45			.61
8/31/2019		55.65		.38			(2.12	)		(1.74	)		(.40	)		(4.82	)		(5.22	)		48.69		(1.18	)		445			.47			.47			.77
8/31/2018		48.28		.35			10.58			10.93			(.33	)		(3.23	)		(3.56	)		55.65		23.69			384			.47			.47			.68
Class 529-F-2:
8/31/2022		78.40		.29			(17.37	)		(17.08	)		(.21	)		(6.01	)		(6.22	)		55.10		(23.61	)		773			.40			.40			.44
8/31/20218,9		59.21		.15			22.06			22.21			(.28	)		(2.74	)		(3.02	)		78.40		38.38	10		932			.43	11		.43	11		.26	11
Class 529-F-3:
8/31/2022		78.35		.32			(17.36	)		(17.04	)		(.25	)		(6.01	)		(6.26	)		55.05		(23.58	)		—	7		.35			.35			.49
8/31/20218,9		59.21		.19			22.06			22.25			(.37	)		(2.74	)		(3.11	)		78.35		38.45	10		—	7		.38	11		.35	11		.32	11
Class R-1:
8/31/2022		71.80		(.33	)		(15.75	)		(16.08	)		—			(6.01	)		(6.01	)		49.71		(24.36	)		269			1.38			1.38			(.55	)
8/31/2021		58.35		(.45	)		16.64			16.19			—			(2.74	)		(2.74	)		71.80		28.49			402			1.38			1.38			(.70	)
8/31/2020		45.86		(.16	)		15.93			15.77			—			(3.28	)		(3.28	)		58.35		36.01			388			1.40			1.40			(.33	)
8/31/2019		52.74		(.09	)		(1.97	)		(2.06	)		—			(4.82	)		(4.82	)		45.86		(2.08	)		359			1.42			1.42			(.19	)
8/31/2018		46.04		(.14	)		10.07			9.93			—			(3.23	)		(3.23	)		52.74		22.50			448			1.42			1.42			(.28	)

Refer to the end of the table for footnotes.

