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Class A AMUSX This annual shareholder report contains important information about U.S. Government Securities Fund<span style="white-space: nowrap;display:inline;"> </span>(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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-A</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-A (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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 <span style="display:inline;">hypothetical </span>$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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>63</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;">0.63<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 63 0.0063 <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 0.45% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684634.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">(3.32<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.27<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.73<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;">U.S. Government Securities 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;">*</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;">0.45<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;">(0.51<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.12<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class A (with sales charge) -0.0332 -0.0127 0.0073 U.S. Government Securities Fund — Class A (without sales charge) 0.0045 -0.0051 0.0112 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684640.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-A</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-A</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-A (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and <span style="display:inline;">disagreements </span>with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class C UGSCX This <span style="display:inline;">annual shareholder report</span> contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-C</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-C (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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 <span style="display:inline;">hypothetical </span>$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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>135</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;">1.35<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 135 0.0135 <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 lost 0.29% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <div style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><div style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-C</div></div>.</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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684678.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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 style="font-size: smaller; vertical-align: super;display:inline;">*</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;">(1.26<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.24<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.53<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;">U.S. Government Securities 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 style="font-size: smaller; vertical-align: super;display:inline;">*</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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.24<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.53<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class C (with sales charge) -0.0126 -0.0124 0.0053 U.S. Government Securities Fund — Class C (without sales charge) -0.0029 -0.0124 0.0053 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684684.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund <span style="display:inline;">changes</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-C</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-C</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-C (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class F-1 UGSFX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-F1</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-F1 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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 <span style="display:inline;">hypothetical </span>$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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>68</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;">0.68<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 68 0.0068 <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 0.40% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684722.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.40<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;">(0.55<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.10<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class F-1 0.004 -0.0055 0.011 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684728.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*<div style="display:inline;">Includes </div>derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F1</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F1</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-F1 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class F-2 GVTFX This annual shareholder report contains important information about U.S. Government Securities Fund<span style="white-space: nowrap;display:inline;"> </span>(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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-F2</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-F2 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>35</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;">0.35<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 35 0.0035 <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 0.73% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684766.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.73<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;">(0.23<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class F-2 0.0073 -0.0023 0.014 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 <span style="display:inline;">asset </span>type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684772.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F2</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F2</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-F2 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class F-3 USGFX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F3</span></span>. You can also request this information by contacting us at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-F3 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>24</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;">0.24<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 24 0.0024 <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 0.93% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685338.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">U.S. Government Securities 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;">0.93<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;">(0.10<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.73<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;">Bloomberg U.S. Aggregate <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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.78<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.35<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 January 27, 2017.</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class F-3 0.0093 -0.001 0.0173 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.0178 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0135 2017-01-27 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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;">Portfolio holdings by asset type</span> (percent of net assets)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685344.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F3</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-F3</span></span> or upon request at <span style="letter-spacing: 0px; top: 0px;display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-F3 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with <span style="letter-spacing: 0px; top: 0px;display:inline;">accountants</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class 529-A CGTAX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-529A</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-529A (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>65</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;">0.65<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 65 0.0065 <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 0.44% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684810.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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 style="font-size: smaller; vertical-align: super;display:inline;">*</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;">(3.08<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.23<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.74<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;">U.S. Government Securities 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 style="font-size: smaller; vertical-align: super;display:inline;">*</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;">0.44<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;">(0.53<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.10<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class 529-A (with sales charge) -0.0308 -0.0123 0.0074 U.S. Government Securities Fund — Class 529-A (without sales charge) 0.0044 -0.0053 0.011 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684816.jpg" style="display: block; width: 300pt;"/><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div> <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;">Material fund <span style="display:inline;">changes</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529A</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529A</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-529A (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class 529-C CGTCX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-529C</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-529C (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>142</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;">1.42<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 142 0.0142 <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 lost 0.28% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684854.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">(1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.73<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;">U.S. Government Securities 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;">*</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;">(0.28<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.73<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class 529-C (with sales charge) -0.0125 -0.0129 0.0073 U.S. Government Securities Fund — Class 529-C (without sales charge) -0.0028 -0.0129 0.0073 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684860.jpg" style="display: block; width: 300pt;"/><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div> <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;">Material fund <span style="display:inline;">changes</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529C</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529C</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-529C (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class 529-E CGTEX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-529E</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-529E (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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);"></div><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 <span style="display:inline;">last </span>year?