The Growth Fund of America®
Investment portfolio
May 31, 2023
Investment portfolio
May 31, 2023
unaudited
Common stocks 94.05% Information technology 23.03% | Shares | Value (000) | |
Microsoft Corp. | 40,691,947 | $13,362,828 | |
Broadcom, Inc. | 8,338,418 | 6,737,108 | |
ASML Holding NV | 3,604,692 | 2,587,327 | |
ASML Holding NV (New York registered) (ADR) | 2,407,395 | 1,740,378 | |
NVIDIA Corp. | 6,401,261 | 2,421,853 | |
Taiwan Semiconductor Manufacturing Company, Ltd. | 89,957,595 | 1,633,597 | |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 3,519,477 | 346,985 | |
Micron Technology, Inc. | 24,902,061 | 1,698,321 | |
Salesforce, Inc.1 | 7,354,780 | 1,642,911 | |
ServiceNow, Inc.1 | 2,895,879 | 1,577,617 | |
Apple, Inc. | 7,553,312 | 1,338,825 | |
Cloudflare, Inc., Class A1 | 17,770,512 | 1,229,009 | |
Synopsys, Inc.1 | 2,572,900 | 1,170,567 | |
Applied Materials, Inc. | 8,591,714 | 1,145,275 | |
Motorola Solutions, Inc. | 3,963,396 | 1,117,361 | |
Shopify, Inc., Class A, subordinate voting shares1 | 17,175,734 | 982,280 | |
Snowflake, Inc., Class A1 | 5,740,876 | 949,311 | |
Marvell Technology, Inc. | 14,003,264 | 819,051 | |
MongoDB, Inc., Class A1 | 2,111,385 | 620,304 | |
EPAM Systems, Inc.1 | 1,816,215 | 466,077 | |
Intel Corp. | 14,463,687 | 454,738 | |
Wolfspeed, Inc.1,2 | 8,838,367 | 424,595 | |
Palo Alto Networks, Inc.1 | 1,849,191 | 394,599 | |
Constellation Software, Inc. | 180,549 | 368,148 | |
DocuSign, Inc.1 | 6,188,856 | 349,051 | |
Atlassian Corp., Class A1 | 1,892,638 | 342,170 | |
Texas Instruments, Inc. | 1,701,972 | 295,939 | |
Intuit, Inc. | 654,000 | 274,105 | |
TE Connectivity, Ltd. | 2,020,775 | 247,505 | |
MicroStrategy, Inc., Class A1,3 | 803,352 | 242,315 | |
Keyence Corp. | 452,200 | 220,055 | |
NICE, Ltd. (ADR)1 | 1,010,491 | 208,101 | |
Adobe, Inc.1 | 468,746 | 195,837 | |
Monolithic Power Systems, Inc. | 397,330 | 194,656 | |
RingCentral, Inc., Class A1 | 5,562,485 | 193,018 | |
Smartsheet, Inc., Class A1 | 3,789,626 | 187,890 | |
MKS Instruments, Inc. | 1,929,377 | 187,748 | |
CDW Corp. | 961,893 | 165,147 | |
Autodesk, Inc.1 | 787,030 | 156,926 | |
Trimble, Inc.1 | 2,612,928 | 121,945 | |
Zscaler, Inc.1 | 889,063 | 120,450 | |
HubSpot, Inc.1 | 219,682 | 113,793 | |
Arista Networks, Inc.1 | 681,308 | 113,329 | |
Datadog, Inc., Class A1 | 1,152,119 | 109,348 | |
Ciena Corp.1 | 2,023,092 | 94,559 | |
CrowdStrike Holdings, Inc., Class A1 | 541,323 | 86,682 |
The Growth Fund of America — Page 1 of 13
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Globant SA1 | 450,329 | $82,775 | |
Kulicke and Soffa Industries, Inc. | 1,524,058 | 80,592 | |
Accenture PLC, Class A | 255,564 | 78,182 | |
First Solar, Inc.1 | 349,037 | 70,841 | |
Samsung Electronics Co., Ltd. | 1,305,500 | 70,230 | |
BILL Holdings, Inc.1 | 585,230 | 60,618 | |
Fair Isaac Corp.1 | 73,944 | 58,243 | |
GoDaddy, Inc., Class A1 | 787,182 | 57,763 | |
Enphase Energy, Inc.1 | 317,241 | 55,162 | |
QUALCOMM, Inc. | 385,921 | 43,767 | |
Zebra Technologies Corp., Class A1 | 157,953 | 41,474 | |
Alteryx, Inc., Class A1 | 975,922 | 38,002 | |
Dynatrace, Inc.1 | 667,139 | 34,017 | |
Stripe, Inc., Class B1,4,5 | 1,123,404 | 22,619 | |
GitLab, Inc., Class A1 | 494,342 | 18,271 | |
Qorvo, Inc.1 | 162,500 | 15,805 | |
Disco Corp. | 78,100 | 11,407 | |
50,289,402 | |||
Consumer discretionary 17.87% | |||
Amazon.com, Inc.1 | 62,917,563 | 7,586,600 | |
Tesla, Inc.1 | 24,580,126 | 5,012,625 | |
Airbnb, Inc., Class A1 | 21,874,876 | 2,401,205 | |
Chipotle Mexican Grill, Inc.1 | 806,117 | 1,673,894 | |
Royal Caribbean Cruises, Ltd.1,2 | 20,220,595 | 1,637,262 | |
D.R. Horton, Inc. | 14,462,638 | 1,545,188 | |
