The Growth Fund of America®
Investment portfolio
November 30, 2022
unaudited
Common stocks 90.84% Information technology 20.44% | Shares | Value (000) | |
Microsoft Corp. | 45,053,455 | $11,494,939 | |
Broadcom, Inc. | 8,844,323 | 4,873,487 | |
ASML Holding NV | 4,064,213 | 2,472,143 | |
ASML Holding NV (New York registered) (ADR) | 2,407,395 | 1,463,985 | |
Mastercard, Inc., Class A | 8,752,537 | 3,119,404 | |
Taiwan Semiconductor Manufacturing Company, Ltd. | 78,561,000 | 1,255,106 | |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 3,519,477 | 292,046 | |
Applied Materials, Inc. | 11,372,411 | 1,246,416 | |
Motorola Solutions, Inc. | 4,545,557 | 1,237,301 | |
ServiceNow, Inc.1 | 2,906,850 | 1,210,122 | |
Micron Technology, Inc. | 19,533,974 | 1,126,134 | |
Visa, Inc., Class A | 4,631,117 | 1,004,952 | |
Apple, Inc. | 5,796,862 | 858,109 | |
Shopify, Inc., Class A, subordinate voting shares1 | 18,023,520 | 736,801 | |
NVIDIA Corp. | 3,987,117 | 674,740 | |
Wolfspeed, Inc.1,2 | 7,390,799 | 671,971 | |
EPAM Systems, Inc.1 | 1,814,818 | 668,906 | |
Synopsys, Inc.1 | 1,747,078 | 593,203 | |
Cloudflare, Inc., Class A1 | 8,634,004 | 424,275 | |
Block, Inc., Class A1 | 6,000,553 | 406,657 | |
Snowflake, Inc., Class A1 | 2,781,181 | 397,431 | |
Fiserv, Inc.1 | 3,732,570 | 389,531 | |
Bill.com Holdings, Inc.1 | 2,840,436 | 342,045 | |
MongoDB, Inc., Class A1 | 1,948,966 | 297,588 | |
Trimble, Inc.1 | 4,967,310 | 296,797 | |
TE Connectivity, Ltd. | 2,020,775 | 254,860 | |
Affirm Holdings, Inc., Class A1,3 | 16,725,001 | 232,812 | |
Datadog, Inc., Class A1 | 3,029,709 | 229,591 | |
Salesforce, Inc.1 | 1,336,635 | 214,196 | |
RingCentral, Inc., Class A1 | 5,562,485 | 206,146 | |
Nice, Ltd. (ADR)1 | 1,010,491 | 196,207 | |
Keyence Corp. | 452,200 | 192,303 | |
Atlassian Corp., Class A1 | 1,434,672 | 188,731 | |
DocuSign, Inc.1 | 3,993,955 | 187,995 | |
Autodesk, Inc.1 | 906,630 | 183,094 | |
CDW Corp. | 961,893 | 181,451 | |
Arista Networks, Inc.1 | 1,254,713 | 174,782 | |
Ceridian HCM Holding, Inc.1 | 2,431,166 | 166,389 | |
MicroStrategy, Inc., Class A1 | 803,352 | 159,136 | |
First Solar, Inc.1 | 884,834 | 152,660 | |
Adobe, Inc.1 | 425,672 | 146,827 | |
Fidelity National Information Services, Inc. | 2,000,000 | 145,160 | |
Zscaler, Inc.1 | 1,003,789 | 133,956 | |
Smartsheet, Inc., Class A1 | 3,789,626 | 116,493 | |
CrowdStrike Holdings, Inc., Class A1 | 981,474 | 115,470 | |
Genpact, Ltd. | 2,437,932 | 112,413 |
The Growth Fund of America — Page 1 of 13
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Intuit, Inc. | 256,000 | $104,343 | |
Enphase Energy, Inc.1 | 317,241 | 101,704 | |
MKS Instruments, Inc. | 1,141,368 | 95,715 | |
Ciena Corp.1 | 2,023,092 | 90,958 | |
VeriSign, Inc.1 | 418,393 | 83,599 | |
Lam Research Corp. | 173,816 | 82,107 | |
Amadeus IT Group SA, Class A, non-registered shares1 | 1,483,594 | 80,774 | |
Accenture PLC, Class A | 255,564 | 76,907 | |
Nuvei Corp., subordinate voting shares1 | 2,485,261 | 76,600 | |
Kulicke and Soffa Industries, Inc. | 1,524,058 | 73,079 | |
Concentrix Corp. | 590,483 | 72,263 | |
Paycom Software, Inc.1 | 196,835 | 66,747 | |
Alteryx, Inc., Class A1 | 1,423,345 | 63,837 | |
Samsung Electronics Co., Ltd. | 1,305,500 | 62,695 | |
GoDaddy, Inc., Class A1 | 787,182 | 62,290 | |
GitLab, Inc., Class A1,3 | 1,560,795 | 61,729 | |
Qorvo, Inc.1 | 521,950 | 51,804 | |
Toast, Inc., Class A1 | 2,685,518 | 49,306 | |
QUALCOMM, Inc. | 385,921 | 48,815 | |
Marqeta, Inc., Class A1 | 7,261,669 | 48,581 | |
TELUS International (Cda), Inc., subordinate voting shares1 | 2,197,547 | 46,280 | |
Globant SA1 | 233,913 | 43,831 | |
Zebra Technologies Corp., Class A1 | 157,953 | 42,692 | |
