Shareholder Report
Aug. 31, 2026
USD ($)
Holding
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $78 | 0.73% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-A.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class A (with sales charge) 2 | 7.31 % | 9.75 % |
| American Funds U.S. Small and Mid Cap Equity Fund — Class A (without sales charge) 2 | 13.86 % | 13.17 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class A shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $77 | 0.72% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-C.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class C (with sales charge) 2 | 12.85 % | 13.17 % |
| American Funds U.S. Small and Mid Cap Equity Fund — Class C (without sales charge) 2 | 13.85 % | 13.17 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class C shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-1 | $78 | 0.73% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-F1.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class F-1 2 | 13.88 % | 13.18 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class F-1 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-2 | $78 | 0.73% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-F2.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class F-2 2 | 13.85 % | 13.17 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class F-2 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class F-3 | $55 | 0.51% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-F3.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class F-3 2 | 14.12 % | 13.45 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class F-3 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-A | $84 | 0.79% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-529A.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class 529-A (with sales charge) 2 | 9.72 % | 11.01 % |
| American Funds U.S. Small and Mid Cap Equity Fund — Class 529-A (without sales charge) 2 | 13.70 % | 13.08 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class 529-A shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-C | $84 | 0.79% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-529C.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class 529-C (with sales charge) 2 | 12.70 % | 13.08 % |
| American Funds U.S. Small and Mid Cap Equity Fund — Class 529-C (without sales charge) 2 | 13.70 % | 13.08 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class 529-C shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-E | $84 | 0.79% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-529E.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class 529-E 2 | 13.70 % | 13.09 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class 529-E shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-F-2 | $90 | 0.84% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-529F2.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class 529-F-2 2 | 13.68 % | 13.07 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class 529-F-2 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 529-F-3 | $61 | 0.57% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-529F3.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class 529-F-3 2 | 13.97 % | 13.37 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class 529-F-3 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-1 | $56 | 0.52% |
Management's discussion of fund performance
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.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-1 2 | 14.10 % | 13.45 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-1 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-2 | $55 | 0.51% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-R2.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-2 2 | 14.13 % | 13.42 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-2 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-2E | $55 | 0.51% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-R2E.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-2E 2 | 14.13 % | 13.44 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-2E shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-3 | $56 | 0.52% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-R3.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-3 2 | 14.12 % | 13.45 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-3 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-4 | $56 | 0.52% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-R4.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-4 2 | 14.11 % | 13.45 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-4 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-5E | $56 | 0.52% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-R5E.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-5E 2 | 14.12 % | 13.45 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-5E shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-5 | $56 | 0.52% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-R5.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-5 2 | 14.11 % | 13.45 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-5 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R-6 | $55 | 0.51% |
Management's discussion of fund performance
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 capitalgroup.com/SMID-R6.
What factors influenced results
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.
Holdings across multiple sectors contributed positively to the portfolio, led by information technology and industrials. Holdings in the healthcare, consumer staples and energy sectors also added to returns.
Conversely, the fund’s holdings in communication services and utilities detracted from returns. Consumer discretionary, materials and financials also lagged.
Average annual total returns
1 year | Since inception 1 | |
| American Funds U.S. Small and Mid Cap Equity Fund — Class R-6 2 | 14.14 % | 13.47 % |
| Russell 3000 Index 3 | 20.10 % | 17.68 % |
| Russell 2500 Index 3 | 25.54 % | 17.46 % |
| Russell Midcap Index 3 | 17.94 % | 14.63 % |
1
Class R-6 shares were first offered on September 27, 2024.2
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.3
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.Key fund statistics
| Fund net assets (in millions) | $ 1,025 |
| Total number of portfolio holdings | 175 |
| Total advisory fees paid (in millions) | $ 2 |
| Portfolio turnover rate | 65 % |
Portfolio holdings by sector (percent of net assets)
