The Growth Fund of America®
Investment portfolio
November 30, 2020
unaudited
Common stocks 95.76% Information technology 22.95% | Shares | Value (000) |
Microsoft Corp. | 52,898,737 | $11,324,033 |
Mastercard Inc., Class A | 12,842,071 | 4,321,485 |
Broadcom Inc. | 10,671,831 | 4,285,594 |
ASML Holding NV | 4,697,334 | 2,038,730 |
ASML Holding NV (New York registered) (ADR) | 2,978,233 | 1,303,662 |
Taiwan Semiconductor Manufacturing Company, Ltd. | 130,575,000 | 2,201,256 |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 9,809,682 | 951,735 |
PayPal Holdings, Inc.1 | 13,510,154 | 2,892,794 |
ServiceNow, Inc.1 | 4,041,483 | 2,160,375 |
Autodesk, Inc.1 | 7,489,287 | 2,098,723 |
Shopify Inc., Class A, subordinate voting shares1 | 1,482,902 | 1,616,927 |
Visa Inc., Class A | 7,553,489 | 1,588,876 |
RingCentral, Inc., Class A1 | 5,019,624 | 1,491,079 |
Advanced Micro Devices, Inc.1 | 15,476,813 | 1,434,082 |
MongoDB, Inc., Class A1,2 | 4,691,341 | 1,347,869 |
FleetCor Technologies, Inc.1,2 | 4,607,174 | 1,221,869 |
Applied Materials, Inc. | 11,449,679 | 944,370 |
Adobe Inc.1 | 1,641,997 | 785,646 |
Square, Inc., Class A1 | 3,694,218 | 779,332 |
Atlassian Corp. PLC, Class A1 | 2,858,826 | 643,379 |
Keyence Corp. | 1,242,300 | 634,120 |
Apple Inc. | 5,268,953 | 627,269 |
Micron Technology, Inc.1 | 8,792,454 | 563,508 |
Fiserv, Inc.1 | 4,035,903 | 464,855 |
Trimble Inc.1 | 7,412,747 | 443,801 |
Motorola Solutions, Inc. | 2,423,937 | 415,778 |
Ceridian HCM Holding Inc.1 | 4,086,283 | 393,999 |
Accenture PLC, Class A | 1,554,348 | 387,173 |
CrowdStrike Holdings, Inc., Class A1 | 2,356,003 | 361,128 |
Cognizant Technology Solutions Corp., Class A | 4,357,000 | 340,412 |
DocuSign, Inc.1 | 1,412,883 | 321,968 |
Tyler Technologies, Inc.1 | 740,655 | 316,704 |
Alteryx, Inc., Class A1 | 2,608,715 | 312,628 |
Guidewire Software, Inc.1 | 2,516,869 | 308,266 |
Okta, Inc., Class A1 | 1,133,339 | 277,713 |
EPAM Systems, Inc.1 | 841,237 | 271,156 |
Zendesk, Inc.1 | 1,911,431 | 255,176 |
Cree, Inc.1 | 2,805,458 | 253,585 |
Snowflake Inc., Class A1 | 758,752 | 247,232 |
Samsung Electronics Co., Ltd. | 3,765,452 | 226,972 |
Intel Corp. | 4,330,571 | 209,383 |
Paycom Software, Inc.1 | 499,768 | 208,443 |
NetApp, Inc. | 3,786,301 | 201,848 |
Jack Henry & Associates, Inc. | 1,223,508 | 196,814 |
SS&C Technologies Holdings, Inc. | 2,646,330 | 182,306 |
HubSpot, Inc.1 | 434,562 | 171,361 |
ON Semiconductor Corp.1 | 5,825,739 | 167,490 |
The Growth Fund of America — Page 1 of 14
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
Nice Ltd. (ADR)1 | 612,517 | $149,283 |
Elastic NV, non-registered shares1 | 1,114,614 | 137,989 |
NortonLifeLock Inc. | 6,459,285 | 117,753 |
CDK Global, Inc. | 2,348,211 | 112,479 |
Zoom Video Communications, Inc., Class A1 | 203,458 | 97,326 |
Anaplan, Inc.1 | 1,388,354 | 97,171 |
Amphenol Corp., Class A | 738,233 | 96,568 |
Workday, Inc., Class A1 | 400,000 | 89,916 |
Enphase Energy, Inc.1 | 609,778 | 83,277 |
Qorvo, Inc.1 | 523,839 | 82,075 |
Fidelity National Information Services, Inc. | 522,887 | 77,602 |
Lam Research Corp. | 167,300 | 75,730 |
GoDaddy Inc., Class A1 | 790,031 | 62,839 |
Zebra Technologies Corp., Class A1 | 158,524 | 59,989 |
QUALCOMM Inc. | 387,557 | 57,037 |
Flex Ltd.1 | 3,454,592 | 56,068 |
salesforce.com, inc.1 | 222,076 | 54,586 |
Vontier Corp.1 | 1,512,185 | 50,159 |
VeriSign, Inc.1 | 248,684 | 49,916 |
Smartsheet Inc., Class A1 | 743,544 | 43,148 |
TeamViewer AG1 | 829,000 | 39,486 |