Constellation Software, Inc. | 24,500 | 39,497 | |
Stripe, Inc., Class B1,4,5 | 1,123,404 | 31,343 | |
CCC Intelligent Solutions Holdings, Inc.1 | 1,480,590 | 13,621 | |
Guidewire Software, Inc.1 | 47,000 | 2,788 | |
Paylocity Holding Corp.1 | 8,991 | 1,959 | |
42,920,625 | |||
Consumer discretionary 20.17% | |||
Tesla, Inc.1 | 48,882,614 | 9,517,445 | |
Amazon.com, Inc.1 | 59,313,250 | 5,726,101 | |
Home Depot, Inc. | 5,227,884 | 1,693,782 | |
Airbnb, Inc., Class A1 | 16,045,848 | 1,638,923 | |
D.R. Horton, Inc.2 | 17,482,924 | 1,503,531 | |
General Motors Company | 31,612,530 | 1,282,204 | |
Chipotle Mexican Grill, Inc.1 | 780,139 | 1,269,255 | |
Royal Caribbean Cruises, Ltd.1,2 | 20,055,331 | 1,201,916 | |
LVMH Moët Hennessy-Louis Vuitton SE | 1,430,446 | 1,107,538 | |
Dollar General Corp. | 3,602,541 | 921,098 | |
Caesars Entertainment, Inc.1,2 | 17,683,884 | 898,518 | |
MercadoLibre, Inc.1 | 923,180 | 859,467 | |
Flutter Entertainment PLC1 | 5,640,635 | 849,735 | |
NVR, Inc.1,2 | 181,256 | 840,848 | |
Hilton Worldwide Holdings, Inc. | 5,695,537 | 812,298 | |
NIKE, Inc., Class B | 6,160,655 | 675,762 | |
DoorDash, Inc., Class A1 | 11,522,150 | 671,165 | |
Booking Holdings, Inc.1 | 319,031 | 663,409 | |
Darden Restaurants, Inc. | 4,392,256 | 645,618 | |
Dollar Tree Stores, Inc.1 | 4,224,145 | 634,847 | |
Rivian Automotive, Inc., Class A1 | 18,506,255 | 592,940 | |
Las Vegas Sands Corp.1 | 11,988,054 | 561,520 | |
Burlington Stores, Inc.1 | 2,714,767 | 531,226 | |
Hermès International | 322,114 | 529,456 |
The Growth Fund of America — Page 2 of 13
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Coupang, Inc., Class A1 | 26,997,136 | $525,904 | |
Aptiv PLC1 | 4,660,483 | 497,134 | |
Polaris, Inc.2 | 3,857,278 | 439,961 | |
Mattel, Inc.1,2 | 23,133,705 | 421,727 | |
Floor & Decor Holdings, Inc., Class A1,2 | 5,622,708 | 419,623 | |
Etsy, Inc.1 | 3,103,761 | 409,976 | |
Evolution AB | 3,803,608 | 389,702 | |
Starbucks Corp. | 3,521,155 | 359,862 | |
Moncler SpA | 6,070,435 | 318,921 | |
Lennar Corp., Class A | 3,629,762 | 318,802 | |
Wayfair, Inc., Class A1,3 | 6,896,912 | 252,703 | |
CarMax, Inc.1 | 3,564,619 | 247,242 | |
Vail Resorts, Inc. | 872,156 | 224,615 | |
Target Corp. | 1,337,493 | 223,455 | |
lululemon athletica, Inc.1 | 424,258 | 161,350 | |
Peloton Interactive, Inc., Class A1,3 | 13,985,271 | 159,152 | |
Galaxy Entertainment Group, Ltd. | 23,285,000 | 141,078 | |
Norwegian Cruise Line Holdings, Ltd.1,3 | 8,236,921 | 135,415 | |
Adient PLC1 | 3,437,538 | 133,858 | |
Aramark | 3,157,453 | 131,350 | |
Kering SA | 199,318 | 120,885 | |
Churchill Downs Inc. | 502,824 | 111,607 | |
adidas AG | 795,308 | 101,415 | |
Entain PLC | 5,470,950 | 94,022 | |
YETI Holdings, Inc.1 | 1,985,128 | 89,112 | |
Toll Brothers, Inc. | 1,303,547 | 62,453 | |
YUM! Brands, Inc. | 478,244 | 61,531 | |
LGI Homes, Inc.1 | 561,564 | 55,786 | |
Domino’s Pizza, Inc. | 140,511 | 54,621 | |
Xpeng, Inc., Class A (ADR)1,3 | 2,445,000 | 26,430 | |
TopBuild Corp.1 | 105,358 | 16,234 | |
Helen of Troy, Ltd.1 | 139,635 | 13,760 | |
Carvana Co., Class A1,3 | 1,020,101 | 7,865 | |
42,356,153 | |||
Health care 15.04% | |||
UnitedHealth Group, Inc. | 12,663,140 | 6,936,362 | |
Thermo Fisher Scientific, Inc. | 4,468,413 | 2,503,294 | |
Eli Lilly and Company | 6,274,357 | 2,328,288 | |
Regeneron Pharmaceuticals, Inc.1 | 2,541,681 | 1,910,582 | |
Alnylam Pharmaceuticals, Inc.1,2 | 7,018,765 | 1,548,269 | |
Abbott Laboratories | 14,076,023 | 1,514,299 | |
Vertex Pharmaceuticals, Inc.1 | 4,453,826 | 1,409,190 | |
Centene Corp.1 | 10,224,754 | 890,065 | |
Seagen, Inc.1 | 7,006,104 | 850,471 | |