</span> (based <span style="display:inline;">on </span>a hypothetical $10,000 investment)</div></div><div style="margin-top: 1em; margin-bottom: 1em"></div></div><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: &quot;Times New Roman&quot;; 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;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; 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);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>86</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;">0.86<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 86 0.0086 <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 0.31% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684942.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.31<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;">(0.73<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.88<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class 529-E 0.0031 -0.0073 0.0088 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684948.jpg" style="display: block; width: 300pt;"/> </div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529E</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529E</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-529E (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with <span style="display:inline;">accountants</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class 529-F-2 FSUGX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-529F2</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-529F2 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>36</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;">0.36<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 36 0.0036 <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 0.81% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685470.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">U.S. Government Securities 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;">0.81<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;">(0.23<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(0.17<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">Bloomberg U.S. Aggregate <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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(0.17<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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 October 30, 2020.</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class 529-F-2 0.0081 -0.0023 -0.0017 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 -0.0017 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 -0.0048 2020-10-30 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685476.jpg" style="display: block; width: 300pt;"/> </div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529F2</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529F2</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-529F2 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in <span style="display:inline;">and </span><span style="display:inline;">disagreements </span>with <span style="display:inline;">accountants</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class 529-F-3 FSUUX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-529F3</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-529F3 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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><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: &quot;Times New Roman&quot;; 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;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; 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);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-F-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>28</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;">0.28<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 28 0.0028 <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 0.89% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685514.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">U.S. Government Securities 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 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;">0.89<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;">(0.17<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(0.10<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">Bloomberg U.S. Aggregate <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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(0.17<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(0.48<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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 October 30, 2020.</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class 529-F-3 0.0089 -0.0017 -0.001 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 -0.0017 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 -0.0048 2020-10-30 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685520.jpg" style="display: block; width: 300pt;"/> </div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529F3</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-529F3</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-529F3 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements <span style="display:inline;">with </span><span style="display:inline;"><span style="display:inline;">accountants</span></span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-1 RGVAX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R1</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R1 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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><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: &quot;Times New Roman&quot;; 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;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; 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);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-1</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>132</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;">1.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 132 0.0132 <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 lost 0.26% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-R1</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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1684986.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">(0.26<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.19<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.41<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-1 -0.0026 -0.0119 0.0041 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1684992.jpg" style="display: block; width: 300pt;"/> </div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div> <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;">Material <span style="display:inline;">fund </span><span style="display:inline;">changes</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R1</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R1</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R1 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with <span style="display:inline;">accountants</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-2 RGVBX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R2</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R2 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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><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: &quot;Times New Roman&quot;; 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;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; 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);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>132</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;">1.32<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 132 0.0132 <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 lost 0.17% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685030.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">(0.17<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">(1.19<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.43<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-2 -0.0017 -0.0119 0.0043 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685036.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R2</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R2</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R2 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of t<span style="display:inline;">he</span> audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-2E RGEVX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R2E</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R2E (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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><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: &quot;Times New Roman&quot;; 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;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; 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);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-2E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>104</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;">1.04<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 104 0.0104 <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 0.04% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685250.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.04<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;">(0.92<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.70<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-2E 0.0004 -0.0092 0.007 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685256.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund <span style="display:inline;">changes</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R2E</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R2E</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R2E (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-3 RGVCX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R3</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R3 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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 <span style="display:inline;">investment</span>)</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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>89</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;">0.89<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 89 0.0089 <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 0.28% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685074.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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 style="font-size: smaller; vertical-align: super;display:inline;">*</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;">0.28<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;">(0.76<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.85<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-3 0.0028 -0.0076 0.0085 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685080.