The Growth Fund of America®
Investment portfolio
May 31, 2025
unaudited
 
Common stocks 94.96%
Information technology 27.07%
 
Shares
Value
(000)
Microsoft Corp.
32,395,729
$14,913,698
NVIDIA Corp.
106,347,985
14,370,803
Broadcom, Inc.
48,942,898
11,847,607
Taiwan Semiconductor Manufacturing Co., Ltd.
125,278,468
4,003,079
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
3,343,893
646,441
MicroStrategy, Inc., Class A (a)
10,338,106
3,815,381
Apple, Inc.
18,706,395
3,757,179
Cloudflare, Inc., Class A (a)
19,821,290
3,288,154
Shopify, Inc., Class A, subordinate voting shares (a)
29,570,772
3,170,578
Micron Technology, Inc.
25,601,001
2,418,271
Salesforce, Inc.
7,881,200
2,091,434
ASML Holding NV
1,860,406
1,381,297
ASML Holding NV (ADR)
911,101
671,272
Synopsys, Inc. (a)
3,087,226
1,432,411
SAP SE
4,325,698
1,305,998
Motorola Solutions, Inc.
2,955,256
1,227,554
Constellation Software, Inc.
328,637
1,191,547
Oracle Corp.
5,213,712
863,026
ServiceNow, Inc. (a)
738,470
746,660
Adobe, Inc. (a)
1,747,194
725,243
SK hynix, Inc.
4,618,339
684,533
KLA Corp.
755,153
571,560
Unity Software, Inc. (a)(b)
21,169,493
552,100
AppLovin Corp., Class A (a)
1,286,452
505,576
Texas Instruments, Inc.
2,710,467
495,609
Palantir Technologies Inc., Class A (a)
3,576,179
471,269
Arista Networks, Inc. (a)
5,173,526
448,234
ARM Holdings PLC (ADR) (a)(c)
3,110,048
387,325
Aurora Innovation, Inc., Class A (a)
51,378,491
311,354
DocuSign, Inc. (a)
3,210,578
284,489
Intuit, Inc.
356,208
268,392
Applied Materials, Inc.
1,688,517
264,675
Palo Alto Networks, Inc. (a)
1,247,293
240,004
First Solar, Inc. (a)
1,493,094
236,028
Microchip Technology, Inc.
4,062,763
235,803
QUALCOMM, Inc.
1,291,168
187,478
Fabrinet, non-registered shares (a)
731,091
170,249
Accenture PLC, Class A
509,372
161,379
Atlassian Corp., Class A (a)
760,493
157,901
Advanced Micro Devices, Inc. (a)
1,423,933
157,672
Lam Research Corp.
1,870,104
151,086
Intel Corp.
7,394,181
144,556
Datadog, Inc., Class A (a)
880,770
103,825
ASM International NV
184,741
100,603
RingCentral, Inc., Class A (a)
2,993,914
77,632
ANSYS, Inc. (a)
228,961
75,745
The Growth Fund of America — Page 1 of 13
unaudited
Common stocks (continued)
Information technology (continued)
 
Shares
Value
(000)
HubSpot, Inc. (a)
95,022
$56,054
Fair Isaac Corp. (a)
31,467
54,321
Qorvo, Inc. (a)
713,800
54,263
MKS, Inc.
485,141
39,874
Stripe, Inc., Class B (a)(d)(e)
1,153,942
38,917
MongoDB, Inc., Class A (a)
195,900
36,992
Credo Technology Group Holding, Ltd. (a)
522,243
31,836
Flex, Ltd. (a)
336,800
14,247
 
81,639,214
Consumer discretionary 14.99%
 
 
 