CVS Health Corp. | 8,066,742 | 821,840 | |
Stryker Corp. | 3,452,865 | 807,591 | |
Zoetis, Inc., Class A | 4,983,243 | 768,117 | |
Intuitive Surgical, Inc.1 | 2,166,266 | 585,737 | |
Insulet Corp.1 | 1,804,361 | 540,172 | |
NovoCure, Ltd.1,2 | 7,023,727 | 539,703 | |
Teva Pharmaceutical Industries, Ltd. (ADR)1,2 | 58,734,848 | 515,105 | |
AbbVie, Inc. | 3,074,486 | 495,546 | |
Edwards Lifesciences Corp.1 | 6,151,229 | 475,182 | |
Horizon Therapeutics PLC1 | 4,687,341 | 470,093 |
The Growth Fund of America — Page 3 of 13
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Danaher Corp. | 1,550,616 | $423,954 | |
ResMed, Inc. | 1,791,019 | 412,293 | |
DexCom, Inc.1 | 3,432,592 | 399,142 | |
Moderna, Inc.1 | 2,250,000 | 395,797 | |
Humana, Inc. | 697,589 | 383,604 | |
PerkinElmer, Inc. | 2,687,499 | 375,524 | |
Novo Nordisk A/S, Class B | 2,907,812 | 364,028 | |
Pfizer, Inc. | 4,987,584 | 250,028 | |
Align Technology, Inc.1 | 1,223,500 | 240,613 | |
Oak Street Health, Inc.1 | 10,444,377 | 225,807 | |
Mettler-Toledo International, Inc.1 | 151,785 | 223,057 | |
AstraZeneca PLC | 1,552,888 | 210,128 | |
Molina Healthcare, Inc.1 | 622,442 | 209,620 | |
Karuna Therapeutics, Inc.1 | 867,753 | 204,191 | |
Guardant Health, Inc.1 | 3,695,292 | 193,412 | |
QIAGEN NV1 | 3,630,875 | 179,873 | |
Catalent, Inc.1 | 3,541,584 | 177,540 | |
Zimmer Biomet Holdings, Inc. | 999,058 | 119,987 | |
Verily Life Sciences, LLC1,4,5 | 673,374 | 101,444 | |
Ascendis Pharma A/S (ADR)1,3 | 631,556 | 77,719 | |
Exact Sciences Corp.1 | 1,711,386 | 76,927 | |
Inari Medical, Inc.1 | 1,012,851 | 74,526 | |
Elevance Health, Inc. | 127,304 | 67,843 | |
BeiGene, Ltd. (ADR)1,3 | 306,017 | 58,636 | |
Fate Therapeutics, Inc.1 | 2,174,249 | 45,268 | |
CRISPR Therapeutics AG1 | 800,865 | 43,879 | |
Penumbra, Inc.1 | 145,074 | 30,394 | |
Galapagos NV1 | 729,041 | 28,946 | |
R1 RCM, Inc.1 | 3,033,129 | 27,450 | |
Masimo Corp.1 | 177,600 | 25,741 | |
Ultragenyx Pharmaceutical, Inc.1 | 505,857 | 18,363 | |
Biohaven, Ltd.1,3 | 527,378 | 8,343 | |
31,583,983 | |||
Industrials 9.47% | |||
General Electric Co. | 30,132,613 | 2,590,501 | |
Carrier Global Corp.2 | 53,455,626 | 2,369,153 | |
Old Dominion Freight Line, Inc. | 5,409,850 | 1,637,075 | |
Caterpillar, Inc. | 6,563,632 | 1,551,708 | |
TransDigm Group, Inc. | 2,360,412 | 1,483,519 | |
Airbus SE, non-registered shares | 6,827,375 | 788,265 | |
Raytheon Technologies Corp. | 6,734,656 | 664,845 | |
CSX Corp. | 18,319,395 | 598,861 | |
United Rentals, Inc.1 | 1,612,469 | 569,250 | |
Boeing Company1 | 3,145,476 | 562,663 | |
Uber Technologies, Inc.1 | 18,944,947 | 552,056 | |
HEICO Corp. | 2,970,023 | 482,064 | |
HEICO Corp., Class A | 304,677 | 38,627 | |
Waste Connections, Inc. | 3,287,006 | 474,972 | |
Axon Enterprise, Inc.1 | 2,562,563 | 471,588 | |
Jacobs Solutions, Inc. | 3,695,620 | 467,644 | |
Safran SA | 3,264,456 | 401,667 | |
Robert Half International, Inc. | 4,563,138 | 359,484 | |
Canadian Pacific Railway, Ltd. | 4,327,918 | 354,500 | |
Chart Industries, Inc.1,2 | 2,436,504 | 348,396 |
The Growth Fund of America — Page 4 of 13
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
Ryanair Holdings PLC (ADR)1 | 4,116,904 | $311,609 | |
Ryanair Holdings PLC1 | 315,525 | 4,289 | |
Delta Air Lines, Inc.1 | 8,839,795 | 312,663 | |
Saia, Inc.1 | 1,016,249 | 247,548 | |
United Airlines Holdings, Inc.1 | 4,661,146 | 205,883 | |
Honeywell International, Inc. | 863,683 | 189,622 | |
Rockwell Automation | 670,364 | 177,124 | |
Union Pacific Corp. | 704,291 | 153,134 | |
L3Harris Technologies, Inc. | 655,989 | 148,962 | |
ABB, Ltd. | 4,700,796 | 148,082 | |
Equifax, Inc. | 696,397 | 137,448 | |
AMETEK, Inc. | 930,696 | 132,550 | |