Amadeus IT Group SA, Class A, non-registered shares | 429,191 | 29,417 |
Datadog, Inc., Class A1 | 289,461 | 28,633 |
Appfolio, Inc., Class A1 | 150,000 | 24,440 |
VMware, Inc., Class A1,3 | 109,730 | 15,350 |
55,981,141 | ||
Consumer discretionary 20.90% | ||
Tesla, Inc.1 | 26,701,841 | 15,155,964 |
Amazon.com, Inc.1 | 3,729,684 | 11,815,788 |
Home Depot, Inc. | 7,330,801 | 2,033,638 |
Peloton Interactive, Inc., Class A1 | 17,089,430 | 1,988,355 |
Alibaba Group Holding Ltd.1 | 49,056,544 | 1,654,406 |
NIKE, Inc., Class B | 10,459,067 | 1,408,836 |
Royal Caribbean Cruises Ltd.2 | 16,089,970 | 1,268,051 |
General Motors Company | 26,577,480 | 1,165,157 |
Flutter Entertainment PLC (GBP denominated) | 4,141,887 | 756,757 |
Flutter Entertainment PLC (EUR denominated) | 2,188,065 | 405,860 |
D.R. Horton, Inc. | 15,491,682 | 1,154,130 |
Burlington Stores, Inc.1,2 | 5,036,314 | 1,100,636 |
Caesars Entertainment, Inc.1,2 | 15,548,822 | 1,059,186 |
Darden Restaurants, Inc.2 | 9,423,057 | 1,017,502 |
LVMH Moët Hennessy-Louis Vuitton SE | 1,399,896 | 806,378 |
Booking Holdings Inc.1 | 375,649 | 761,985 |
Chipotle Mexican Grill, Inc.1 | 589,477 | 760,089 |
Hilton Worldwide Holdings Inc. | 7,326,425 | 759,237 |
NVR, Inc.1 | 147,498 | 589,576 |
Starbucks Corp. | 3,690,000 | 361,694 |
Aptiv PLC | 3,009,180 | 357,190 |
Vail Resorts, Inc. | 1,288,050 | 355,296 |
Hermès International | 332,899 | 324,588 |
Bright Horizons Family Solutions Inc.1 | 1,885,123 | 320,678 |
Mercari, Inc.1 | 6,104,100 | 279,479 |
Kering SA | 348,347 | 251,393 |
Domino’s Pizza, Inc. | 602,842 | 236,658 |
The Growth Fund of America — Page 2 of 14
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) |
Dollar General Corp. | 944,085 | $206,358 |
Floor & Decor Holdings, Inc., Class A1 | 2,519,855 | 201,815 |
Moncler SpA1 | 4,073,487 | 199,999 |
Lennar Corp., Class A | 2,600,140 | 197,247 |
Aramark | 5,418,930 | 189,663 |
Mattel, Inc.1 | 12,135,016 | 187,971 |
EssilorLuxottica1 | 1,281,652 | 185,522 |
Evolution Gaming Group AB | 2,107,842 | 180,190 |
Five Below, Inc.1 | 920,110 | 143,905 |
XPeng Inc., Class A (ADR)1,3 | 2,283,332 | 134,169 |
Las Vegas Sands Corp. | 2,204,589 | 122,818 |
Wynn Resorts, Ltd. | 1,185,923 | 119,185 |
Industria de Diseño Textil, SA | 3,392,083 | 112,688 |
DraftKings Inc., Class A1 | 1,999,965 | 104,718 |
Marriott International, Inc., Class A | 670,771 | 85,101 |
Grand Canyon Education, Inc.1 | 974,571 | 81,347 |
Restaurant Brands International Inc. | 1,384,355 | 78,853 |
Wayfair Inc., Class A1 | 305,077 | 77,599 |
Toll Brothers, Inc. | 1,570,102 | 74,344 |
lululemon athletica inc.1 | 163,600 | 60,568 |
YUM! Brands, Inc. | 479,975 | 50,781 |
Cie. Financière Richemont SA, Class A | 429,633 | 35,685 |
50,979,033 | ||
Communication services 18.04% | ||
Facebook, Inc., Class A1 | 47,255,123 | 13,088,251 |
Netflix, Inc.1,2 | 24,932,203 | 12,234,232 |
Alphabet Inc., Class C1 | 3,033,508 | 5,341,219 |
Alphabet Inc., Class A1 | 2,040,816 | 3,580,407 |
Charter Communications, Inc., Class A1 | 4,154,515 | 2,708,702 |
Activision Blizzard, Inc. | 19,054,137 | 1,514,423 |
Comcast Corp., Class A | 25,868,036 | 1,299,610 |
T-Mobile US, Inc.1 | 8,427,060 | 1,120,293 |
Snap Inc., Class A1 | 13,536,653 | 601,298 |
Tencent Holdings Ltd. | 5,406,900 | 392,732 |
Zillow Group, Inc., Class C, nonvoting shares1 | 2,121,008 | 228,666 |
Zillow Group, Inc., Class A1 | 1,024,787 | 113,085 |
Pinterest, Inc., Class A1 | 4,664,854 | 326,633 |