Amazon.com, Inc. (a)
58,692,977
12,032,647
Tesla, Inc. (a)
21,740,221
7,532,117
Royal Caribbean Cruises, Ltd. (b)
21,536,394
5,534,207
MercadoLibre, Inc. (a)
903,323
2,315,479
DoorDash, Inc., Class A (a)
9,331,782
1,947,076
Chipotle Mexican Grill, Inc. (a)
29,222,516
1,463,464
Starbucks Corp.
15,831,066
1,329,018
Flutter Entertainment PLC (a)
4,815,650
1,216,915
Booking Holdings, Inc.
189,744
1,047,184
Burlington Stores, Inc. (a)(b)
4,094,174
934,577
Home Depot, Inc.
2,254,630
830,358
NVR, Inc. (a)
116,354
827,967
D.R. Horton, Inc.
6,705,301
791,628
Hermes International
279,069
769,358
Duolingo, Inc., Class A (a)
1,308,850
680,091
Carvana Co., Class A (a)
1,929,948
631,402
Hilton Worldwide Holdings, Inc.
2,400,848
596,467
NIKE, Inc., Class B
9,413,842
570,385
General Motors Co.
11,135,982
552,456
Tractor Supply Co.
9,949,975
481,579
Caesars Entertainment, Inc. (a)(b)
12,838,169
345,090
Wayfair, Inc., Class A (a)
7,653,772
315,642
Floor & Decor Holdings, Inc., Class A (a)
3,221,111
230,921
Lennar Corp., Class A
2,148,817
227,946
Norwegian Cruise Line Holdings, Ltd. (a)
10,422,439
183,956
TJX Companies, Inc. (The)
1,412,392
179,232
Viking Holdings, Ltd. (a)
3,763,360
167,996
DraftKings, Inc., Class A (a)
4,221,519
151,468
Polaris, Inc. (b)
3,837,983
150,526
Rivian Automotive, Inc., Class A (a)
10,225,277
148,573
LVMH Moet Hennessy-Louis Vuitton SE
270,931
147,123
Ferrari NV (EUR denominated)
297,178
142,193
Toll Brothers, Inc.
1,297,026
135,215
McDonald’s Corp.
419,561
131,679
Aramark
2,907,843
117,768
adidas AG
329,569
82,139
Marriott International, Inc., Class A
304,274
80,277
YUM! Brands, Inc.
475,851
68,494
TopBuild Corp. (a)
220,268
62,312
Service Corp. International
759,166
59,215
 
45,212,140
The Growth Fund of America — Page 2 of 13
unaudited
Common stocks (continued)
Communication services 13.41%
 
Shares
Value
(000)
Meta Platforms, Inc., Class A
24,612,061
$15,936,064
Alphabet, Inc., Class C
35,394,443
6,117,930
Alphabet, Inc., Class A
28,533,522
4,900,347
Netflix, Inc. (a)
7,322,771
8,840,269
Charter Communications, Inc., Class A (a)
2,956,527
1,171,583
Snap, Inc., Class A, nonvoting shares (a)
88,651,659
731,376
Take-Two Interactive Software, Inc. (a)
2,902,238
656,719
ROBLOX Corp., Class A (a)
6,821,881
593,367
T-Mobile US, Inc.
1,871,751
453,338
Verizon Communications, Inc.
9,754,805
428,821
Live Nation Entertainment, Inc. (a)
2,710,774
371,891
Spotify Technology SA (a)
138,033
91,811
Epic Games, Inc. (a)(d)(e)
84,249
55,754
Comcast Corp., Class A
1,475,525
51,009
Frontier Communications Parent, Inc. (a)
1,185,990
42,969
Trade Desk, Inc. (The), Class A (a)
7,365
554
 
40,443,802
Industrials 12.42%
 
 
 