Advanced Drainage Systems, Inc. | 1,253,151 | 121,881 | |
Dun & Bradstreet Holdings, Inc. | 8,932,377 | 120,230 | |
Trane Technologies PLC | 667,371 | 119,072 | |
Armstrong World Industries, Inc. | 1,556,735 | 118,950 | |
Otis Worldwide Corp. | 1,175,681 | 91,809 | |
Copart, Inc.1 | 994,400 | 66,187 | |
Simpson Manufacturing Co., Inc. | 686,564 | 63,885 | |
Northrop Grumman Corp. | 112,462 | 59,975 | |
Harmonic Drive Systems, Inc. | 1,779,152 | 48,023 | |
Cummins, Inc. | 166,310 | 41,770 | |
Regal Rexnord Corp. | 314,703 | 41,261 | |
ManpowerGroup, Inc. | 357,039 | 31,248 | |
TFI International, Inc. | 96,415 | 10,466 | |
19,870,509 | |||
Communication services 8.59% | |||
Alphabet, Inc., Class C1 | 43,472,961 | 4,410,332 | |
Alphabet, Inc., Class A1 | 28,872,398 | 2,915,823 | |
Meta Platforms, Inc., Class A1 | 33,249,844 | 3,926,807 | |
Netflix, Inc.1 | 12,615,067 | 3,854,281 | |
Charter Communications, Inc., Class A1 | 1,909,216 | 747,057 | |
Comcast Corp., Class A | 12,074,277 | 442,401 | |
T-Mobile US, Inc.1 | 2,857,829 | 432,847 | |
Snap, Inc., Class A, nonvoting shares1 | 23,058,914 | 237,737 | |
Iridium Communications, Inc.1 | 3,946,314 | 209,549 | |
Frontier Communications Parent, Inc.1 | 7,995,693 | 206,049 | |
Take-Two Interactive Software, Inc.1 | 1,551,620 | 163,991 | |
ZoomInfo Technologies, Inc.1 | 4,996,737 | 142,907 | |
Activision Blizzard, Inc. | 1,582,698 | 117,041 | |
Electronic Arts, Inc. | 579,668 | 75,809 | |
Epic Games, Inc.1,4,5 | 84,249 | 54,889 | |
Pinterest, Inc., Class A1 | 1,904,258 | 48,406 | |
Tencent Holdings, Ltd. | 811,800 | 30,505 | |
ROBLOX Corp., Class A1 | 619,000 | 19,666 | |
Yandex NV, Class A1,4 | 9,341,235 | —6 | |
18,036,097 | |||
Financials 5.99% | |||
Morgan Stanley | 10,108,814 | 940,827 | |
JPMorgan Chase & Co. | 6,542,657 | 904,064 | |
Wells Fargo & Company | 16,984,659 | 814,414 | |
KKR & Co., Inc. | 15,575,180 | 808,663 | |
Berkshire Hathaway, Inc., Class B1 | 2,127,729 | 677,895 |
The Growth Fund of America — Page 5 of 13
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
MSCI, Inc. | 1,129,973 | $573,834 | |
Progressive Corp. | 4,010,417 | 529,977 | |
Blackstone, Inc., nonvoting shares | 5,117,492 | 468,404 | |
Apollo Asset Management, Inc. | 6,715,256 | 465,972 | |
Marsh & McLennan Companies, Inc. | 2,679,271 | 463,996 | |
S&P Global, Inc. | 1,153,816 | 407,066 | |
American International Group, Inc. | 6,435,851 | 406,167 | |
Bank of America Corp. | 10,535,162 | 398,756 | |
First Republic Bank | 3,005,452 | 383,526 | |
CME Group, Inc., Class A | 2,127,770 | 375,551 | |
BlackRock, Inc. | 474,731 | 339,907 | |
Goldman Sachs Group, Inc. | 783,787 | 302,659 | |
Discover Financial Services | 2,639,510 | 286,017 | |
Chubb, Ltd. | 1,287,197 | 282,656 | |
Arch Capital Group, Ltd.1 | 4,679,136 | 280,327 | |
LPL Financial Holdings, Inc. | 1,093,896 | 258,936 | |
Western Alliance Bancorporation | 3,587,225 | 245,868 | |
Blue Owl Capital, Inc., Class A | 20,899,456 | 236,164 | |
Essent Group, Ltd.2 | 5,465,000 | 219,092 | |
AIA Group, Ltd. | 19,565,288 | 199,546 | |
Capital One Financial Corp. | 1,907,863 | 196,968 | |
Signature Bank | 1,239,444 | 172,903 | |
HDFC Bank, Ltd. | 4,458,000 | 88,917 | |
HDFC Bank, Ltd. (ADR) | 1,007,000 | 71,064 | |
Ares Management Corp., Class A | 1,610,284 | 126,230 | |
Trupanion, Inc.1,3 | 1,985,685 | 103,792 | |
PNC Financial Services Group, Inc. | 554,000 | 93,216 | |
Charles Schwab Corp. | 1,024,034 | 84,524 | |
Focus Financial Partners, Inc., Class A1 | 2,175,948 | 83,034 | |
Cullen/Frost Bankers, Inc. | 518,211 | 75,177 | |
SVB Financial Group1 | 324,095 | 75,119 | |
Nu Holdings, Ltd., Class A1 | 16,250,792 | 72,316 | |