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R3</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R3</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R3 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-4 RGVEX This annual shareholder report contains important information about U.S. Government Securities F<span style="display:inline;">u</span>nd (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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R4</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R4 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>59</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;">0.59<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 59 0.0059 <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 0.58% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685118.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.58<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;">(0.46<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.17<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-4 0.0058 -0.0046 0.0117 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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;">Portfolio holdings by asset type</span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685124.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R4</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R4</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R4 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with <span style="display:inline;">accountants</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-5E RGVJX T<span style="display:inline;">his annual shareholder report contains important information about U.S. Government Securities Fund (the "fund") for the period from September 1, 2025 to August 31, 2026.</span> annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R5E</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R5E (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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 <span style="display:inline;">hypothetical </span>$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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>39</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;">0.39<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 39 0.0039 <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 0.69% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685294.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.69<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;">(0.27<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.37<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</div> Investment results assume all distributions are reinves<div style="display:inline;">te</div>d 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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-5E 0.0069 -0.0027 0.0137 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685300.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund changes</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R5E</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R5E</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R5E (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-5 RGVFX This annual shareholder report contains important information about U.S. Government Securities F<span style="display:inline;">un</span>d (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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R5</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R5 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>30</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;">0.30<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 30 0.003 <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 0.87% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685162.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.87<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;">(0.17<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.47<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-5 0.0087 -0.0017 0.0147 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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 stat<span style="display:inline;">is</span>tics</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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685168.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund <span style="display:inline;">changes</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R5</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R5</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R5 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 U.S. Government Securities Fund® Class R-6 RGVGX This annual shareholder report contains important information about U.S. Government Securities 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: &quot;Times New Roman&quot;; 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/mutual-fund-literature-R6</span></span>. You can also request this information by contacting us at <span style="display:inline;">(800) 421-4225</span>. capitalgroup.com/mutual-fund-literature-R6 (800) 421-4225 This report describes changes to the fund that occurred during the reporting period. <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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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>24</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;">0.24<span style="letter-spacing: 0px; top: 0px;display:inline;">%</span></td></tr></table></div> 24 0.0024 <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 0.84% for the year ended August 31, 2026. That result compares with a 1.84% gain for the Bloomberg U.S. Government/Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 9pt; line-height: 11pt; letter-spacing: -0.04pt;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-returns-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;">During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025. However, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. government bonds lagged the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as investment-grade credit sectors.</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;">Within the fund, sector allocation decisions, including an underweight to Treasury bonds in favor of other sectors such as mortgage-backed securities, were key contributors to relative results for the period as mortgage spreads tightened while government bonds came under pressure in 2026 amid surging yields that tested multi-year highs.</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, duration and curve positioning negatively impacted relative returns as rates rose and the yield curve flattened. Security selection also weighed on returns at the margin over the fiscal year.</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_1685206.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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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;">5 years</div></td><td style="break-inside: avoid; padding: 0px 5pt; width: 64pt; font-family: &quot;Times New Roman&quot;; 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;">10 years</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;">U.S. Government Securities 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;">*</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;">0.84<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;">(0.12<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.51<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;">Bloomberg U.S. Aggregate <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;">†</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;">1.89<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;">(0.29<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">1.40<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;">Bloomberg U.S. Government/Mortgage Backed Securities <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;">†</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;">1.84<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;">(0.41<div style="letter-spacing: 0px; top: 0px;display:inline;">)</div><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;">0.99<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;">*</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;">†</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): Bloomberg Index Services Ltd.</div> U.S. Government Securities Fund — Class R-6 0.0084 -0.0012 0.0151 Bloomberg U.S. Aggregate Index 0.0189 -0.0029 0.014 Bloomberg U.S. Government/Mortgage Backed Securities Index 0.0184 -0.0041 0.0099 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;">$</div>23,954</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">1,470</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total advisory fees paid (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>49</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 including<br/>mortgage dollar roll transactions</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;">209<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;"><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 excluding mortgage dollar roll transactions</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;">49<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 23954000000 1470 49000000 2.09 <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: &quot;Times New Roman&quot;; 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 asset type</span></span> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1685212.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;">*Includes derivatives.</div></div> <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;">Material fund <span style="display:inline;">changes</span></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R6</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>.</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt; padding-bottom: 9pt;">On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.</div> This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at <span style="text-decoration-line: underline; font-family: &quot;Times New Roman&quot;; color: rgb(0, 95, 158); font-size: 10pt; line-height: 13pt; letter-spacing: -0.05pt; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">capitalgroup.com/mutual-fund-literature-R6</span></span> or upon request at <span style="display:inline;">(800) 421-4225</span>. 2025-09-01 capitalgroup.com/mutual-fund-literature-R6 (800) 421-4225 On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. <div style="margin-top: 10pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 10pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On July 3, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismi<span style="display:inline;">ss</span>ed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending August 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended August 31, 2024 and August 31, 2025 and the subsequent interim period through October 10, 2025, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-07-03 Includes derivatives. 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): Bloomberg Index Services Ltd. 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 F-3 shares were first offered on January 27, 2017. Class 529-F-2 shares were first offered on October 30, 2020. Class 529-F-3 shares were first offered on October 30, 2020.