Uber Technologies, Inc. (a)
68,979,709
5,805,332
Boeing Co. (The) (a)
27,024,986
5,602,820
TransDigm Group, Inc.
2,685,558
3,943,554
General Electric Co.
12,131,032
2,983,142
GE Vernova, Inc.
2,833,456
1,340,168
Ingersoll-Rand, Inc.
16,168,976
1,320,035
Republic Services, Inc.
5,019,239
1,291,400
United Rentals, Inc.
1,698,518
1,203,196
United Airlines Holdings, Inc. (a)
13,606,048
1,080,933
Carrier Global Corp.
14,208,417
1,011,639
Axon Enterprise, Inc. (a)
1,341,517
1,006,621
XPO, Inc. (a)(b)
8,455,734
962,516
Caterpillar, Inc.
2,656,583
924,571
Safran SA
2,620,690
777,838
Quanta Services, Inc.
1,793,710
614,453
Recruit Holdings Co., Ltd.
10,141,100
612,363
HEICO Corp.
1,780,262
533,438
HEICO Corp., Class A
303,153
71,495
Dayforce, Inc. (a)(b)
9,224,036
544,956
ATI, Inc. (a)
5,984,107
476,574
RTX Corp.
3,472,189
473,884
FTAI Aviation, Ltd.
3,714,931
435,204
Delta Air Lines, Inc.
8,454,264
409,102
Equifax, Inc.
1,305,630
344,934
Ryanair Holdings PLC (ADR)
5,558,616
309,059
Ryanair Holdings PLC
315,525
8,373
Automatic Data Processing, Inc.
948,415
308,738
Old Dominion Freight Line, Inc.
1,830,796
293,239
Rocket Lab Corp. (a)
9,737,550
260,869
Eaton Corp. PLC
811,220
259,753
Northrop Grumman Corp.
463,045
224,470
Honeywell International, Inc.
950,365
215,419
Union Pacific Corp.
935,596
207,384
Copart, Inc. (a)
3,801,535
195,703
Airbus SE, non-registered shares
1,040,783
191,539
Waste Management, Inc.
769,227
185,361
The Growth Fund of America — Page 3 of 13
unaudited
Common stocks (continued)
Industrials (continued)
 
Shares
Value
(000)
GFL Environmental, Inc., subordinate voting shares
3,285,634
$165,695
Bombardier, Inc., Class B (a)
2,366,796
165,633
Lockheed Martin Corp.
282,905
136,468
APi Group Corp. (a)
2,644,708
123,429
Lennox International, Inc.
210,691
118,925
FedEx Corp.
469,339
102,363
Willscot Holdings Corp., Class A
3,027,431
81,589
Saia, Inc. (a)
252,098
66,657
Tetra Tech, Inc.
1,647,990
57,581
Einride AB (a)(d)(e)
267,404
8,653
 
37,457,068
Health care 11.85%
 
 
 
Eli Lilly and Co.
10,863,134
8,013,408
Vertex Pharmaceuticals, Inc. (a)
11,996,217
5,302,928
Alnylam Pharmaceuticals, Inc. (a)(b)
10,181,075
3,100,748
Intuitive Surgical, Inc. (a)
4,447,057
2,456,287
Boston Scientific Corp. (a)
18,176,584
1,913,267
Novo Nordisk AS, Class B
26,476,097
1,841,434
HCA Healthcare, Inc.
3,864,292
1,473,802
UnitedHealth Group, Inc.
4,513,711
1,362,734
Thermo Fisher Scientific, Inc.
2,961,676
1,193,022
Abbott Laboratories
6,256,037
835,681
Stryker Corp.
1,998,236
764,605
Amgen, Inc.
2,334,081
672,635
Hims & Hers Health, Inc., Class A (a)
11,512,900
651,170
Regeneron Pharmaceuticals, Inc.
1,237,814
606,875
Exact Sciences Corp. (a)(b)
9,634,488
542,229
Molina Healthcare, Inc. (a)
1,316,391
401,552
Illumina, Inc. (a)
4,633,040
381,021
Centene Corp. (a)
6,237,802
352,062
Insmed, Inc. (a)
4,630,759
322,903
EssilorLuxottica SA
993,340
275,994
Danaher Corp.
1,243,011
236,048
Bristol-Myers Squibb Co.
4,768,811
230,238
AbbVie, Inc.
1,148,966
213,834
Insulet Corp. (a)
657,085
213,572
Merck & Co., Inc.
2,685,081
206,322
Zoetis, Inc., Class A
1,077,259
181,658
Ascendis Pharma AS (ADR) (a)
1,062,134
172,958
GE HealthCare Technologies, Inc.
2,417,926
170,561
Mettler-Toledo International, Inc. (a)
136,405
157,619
Johnson & Johnson
990,265
153,699
Veeva Systems, Inc., Class A (a)
545,371
152,540
Royalty Pharma PLC, Class A
4,385,711
144,202
Align Technology, Inc. (a)
738,315
133,591
CVS Health Corp.
1,666,942
106,751
Natera, Inc. (a)
671,727
105,952
Daiichi Sankyo Co., Ltd.
3,096,900
82,687
Ionis Pharmaceuticals, Inc. (a)
2,401,067
80,460
DexCom, Inc. (a)
820,214
70,374
Guardant Health, Inc. (a)
1,659,354
67,403
IQVIA Holdings, Inc. (a)
473,645
66,467
NovoCure, Ltd. (a)
3,297,127
63,008
Masimo Corp. (a)
340,108
55,268
The Growth Fund of America — Page 4 of 13
unaudited
Common stocks (continued)
Health care (continued)
 