Home Depot, Inc. | 5,245,203 | 1,486,753 | |
LVMH Moët Hennessy-Louis Vuitton SE | 1,430,446 | 1,244,456 | |
Flutter Entertainment PLC1 | 5,676,466 | 1,108,243 | |
Flutter Entertainment PLC (CDI)1 | 272,691 | 53,375 | |
DoorDash, Inc., Class A1 | 15,295,002 | 998,611 | |
NVR, Inc.1 | 152,696 | 848,107 | |
Booking Holdings, Inc.1 | 325,965 | 817,771 | |
MercadoLibre, Inc.1 | 627,938 | 778,015 | |
Caesars Entertainment, Inc.1,2 | 17,683,884 | 725,216 | |
NIKE, Inc., Class B | 5,605,143 | 589,997 | |
Hilton Worldwide Holdings, Inc. | 4,200,118 | 571,720 | |
Hermès International | 280,473 | 570,155 | |
Evolution AB | 4,244,971 | 557,661 | |
Las Vegas Sands Corp.1 | 9,588,754 | 528,628 | |
General Motors Company | 15,638,254 | 506,836 | |
Darden Restaurants, Inc. | 3,111,086 | 493,169 | |
Floor & Decor Holdings, Inc., Class A1,2 | 5,337,728 | 487,388 | |
Burlington Stores, Inc.1 | 2,988,582 | 449,662 | |
adidas AG | 2,728,548 | 441,857 | |
Moncler SpA | 6,524,681 | 441,608 | |
Polaris, Inc.2 | 3,857,278 | 415,467 | |
Coupang, Inc., Class A1 | 24,896,068 | 388,379 | |
Starbucks Corp. | 3,433,365 | 335,234 | |
Churchill Downs, Inc. | 2,360,036 | 320,540 | |
Lennar Corp., Class A | 2,815,154 | 301,559 | |
Etsy, Inc.1 | 3,558,841 | 288,444 | |
Aptiv PLC1 | 3,227,583 | 284,286 | |
Mattel, Inc.1 | 16,286,426 | 283,547 | |
Wayfair, Inc., Class A1,3 | 6,962,212 | 280,716 |
The Growth Fund of America — Page 2 of 13
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Norwegian Cruise Line Holdings, Ltd.1,3 | 17,848,875 | $265,056 | |
Kering SA | 417,921 | 222,621 | |
Vail Resorts, Inc. | 872,156 | 212,108 | |
Amadeus IT Group SA, Class A, non-registered shares | 2,617,612 | 187,184 | |
Tractor Supply Co. | 838,255 | 175,690 | |
CarMax, Inc.1 | 2,197,927 | 158,712 | |
Galaxy Entertainment Group, Ltd.1 | 23,285,000 | 144,371 | |
Rivian Automotive, Inc., Class A1 | 9,659,835 | 142,289 | |
lululemon athletica, Inc.1 | 424,258 | 140,824 | |
Adient PLC1 | 4,133,000 | 139,241 | |
Peloton Interactive, Inc., Class A1 | 18,318,027 | 133,355 | |
Aramark | 3,373,345 | 133,180 | |
Tapestry, Inc. | 2,892,300 | 115,750 | |
Toll Brothers, Inc. | 1,303,547 | 88,250 | |
Skyline Champion Corp.1 | 1,351,978 | 78,591 | |
YETI Holdings, Inc.1 | 1,985,128 | 72,596 | |
YUM! Brands, Inc. | 478,244 | 61,545 | |
Service Corp. International | 849,000 | 54,005 | |
TopBuild Corp.1 | 221,563 | 44,680 | |
39,024,222 | |||
Health care 13.70% | |||
UnitedHealth Group, Inc. | 9,987,515 | 4,866,317 | |
Eli Lilly and Company | 6,968,958 | 2,992,889 | |
Regeneron Pharmaceuticals, Inc.1 | 2,857,292 | 2,101,710 | |
Thermo Fisher Scientific, Inc. | 3,624,848 | 1,843,090 | |
Vertex Pharmaceuticals, Inc.1 | 5,303,214 | 1,715,961 | |
Alnylam Pharmaceuticals, Inc.1,2 | 7,928,596 | 1,466,870 | |
Abbott Laboratories | 13,911,864 | 1,419,010 | |
Seagen, Inc.1 | 6,752,012 | 1,321,369 | |
Stryker Corp. | 3,898,470 | 1,074,340 | |
Zoetis, Inc., Class A | 6,055,987 | 987,187 | |
GE HealthCare Technologies, Inc. | 11,602,671 | 922,528 | |
Danaher Corp. | 3,026,252 | 694,888 | |
Intuitive Surgical, Inc.1 | 2,166,266 | 666,863 | |
Novo Nordisk AS, Class B | 3,835,319 | 614,497 | |
Karuna Therapeutics, Inc.1,2 | 2,433,857 | 551,390 | |
Edwards Lifesciences Corp.1 | 6,425,110 | 541,187 | |
NovoCure, Ltd.1,2 | 7,406,952 | 531,893 | |
Humana, Inc. | 987,589 | 495,641 | |
DexCom, Inc.1 | 3,364,336 | 394,502 | |
Insulet Corp.1 | 1,364,512 | 374,217 | |
Moderna, Inc.1 | 2,745,634 | 350,645 | |
Molina Healthcare, Inc.1 | 1,220,958 | 334,420 | |
AbbVie, Inc. | 2,306,710 | 318,234 | |
Align Technology, Inc.1 | 1,067,000 | 301,598 | |