Tradeweb Markets, Inc., Class A | 1,029,030 | 63,244 | |
Fifth Third Bancorp | 149,700 | 5,443 | |
Rocket Companies, Inc., Class A | 148,500 | 1,233 | |
12,583,464 | |||
Energy 5.09% | |||
Cenovus Energy, Inc. (CAD denominated) | 66,851,177 | 1,329,420 | |
Cenovus Energy, Inc. | 15,756,061 | 313,388 | |
EOG Resources, Inc. | 11,573,175 | 1,642,581 | |
Pioneer Natural Resources Company | 4,866,717 | 1,148,497 | |
Canadian Natural Resources, Ltd. (CAD denominated) | 18,903,110 | 1,128,579 | |
Halliburton Company | 25,242,016 | 956,420 | |
ConocoPhillips | 5,687,596 | 702,475 | |
Hess Corp. | 3,864,492 | 556,139 | |
Baker Hughes Co., Class A | 16,751,793 | 486,137 | |
Chevron Corp. | 2,568,178 | 470,773 | |
Cheniere Energy, Inc. | 1,990,000 | 348,966 | |
Chesapeake Energy Corp. | 3,334,855 | 345,157 | |
Tourmaline Oil Corp. | 5,145,837 | 313,192 | |
Diamondback Energy, Inc. | 1,811,411 | 268,125 | |
Coterra Energy, Inc. | 8,103,535 | 226,170 | |
Weatherford International1,2 | 4,553,214 | 197,609 | |
New Fortress Energy, Inc., Class A | 3,417,776 | 173,965 |
The Growth Fund of America — Page 6 of 13
unaudited
Common stocks (continued) Energy (continued) | Shares | Value (000) | |
Suncor Energy, Inc.3 | 2,317,558 | $76,204 | |
Equitrans Midstream Corp. | 1,089,167 | 9,138 | |
10,692,935 | |||
Materials 2.66% | |||
Linde PLC | 3,453,739 | 1,162,114 | |
Freeport-McMoRan, Inc. | 23,273,980 | 926,304 | |
Vale SA (ADR), ordinary nominative shares | 41,909,643 | 691,509 | |
Vale SA, ordinary nominative shares | 8,729,222 | 144,176 | |
Nutrien, Ltd. (CAD denominated) | 6,575,240 | 528,454 | |
Sherwin-Williams Company | 2,037,342 | 507,665 | |
Albemarle Corp. | 1,576,937 | 438,373 | |
Mosaic Co. | 5,321,927 | 273,015 | |
Steel Dynamics, Inc. | 2,002,411 | 208,111 | |
Shin-Etsu Chemical Co., Ltd. | 1,548,900 | 200,652 | |
ATI, Inc.1 | 5,968,619 | 182,103 | |
Glencore PLC | 26,111,660 | 176,648 | |
Summit Materials, Inc., Class A1 | 3,771,636 | 114,243 | |
Corteva, Inc. | 547,725 | 36,785 | |
5,590,152 | |||
Consumer staples 2.31% | |||
Philip Morris International, Inc. | 11,780,345 | 1,174,147 | |
Costco Wholesale Corp. | 1,435,196 | 773,929 | |
Constellation Brands, Inc., Class A | 2,425,783 | 624,275 | |
British American Tobacco PLC | 11,564,427 | 474,549 | |
Archer Daniels Midland Company | 4,362,012 | 425,296 | |
Altria Group, Inc. | 5,431,891 | 253,018 | |
Estée Lauder Companies, Inc., Class A | 957,141 | 225,684 | |
Monster Beverage Corp.1 | 1,601,400 | 164,720 | |
Reckitt Benckiser Group PLC | 2,176,958 | 157,504 | |
Molson Coors Beverage Company, Class B, restricted voting shares | 2,574,742 | 141,894 | |
Seven & i Holdings Co., Ltd. | 3,415,600 | 139,367 | |
Fever-Tree Drinks PLC2 | 7,436,086 | 105,811 | |
Performance Food Group Co.1 | 1,644,449 | 100,279 | |
Kerry Group PLC, Class A | 500,532 | 47,286 | |
Celsius Holdings, Inc.1 | 312,743 | 34,821 | |
Kroger Co. | 138,000 | 6,788 | |
JUUL Labs, Inc., Class A1,4,5 | 433,213 | 3,054 | |
4,852,422 | |||
Utilities 0.91% | |||
PG&E Corp.1 | 80,735,542 | 1,267,548 | |
AES Corp. | 9,535,605 | 275,770 | |
CenterPoint Energy, Inc. | 4,604,819 | 143,256 | |
Constellation Energy Corp. | 1,077,302 | 103,550 | |
Edison International | 670,767 | 44,714 | |
Exelon Corp. | 895,747 | 37,057 | |
NextEra Energy, Inc. | 402,588 | 34,099 | |
1,905,994 |
The Growth Fund of America — Page 7 of 13
unaudited
Common stocks (continued) Real estate 0.17% | Shares | Value (000) | |
Equinix, Inc. REIT | 272,904 | $188,481 | |
SBA Communications Corp. REIT, Class A | 319,345 | 95,580 | |
American Tower Corp. REIT | 267,183 | 59,114 | |
343,175 | |||