Shares
Value
(000)
Elevance Health, Inc.
127,435
$48,915
QIAGEN NV
985,176
44,461
Vaxcyte, Inc. (a)
1,234,980
40,125
Verily Life Sciences, LLC (a)(d)(e)
673,374
35,164
CRISPR Therapeutics AG (a)(c)
957,432
34,745
Biohaven, Ltd. (a)
271,118
4,015
agilon health, Inc. (a)
1,636,794
3,634
 
35,740,628
Financials 9.34%
 
 
 
Mastercard, Inc., Class A
5,829,865
3,413,969
Visa, Inc., Class A
8,520,635
3,111,651
KKR & Co., Inc.
17,325,166
2,104,315
Progressive Corp.
6,739,170
1,920,192
BlackRock, Inc.
1,222,089
1,197,513
Affirm Holdings, Inc., Class A (a)
23,020,319
1,194,755
Fannie Mae (a)(c)
107,995,045
1,137,188
Toast, Inc., Class A (a)
23,703,033
999,794
Wells Fargo & Co.
13,267,192
992,121
PayPal Holdings, Inc. (a)
11,987,911
842,510
Bank of America Corp.
18,331,022
808,948
Apollo Asset Management, Inc.
6,095,435
796,612
Goldman Sachs Group, Inc.
1,169,967
702,507
Marsh & McLennan Companies, Inc.
2,898,571
677,280
Blackstone, Inc.
4,809,582
667,378
Capital One Financial Corp.
3,354,556
634,514
Brookfield Corp., Class A
10,683,807
616,669
JPMorgan Chase & Co.
2,333,120
615,944
Ares Management Corp., Class A
3,368,236
557,443
Blue Owl Capital, Inc., Class A
25,807,170
482,078
Morgan Stanley
3,691,762
472,656
Ryan Specialty Holdings, Inc., Class A
6,282,026
449,605
Federal Home Loan Mortgage Corp. (a)
50,748,106
402,940
Nu Holdings, Ltd., Class A (a)
28,147,188
338,048
AIA Group, Ltd.
39,826,886
333,453
Truist Financial Corp.
7,506,251
296,497
UBS Group AG
9,262,139
294,745
Tradeweb Markets, Inc., Class A
1,955,240
282,434
First Citizens BancShares, Inc., Class A
141,231
261,119
Berkshire Hathaway, Inc., Class B (a)
497,031
250,484
Brown & Brown, Inc.
2,126,220
240,050
American Express Co.
815,866
239,905
Intercontinental Exchange, Inc.
969,597
174,333
Block, Inc., Class A (a)
2,675,489
165,211
Fiserv, Inc. (a)
893,007
145,373
Arch Capital Group, Ltd.
1,084,672
103,087
Trupanion, Inc. (a)
1,975,752
93,236
MSCI, Inc.
136,127
76,778
S&P Global, Inc.
127,402
65,339
 
28,158,674
Consumer staples 2.36%
 
 
 
Philip Morris International, Inc.
11,562,585
2,088,087
Costco Wholesale Corp.
1,637,745
1,703,550
L’Oreal SA, non-registered shares
537,990
227,485
The Growth Fund of America — Page 5 of 13
unaudited
Common stocks (continued)
Consumer staples (continued)
 