Match Group, Inc.1 | 1,522,121 | 211,894 |
ViacomCBS Inc., Class B | 5,147,605 | 181,608 |
ZoomInfo Technologies Inc., Class A1 | 3,364,071 | 172,409 |
SoftBank Group Corp. | 2,461,600 | 171,463 |
Live Nation Entertainment, Inc.1 | 2,368,266 | 155,477 |
Yandex NV, Class A1 | 2,018,538 | 139,198 |
Iridium Communications Inc.1 | 3,711,803 | 119,112 |
New York Times Co., Class A | 2,658,763 | 114,088 |
Twitter, Inc.1 | 2,100,000 | 97,671 |
Electronic Arts Inc.1 | 425,611 | 54,372 |
Liberty Broadband Corp., Class C, nonvoting1 | 235,091 | 36,992 |
GCI Liberty, Inc., Class A1 | 232,892 | 21,221 |
44,025,056 |
The Growth Fund of America — Page 3 of 14
unaudited
Common stocks (continued) Health care 14.29% | Shares | Value (000) |
UnitedHealth Group Inc. | 15,120,363 | $5,085,583 |
Thermo Fisher Scientific Inc. | 6,715,130 | 3,122,401 |
Abbott Laboratories | 24,303,058 | 2,630,077 |
Regeneron Pharmaceuticals, Inc.1 | 3,189,262 | 1,645,755 |
Vertex Pharmaceuticals Inc.1 | 6,787,435 | 1,545,838 |
Seagen Inc.1 | 7,970,922 | 1,357,528 |
Centene Corp.1 | 19,585,995 | 1,207,477 |
Edwards Lifesciences Corp.1 | 11,166,959 | 936,796 |
Insulet Corp.1 | 3,290,986 | 848,120 |
Intuitive Surgical, Inc.1 | 1,124,798 | 816,660 |
Exact Sciences Corp.1 | 6,665,757 | 806,957 |
NovoCure Ltd.1,2 | 5,713,735 | 717,931 |
BioMarin Pharmaceutical Inc.1 | 8,363,497 | 658,207 |
Ultragenyx Pharmaceutical Inc.1,2 | 5,548,958 | 657,774 |
Humana Inc. | 1,544,593 | 618,640 |
Zoetis Inc., Class A | 3,721,225 | 596,810 |
Daiichi Sankyo Company, Ltd. | 16,387,500 | 579,841 |
Teladoc Health, Inc.1 | 2,834,163 | 563,347 |
Allakos Inc.1,2 | 4,921,630 | 526,762 |
Sarepta Therapeutics, Inc.1 | 3,706,825 | 522,143 |
Cigna Corp. | 2,333,321 | 487,991 |
Teva Pharmaceutical Industries Ltd. (ADR)1 | 49,380,746 | 469,611 |
Mettler-Toledo International Inc.1 | 400,468 | 460,554 |
Gilead Sciences, Inc. | 7,426,879 | 450,589 |
Allogene Therapeutics, Inc.1,2 | 13,228,399 | 410,742 |
Biohaven Pharmaceutical Holding Co. Ltd.1,2 | 4,338,080 | 385,872 |
Stryker Corp. | 1,624,241 | 379,098 |
ResMed Inc. | 1,797,502 | 376,756 |
Illumina, Inc.1 | 1,052,011 | 338,842 |
Amgen Inc. | 1,510,124 | 335,308 |
PerkinElmer, Inc. | 2,511,645 | 334,049 |
Bluebird Bio, Inc.1,2 | 6,219,566 | 274,221 |
Pfizer Inc. | 7,022,074 | 269,016 |
Novo Nordisk A/S, Class B | 3,996,556 | 268,798 |
Zimmer Biomet Holdings, Inc. | 1,774,683 | 264,641 |
DexCom, Inc.1 | 781,437 | 249,810 |
Baxter International Inc. | 3,269,433 | 248,706 |
CRISPR Therapeutics AG1 | 1,931,930 | 245,201 |
Danaher Corp. | 956,369 | 214,829 |
Molina Healthcare, Inc.1 | 1,033,864 | 211,043 |
Neurocrine Biosciences, Inc.1 | 2,205,676 | 209,407 |
Guardant Health, Inc.1 | 1,614,152 | 195,506 |
Galapagos NV1 | 1,554,467 | 191,265 |
Catalent, Inc.1 | 1,976,000 | 189,973 |
Vir Biotechnology, Inc.1 | 5,427,068 | 173,015 |
Penumbra, Inc.1 | 770,660 | 171,009 |
Eli Lilly and Company | 1,000,142 | 145,671 |
Twist Bioscience Corp.1 | 1,260,000 | 140,792 |
Madrigal Pharmaceuticals, Inc.1,2 | 1,001,258 | 116,937 |
Grail, Inc.1,4,5,6,7 | 10,878,487 | 107,044 |
Cortexyme, Inc.1,2 | 1,976,961 | 96,080 |
Incyte Corp.1 | 1,102,054 | 93,168 |
Verily Life Sciences LLC1,4,5,6 | 673,374 | 92,205 |
Chemed Corp. | 172,684 | 82,586 |
Oak Street Health, Inc.1 | 1,741,221 | 82,133 |
The Growth Fund of America — Page 4 of 14
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
BeiGene, Ltd. (ADR)1 | 310,931 | $79,502 |
Novavax, Inc.1 | 552,252 | 77,039 |