Centene Corp.1 | 4,342,132 | 270,993 | |
Mettler-Toledo International, Inc.1 | 201,785 | 266,734 | |
Revvity, Inc. | 2,122,051 | 244,715 | |
AstraZeneca PLC | 1,552,888 | 225,238 | |
Zimmer Biomet Holdings, Inc. | 1,638,664 | 208,668 | |
Veeva Systems, Inc., Class A1 | 1,147,066 | 190,069 | |
Penumbra, Inc.1 | 602,850 | 185,280 | |
ResMed, Inc. | 841,019 | 177,278 | |
Pfizer, Inc. | 3,545,000 | 134,781 |
The Growth Fund of America — Page 3 of 13
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Catalent, Inc.1 | 3,524,324 | $131,211 | |
Exact Sciences Corp.1 | 1,453,000 | 118,536 | |
Verily Life Sciences LLC1,4,5 | 673,374 | 101,444 | |
agilon health, Inc.1 | 5,011,562 | 99,630 | |
Ascendis Pharma AS (ADR)1 | 933,393 | 81,177 | |
BeiGene, Ltd. (ADR)1 | 306,017 | 67,608 | |
Horizon Therapeutics PLC1 | 650,749 | 65,095 | |
Elevance Health, Inc. | 127,304 | 57,009 | |
Sarepta Therapeutics, Inc.1 | 459,000 | 56,732 | |
CRISPR Therapeutics AG1,3 | 800,865 | 51,287 | |
BioMarin Pharmaceutical, Inc.1 | 574,200 | 49,921 | |
R1 RCM, Inc.1 | 3,033,129 | 49,288 | |
Masimo Corp.1 | 296,000 | 47,905 | |
Bachem Holding AG3 | 407,658 | 42,791 | |
Galapagos NV1 | 729,041 | 30,142 | |
Ultragenyx Pharmaceutical, Inc.1 | 505,857 | 24,969 | |
Daiichi Sankyo Company, Ltd. | 690,000 | 22,484 | |
Guardant Health, Inc.1 | 621,081 | 18,210 | |
Biohaven, Ltd.1 | 527,378 | 9,234 | |
29,909,675 | |||
Communication services 11.57% | |||
Alphabet, Inc., Class C1 | 35,435,833 | 4,371,719 | |
Alphabet, Inc., Class A1 | 32,748,677 | 4,023,830 | |
Meta Platforms, Inc., Class A1 | 31,369,311 | 8,304,084 | |
Netflix, Inc.1 | 12,206,274 | 4,824,286 | |
Take-Two Interactive Software, Inc.1 | 5,553,058 | 764,823 | |
Charter Communications, Inc., Class A1 | 1,623,838 | 529,615 | |
Comcast Corp., Class A | 10,442,520 | 410,913 | |
T-Mobile US, Inc.1 | 2,390,894 | 328,150 | |
Iridium Communications, Inc. | 3,946,314 | 236,937 | |
Snap, Inc., Class A, nonvoting shares1 | 20,200,000 | 206,040 | |
ZoomInfo Technologies, Inc.1 | 8,305,889 | 205,404 | |
Verizon Communications, Inc. | 5,272,000 | 187,841 | |
Warner Bros. Discovery, Inc., Class A1 | 14,992,354 | 169,114 | |
Paramount Global, Class B3 | 10,612,000 | 161,408 | |
Activision Blizzard, Inc.1 | 1,582,698 | 126,932 | |
Frontier Communications Parent, Inc.1 | 7,995,693 | 118,976 | |
Pinterest, Inc., Class A1 | 4,143,806 | 99,203 | |
Walt Disney Company1 | 1,057,000 | 92,974 | |
Epic Games, Inc.1,4,5 | 84,249 | 46,230 | |
Tencent Holdings, Ltd. | 811,800 | 32,200 | |
Yandex NV, Class A1,4 | 2,247,000 | 18,201 | |
Sea, Ltd., Class A (ADR)1 | 200,000 | 11,482 | |
25,270,362 | |||
Industrials 9.98% | |||
General Electric Co. | 30,806,147 | 3,127,748 | |
TransDigm Group, Inc. | 2,702,972 | 2,091,154 | |
Carrier Global Corp.2 | 48,604,841 | 1,987,938 | |
Old Dominion Freight Line, Inc. | 4,765,337 | 1,479,351 | |
Boeing Company1 | 6,792,697 | 1,397,258 | |
Caterpillar, Inc. | 6,249,532 | 1,285,841 | |
Uber Technologies, Inc.1 | 23,944,947 | 908,232 | |
Airbus SE, non-registered shares | 6,827,375 | 894,270 |
The Growth Fund of America — Page 4 of 13
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
United Airlines Holdings, Inc.1 | 16,330,189 | $775,112 | |
Raytheon Technologies Corp. | 5,197,279 | 478,877 | |
HEICO Corp. | 2,795,023 | 432,055 | |
HEICO Corp., Class A | 304,677 | 37,125 | |
Safran SA | 3,156,652 | 456,994 | |
Waste Connections, Inc. | 3,287,006 | 449,169 | |
Ryanair Holdings PLC (ADR)1 | 4,116,904 | 432,604 | |
Ryanair Holdings PLC1 | 315,525 | 5,548 | |
Delta Air Lines, Inc.1 | 11,814,795 | 429,232 | |
Rockwell Automation | 1,468,364 | 409,086 | |