Shares
Value
(000)
L’Oreal SA, bonus shares (a)
423,601
$179,116
L’Oreal SA, bonus shares
230,933
97,648
Hershey Co.
2,142,638
344,300
Performance Food Group Co. (a)
3,837,229
343,662
Mondelez International, Inc., Class A
3,976,007
268,341
PepsiCo, Inc.
1,893,141
248,853
Avenue Supermarts, Ltd. (a)
5,094,466
238,254
Procter & Gamble Co.
1,331,171
226,153
Coca-Cola Co.
2,960,287
213,437
Constellation Brands, Inc., Class A
1,099,135
195,965
Walmart, Inc.
1,845,578
182,195
Caseys General Stores, Inc.
395,856
173,290
Dollar Tree Stores, Inc. (a)
1,813,365
163,674
Keurig Dr Pepper, Inc.
3,109,369
104,692
Estee Lauder Companies, Inc. (The), Class A
1,142,787
76,498
Celsius Holdings, Inc. (a)
1,408,199
53,343
 
7,128,543
Energy 1.35%
 
 
 
EOG Resources, Inc.
11,056,084
1,200,359
Exxon Mobil Corp.
7,162,630
732,737
Cenovus Energy, Inc.
18,675,239
246,139
Cenovus Energy, Inc. (CAD denominated)
12,085,623
159,222
TechnipFMC PLC
10,727,641
334,166
ConocoPhillips
3,336,288
284,752
Canadian Natural Resources, Ltd. (CAD denominated)
8,558,674
259,875
Schlumberger NV
7,071,376
233,709
Chevron Corp.
1,602,250
219,028
EQT Corp.
3,177,491
175,175
Diamondback Energy, Inc.
1,100,000
148,005
Weatherford International
779,784
33,999
Halliburton Co.
1,411,126
27,644
 
4,054,810
Materials 1.30%
 
 
 
Sherwin-Williams Co.
3,579,043
1,284,196
Linde PLC
1,701,703
795,682
Wheaton Precious Metals Corp.
5,695,127
494,052
Steel Dynamics, Inc.
3,527,611
434,143
Albemarle Corp. (c)
3,993,326
222,668
Sika AG
787,847
210,316
Barrick Mining Corp.
7,065,332
135,372
Freeport-McMoRan, Inc.
3,304,443
127,155
Air Products and Chemicals, Inc.
376,558
105,026
International Paper Co.
1,053,221
50,355
Shin-Etsu Chemical Co., Ltd.
1,372,900
44,280
 
3,903,245
Utilities 0.51%
 
 
 
Constellation Energy Corp.
5,027,393
1,539,136
Real estate 0.36%
 
 
 
CoStar Group, Inc. (a)
5,602,415
412,114
Zillow Group, Inc., Class C, nonvoting shares (a)
6,001,536
402,763
The Growth Fund of America — Page 6 of 13
unaudited
Common stocks (continued)
Real estate (continued)
 
Shares
Value
(000)
American Tower Corp. REIT
896,136
$192,356
Crown Castle, Inc. REIT
379,095
38,042
Millrose Properties, Inc., Class A, REIT
1,075,358
29,970
 
1,075,245
Total common stocks (cost: $129,531,075,000)
286,352,505
Preferred securities 1.03%
Financials 0.75%
 
 
 
Fannie Mae, Series S, 8.25% noncumulative preferred shares (a)(c)
74,834,466
1,066,391
Fannie Mae, Series T, 8.25% noncumulative preferred shares (a)
6,949,015
91,974
Fannie Mae, Series O, 7.00% noncumulative preferred shares (a)
1,737,998
40,356
Fannie Mae, Series R, 7.625% noncumulative preferred shares (a)
837,016
9,827
Fannie Mae, Series P, (3-month USD-LIBOR + 0.75%) 5.615% noncumulative preferred shares (a)(f)(g)
189,851
2,041
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares (a)(c)
75,849,074
1,040,649
Federal Home Loan Mortgage Corp., Series X, 6.02% noncumulative preferred shares (a)
238,812
2,627
Federal Home Loan Mortgage Corp., Series V, 5.57% noncumulative preferred shares (a)
212,500
2,291
 