The Growth Fund of America 31

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class R-2:
8/31/2022	$	72.72	$	(.35	)	$	(15.96	)	$	(16.31	)	$	—		$	(6.01	)	$	(6.01	)	$	50.40		(24.37	)%	$	1,805		1.40	%		1.40	%		(.57	)%
8/31/2021		59.07		(.46	)		16.85			16.39			—			(2.74	)		(2.74	)		72.72		28.49			2,672		1.39			1.39			(.71	)
8/31/2020		46.39		(.16	)		16.12			15.96			—			(3.28	)		(3.28	)		59.07		36.01			2,337		1.40			1.40			(.34	)
8/31/2019		53.29		(.09	)		(1.99	)		(2.08	)		—			(4.82	)		(4.82	)		46.39		(2.10	)		1,970		1.42			1.42			(.18	)
8/31/2018		46.47		(.13	)		10.18			10.05			—			(3.23	)		(3.23	)		53.29		22.55			2,304		1.41			1.41			(.27	)
Class R-2E:
8/31/2022		76.28		(.18	)		(16.84	)		(17.02	)		—			(6.01	)		(6.01	)		53.25		(24.15	)		190		1.10			1.10			(.27	)
8/31/2021		61.67		(.28	)		17.63			17.35			—			(2.74	)		(2.74	)		76.28		28.85			291		1.09			1.09			(.42	)
8/31/2020		48.30		(.02	)		16.83			16.81			(.16	)		(3.28	)		(3.44	)		61.67		36.44			252		1.11			1.11			(.04	)
8/31/2019		55.21		.06			(2.05	)		(1.99	)		(.10	)		(4.82	)		(4.92	)		48.30		(1.81	)		203		1.12			1.12			.12
8/31/2018		48.00		.02			10.52			10.54			(.10	)		(3.23	)		(3.33	)		55.21		22.90			185		1.12			1.12			.04
Class R-3:
8/31/2022		76.50		(.08	)		(16.90	)		(16.98	)		—			(6.01	)		(6.01	)		53.51		(24.02	)		4,118		.94			.94			(.12	)
8/31/2021		61.75		(.18	)		17.67			17.49			—			(2.74	)		(2.74	)		76.50		29.05			6,233		.94			.94			(.26	)
8/31/2020		48.32		.06			16.84			16.90			(.19	)		(3.28	)		(3.47	)		61.75		36.63			5,794		.95			.95			.12
8/31/2019		55.14		.13			(2.03	)		(1.90	)		(.10	)		(4.82	)		(4.92	)		48.32		(1.64	)		5,356		.97			.97			.26
8/31/2018		47.86		.09			10.49			10.58			(.07	)		(3.23	)		(3.30	)		55.14		23.06			6,728		.97			.97			.17
Class R-4:
8/31/2022		77.58		.12			(17.20	)		(17.08	)		(.02	)		(6.01	)		(6.03	)		54.47		(23.81	)		5,093		.64			.64			.18
8/31/2021		62.53		.02			17.92			17.94			(.15	)		(2.74	)		(2.89	)		77.58		29.44			7,878		.64			.64			.03
8/31/2020		48.89		.21			17.06			17.27			(.35	)		(3.28	)		(3.63	)		62.53		37.06			7,403		.65			.65			.42
8/31/2019		55.79		.28			(2.09	)		(1.81	)		(.27	)		(4.82	)		(5.09	)		48.89		(1.38	)		6,860		.67			.67			.56
8/31/2018		48.38		.24			10.63	��		10.87			(.23	)		(3.23	)		(3.46	)		55.79		23.46			8,391		.67			.67			.47
Class R-5E:
8/31/2022		77.70		.25			(17.20	)		(16.95	)		(.21	)		(6.01	)		(6.22	)		54.53		(23.66	)		996		.45			.45			.39
8/31/2021		62.61		.16			17.94			18.10			(.27	)		(2.74	)		(3.01	)		77.70		29.69			1,337		.44			.44			.23
8/31/2020		48.97		.31			17.09			17.40			(.48	)		(3.28	)		(3.76	)		62.61		37.36			990		.45			.45			.61
8/31/2019		55.97		.39			(2.14	)		(1.75	)		(.43	)		(4.82	)		(5.25	)		48.97		(1.17	)		732		.46			.46			.80
8/31/2018		48.55		.42			10.59			11.01			(.36	)		(3.23	)		(3.59	)		55.97		23.72			296		.45			.45			.79
Class R-5:
8/31/2022		78.50		.32			(17.39	)		(17.07	)		(.25	)		(6.01	)		(6.26	)		55.17		(23.58	)		1,457		.34			.34			.48
8/31/2021		63.22		.23			18.12			18.35			(.33	)		(2.74	)		(3.07	)		78.50		29.84			2,322		.34			.34			.34
8/31/2020		49.40		.37			17.24			17.61			(.51	)		(3.28	)		(3.79	)		63.22		37.48			2,716		.35			.35			.72
8/31/2019		56.35		.43			(2.13	)		(1.70	)		(.43	)		(4.82	)		(5.25	)		49.40		(1.08	)		2,648		.37			.37			.86
8/31/2018		48.84		.40			10.72			11.12			(.38	)		(3.23	)		(3.61	)		56.35		23.81			3,430		.37			.37			.77
Class R-6:
8/31/2022		78.63		.36			(17.42	)		(17.06	)		(.30	)		(6.01	)		(6.31	)		55.26		(23.54	)		36,396		.29			.29			.54
8/31/2021		63.32		.27			18.14			18.41			(.36	)		(2.74	)		(3.10	)		78.63		29.90			46,741		.29			.29			.38
8/31/2020		49.48		.40			17.26			17.66			(.54	)		(3.28	)		(3.82	)		63.32		37.53			38,573		.30			.30			.76
8/31/2019		56.44		.46			(2.13	)		(1.67	)		(.47	)		(4.82	)		(5.29	)		49.48		(1.01	)		32,028		.32			.32			.92
8/31/2018		48.91		.44			10.72			11.16			(.40	)		(3.23	)		(3.63	)		56.44		23.88			31,562		.32			.32			.83

Refer to the end of the table for footnotes.

32 The Growth Fund of America

Financial highlights (continued)

	Year ended August 31,
	2022	2021	2020	2019	2018
Portfolio turnover rate for all share classes12	30%	24%	28%	36%	28%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
4	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5	Amount less than $.01.
6	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
7	Amount less than $1 million.
8	Based on operations for a period that is less than a full year.
9	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
10	Not annualized.
11	Annualized.
12	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

The Growth Fund of America 33

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of The Growth Fund of America:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of The Growth Fund of America (the “Fund”), including the investment portfolio, as of August 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California
October 10, 2022

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

34 The Growth Fund of America

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (March 1, 2022, through August 31, 2022).