AstraZeneca PLC | 635,991 | 66,176 |
CVS Health Corp. | 867,895 | 58,835 |
PPD, Inc.1 | 1,621,000 | 56,735 |
AbbVie Inc. | 513,255 | 53,676 |
GoodRx Holdings, Inc., Class A1 | 1,072,300 | 40,426 |
Acerta Pharma BV1,4,5,6 | 273,779,325 | 36,659 |
GW Pharmaceuticals PLC (ADR)1 | 220,870 | 30,939 |
Pacific Biosciences of California, Inc.1 | 1,858,736 | 29,387 |
Alnylam Pharmaceuticals, Inc.1 | 213,400 | 27,723 |
Anthem, Inc. | 84,468 | 26,313 |
Adaptive Biotechnologies Corp.1 | 541,048 | 26,089 |
Global Blood Therapeutics, Inc.1 | 549,744 | 25,239 |
Viatris Inc.1 | 444,618 | 7,478 |
Sage Therapeutics, Inc.1 | 68,568 | 5,080 |
34,854,411 | ||
Industrials 7.57% | ||
CSX Corp. | 32,770,191 | 2,950,956 |
TransDigm Group Inc. | 2,498,603 | 1,447,166 |
Carrier Global Corp. | 26,330,477 | 1,002,401 |
Old Dominion Freight Line, Inc. | 4,797,817 | 975,684 |
Airbus SE, non-registered shares1 | 7,581,545 | 793,399 |
Honeywell International Inc. | 3,643,519 | 742,986 |
Dun & Bradstreet Holdings, Inc.1,2 | 22,326,689 | 598,579 |
Safran SA1 | 3,809,264 | 555,717 |
Caterpillar Inc. | 2,907,134 | 504,649 |
Ryanair Holdings PLC (ADR)1 | 4,052,035 | 420,479 |
Ryanair Holdings PLC1 | 3,788,378 | 69,050 |
General Electric Co. | 45,960,000 | 467,873 |
Delta Air Lines, Inc. | 10,643,448 | 428,399 |
Jacobs Engineering Group Inc. | 3,944,423 | 425,367 |
Rolls-Royce Holdings PLC1,3 | 219,077,223 | 308,710 |
Rolls-Royce Holdings PLC1 | 65,723,167 | 92,613 |
HEICO Corp. | 2,529,423 | 312,586 |
HEICO Corp., Class A | 597,143 | 66,134 |
Northrop Grumman Corp. | 1,235,487 | 373,438 |
Lockheed Martin Corp. | 1,009,357 | 368,415 |
Uber Technologies, Inc.1 | 7,105,905 | 352,879 |
Equifax Inc. | 2,089,378 | 348,717 |
Union Pacific Corp. | 1,587,171 | 323,910 |
Norfolk Southern Corp. | 1,259,000 | 298,408 |
L3Harris Technologies, Inc. | 1,539,424 | 295,554 |
Raytheon Technologies Corp. | 3,995,142 | 286,532 |
Fortive Corp. | 3,780,464 | 265,124 |
Harmonic Drive Systems Inc.3 | 3,225,352 | 257,348 |
BWX Technologies, Inc. | 4,270,040 | 242,880 |
Boeing Company | 988,563 | 208,300 |
RELX PLC (ADR) | 7,396,559 | 172,932 |
Waste Management, Inc. | 1,314,388 | 156,583 |
Stanley Black & Decker, Inc. | 819,618 | 151,064 |
Parker-Hannifin Corp. | 551,011 | 147,263 |
Emerson Electric Co. | 1,828,096 | 140,434 |
MTU Aero Engines AG | 592,562 | 139,918 |
The Growth Fund of America — Page 5 of 14
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) |
Armstrong World Industries, Inc. | 1,754,265 | $135,184 |
Otis Worldwide Corp. | 1,982,868 | 132,733 |
FedEx Corp. | 454,000 | 130,107 |
AMETEK, Inc. | 934,066 | 110,715 |
Waste Connections, Inc. | 1,062,304 | 110,458 |
United Rentals, Inc.1 | 475,779 | 107,992 |
ASSA ABLOY AB, Class B | 4,463,292 | 106,211 |
Southwest Airlines Co. | 2,199,260 | 101,914 |
Plug Power Inc.1 | 3,844,676 | 101,461 |
Singapore Technologies Engineering Ltd | 33,000,000 | 94,978 |
Cummins Inc. | 399,814 | 92,425 |
Westinghouse Air Brake Technologies Corp. | 1,229,561 | 90,127 |
ABB Ltd | 3,274,912 | 86,382 |
Komatsu Ltd. | 3,504,500 | 85,263 |
Epiroc AB, Class B | 4,338,655 | 68,948 |
Epiroc AB, Class A | 646,617 | 10,743 |
Lennox International Inc. | 273,983 | 78,861 |
Generac Holdings Inc.1 | 305,783 | 65,927 |
Copart, Inc.1 | 499,000 | 57,610 |
18,460,486 | ||
Financials 4.97% | ||
JPMorgan Chase & Co. | 11,521,261 | 1,358,126 |
First Republic Bank | 6,384,939 | 827,233 |
Intercontinental Exchange, Inc. | 6,888,148 | 726,768 |