Jacobs Solutions, Inc. | 3,695,620 | 405,040 | |
Axon Enterprise, Inc.1 | 2,089,713 | 403,127 | |
CSX Corp. | 12,896,910 | 395,548 | |
Canadian Pacific Kansas City, Ltd. | 4,327,918 | 329,787 | |
Robert Half International, Inc. | 4,563,138 | 296,695 | |
Chart Industries, Inc.1,2 | 2,643,904 | 290,116 | |
Saia, Inc.1 | 1,016,249 | 288,777 | |
Otis Worldwide Corp. | 3,525,235 | 280,291 | |
United Rentals, Inc. | 829,662 | 276,933 | |
Ceridian HCM Holding, Inc.1 | 4,121,079 | 254,889 | |
ABB, Ltd. | 4,700,796 | 171,670 | |
Equifax, Inc. | 803,997 | 167,730 | |
Southwest Airlines Co. | 5,158,000 | 154,070 | |
Genpact, Ltd. | 4,039,906 | 148,588 | |
Rentokil Initial PLC | 17,927,771 | 142,416 | |
AMETEK, Inc. | 930,696 | 135,016 | |
Advanced Drainage Systems, Inc. | 1,253,151 | 121,267 | |
Copart, Inc.1 | 994,400 | 87,100 | |
Simpson Manufacturing Co., Inc. | 686,564 | 81,145 | |
Armstrong World Industries, Inc. | 1,238,501 | 77,332 | |
Paylocity Holding Corp.1 | 347,992 | 60,116 | |
Northrop Grumman Corp. | 112,462 | 48,976 | |
TELUS International (Cda), Inc., subordinate voting shares1,3 | 2,197,547 | 34,282 | |
ManpowerGroup, Inc. | 357,039 | 25,053 | |
Concentrix Corp. | 269,462 | 23,632 | |
TFI International, Inc. | 96,415 | 10,151 | |
Einride AB1,4,5 | 267,404 | 9,338 | |
21,796,679 | |||
Financials 8.10% | |||
Mastercard, Inc., Class A | 10,525,013 | 3,841,840 | |
Visa, Inc., Class A | 5,550,105 | 1,226,740 | |
KKR & Co., Inc. | 16,815,180 | 865,814 | |
Morgan Stanley | 9,850,563 | 805,382 | |
MSCI, Inc. | 1,596,687 | 751,289 | |
Goldman Sachs Group, Inc. | 1,783,509 | 577,679 | |
Berkshire Hathaway, Inc., Class B1 | 1,727,729 | 554,739 | |
Progressive Corp. | 4,295,417 | 549,427 | |
JPMorgan Chase & Co. | 3,872,462 | 525,532 | |
Blackstone, Inc. | 5,967,153 | 511,027 | |
Marsh & McLennan Companies, Inc. | 2,679,271 | 463,996 | |
Block, Inc., Class A1 | 7,222,814 | 436,186 | |
BlackRock, Inc. | 654,731 | 430,518 | |
Discover Financial Services | 3,921,032 | 402,847 | |
Apollo Asset Management, Inc. | 5,837,360 | 390,228 |
The Growth Fund of America — Page 5 of 13
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Wells Fargo & Company | 9,637,890 | $383,684 | |
Fiserv, Inc.1 | 3,357,570 | 376,686 | |
American International Group, Inc. | 6,742,851 | 356,225 | |
Affirm Holdings, Inc., Class A1,3 | 21,130,001 | 313,992 | |
Fidelity National Information Services, Inc. | 5,321,453 | 290,392 | |
Arch Capital Group, Ltd.1 | 3,889,441 | 271,094 | |
CME Group, Inc., Class A | 1,462,326 | 261,391 | |
Bank of America Corp. | 9,302,747 | 258,523 | |
S&P Global, Inc. | 689,030 | 253,170 | |
Essent Group, Ltd.2 | 5,465,000 | 241,389 | |
Blue Owl Capital, Inc., Class A | 22,019,854 | 225,703 | |
Toast, Inc., Class A1 | 10,528,663 | 220,786 | |
Ryan Specialty Holdings, Inc., Class A1 | 4,965,000 | 202,522 | |
Capital One Financial Corp. | 1,787,700 | 186,296 | |
Nu Holdings, Ltd., Class A1 | 24,839,912 | 167,421 | |
Chubb, Ltd. | 847,231 | 157,416 | |
HDFC Bank, Ltd. | 4,458,000 | 86,800 | |
HDFC Bank, Ltd. (ADR) | 1,007,000 | 64,851 | |
Ares Management Corp., Class A | 1,610,284 | 140,240 | |
AIA Group, Ltd. | 14,270,688 | 136,867 | |
Nasdaq, Inc. | 2,317,900 | 128,296 | |
Corebridge Financial, Inc. | 7,496,488 | 124,592 | |
UBS Group AG | 6,090,000 | 115,280 | |
LPL Financial Holdings, Inc. | 540,515 | 105,281 | |
T. Rowe Price Group, Inc. | 912,000 | 97,730 | |
Tradeweb Markets, Inc., Class A | 1,029,030 | 68,894 | |
Trupanion, Inc.1,3 | 1,985,685 | 44,618 | |
Nuvei Corp., subordinate voting shares1 | 992,703 | 31,145 | |
Rocket Companies, Inc., Class A1 | 3,595,941 | 28,839 | |
17,673,367 | |||