2,256,156
Information technology 0.23%
 
 
 
Stripe, Inc., Series I, 6.00% noncumulative preferred shares (a)(d)(e)
7,098,300
239,390
Stripe, Inc., Series BB-1, 6.00% noncumulative preferred shares (a)(d)(e)
604,130
20,374
Stripe, Inc., Series G, 6.00% noncumulative preferred shares (a)(d)(e)
396,250
13,363
Stripe, Inc., Series H, 6.00% noncumulative preferred shares (a)(d)(e)
376,444
12,696
Stripe, Inc., Series BB, 6.00% noncumulative preferred shares (a)(d)(e)
214,287
7,227
Databricks, Inc., Series J, preferred shares (a)(d)(e)
2,241,043
236,430
PsiQuantum Corp., Series E, preferred shares (a)(d)(e)
2,200,422
90,495
PsiQuantum Corp., Series D, preferred shares (a)(d)(e)
613,889
25,247
Chime Financial, Inc., Series G, preferred shares (a)(d)(e)
1,433,730
44,905
Tipalti Solutions, Ltd., Series F, preferred shares (a)(d)(e)
3,800,381
19,230
 
709,357
Consumer discretionary 0.04%
 
 
 
Waymo, LLC, Series A-2, 8.00% noncumulative preferred shares (a)(d)(e)
1,164,589
100,970
Waymo, LLC, Series B-2, noncumulative preferred shares (a)(d)(e)
163,537
14,178
 
115,148
Industrials 0.01%
 
 
 
Einride AB, Series C, preferred shares (a)(d)(e)
658,158
21,298
Total preferred securities (cost: $1,845,911,000)
3,101,959
Rights & warrants 0.09%
Information technology 0.09%
 
 
 
Openai Global, LLC, rights (a)(d)(e)
177,682,110
293,175
Constellation Software, Inc., warrants, expire 3/31/2040 (a)(d)
180,549
—
(h)
Total rights & warrants (cost: $177,682,000)
293,175
The Growth Fund of America — Page 7 of 13
unaudited
Convertible stocks 0.00%
Industrials 0.00%
 
Shares
Value
(000)
ABL Space Systems Co., Class A-10, noncumulative convertible preferred shares (d)(e)
3,616,767
$2,528
ABL Space Systems Co., Class A-9, noncumulative convertible preferred shares (d)(e)
644,229
450
Total convertible stocks (cost: $45,346,000)
2,978
Convertible bonds & notes 0.03%
Industrials 0.02%
 
Principal amount
(000)
 
Uber Technologies, Inc. 0% 5/15/2028 (i)
USD68,570
77,519
Information technology 0.01%
 
 
 
Wolfspeed, Inc., convertible notes, 1.875% 12/1/2029
104,049
19,769
Total convertible bonds & notes (cost: $120,064,000)
97,288
Short-term securities 3.89%
Money market investments 3.79%
 
Shares
 
Capital Group Central Cash Fund 4.29% (b)(j)
114,138,315
11,413,831
Money market investments purchased with collateral from securities on loan 0.10%
 
 
 
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.24% (j)(k)
243,404,793
243,405
Capital Group Central Cash Fund 4.29% (b)(j)(k)
561,904
56,190
 
299,595
Total short-term securities (cost: $11,712,927,000)
11,713,426
Total investment securities 100.00% (cost: $143,433,005,000)
301,561,331
Other assets less liabilities (0.00)%
(2,124
)
Net assets 100.00%
$301,559,207
The Growth Fund of America — Page 8 of 13
unaudited
Investments in affiliates(b)
 
 
Value at
9/1/2024
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2025
(000)
Dividend
or interest
income
(000)
Common stocks 4.20%
Information technology 0.18%
Unity Software, Inc. (a)
$286,853
$75,865
$763
$227
$189,918
$552,100
$—
Wolfspeed, Inc. (a)(l)
69,800
—
56,994
(494,283
)
481,477
—
—
 