BlackRock, Inc. | 973,315 | 679,715 |
Berkshire Hathaway Inc., Class B1 | 2,762,220 | 632,300 |
CME Group Inc., Class A | 3,344,215 | 585,338 |
SVB Financial Group1 | 1,490,711 | 514,087 |
Bank of America Corp. | 14,871,259 | 418,775 |
HDFC Bank Ltd. (ADR)1 | 3,203,805 | 221,062 |
HDFC Bank Ltd.1 | 8,630,879 | 167,924 |
Fannie Mae1,3 | 127,166,345 | 381,499 |
Arch Capital Group Ltd.1 | 11,731,502 | 377,696 |
PNC Financial Services Group, Inc. | 2,714,314 | 374,765 |
Marsh & McLennan Companies, Inc. | 3,021,636 | 346,400 |
S&P Global Inc. | 937,563 | 329,816 |
American International Group, Inc. | 8,491,542 | 326,415 |
AIA Group Ltd. | 26,330,888 | 288,581 |
MSCI Inc. | 683,882 | 279,995 |
Morgan Stanley | 4,467,837 | 276,246 |
Citigroup Inc. | 4,765,248 | 262,422 |
Federal Home Loan Mortgage Corp.1,3 | 91,353,751 | 261,272 |
London Stock Exchange Group PLC | 2,315,413 | 250,215 |
Progressive Corp. | 2,721,734 | 237,090 |
KKR & Co. Inc. | 6,177,634 | 234,318 |
Carlyle Group Inc. | 6,776,847 | 192,530 |
Chubb Ltd. | 1,291,857 | 190,975 |
Everest Re Group, Ltd. | 746,132 | 169,618 |
Capital One Financial Corp. | 1,914,769 | 163,981 |
Moody’s Corp. | 572,184 | 161,550 |
Travelers Companies, Inc. | 956,868 | 124,058 |
Goldman Sachs Group, Inc. | 516,741 | 119,150 |
State Street Corp. | 1,584,004 | 111,641 |
The Blackstone Group Inc., Class A | 1,657,745 | 98,719 |
The Growth Fund of America — Page 6 of 14
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
Aon PLC, Class A | 475,729 | $97,472 |
Ares Management Corp., Class A | 1,616,114 | 72,806 |
East West Bancorp, Inc. | 1,293,412 | 55,255 |
Tradeweb Markets Inc., Class A | 858,200 | 51,192 |
Clarivate PLC1 | 1,536,000 | 42,148 |
Western Alliance Bancorporation | 795,387 | 40,779 |
Bank of New York Mellon Corp. | 1,024,542 | 40,080 |
Root, Inc., Class A1,3 | 1,048,800 | 18,564 |
Fifth Third Bancorp | 555,796 | 14,084 |
12,122,660 | ||
Consumer staples 2.21% | ||
Costco Wholesale Corp. | 3,837,189 | 1,503,296 |
Constellation Brands, Inc., Class A | 3,974,942 | 818,202 |
Philip Morris International Inc. | 7,550,180 | 571,926 |
Estée Lauder Companies Inc., Class A | 2,018,446 | 495,165 |
Reckitt Benckiser Group PLC | 5,181,703 | 454,822 |
Herbalife Nutrition Ltd.1,2 | 9,115,824 | 436,739 |
Kerry Group PLC, Class A | 1,983,854 | 277,820 |
Altria Group, Inc. | 4,380,803 | 174,487 |
British American Tobacco PLC | 4,376,154 | 153,990 |
Molson Coors Beverage Company, Class B, restricted voting shares | 3,139,438 | 144,414 |
Keurig Dr Pepper Inc. | 2,842,237 | 86,546 |
Grocery Outlet Holding Corp.1 | 1,536,485 | 59,339 |
Pernod Ricard SA3 | 310,079 | 59,181 |
Nestlé SA | 460,000 | 51,216 |
Church & Dwight Co., Inc. | 564,044 | 49,506 |
Monster Beverage Corp.1 | 308,900 | 26,189 |
JUUL Labs, Inc., Class A1,4,5,6 | 433,213 | 22,241 |
Danone SA | 288,183 | 18,515 |
5,403,594 | ||
Materials 1.70% | ||
Sherwin-Williams Company | 1,441,112 | 1,077,419 |
Shin-Etsu Chemical Co., Ltd. | 3,477,400 | 570,740 |
Vale SA, ordinary nominative (ADR) | 21,562,626 | 313,952 |
Vale SA, ordinary nominative | 13,510,365 | 196,701 |
Linde PLC | 1,976,866 | 506,908 |
Freeport-McMoRan Inc. | 17,759,857 | 415,403 |
Rio Tinto PLC | 5,098,816 | 328,591 |
LyondellBasell Industries NV | 3,303,001 | 281,085 |
Celanese Corp. | 1,520,416 | 196,635 |
Allegheny Technologies Inc.1 | 5,112,067 | 68,962 |
PPG Industries, Inc. | 420,117 | 61,661 |
Asahi Kasei Corp. | 5,855,400 | 53,680 |