Total common stocks (cost: $104,082,850,000) | 190,735,509 | ||
Preferred securities 0.39% Financials 0.16% | |||
Fannie Mae, Series S, 8.25% noncumulative preferred shares1 | 62,208,020 | 147,433 | |
Fannie Mae, Series T, 8.25% noncumulative preferred shares1 | 6,954,484 | 14,048 | |
Fannie Mae, Series O, 7.00% noncumulative preferred shares1 | 1,739,366 | 6,435 | |
Fannie Mae, Series R, 7.625% noncumulative preferred shares1 | 837,675 | 1,617 | |
Fannie Mae, Series P, (3-month USD-LIBOR + 0.75%), 4.50% noncumulative preferred shares1 | 190,000 | 342 | |
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1,3 | 71,426,283 | 157,138 | |
Federal Home Loan Mortgage Corp., Series X, 6.02% noncumulative preferred shares1 | 239,000 | 492 | |
Federal Home Loan Mortgage Corp., Series V, 5.57% preferred shares1 | 212,500 | 398 | |
327,903 | |||
Consumer discretionary 0.14% | |||
Waymo, LLC, Series A-2, 8.00% noncumulative preferred shares1,4,5 | 1,164,589 | 106,819 | |
Waymo, LLC, Series B-2, preferred shares1,4,5 | 163,537 | 15,000 | |
Dr. Ing. h.c. F. Porsche AG., nonvoting non-registered preferred shares1 | 828,584 | 94,151 | |
GM Cruise Holdings, LLC, Series F, preferred shares1,4,5 | 5,205,500 | 89,170 | |
305,140 | |||
Information technology 0.07% | |||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 1,366,500 | 58,791 | |
Tipalti Solutions, Ltd., Series F, preferred shares1,4,5 | 3,800,381 | 31,049 | |
Chime Financial, Inc., Series G, preferred shares1,4,5 | 1,433,730 | 22,853 | |
PsiQuantum Corp., Series D, preferred shares1,4,5 | 613,889 | 16,587 | |
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,4,5 | 376,444 | 10,503 | |
139,783 | |||
Industrials 0.02% | |||
ABL Space Systems Co., Series B2, preferred shares1,4,5 | 576,000 | 33,293 | |
Einride AB, Series C, preferred shares1,4,5 | 214,305 | 7,286 | |
40,579 | |||
Total preferred securities (cost: $1,405,452,000) | 813,405 | ||
Rights & warrants 0.01% Energy 0.01% | |||
Cenovus Energy, Inc., warrants, expire 1/1/20261 | 1,056,329 | 15,847 | |
Total rights & warrants (cost: $3,560,000) | 15,847 | ||
Convertible stocks 0.02% Financials 0.02% | |||
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 | 624,711 | 39,263 | |
Total convertible stocks (cost: $38,526,000) | 39,263 |
The Growth Fund of America — Page 8 of 13
unaudited
Convertible bonds & notes 0.01% Consumer discretionary 0.01% | Principal amount (000) | Value (000) | |
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 6/15/20232 | USD15,692 | $16,516 | |
Industrials 0.00% | |||
Einride AB, convertible notes, 7.00% 2/1/20234,5 | 8,500 | 8,500 | |
Total convertible bonds & notes (cost: $24,115,000) | 25,016 | ||
Short-term securities 8.51% Money market investments 8.34% | Shares | ||
Capital Group Central Cash Fund 3.94%2,7 | 175,219,006 | 17,520,149 | |
Money market investments purchased with collateral from securities on loan 0.17% | |||
Capital Group Central Cash Fund 3.94%2,7,8 | 2,423,955 | 242,371 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 3.74%7,8 | 58,411,103 | 58,411 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.73%7,8 | 56,321,113 | 56,321 | |
357,103 | |||
Total short-term securities (cost: $17,876,037,000) | 17,877,252 | ||
Total investment securities 99.78% (cost: $123,430,540,000) | 209,506,292 | ||
Other assets less liabilities 0.22% | 460,085 | ||
Net assets 100.00% | $209,966,377 |
Investments in affiliates2
Value of affiliates at 9/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 11/30/2022 (000) | Dividend or interest income (000) | |
Common stocks 5.83% | |||||||
Information technology 0.32% | |||||||
Wolfspeed, Inc.1 | $665,758 | $174,736 | $62,654 | $(3,623) | $(102,246) | $671,971 | $— |