552,100
Consumer discretionary 2.31%
Royal Caribbean Cruises, Ltd.
3,884,211
90,143
605,813
438,596
1,727,070
5,534,207
37,597
Burlington Stores, Inc. (a)
509,730
538,525
1,111
607
(113,174
)
934,577
—
Caesars Entertainment, Inc. (a)
465,216
20,031
697
(156
)
(139,304
)
345,090
—
Polaris, Inc.
325,428
—
305
(320
)
(174,277
)
150,526
7,648
Mattel, Inc. (a)(l)
326,908
—
315,898
78,535
(89,545
)
—
—
Floor & Decor Holdings, Inc., Class A (a)(m)
480,208
553,376
468,742
(159,186
)
(174,735
)
—
—
 
6,964,400
Industrials 0.50%
XPO, Inc. (a)
637,967
373,688
38,270
(4,178
)
(6,691
)
962,516
—
Dayforce, Inc. (a)
363,840
173,543
723
204
8,092
544,956
—
 
1,507,472
Health care 1.21%
Alnylam Pharmaceuticals, Inc. (a)
2,786,990
205,699
317,050
33,334
391,775
3,100,748
—
Exact Sciences Corp. (a)
524,164
60,649
834
170
(41,920
)
542,229
—
 
3,642,977
Financials 0.00%
Essent Group, Ltd. (l)
350,172
—
315,312
63,606
(98,466
)
—
185
Consumer staples 0.00%
Fever-Tree Drinks PLC (l)
82,520
—
66,203
(93,219
)
76,902
—
332
Energy 0.00%
Weatherford International (m)
130,256
297,211
261,562
(45,544
)
(86,362
)
—
1,653
Materials 0.00%
Celanese Corp. (l)
900,781
—
489,193
(303,810
)
(107,778
)
—
4,902
Total common stocks
12,666,949
Convertible stocks 0.00%
Industrials 0.00%
ABL Space Systems Co., Class A-10, noncumulative
convertible preferred shares (d)(e)(m)
—
6,180
—
—
(3,652
)
—
—
ABL Space Systems Co., Class A-9, noncumulative
convertible preferred shares (d)(e)(m)
—
39,166
—
—
(38,716
)
—
—
 
—
Short-term securities 3.81%
Money market investments 3.79%
Capital Group Central Cash Fund 4.29% (j)
9,837,268
29,337,998
27,759,419
863
(2,879
)
11,413,831
336,406
Money market investments purchased with collateral
from securities on loan 0.02%
Capital Group Central Cash Fund 4.29% (j)(k)
180,041
123,851
(n)
56,190
—
(o)
Total short-term securities
11,470,021
Total 8.01%
$(484,554
)
$1,797,735
$24,136,970
$388,723
The Growth Fund of America — Page 9 of 13
unaudited
Restricted securities(e)
 