Barrick Gold Corp. | 2,170,700 | 50,230 |
Packaging Corp. of America | 209,224 | 27,199 |
Alcoa Corp.1 | 27,495 | 547 |
4,149,713 | ||
Energy 1.52% | ||
EOG Resources, Inc. | 22,897,533 | 1,073,436 |
Halliburton Co. | 26,803,179 | 444,665 |
Diamondback Energy, Inc.2 | 9,112,565 | 364,138 |
Baker Hughes Co., Class A | 17,122,535 | 320,534 |
The Growth Fund of America — Page 7 of 14
unaudited
Common stocks (continued) Energy (continued) | Shares | Value (000) |
Cenovus Energy Inc. | 51,643,468 | $256,090 |
ConocoPhillips | 5,526,171 | 218,615 |
Parsley Energy, Inc., Class A | 15,739,557 | 197,217 |
Pioneer Natural Resources Company | 1,442,295 | 145,066 |
Suncor Energy Inc. | 8,296,404 | 132,684 |
BP PLC | 34,384,138 | 113,521 |
Canadian Natural Resources, Ltd. (CAD denominated) | 3,517,764 | 80,258 |
Canadian Natural Resources, Ltd. | 525,255 | 11,997 |
Exxon Mobil Corp. | 2,007,015 | 76,528 |
Concho Resources Inc. | 1,180,757 | 67,870 |
ONEOK, Inc. | 1,778,269 | 63,787 |
Equitrans Midstream Corp. | 7,247,112 | 59,136 |
Schlumberger Ltd. | 1,660,434 | 34,520 |
Cimarex Energy Co. | 808,077 | 29,050 |
Weatherford International1,2 | 4,330,776 | 16,240 |
3,705,352 | ||
Real estate 1.23% | ||
Equinix, Inc. REIT | 1,673,049 | 1,167,437 |
American Tower Corp. REIT | 4,029,373 | 931,591 |
SBA Communications Corp. REIT | 1,797,519 | 516,211 |
Digital Realty Trust, Inc. REIT | 1,490,603 | 200,859 |
Park Hotels & Resorts Inc. REIT | 5,825,713 | 95,076 |
Pebblebrook Hotel Trust REIT | 4,516,066 | 83,547 |
2,994,721 | ||
Utilities 0.38% | ||
PG&E Corp.1 | 42,723,225 | 542,585 |
Xcel Energy Inc. | 2,798,698 | 188,520 |
Edison International | 1,512,872 | 92,830 |
NextEra Energy, Inc. | 829,612 | 61,051 |
Ørsted AS | 311,571 | 56,121 |
941,107 | ||
Total common stocks (cost: $102,048,459,000) | 233,617,274 | |
Preferred securities 0.71% Financials 0.55% | ||
Fannie Mae, Series S, 8.25% noncumulative, preferred shares1 | 43,392,272 | 461,694 |
Fannie Mae, Series T, 8.25% noncumulative, preferred shares1 | 16,710,351 | 164,597 |
Fannie Mae, Series O, 7.00% noncumulative, preferred shares1 | 6,554,622 | 118,639 |
Fannie Mae, Series R, 7.625% noncumulative, preferred shares1 | 3,680,090 | 35,513 |
Fannie Mae, Series P, 4.50% noncumulative, preferred shares1 | 755,000 | 6,719 |
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative, preferred shares1,3 | 51,549,692 | 520,652 |
Federal Home Loan Mortgage Corp., Series V, 5.57% preferred shares1 | 2,031,012 | 18,076 |
Federal Home Loan Mortgage Corp., Series X, 6.02% noncumulative, preferred shares1 | 239,000 | 2,394 |
1,328,284 |
The Growth Fund of America — Page 8 of 14
unaudited
Preferred securities (continued) Consumer discretionary 0.12% | Shares | Value (000) |
Waymo LLC, Series A-2, 8.00% noncumulative, preferred shares1,4,5,6 | 1,164,589 | $100,000 |
Rivian Automotive, Inc.1,4,5,6 | 5,565,505 | 88,380 |
GM Cruise Holdings LLC., Series F, preferred shares1,4,5,6 | 5,205,500 | 75,688 |
Volkswagen AG, nonvoting preferred shares | 209,163 | 35,265 |
299,333 | ||
Information technology 0.04% | ||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 1,630,000 | 90,003 |
Total preferred securities (cost: $1,373,371,000) | 1,717,620 | |
Rights & warrants 0.00% Financials 0.00% | ||
American International Group, Inc., warrants, expire 20211 | 1,987,473 | 1,491 |
Total rights & warrants (cost: $29,964,000) | 1,491 | |
Convertible bonds & notes 0.01% Consumer discretionary 0.01% | Principal amount (000) | |