MongoDB, Inc., Class A1,9 | 1,602,235 | 18,303 | 466,498 | (39,512) | (816,940) | — | — |
671,971 | |||||||
Consumer discretionary 2.73% | |||||||
D.R. Horton, Inc. | 1,100,035 | 159,512 | 1,070 | 929 | 244,125 | 1,503,531 | — |
Royal Caribbean Cruises, Ltd.1 | 364,007 | 523,054 | 448 | 245 | 315,058 | 1,201,916 | — |
Caesars Entertainment, Inc.1 | 731,375 | 34,294 | 772 | 135 | 133,486 | 898,518 | — |
NVR, Inc.1 | 751,119 | — | 729 | 353 | 90,105 | 840,848 | — |
Polaris, Inc. | 437,326 | — | 411 | 56 | 2,990 | 439,961 | 2,469 |
Mattel, Inc.1 | 513,000 | 51,034 | 50,869 | (9,632) | (81,806) | 421,727 | — |
Floor & Decor Holdings, Inc., Class A1 | 457,895 | — | 449 | 249 | (38,072) | 419,623 | — |
5,726,124 | |||||||
Health care 1.24% | |||||||
Alnylam Pharmaceuticals, Inc.1 | 1,254,316 | 189,941 | 1,277 | 601 | 104,688 | 1,548,269 | — |
NovoCure, Ltd.1 | 571,177 | 6,185 | 587 | 310 | (37,382) | 539,703 | — |
Teva Pharmaceutical Industries, Ltd. (ADR)1 | 531,464 | — | 508 | 81 | (15,932) | 515,105 | — |
2,603,077 |
The Growth Fund of America — Page 9 of 13
unaudited
Investments in affiliates2 (continued)
Value of affiliates at 9/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 11/30/2022 (000) | Dividend or interest income (000) | ||||
Industrials 1.29% | ||||||||||
Carrier Global Corp. | $2,102,542 | $— | $12,453 | $(2,021) | $281,085 | $2,369,153 | $8,054 | |||
Chart Industries, Inc.1 | 420,355 | 50,321 | 410 | 144 | (122,014) | 348,396 | — | |||
Old Dominion Freight Line, Inc.9 | 1,519,417 | 185,225 | 228,583 | (14,519) | 175,535 | — | 1,679 | |||
2,717,549 | ||||||||||
Financials 0.11% | ||||||||||
Essent Group, Ltd. | 218,751 | — | 209 | —6 | 550 | 219,092 | 1,257 | |||
Energy 0.09% | ||||||||||
Weatherford International1 | 128,248 | — | 133 | 44 | 69,450 | 197,609 | — | |||
Consumer staples 0.05% | ||||||||||
Fever-Tree Drinks PLC | 78,906 | — | 74 | (45) | 27,024 | 105,811 | 456 | |||
Total common stocks | 12,241,233 | |||||||||
Convertible bonds & notes 0.01% | ||||||||||
Consumer discretionary 0.01% | ||||||||||
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 6/15/2023 | 15,513 | — | 15 | —6 | 1,018 | 16,516 | 200 | |||
Short-term securities 8.46% | ||||||||||
Money market investments 8.34% | ||||||||||
Capital Group Central Cash Fund 3.94%7 | 14,830,410 | 7,486,981 | 4,798,539 | (898) | 2,195 | 17,520,149 | 108,419 | |||
Money market investments purchased with collateral from securities on loan 0.12% | ||||||||||
Capital Group Central Cash Fund 3.94%7,8 | 231,424 | 10,94710 | 242,371 | —11 | ||||||
Total short-term securities | 17,762,520 | |||||||||
Total 14.30% | $(67,103) | $232,917 | $30,020,269 | $122,534 |
Restricted securities5
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |||
Waymo, LLC, Series A-2, 8.00% noncumulative preferred shares1,4 | 5/1/2020 | $100,000 | $106,819 | .05% | ||
Waymo, LLC, Series B-2, preferred shares1,4 | 6/11/2021 | 15,000 | 15,000 | .01 | ||
Verily Life Sciences, LLC1,4 | 12/21/2018 | 83,000 | 101,444 | .05 | ||
GM Cruise Holdings, LLC, Series F, preferred shares1,4 | 5/7/2020 | 95,000 | 89,170 | .04 | ||
Epic Games, Inc.1,4 | 3/29/2021 | 74,560 | 54,889 | .03 | ||
Stripe, Inc., Class B1,4 | 5/6/2021 | 45,080 | 31,343 | .01 | ||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,4 | 3/15/2021 | 15,105 | 10,503 | .01 | ||
ABL Space Systems Co., Series B2, preferred shares1,4 | 10/22/2021 | 39,166 | 33,293 | .01 | ||
Tipalti Solutions, Ltd., Series F, preferred shares1,4 | 12/1/2021 | 65,064 | 31,049 | .01 | ||
Chime Financial, Inc., Series G, preferred shares1,4 | 8/24/2021 | 99,027 | 22,853 | .01 | ||