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The Growth Fund of America 35

Expense example (continued)

	Beginning account value 3/1/2022		Ending account value 8/31/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	855.04	$	2.85		.61	%
Class A – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class C – actual return		1,000.00		851.75		6.39		1.37
Class C – assumed 5% return		1,000.00		1,018.30		6.97		1.37
Class T – actual return		1,000.00		856.17		1.68		.36
Class T – assumed 5% return		1,000.00		1,023.39		1.84		.36
Class F-1 – actual return		1,000.00		854.84		3.13		.67
Class F-1 – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class F-2 – actual return		1,000.00		856.02		1.92		.41
Class F-2 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class F-3 – actual return		1,000.00		856.52		1.40		.30
Class F-3 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 529-A – actual return		1,000.00		855.00		3.04		.65
Class 529-A – assumed 5% return		1,000.00		1,021.93		3.31		.65
Class 529-C – actual return		1,000.00		851.65		6.63		1.42
Class 529-C – assumed 5% return		1,000.00		1,018.05		7.22		1.42
Class 529-E – actual return		1,000.00		854.03		4.16		.89
Class 529-E – assumed 5% return		1,000.00		1,020.72		4.53		.89
Class 529-T – actual return		1,000.00		855.87		1.96		.42
Class 529-T – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class 529-F-1 – actual return		1,000.00		855.66		2.29		.49
Class 529-F-1 – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 529-F-2 – actual return		1,000.00		856.14		1.87		.40
Class 529-F-2 – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class 529-F-3 – actual return		1,000.00		856.30		1.64		.35
Class 529-F-3 – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class R-1 – actual return		1,000.00		851.78		6.44		1.38
Class R-1 – assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class R-2 – actual return		1,000.00		851.76		6.49		1.39
Class R-2 – assumed 5% return		1,000.00		1,018.20		7.07		1.39
Class R-2E – actual return		1,000.00		852.96		5.14		1.10
Class R-2E – assumed 5% return		1,000.00		1,019.66		5.60		1.10
Class R-3 – actual return		1,000.00		853.86		4.39		.94
Class R-3 – assumed 5% return		1,000.00		1,020.47		4.79		.94
Class R-4 – actual return		1,000.00		854.96		3.04		.65
Class R-4 – assumed 5% return		1,000.00		1,021.93		3.31		.65
Class R-5E – actual return		1,000.00		855.79		2.10		.45
Class R-5E – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class R-5 – actual return		1,000.00		856.29		1.59		.34
Class R-5 – assumed 5% return		1,000.00		1,023.49		1.73		.34
Class R-6 – actual return		1,000.00		856.47		1.40		.30
Class R-6 – assumed 5% return		1,000.00		1,023.69		1.53		.30

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

36 The Growth Fund of America

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended August 31, 2022:

Long-term capital gains	$23,006,995,000
Qualified dividend income	100%
Corporate dividends received deduction	100%
U.S. government income that may be exempt from state taxation	$13,887,000

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

The Growth Fund of America 37

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through November 30, 2023. The agreement was amended to add additional advisory fee breakpoints for when the fund’s net assets exceed $305 billion and $341 billion. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through March 31, 2022. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

38 The Growth Fund of America

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefitted from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

The Growth Fund of America 39

This page was intentionally left blank.

40 The Growth Fund of America

This page was intentionally left blank.