Energy 3.98% | |||
Cenovus Energy, Inc. (CAD denominated) | 77,256,906 | 1,234,403 | |
Cenovus Energy, Inc. | 16,163,686 | 258,296 | |
EOG Resources, Inc. | 10,088,849 | 1,082,433 | |
Canadian Natural Resources, Ltd. (CAD denominated) | 19,493,065 | 1,050,112 | |
Halliburton Co. | 25,646,179 | 734,763 | |
Schlumberger NV | 15,133,343 | 648,161 | |
ConocoPhillips | 5,687,596 | 564,778 | |
Hess Corp. | 4,278,289 | 541,931 | |
Baker Hughes Co., Class A | 15,408,145 | 419,872 | |
Tourmaline Oil Corp.3 | 9,819,216 | 410,490 | |
Chevron Corp. | 2,568,178 | 386,819 | |
Pioneer Natural Resources Company | 1,686,563 | 336,368 | |
Weatherford International1,2 | 4,553,214 | 256,983 | |
Cheniere Energy, Inc. | 1,807,000 | 252,564 | |
Chesapeake Energy Corp. | 3,334,855 | 250,948 | |
Antero Resources Corp.1 | 4,775,000 | 97,458 | |
New Fortress Energy, Inc., Class A | 3,417,776 | 89,785 | |
Diamondback Energy, Inc. | 445,000 | 56,582 | |
Equitrans Midstream Corp. | 1,089,167 | 9,291 | |
8,682,037 |
The Growth Fund of America — Page 6 of 13
unaudited
Common stocks (continued) Consumer staples 2.78% | Shares | Value (000) | |
Philip Morris International, Inc. | 12,189,463 | $1,097,174 | |
Costco Wholesale Corp. | 1,299,823 | 664,937 | |
Dollar Tree Stores, Inc.1 | 4,836,437 | 652,339 | |
Dollar General Corp. | 3,050,461 | 613,417 | |
Constellation Brands, Inc., Class A | 2,025,783 | 492,204 | |
British American Tobacco PLC | 11,564,427 | 367,479 | |
Target Corp. | 2,585,000 | 338,454 | |
Altria Group, Inc. | 5,431,891 | 241,285 | |
Performance Food Group Co.1 | 3,856,520 | 213,227 | |
L’Oréal SA, non-registered shares | 463,413 | 197,642 | |
Monster Beverage Corp.1 | 3,202,800 | 187,748 | |
Estée Lauder Companies, Inc., Class A | 957,141 | 176,143 | |
Reckitt Benckiser Group PLC | 2,176,958 | 169,143 | |
Molson Coors Beverage Company, Class B, restricted voting shares | 2,574,742 | 159,248 | |
Seven & i Holdings Co., Ltd. | 3,415,600 | 143,292 | |
Fever-Tree Drinks PLC2 | 7,436,086 | 125,339 | |
Keurig Dr Pepper, Inc. | 3,125,000 | 97,250 | |
Archer Daniels Midland Company | 1,133,240 | 80,063 | |
Celsius Holdings, Inc.1 | 312,743 | 39,259 | |
JUUL Labs, Inc., Class A1,4,5 | 433,213 | 3,873 | |
6,059,516 | |||
Materials 2.12% | |||
Linde PLC | 3,395,735 | 1,200,935 | |
Freeport-McMoRan, Inc. | 18,029,231 | 619,124 | |
Vale SA (ADR), ordinary nominative shares | 34,748,431 | 440,610 | |
Vale SA, ordinary nominative shares | 3,287,522 | 41,349 | |
Sherwin-Williams Company | 1,772,385 | 403,714 | |
Corteva, Inc. | 5,857,425 | 313,314 | |
Shin-Etsu Chemical Co., Ltd. | 7,744,500 | 238,852 | |
ATI, Inc.1 | 5,968,619 | 206,395 | |
Steel Dynamics, Inc. | 2,200,000 | 202,180 | |
Mosaic Co. | 6,116,927 | 195,497 | |
Glencore PLC | 38,138,645 | 195,202 | |
Celanese Corp. | 1,819,195 | 189,233 | |
Summit Materials, Inc., Class A | 3,835,753 | 121,325 | |
Albemarle Corp. | 569,941 | 110,301 | |
Lundin Mining Corp. | 14,157,757 | 98,974 | |
Nutrien, Ltd. (CAD denominated) | 809,276 | 42,637 | |
4,619,642 | |||
Utilities 0.69% | |||
PG&E Corp.1 | 59,799,163 | 1,012,998 | |
AES Corp. | 10,837,596 | 213,934 | |
Constellation Energy Corp. | 2,397,902 | 201,472 | |
Edison International | 670,767 | 45,290 | |
NextEra Energy, Inc. | 402,588 | 29,574 | |
1,503,268 | |||
Real estate 0.23% | |||
Zillow Group, Inc., Class C, nonvoting shares1 | 4,710,991 | 214,868 | |
Equinix, Inc. REIT | 210,963 | 157,284 | |
American Tower Corp. REIT | 267,183 | 49,279 |
The Growth Fund of America — Page 7 of 13
unaudited
Common stocks (continued) Real estate (continued) | Shares | Value (000) | |
SBA Communications Corp. REIT, Class A | 216,274 | $47,965 | |