 
Acquisition
date(s)
Cost
(000)
Value
(000)
Percent
of net
assets
Stripe, Inc., Series I, 6.00% noncumulative preferred shares (a)(d)(e)
3/15/2023
$142,918
$239,390
0.08
%
Stripe, Inc., Class B (a)(d)(e)
5/6/2021-8/24/2023
45,738
38,917
0.01
Stripe, Inc., Series BB-1,
6.00% noncumulative preferred shares (a)(d)(e)
8/24/2023
13,012
20,374
0.01
Stripe, Inc., Series G, 6.00% noncumulative preferred shares (a)(d)(e)
9/29/2023
8,909
13,363
0.01
Stripe, Inc., Series H, 6.00% noncumulative preferred shares (a)(d)(e)
3/15/2021
15,105
12,696
0.00
(p)
Stripe, Inc., Series BB, 6.00% noncumulative preferred shares (a)(d)(e)
8/24/2023
4,615
7,227
0.00
(p)
Openai Global, LLC, rights (a)(d)(e)
9/30/2024
177,682
293,175
0.10
Databricks, Inc., Series J, preferred shares (a)(d)(e)
12/17/2024
207,297
236,430
0.08
PsiQuantum Corp., Series E, preferred shares (a)(d)(e)
3/17/2025-5/23/2025
90,495
90,495
0.03
PsiQuantum Corp., Series D, preferred shares (a)(d)(e)
5/28/2021
16,100
25,247
0.01
Waymo, LLC, Series A-2,
8.00% noncumulative preferred shares (a)(d)(e)
5/1/2020
100,000
100,970
0.03
Waymo, LLC, Series B-2, noncumulative preferred shares (a)(d)(e)
6/11/2021
15,000
14,178
0.01
Epic Games, Inc. (a)(d)(e)
3/29/2021
74,560
55,754
0.02
Chime Financial, Inc., Series G, preferred shares (a)(d)(e)
8/24/2021
99,027
44,905
0.01
Verily Life Sciences, LLC (a)(d)(e)
12/21/2018
83,000
35,164
0.01
Einride AB, Series C, preferred shares (a)(d)(e)
11/23/2022-4/21/2025
22,377
21,298
0.01
Einride AB (a)(d)(e)
2/1/2023
9,092
8,653
0.00
(p)
Tipalti Solutions, Ltd., Series F, preferred shares (a)(d)(e)
12/1/2021
65,064
19,230
0.00
(p)
ABL Space Systems Co., Class A-10,
noncumulative convertible preferred shares (d)(e)
12/14/2023
6,180
2,528
0.00
(p)
ABL Space Systems Co., Class A-9,
noncumulative convertible preferred shares (d)(e)
10/22/2021
39,166
450
0.00
(p)
Total
 
$1,235,337
$1,280,444
0.42
%
 
(a)
Security did not produce income during the last 12 months.
(b)
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.
(c)
All or a portion of this security was on loan. The total value of all such securities was $325,611,000, which represented 0.11% of the net assets of the fund.
(d)
Value determined using significant unobservable inputs.
(e)
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 $1,280,444,000, which represented 0.42% of the net assets of the fund.
(f)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(g)
Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the
issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
(h)
Amount less than one thousand.
(i)
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 $77,519,000, which
represented 0.03% of the net assets of the fund.
(j)
Rate represents the seven-day yield at 5/31/2025.
(k)
Security purchased with cash collateral from securities on loan.
(l)
Affiliated issuer during the reporting period but no longer held at 5/31/2025.
(m)
Affiliated issuer during the reporting period but no longer an affiliate at 5/31/2025. Refer to the investment portfolio for the security value at 5/31/2025.
(n)
Represents net activity.
(o)
Dividend income is included with securities lending income and is not shown in this table.
(p)
Amount less than 0.01%.
The Growth Fund of America — Page 10 of 13
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, 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.
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, 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.
The Growth Fund of America — Page 11 of 13
unaudited
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 fund’s valuation levels as of May 31, 2025, were as follows (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Common stocks:
Information technology
$77,597,218
$4,003,079
$38,917
$81,639,214
Consumer discretionary
45,212,140
—
—
45,212,140
Communication services
40,388,048
—
55,754
40,443,802
Industrials
37,448,415
—
8,653
37,457,068
Health care
33,864,030
1,841,434
35,164
35,740,628
Financials
28,158,674
—
—
28,158,674
Consumer staples
6,851,779
276,764
—
7,128,543
Energy
4,054,810
—
—
4,054,810
Materials
3,903,245
—
—
3,903,245
Utilities
1,539,136
—
—
1,539,136
Real estate
1,075,245
—
—
1,075,245
Preferred securities
2,256,156
—
845,803
3,101,959
Rights & warrants
—
—
293,175
293,175
Convertible stocks
—
—
2,978
2,978
Convertible bonds & notes
—
97,288
—
97,288
Short-term securities
11,713,426
—
—
11,713,426
Total
$294,062,322
$6,218,565
$1,280,444
$301,561,331
 
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
EUR = Euros
LIBOR = London Interbank Offered Rate
REIT = Real Estate Investment Trust
USD = U.S. dollars
The Growth Fund of America — Page 12 of 13
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.
Capital Client Group, Inc., member FINRA.
© 2025 Capital Group. All rights reserved.
MFGEFP3-005-0725
The Growth Fund of America — Page 13 of 13