U.S. Government Securities Fund
AMERICAN FUNDS INCOME SERIES · Series S000009235 · 21 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2025 Q4
The funds investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.
The fund invests at least 80% of assets in U.S. government securities, agency debt, and mortgage-backed securities issued by federal agencies, with the flexibility to hold inflation-linked bonds and use derivatives such as futures and swaps. A team of portfolio managers oversees separate segments of the portfolio, selecting and selling securities based on their assessment of long-term value and attractive pricing rather than tracking an index.
| Share class | Expense ratio |
|---|---|
| AMUSX | 0.65% |
| RGVAX | 1.33% |
| RGVBX | 1.32% |
| RGVCX | 0.89% |
| RGVEX | 0.60% |
| RGVFX | 0.30% |
| UGSCX | 1.38% |
| UGSFX | 0.68% |
| CGTAX | 0.65% |
| CGTCX | 1.43% |
| CGTEX | 0.87% |
| CGTFX | 0.74% |
| GVTFX | 0.36% |
| RGVGX | 0.25% |
| RGEVX | 1.05% |
| RGVJX | 0.40% |
| USGFX | 0.25% |
| TSUGX | 0.68% |
| TUSGX | 0.63% |
| FSUGX | 0.37% |
| FSUUX | 0.30% |
Portfolio turnover 309.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 57.56% |
| Securitized | 40.21% |
| Cash & short-term | 4.48% |
| Derivatives | 0.45% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES TREASURY ×7, UNIFORM MBS
Largest exited: UNITED STATES TREASURY ×7, UNIFORM MBS
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
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Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-02-28
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 99.8% |
| Floating rate | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 14.5% |
| 1-3y | 16.3% |
| 3-5y | 11.7% |
| 5-10y | 6.3% |
| 10y+ | 51.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 99% |
| Credit spreads | 1% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.04 yr |
| High yield | +0.02 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 1.33 yr | 22% |
| 5 yr | 1.54 yr | 25% |
| 10 yr | 1.62 yr | 27% |
| 30 yr | 1.59 yr | 26% |
3 mo is NEGATIVE (-0.02 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 2% |
| 1 yr | 0.02 yr | 28% |
| 5 yr | 0.03 yr | 46% |
| 10 yr | 0.01 yr | 23% |
| 30 yr | 0.00 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.02 | +0.00 | +0.00 | $224 | $2.4k |
| 1 yr | +1.33 | +0.01 | +0.01 | $23.1k | $21.4k |
| 5 yr | +1.54 | +0.02 | +0.01 | $48.3k | $24.8k |
| 10 yr | +1.62 | +0.01 | +0.00 | $26.0k | $10.0k |
| 30 yr | +1.59 | +0.00 | +0.00 | $1.9k | $979 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | CAPITAL GROUP CENTRAL CASH FUND | 4.48% | $1.10B | — |
| — | UNITED STATES TREASURY4.25% · due 2028-02-15 | 2.49% | $614.76M | — |
| — | UNITED STATES TREASURY4.38% · due 2026-07-31 | 2.42% | $596.80M | — |
| — | UNITED STATES TREASURY4.63% · due 2055-11-15 | 2.33% | $574.07M | — |
| — | UNITED STATES TREASURY3.50% · due 2027-10-31 | 1.99% | $489.60M | — |
| — | UNITED STATES TREASURY1.63% · due 2029-10-15 | 1.90% | $468.48M | — |
| — | UNITED STATES TREASURY3.88% · due 2027-12-31 | 1.75% | $431.39M | — |
| — | UNITED STATES TREASURY3.75% · due 2027-06-30 | 1.70% | $420.16M | — |
| — | UNITED STATES TREASURY0.00% · due 2026-03-24 | 1.62% | $399.12M | — |
| — | UNITED STATES TREASURY4.75% · due 2055-08-15 | 1.42% | $350.39M | — |
Top 10 positions are 22.10% of net assets, top 25 36.84%, across 41 issuers.
See more of this fund's book
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