Crown Castle, Inc. REIT | 381,000 | 43,133 | |
512,529 | |||
Total common stocks (cost: $110,761,506,000) | 205,340,699 | ||
Preferred securities 0.40% Consumer discretionary 0.19% | |||
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares | 1,458,138 | 181,032 | |
Waymo, LLC, Series A-2, 8.00% noncumulative preferred shares1,4,5 | 1,164,589 | 106,818 | |
Waymo, LLC, Series B-2, preferred shares1,4,5 | 163,537 | 15,000 | |
GM Cruise Holdings, LLC, Series F, preferred shares1,4,5 | 5,205,500 | 106,036 | |
408,886 | |||
Information technology 0.12% | |||
Stripe, Inc., Series I, 6.00% noncumulative preferred shares1,4,5 | 7,098,300 | 142,918 | |
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,4,5 | 376,444 | 7,580 | |
Samsung Electronics Co., Ltd., nonvoting preferred shares | 1,366,500 | 60,333 | |
Tipalti Solutions, Ltd., Series F, preferred shares1,4,5 | 3,800,381 | 20,750 | |
Chime Financial, Inc., Series G, preferred shares1,4,5 | 1,433,730 | 18,710 | |
PsiQuantum Corp., Series D, preferred shares1,4,5 | 613,889 | 16,452 | |
266,743 | |||
Financials 0.08% | |||
Fannie Mae, Series S, 8.25% noncumulative preferred shares1 | 46,278,088 | 72,657 | |
Fannie Mae, Series T, 8.25% noncumulative preferred shares1 | 6,954,484 | 9,945 | |
Fannie Mae, Series O, 7.00% noncumulative preferred shares1 | 1,739,366 | 4,401 | |
Fannie Mae, Series R, 7.625% noncumulative preferred shares1 | 837,675 | 1,139 | |
Fannie Mae, Series P, (3-month USD-LIBOR + 0.75%) 4.50% noncumulative preferred shares1 | 190,000 | 237 | |
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1,3 | 51,781,069 | 74,306 | |
Federal Home Loan Mortgage Corp., Series X, 6.02% noncumulative preferred shares1 | 239,000 | 336 | |
Federal Home Loan Mortgage Corp., Series V, 5.57% preferred shares1 | 212,500 | 276 | |
163,297 | |||
Industrials 0.01% | |||
ABL Space Systems Co., Series B2, preferred shares1,4,5 | 576,000 | 18,392 | |
Einride AB, Series C, preferred shares1,4,5 | 214,305 | 7,286 | |
25,678 | |||
Total preferred securities (cost: $1,299,904,000) | 864,604 | ||
Rights & warrants 0.01% Energy 0.01% | |||
Cenovus Energy, Inc., warrants, expire 1/1/20261 | 1,056,329 | 11,867 | |
Total rights & warrants (cost: $3,560,000) | 11,867 | ||
Convertible stocks 0.02% Financials 0.02% | |||
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 | 624,711 | 38,713 | |
Total convertible stocks (cost: $38,526,000) | 38,713 |
The Growth Fund of America — Page 8 of 13
unaudited
Convertible bonds & notes 0.02% Consumer discretionary 0.02% | Principal amount (000) | Value (000) | |
Rivian Automotive, Inc., convertible notes, 4.625% 3/15/20296 | USD40,000 | $40,460 | |
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 6/15/20232 | 15,692 | 16,132 | |
Total convertible bonds & notes (cost: $55,686,000) | 56,592 | ||
Short-term securities 5.82% Money market investments 5.55% | Shares | ||
Capital Group Central Cash Fund 5.11%2,7 | 121,259,179 | 12,124,705 | |
Money market investments purchased with collateral from securities on loan 0.16% | |||
Capital Group Central Cash Fund 5.11%2,7,8 | 2,825,565 | 282,528 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.04%7,8 | 27,026,837 | 27,027 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.01%7,8 | 26,352,504 | 26,353 | |
335,908 | |||
U.S. Treasury bills 0.11% | Weighted average yield at acquisition | Principal amount (000) | |
U.S. Treasury 11/16/2023 | 4.973 % | USD250,750 | 244,669 |
Total short-term securities (cost: $12,704,451,000) | 12,705,282 | ||
Total investment securities 100.32% (cost: $124,863,633,000) | 219,017,757 | ||
