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American Funds U.S. Small and Mid Cap Equity Fund
2026-08-31
American Funds® U.S. Small and Mid Cap Equity Fund
Class A
SMDEX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-A</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-A
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class A</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>78</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.73<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
78
0.0073
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class A shares gained 13.86% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-A</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689508.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 3pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class A (with sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">7.31<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">9.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class A (without sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.86<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class A shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class A (with sales charge)
0.0731
0.0975
American Funds U.S. Small and Mid Cap Equity Fund — Class A (without sales charge)
0.1386
0.1317
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div></div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689514.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class C
SMDGX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-C</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-C
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class C</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>77</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.72<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
77
0.0072
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class C shares gained 13.85% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-C</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689112.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class C (with sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">12.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class C (without sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class C shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class C (with sales charge)
0.1285
0.1317
American Funds U.S. Small and Mid Cap Equity Fund — Class C (without sales charge)
0.1385
0.1317
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689118.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class F-1
SMDJX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-F1</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-F1
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-1</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>78</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.73<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
78
0.0073
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class F-1 shares gained 13.88% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-F1</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689552.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">F-1</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.88<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.18<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class F-1 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class F-1
0.1388
0.1318
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689558.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class F-2
SMDKX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-F2</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-F2
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>78</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.73<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
78
0.0073
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class F-2 shares gained 13.85% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-F2</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689596.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">F-2</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.17<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class F-2 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class F-2
0.1385
0.1317
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689602.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class F-3
SMDNX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-F3</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-F3
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>55</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.51<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
55
0.0051
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class F-3 shares gained 14.12% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-F3</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689640.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">F-3</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class F-3 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class F-3
0.1412
0.1345
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689646.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class 529-A
CMDDX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529A</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-529A
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-A</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>84</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.79<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
84
0.0079
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class 529-A shares gained 13.70% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529A</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1688980.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class 529-A (with sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">9.72<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">11.01<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class 529-A (without sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class 529-A shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class 529-A (with sales charge)
0.0972
0.1101
American Funds U.S. Small and Mid Cap Equity Fund — Class 529-A (without sales charge)
0.137
0.1308
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1688986.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class 529-C
CMDHX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529C</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-529C
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-C</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>84</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.79<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
84
0.0079
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class 529-C shares gained 13.70% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529C</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689024.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class 529-C (with sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">12.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class 529-C (without sales <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">charge)</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.08<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class 529-C shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class 529-C (with sales charge)
0.127
0.1308
American Funds U.S. Small and Mid Cap Equity Fund — Class 529-C (without sales charge)
0.137
0.1308
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689030.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class 529-E
CMDJX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529E</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-529E
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>84</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.79<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
84
0.0079
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class 529-E shares gained 13.70% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529E</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689068.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">529-E</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.70<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.09<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class 529-E shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class 529-E
0.137
0.1309
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689074.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class 529-F-2
CMDNX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529F2</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-529F2
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-F-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>90</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.84<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
90
0.0084
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class 529-F-2 shares gained 13.68% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529F2</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689816.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">529-F-2</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.07<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class 529-F-2 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class 529-F-2
0.1368
0.1307
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689822.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class 529-F-3
CMDOX
This annual shareholder report contains important information about American Funds U.S. Sm<span style="display:inline;">a</span>ll and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529F3</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-529F3
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-F-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>61</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.57<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
61
0.0057
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class 529-F-3 shares gained 13.97% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-529F3</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689860.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">529-F-3</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.97<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.37<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class 529-F-3 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class 529-F-3
0.1397
0.1337
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689866.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-1
RMDDX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID</span></span>. You can also request this information by contact<span style="display:inline;">in</span>g us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-1</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>56</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.52<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
56
0.0052
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-1 shares gained 14.10% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. </div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689728.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-1</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-1 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-1
0.141
0.1345
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689734.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-2
RMDEX
This annual shareholder report contains important information about <span style="display:inline;">Am</span>erican Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R2</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-R2
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>55</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.51<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
55
0.0051
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-2 shares gained 14.13% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R2</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689156.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-2</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.42<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-2 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-2
0.1413
0.1342
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689162.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-2E
RMDGX
This annual shareholder report contains important information about American Funds U.S. S<span style="display:inline;">m</span>all and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R2E</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-R2E
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-2E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>55</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.51<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
55
0.0051
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-2E shares gained 14.13% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R2E</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689684.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-2E</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.44<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-2E shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-2E
0.1413
0.1344
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689690.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-3
RMDHX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R3</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-R3
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 inves<span style="display:inline;">t</span>ment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>56</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.52<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
56
0.0052
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-3 shares gained 14.12% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R3</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689200.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-3</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-3 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-3
0.1412
0.1345
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689206.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-4
RMDJX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional inf<span style="display:inline;">or</span>mation about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R4</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-R4
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-4</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>56</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.52<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
56
0.0052
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-4 shares gained 14.11% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R4</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689244.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-4</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-4 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-4
0.1411
0.1345
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689250.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-5E
RMDKX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R5E</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-R5E
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 inv<span style="display:inline;">e</span>stment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-5E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>56</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.52<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
56
0.0052
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-5E shares gained 14.12% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R5E</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689332.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-5E</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-5E shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-5E
0.1412
0.1345
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689338.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-5
RMDLX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R5</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-R5
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hy<span style="display:inline;">p</span>othetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-5</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>56</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.52<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
56
0.0052
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-5 shares gained 14.11% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R5</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689288.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-5</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-5 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-5
0.1411
0.1345
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689294.jpg" style="display: block; width: 300pt;"/>
American Funds® U.S. Small and Mid Cap Equity Fund
Class R-6
RMDMX
This annual shareholder report contains important information about American Funds U.S. Small and Mid Cap Equity Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R6</span></span>. You can also request this information by contac<span style="display:inline;">ti</span>ng us at <span style="display:inline;">(800) 421-4225</span>.