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 20232,7 | $ 15,749 | 21,718 |
Total convertible bonds & notes (cost: $15,404,000) | 21,718 | |
Bonds, notes & other debt instruments 0.01% Corporate bonds, notes & loans 0.01% Energy 0.01% | ||
Weatherford International PLC 8.75% 20247 | 5,691 | 5,756 |
Weatherford International PLC 11.00% 20247 | 15,155 | 10,571 |
Total bonds, notes & other debt instruments (cost: $20,230,000) | 16,327 | |
Short-term securities 3.57% Money market investments 3.57% | Shares | |
Capital Group Central Cash Fund 0.11%2,8 | 86,005,761 | 8,601,436 |
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.01%8,9 | 121,074,624 | 121,075 |
Total short-term securities (cost: $8,721,973,000) | 8,722,511 | |
Total investment securities 100.06% (cost: $112,209,401,000) | 244,096,941 | |
Other assets less liabilities (0.06)% | (137,793) | |
Net assets 100.00% | $243,959,148 |
The Growth Fund of America — Page 9 of 14
unaudited
Investments in affiliates2
Value of affiliate at 9/1/2020 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliate at 11/30/2020 (000) | Dividend or interest income (000) | |
Common stocks 9.77% | |||||||
Information technology 1.05% | |||||||
MongoDB, Inc., Class A1 | $1,085,512 | $11,557 | $324 | $225 | $250,899 | $1,347,869 | $— |
FleetCor Technologies, Inc.1 | 1,480,865 | 158,231 | 487,761 | 30,480 | 40,054 | 1,221,869 | — |
2,569,738 | |||||||
Consumer discretionary 1.82% | |||||||
Royal Caribbean Cruises Ltd. | 950,295 | 144,215 | 322 | 223 | 173,640 | 1,268,051 | — |
Burlington Stores, Inc.1 | 722,530 | 342,558 | 65,056 | 2,163 | 98,441 | 1,100,636 | — |
Caesars Entertainment, Inc.1 | 428,233 | 341,332 | 162 | 34 | 289,749 | 1,059,186 | — |
Darden Restaurants, Inc. | 645,358 | 193,394 | 230 | 80 | 178,900 | 1,017,502 | 2,706 |
Grand Canyon Education, Inc.1,10 | 238,456 | — | 128,703 | (42,221) | 13,815 | — | — |
4,445,375 | |||||||
Communication services 5.01% | |||||||
Netflix, Inc.1 | 13,509,883 | — | 280,700 | 69,503 | (1,064,454) | 12,234,232 | — |
Health care 1.31% | |||||||
NovoCure Ltd.1 | 372,865 | 115,492 | 151 | 80 | 229,645 | 717,931 | — |
Ultragenyx Pharmaceutical Inc.1 | 430,201 | 45,948 | 126 | 47 | 181,704 | 657,774 | — |
Allakos Inc.1 | 414,878 | 24,793 | 121 | 69 | 87,143 | 526,762 | — |
Allogene Therapeutics, Inc.1 | 455,473 | 17,186 | 139 | 50 | (61,828) | 410,742 | — |
Biohaven Pharmaceutical Holding Co. Ltd.1 | 226,036 | 60,156 | 71 | 16 | 99,735 | 385,872 | — |
Bluebird Bio, Inc.1 | 325,896 | 40,897 | 98 | 21 | (92,495) | 274,221 | — |
Madrigal Pharmaceuticals, Inc.1 | 87,727 | 19,699 | 30 | — | 9,541 | 116,937 | — |
Cortexyme, Inc.1 | 74,193 | 14,723 | 29 | 8 | 7,185 | 96,080 | — |
3,186,319 | |||||||
Industrials 0.24% | |||||||
Dun & Bradstreet Holdings, Inc.1 | 545,598 | 20,083 | 182 | 23 | 33,057 | 598,579 | — |
Consumer staples 0.18% | |||||||
Herbalife Nutrition Ltd.1 | 448,193 | — | 150 | 102 | (11,406) | 436,739 | — |
Energy 0.16% | |||||||
Diamondback Energy, Inc. | 357,873 | — | 2,115 | (3,594) | 11,974 | 364,138 | 3,417 |
Weatherford International1 | 13,127 | — | 4 | (28) | 3,145 | 16,240 | — |
380,378 | |||||||
Total common stocks | 23,851,360 | ||||||
Convertible bonds & notes 0.01% | |||||||
Consumer discretionary 0.01% | |||||||
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 20237 | 19,208 | — | 6 | 2 | 2,514 | 21,718 | 197 |
Short-term securities 3.53% | |||||||