Other assets less liabilities (0.32)% | (692,171 ) | ||
Net assets 100.00% | $218,325,586 |
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 5/31/2023 (000) | Dividend or interest income (000) | |
Common stocks 4.19% | |||||||
Information technology 0.19% | |||||||
Wolfspeed, Inc.1 | $665,758 | $288,293 | $62,654 | $(3,623 ) | $(463,179 ) | $424,595 | $— |
MongoDB, Inc., Class A1,9 | 1,602,235 | 49,784 | 466,498 | (39,512 ) | (525,705 ) | — | — |
424,595 | |||||||
Consumer discretionary 1.50% | |||||||
Royal Caribbean Cruises, Ltd.1 | 364,007 | 570,776 | 34,902 | 4,286 | 733,095 | 1,637,262 | — |
Caesars Entertainment, Inc.1 | 731,375 | 34,294 | 772 | 135 | (39,816 ) | 725,216 | — |
Floor & Decor Holdings, Inc., Class A1 | 457,895 | — | 25,586 | 1,598 | 53,481 | 487,388 | — |
Polaris, Inc. | 437,326 | — | 411 | 56 | (21,504 ) | 415,467 | 7,483 |
Mattel, Inc.1,9 | 513,000 | 58,405 | 181,737 | (26,878 ) | (79,243 ) | — | — |
D.R. Horton, Inc.9 | 1,100,035 | 389,710 | 574,150 | 245,144 | 384,449 | — | 13,654 |
NVR, Inc.1,9 | 751,119 | 61,056 | 227,854 | 36,651 | 227,135 | — | — |
3,265,333 | |||||||
Health care 1.17% | |||||||
Alnylam Pharmaceuticals, Inc.1 | 1,254,316 | 385,515 | 1,277 | 601 | (172,285 ) | 1,466,870 | — |
Karuna Therapeutics, Inc.1 | 208,398 | 290,415 | 192 | 112 | 52,657 | 551,390 | — |
NovoCure, Ltd.1 | 571,177 | 37,099 | 587 | 310 | (76,106 ) | 531,893 | — |
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 5/31/2023 (000) | Dividend or interest income (000) | |
Seagen, Inc.1,9 | $1,054,082 | $492,987 | $725,641 | $299,468 | $200,473 | $— | $— |
Oak Street Health, Inc.10 | 215,675 | 91,011 | 480,310 | 133,724 | 39,900 | — | — |
Teva Pharmaceutical Industries, Ltd. (ADR)10 | 531,464 | — | 490,399 | (101,994 ) | 60,929 | — | — |
2,550,153 | |||||||
Industrials 1.04% | |||||||
Carrier Global Corp. | 2,102,542 | 30,325 | 255,343 | (45,974 ) | 156,388 | 1,987,938 | 26,816 |
Chart Industries, Inc.1 | 420,355 | 74,829 | 410 | 144 | (204,802 ) | 290,116 | — |
Old Dominion Freight Line, Inc.9 | 1,519,417 | 291,568 | 575,554 | 110,352 | 133,568 | — | 5,462 |
2,278,054 | |||||||
Financials 0.11% | |||||||
Essent Group, Ltd. | 218,751 | — | 210 | 1 | 22,847 | 241,389 | 3,989 |
Energy 0.12% | |||||||
Weatherford International1 | 128,248 | — | 133 | 44 | 128,824 | 256,983 | — |
Consumer staples 0.06% | |||||||
Fever-Tree Drinks PLC | 78,906 | — | 73 | (46 ) | 46,552 | 125,339 | 1,444 |
Total common stocks | 9,141,846 | ||||||
Convertible bonds & notes 0.01% | |||||||
Consumer discretionary 0.01% | |||||||
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 6/15/2023 | 15,513 | — | 15 | — 11 | 634 | 16,132 | 605 |
Short-term securities 5.68% | |||||||
Money market investments 5.55% | |||||||
Capital Group Central Cash Fund 5.11%7 | 14,830,410 | 18,671,794 | 21,378,926 | (615 ) | 2,042 | 12,124,705 | 435,237 |
Money market investments purchased with collateral from securities on loan 0.13% | |||||||
Capital Group Central Cash Fund 5.11%7,8 | 231,424 | 51,104 12 | 282,528 | — 13 | |||
Total short-term securities | 12,407,233 | ||||||
Total 9.88% | $613,984 | $660,334 | $21,565,211 | $494,690 |
Restricted securities5
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |
Stripe, Inc., Series I, 6.00% noncumulative preferred shares1,4 | 3/15/2023 | $142,918 | $142,918 | .07 % |
Stripe, Inc., Class B1,4 | 5/6/2021 | 45,080 | 22,619 | .01 |
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,4 | 3/15/2021 | 15,105 | 7,580 | .00 14 |
Waymo, LLC, Series A-2, 8.00% noncumulative preferred shares1,4 | 5/1/2020 | 100,000 | 106,818 | .05 |
Waymo, LLC, Series B-2, preferred shares1,4 | 6/11/2021 | 15,000 | 15,000 | .00 14 |