capitalgroup.com/SMID-R6
(800) 421-4225
<div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><span style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last year?</span> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><span style="font-weight:bolder;display:inline;">Share class</span></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><span style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</span></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><span style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</span></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-6</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><span style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</span>55</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.51<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div>
55
0.0051
<div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; letter-spacing: normal; text-transform: none; color: rgb(0, 95, 158); padding-top: 0;">Management's discussion of fund performance</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">The fund’s Class R-6 shares gained 14.14% for the year ended August 31, 2026. That result compares with a 25.54% gain for the Russell 2500 Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: "Times New Roman"; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/SMID-R6</span></span>.</div><div style="margin-top: 6.9984pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; letter-spacing: normal; text-transform: none; padding-top: 0;">What factors influenced results</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 11pt; letter-spacing: -0.04pt;">U.S. equities delivered solid returns during the fiscal year, with small and mid-cap stocks outpacing large-cap equities, helped by a stable U.S. economy, attractive valuations relative to large caps and an overall higher risk appetite among investors. The U.S. economy continued to demonstrate resilience, boosted by healthy consumer spending. Amid signs of a softening labor market, the U.S. Federal Reserve implemented three 25-basis-point rate cuts in late 2025.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Holdings across<div style="white-space: nowrap;display:inline;"> </div>multiple<div style="white-space: nowrap;display:inline;"> </div>sectors<div style="white-space: nowrap;display:inline;"> </div>contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4.0032pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; letter-spacing: -0.04pt;">Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.</div>
<img alt="Fund Performance - Growth of 10K" src="chartimages_1689376.jpg" style="width: 550pt;"/>
<div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: left; letter-spacing: normal; text-transform: none; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; color: rgb(0, 0, 0);">Average annual total returns</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 16.9992pt; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid; padding: 3pt 2pt; width: 60%; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: initial initial; background-color: rgb(223, 229, 240);"><div style="display:inline;"></div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">1 year</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: "Times New Roman"; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; white-space: nowrap; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); background-color: rgb(0, 95, 158);"><div style="font-weight:bolder;display:inline;">Since inception<div style="font-size: smaller; vertical-align: super;display:inline;">1</div></div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">American Funds U.S. Small and Mid Cap Equity Fund — Class <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">R-6</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">13.47<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 3000 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">20.10<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.68<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; background-color: rgb(255, 255, 255);"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell 2500 <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">25.54<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 255, 255); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; vertical-align: middle; width: 60%; text-align: left; padding-top: 3pt; padding-right: 2pt; padding-bottom: 3pt; padding-left: 2pt;">Russell Midcap <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Index</span><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div></div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">17.94<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: 9pt; width: 64pt; text-align: center; vertical-align: middle; padding-top: 0; padding-right: 5pt; padding-bottom: 0; padding-left: 5pt; white-space: nowrap;">14.63<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">1</div> Class R-6 shares were first offered on September 27, 2024.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">2</div> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 5pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; text-indent: -5pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">3</div> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.</div>
American Funds U.S. Small and Mid Cap Equity Fund — Class R-6
0.1414
0.1347
Russell 3000 Index
0.201
0.1768
Russell 2500 Index
0.2554
0.1746
Russell Midcap Index
0.1794
0.1463
2024-09-27
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="margin-top: 10pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1,025</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">175</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>2</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">65<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table>
1025000000
175
2000000
0.65
<div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><span style="font-family: "Times New Roman"; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><span style="font-weight:bolder;display:inline;">Portfolio holdings by sector </span></span>(percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1689382.jpg" style="display: block; width: 300pt;"/>
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
Class A shares were first offered on September 27, 2024.
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): London Stock Exchange Group.
Class C shares were first offered on September 27, 2024.
Class F-1 shares were first offered on September 27, 2024.
Class F-2 shares were first offered on September 27, 2024.
Class F-3 shares were first offered on September 27, 2024.
Class 529-A shares were first offered on September 27, 2024.
Class 529-C shares were first offered on September 27, 2024.
Class 529-F-2 shares were first offered on September 27, 2024.
Class 529-F-3 shares were first offered on September 27, 2024.
Class R-1 shares were first offered on September 27, 2024.
Class R-2 shares were first offered on September 27, 2024.
Class R-2E shares were first offered on September 27, 2024.
Class R-3 shares were first offered on September 27, 2024.
Class R-4 shares were first offered on September 27, 2024.
Class R-5E shares were first offered on September 27, 2024.
Class R-5 shares were first offered on September 27, 2024.
Class R-6 shares were first offered on September 27, 2024.
Class 529-E shares were first offered on September 27, 2024.