Money market investments 3.53% | |||||||
Capital Group Central Cash Fund 0.11%8 | 8,612,421 | 7,583,932 | 7,594,917 | 722 | (722) | 8,601,436 | 2,809 |
Total 13.31% | $58,005 | $480,236 | $32,474,514 | $9,129 |
The Growth Fund of America — Page 10 of 14
unaudited
1 | Security did not produce income during the last 12 months. |
2 | Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940. |
3 | All or a portion of this security was on loan. The total value of all such securities was $157,421,000, which represented .06% of the net assets of the fund. |
4 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $522,217,000, which represented .21% of the net assets of the fund. |
5 | Value determined using significant unobservable inputs. |
6 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
7 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $145,089,000, which represented .06% of the net assets of the fund. |
8 | Rate represents the seven-day yield at 11/30/2020. |
9 | Security purchased with cash collateral from securities on loan. |
10 | Unaffiliated issuer at 11/30/2020. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets |
Grail, Inc. | 4/17/2020 | $55,567 | $107,044 | .04% |
Waymo LLC, Series A-2, 8.00% noncumulative, preferred shares | 5/1/2020 | 100,000 | 100,000 | .04 |
Verily Life Sciences LLC | 12/21/2018 | 83,000 | 92,205 | .04 |
Rivian Automotive, Inc. | 7/10/2020 | 86,210 | 88,380 | .04 |
GM Cruise Holdings LLC., Series F, preferred shares | 5/7/2020 | 95,000 | 75,688 | .03 |
Acerta Pharma BV | 5/7/2015 | 15,750 | 36,659 | .01 |
JUUL Labs, Inc., Class A | 4/8/2019 | 120,000 | 22,241 | .01 |
Total private placement securities | $ 555,527 | $ 522,217 | .21% |
The Growth Fund of America — Page 11 of 14
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities 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 |
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.
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
The Growth Fund of America — Page 12 of 14
unaudited
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, including an annual control self-evaluation program facilitated by the investment adviser’s compliance 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 November 30, 2020 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $55,981,141 | $— | $— | $55,981,141 |
Consumer discretionary | 50,979,033 | — | — | 50,979,033 |
Communication services | 44,025,056 | — | — | 44,025,056 |
Health care | 34,618,503 | — | 235,908 | 34,854,411 |
Industrials | 18,460,486 | — | — | 18,460,486 |
Financials | 12,122,660 | — | — | 12,122,660 |
Consumer staples | 5,381,353 | — | 22,241 | 5,403,594 |
Materials | 4,149,713 | — | — | 4,149,713 |
Energy | 3,705,352 | — | — | 3,705,352 |
Real estate | 2,994,721 | — | — | 2,994,721 |
Utilities | 941,107 | — | — | 941,107 |
Preferred securities | 1,453,552 | — | 264,068 | 1,717,620 |
Rights & warrants | 1,491 | — | — | 1,491 |
Convertible bonds & notes | — | 21,718 | — | 21,718 |
Bonds, notes & other debt instruments | — | 16,327 | — | 16,327 |
Short-term securities | 8,722,511 | — | — | 8,722,511 |
Total | $243,536,679 | $38,045 | $522,217 | $244,096,941 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
EUR = Euros |
GBP = British pounds |
The Growth Fund of America — Page 13 of 14
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2021 Capital Group. All rights reserved.
MFGEFP1-005-0121O-S78056 | The Growth Fund of America — Page 14 of 14 |