GM Cruise Holdings, LLC, Series F, preferred shares1,4 | 5/7/2020 | 95,000 | 106,036 | .05 |
Verily Life Sciences LLC1,4 | 12/21/2018 | 83,000 | 101,444 | .04 |
Epic Games, Inc.1,4 | 3/29/2021 | 74,560 | 46,230 | .02 |
Tipalti Solutions, Ltd., Series F, preferred shares1,4 | 12/1/2021 | 65,064 | 20,750 | .01 |
Chime Financial, Inc., Series G, preferred shares1,4 | 8/24/2021 | 99,027 | 18,710 | .01 |
ABL Space Systems Co., Series B2, preferred shares1,4 | 10/22/2021 | 39,166 | 18,392 | .01 |
Einride AB1,4 | 2/1/2023 | 9,092 | 9,338 | .01 |
Einride AB, Series C, preferred shares1,4 | 11/23/2022 | 7,286 | 7,286 | .00 14 |
The Growth Fund of America — Page 10 of 13
unaudited
Restricted securities5 (continued)
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |
PsiQuantum Corp., Series D, preferred shares1,4 | 5/28/2021 | $16,100 | $16,452 | .01 % |
JUUL Labs, Inc., Class A1,4 | 4/8/2019 | 120,000 | 3,873 | .00 14 |
Total | $926,398 | $643,446 | .29 % |
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 $362,045,000, which represented .17% 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 $643,446,000, which represented .29% of the net assets of the fund. |
6 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $40,460,000, which represented .02% of the net assets of the fund. |
7 | Rate represents the seven-day yield at 5/31/2023. |
8 | Security purchased with cash collateral from securities on loan. |
9 | Affiliated issuer during the reporting period but no longer an affiliate at 5/31/2023. Refer to the investment portfolio for the security value at 5/31/2023. |
10 | Affiliated issuer during the reporting period but no longer held at 5/31/2023. |
11 | Amount less than one thousand. |
12 | Represents net activity. |
13 | Dividend income is included with securities lending income and is not shown in this table. |
14 | Amount less than .01%. |
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 |
The Growth Fund of America — Page 11 of 13
unaudited
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 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 “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The 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 Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.
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 table on the following page presents the fund’s valuation levels as of May 31, 2023 (dollars in thousands):
The Growth Fund of America — Page 12 of 13
unaudited
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $50,266,783 | $— | $22,619 | $50,289,402 |
Consumer discretionary | 39,024,222 | — | — | 39,024,222 |
Health care | 29,808,231 | — | 101,444 | 29,909,675 |
Communication services | 25,205,931 | — | 64,431 | 25,270,362 |
Industrials | 21,787,341 | — | 9,338 | 21,796,679 |
Financials | 17,673,367 | — | — | 17,673,367 |
Energy | 8,682,037 | — | — | 8,682,037 |
Consumer staples | 6,055,643 | — | 3,873 | 6,059,516 |
Materials | 4,619,642 | — | — | 4,619,642 |
Utilities | 1,503,268 | — | — | 1,503,268 |
Real estate | 512,529 | — | — | 512,529 |
Preferred securities | 404,662 | — | 459,942 | 864,604 |
Rights & warrants | 11,867 | — | — | 11,867 |
Convertible stocks | 38,713 | — | — | 38,713 |
Convertible bonds & notes | — | 56,592 | — | 56,592 |
Short-term securities | 12,460,613 | 244,669 | — | 12,705,282 |
Total | $218,054,849 | $301,261 | $661,647 | $219,017,757 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
CDI = CREST Depository Interest |
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.
MFGEFP3-005-0723O-S96444
The Growth Fund of America — Page 13 of 13