PsiQuantum Corp., Series D, preferred shares1,4 | 5/28/2021 | 16,100 | 16,587 | .01 | ||
Einride AB, convertible notes, 7.00% 2/1/20234 | 1/7/2022 | 8,500 | 8,500 | .01 | ||
Einride AB, Series C, preferred shares1,4 | 11/23/2022 | 7,286 | 7,286 | .00 | ||
JUUL Labs, Inc., Class A1,4 | 4/8/2019 | 120,000 | 3,054 | .00 | ||
Total | $782,888 | $531,790 | .25% |
The Growth Fund of America — Page 10 of 13
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, as defined under the Investment Company Act of 1940, as amended. |
3 | All or a portion of this security was on loan. The total value of all such securities was $384,881,000, which represented .18% of the net assets of the fund. |
4 | Value determined using significant unobservable inputs. |
5 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $531,790,000, which represented .25% of the net assets of the fund. |
6 | Amount less than one thousand. |
7 | Rate represents the seven-day yield at 11/30/2022. |
8 | Security purchased with cash collateral from securities on loan. |
9 | Affiliated issuer during the reporting period but no longer an affiliate at 11/30/2022. Refer to the investment portfolio for the security value at 11/30/2022. |
10 | Represents net activity. |
11 | Dividend income is included with securities lending income and is not shown in this table. |
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, including depositary receipts, 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 evaluated prices obtained from third-party 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 |
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 — Page 11 of 13
unaudited
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 the fund’s investment adviser and approved by the 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, dealer or broker quotes, 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 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 designated 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 team. 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 November 30, 2022 (dollars in thousands):
Investment securities | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Common stocks: | |||||||
Information technology | $38,826,261 | $4,063,021 | $31,343 | $42,920,625 | |||
Consumer discretionary | 38,703,401 | 3,652,752 | — | 42,356,153 | |||
Health care | 30,879,437 | 603,102 | 101,444 | 31,583,983 | |||
Industrials | 18,480,183 | 1,390,326 | — | 19,870,509 | |||
Communication services | 17,950,703 | 30,505 | 54,889 | 18,036,097 | |||
Financials | 12,295,001 | 288,463 | — | 12,583,464 | |||
Energy | 10,692,935 | — | — | 10,692,935 | |||
Materials | 5,212,852 | 377,300 | — | 5,590,152 | |||
Consumer staples | 3,924,851 | 924,517 | 3,054 | 4,852,422 | |||
Utilities | 1,905,994 | — | — | 1,905,994 | |||
Real estate | 343,175 | — | — | 343,175 | |||
Preferred securities | 327,903 | 152,942 | 332,560 | 813,405 | |||
Rights & warrants | 15,847 | — | — | 15,847 | |||
Convertible stocks | 39,263 | — | — | 39,263 | |||
Convertible bonds & notes | — | 16,516 | 8,500 | 25,016 | |||
Short-term securities | 17,877,252 | — | — | 17,877,252 | |||
Total | $197,475,058 | $11,499,444 | $531,790 | $209,506,292 |
The Growth Fund of America — Page 12 of 13
unaudited
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
LIBOR = London Interbank Offered Rate |
REIT = Real Estate Investment Trust |
USD = U.S. dollars |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
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.
© 2023 Capital Group. All rights reserved.
MFGEFP1-005-0123O-S89771 | The Growth Fund of America — Page 13 of 13 |