The Growth Fund of America 41

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the fund2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee3	Other directorships4 held by trustee
Joseph J. Bonner, 1955	2019	President and CEO, Solana Beach Capital LLC (real estate advisory); Global Head of Real Estate, Board Member, The Interlink Group (private merchant bank)	3	Extra Space Storage
Mary Anne Dolan, 1947	2010	Founder and President, MAD Ink (communications company); former Editor-in-Chief, The Los Angeles Herald Examiner (retired 1989)	10	None
John G. Freund, MD, 1953 Chair of the Board (Independent and Non-Executive)	2010	Founder and former Managing Director, Skyline Ventures (a venture capital investor in health care companies) ; Co-Founder of Intuitive Surgical, Inc. (1995 – 2000); Co-Founder and former CEO of Arixa Pharmaceuticals, Inc. (2016 - 2020)	6	Collegium Pharmaceutical, Inc.; SI – Bone, Inc.; Sutro Biopharma, Inc.
Yvonne L. Greenstreet, 1962	2019	Chief Executive Officer, Alnylam Pharmaceuticals, Inc.	3	Pacira, Inc. (pharmaceuticals)
Linda Griego, 1947	2015	Former President and CEO, Griego Enterprises, Inc. (business management company)	7	ViacomCBS Inc.
Leonade D. Jones, 1947	1993	Retired; former Treasurer, The Washington Post Company (retired 1996)	10	None
Martin E. Koehler, 1957	2021	Independent management consultant	6	None
Sharon I. Meers, 1965	2017	Co-Founder and COO, Midi Health, Inc. (a women’s telehealth company); former Senior Director, Head of Strategic Partnerships, eBay Enterprise	7	None
Kenneth M. Simril, 1965	2016	President and CEO, SCI Ingredients Holdings, Inc. (food manufacturing)	7	Bunge Limited (agricultural business and food company)
Christopher E. Stone, 1956	2010	Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government; former President, Open Society Foundations	9	None

Interested trustees^5,6

Name, year of birth and position with fund	Year first elected a trustee or officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee3	Other directorships4 held by trustee
Anne-Marie Peterson, 1972 Co-President and Trustee	2016	Partner — Capital World Investors, Capital Research and Management Company	3	None
Brady L. Enright, 1967 Trustee	2019	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7	3	None

The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 6455 Irvine Center Drive, Irvine, CA 92618, Attention: Secretary.

42 The Growth Fund of America

Other officers⁶

Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Christopher D. Buchbinder, 1971 Co-President	2015	Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7
Donald D. O’Neal, 1960 Co-President	1995	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company7
Walt Burkley, 1966 Principal Executive Officer	2010	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company7; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2014	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Julian N. Abdey, 1972 Senior Vice President	2021	Partner — Capital International Investors, Capital Research and Management Company
Brad Barrett, 1977 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7
Mark L. Casey, 1970 Senior Vice President	2016	Partner — Capital International Investors, Capital Research and Management Company
J. Blair Frank, 1966 Senior Vice President	2019	Partner — Capital Research Global Investors, Capital Research and Management Company
Joanna F. Jonsson, 1963 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company; Vice Chair, President and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7
Carl M. Kawaja, 1964 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7; Chairman and Director, Capital Research and Management Company
Alex Popa, 1980 Senior Vice President	2020	Partner — Capital World Investors, Capital Research and Management Company
Andraz Razen, 1975 Senior Vice President	2020	Partner — Capital World Investors, Capital Research Company7
Martin Romo, 1967 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company; Chairman, Principal Executive Officer and Director, Capital Research Company7; Director, The Capital Group Companies, Inc.7
Lawrence R. Solomon, 1962 Senior Vice President	2014	Partner — Capital Research Global Investors, Capital Research and Management Company; Chairman of the Board, President and Director, Capital Management Services, Inc.7
Alan J. Wilson, 1961 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Julie E. Lawton, 1973 Secretary	2010	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research Company7
Hong T. Le, 1978 Treasurer	2018	Vice President — Investment Operations, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2016-2018, 2020	Senior Vice President — Investment Operations, Capital Research and Management Company

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

The Growth Fund of America 43

Office of the fund
6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address nearest you.)

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

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

Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900

Counsel
Dechert LLP
One Bush Street, Suite 1600
San Francisco, CA 94104-4446

Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

44 The Growth Fund of America

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

The 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 NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of The 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 December 31, 2022, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^TM — has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes

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

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

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that Linda Griego, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

	GFA
Registrant:

a)  Audit Fees:
Audit	2021	123,000
	2022	8,000
b)  Audit-Related Fees:
	2021	34,000
	2022	43,000
c)  Tax Fees:
	2021	12,000
	2022	11,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2021	None
	2022	None
	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2021	1,341,000
	2022	2,168,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.
c)  Tax Fees:

	2021	1,000
	2022	394,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2021	2,000
	2022	None
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $1,389,000 for fiscal year 2021 and $2,616,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

THE GROWTH FUND OF AMERICA

By __/s/ Walter R. Burkley________________

Walter R. Burkley,

Principal Executive Officer

Date: October 31, 2022

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/ Walter R. Burkley_____________

Walter R. Burkley,

Principal Executive Officer

Date: October 31, 2022

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: October 31, 2022