<PAGE>





[Logo - American Funds /(R)/]           The right choice for the long term/(R)/




U.S. Government
Securities Fund/SM/




RETIREMENT PLAN
 PROSPECTUS





 May 1, 2009






TABLE OF CONTENTS

 1    Risk/Return summary
 4    Fees and expenses of the fund
 6    Investment objective, strategies and risks
10    Management and organization
13    Purchase, exchange and sale of shares
17    Sales charges
19    Sales charge reductions
21    Rollovers from retirement plans to IRAs
21    Plans of distribution
22    Other compensation to dealers
23    Distributions and taxes
24    Financial highlights





 THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED OF
 THESE SECURITIES. FURTHER, IT HAS NOT DETERMINED THAT THIS PROSPECTUS IS
 ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
 OFFENSE.



<PAGE>

[This page intentionally left blank for this filing]

<PAGE>

Risk/Return summary

The fund seeks to provide you with a high level of current income as well as to
preserve your investment by investing primarily in securities that are
guaranteed or sponsored by the U.S. government. All securities held by the fund
will be rated AAA/Aaa or equivalent.

The fund is designed for investors seeking income, high credit quality and
capital preservation over the long term.  Your investment in the fund is subject
to risks, including the possibility that the fund's income and the value of its
portfolio holdings may fluctuate in response to economic, political or social
events in the United States or abroad.

At least 80% of the fund's assets will be invested in securities that are
guaranteed or sponsored by the U.S. government, including debt securities and
mortgage-backed securities issued by federal agencies and instrumentalities that
are not backed by the full faith and credit of the U.S. government. The fund may
invest up to 20% of its assets in nongovernment securities rated AAA or Aaa (or
in unrated securities determined to be of equivalent quality by the fund's
investment adviser).

While the fund invests in the highest quality debt securities, these securities
are subject to interest rate and prepayment risks. Interest rate risk is the
risk that the market value of the fixed-income securities owned by the fund will
fluctuate as interest rates go up or down. Prepayment risk is the risk that the
issuers of fixed-income securities owned by the fund will prepay them at a time
when interest rates have declined, which may require the fund to reinvest the
proceeds in lower yielding securities. It is important to note that neither your
investment in the fund nor the fund's yield is guaranteed by the U.S.
government.

Your investment in the fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency, entity or person.

YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE
GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.


                                       1

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

HISTORICAL INVESTMENT RESULTS

The bar chart below shows how the fund's investment results have varied from
year to year, and the Investment Results table on page 3 shows how the fund's
average annual total returns for various periods compare with different broad
measures of market performance. This information provides some indication of the
risks of investing in the fund. All fund results reflect the reinvestment of
dividends and capital gain distributions, if any. Unless otherwise noted, fund
results reflect any fee waivers and/or expense reimbursements in effect during
the period presented. Past results are not predictive of future results.

Calendar year total returns for Class A shares
(Results do not include a sales charge; if a sales charge were included,
 results would be lower.)

[begin bar chart]

1999         -1.59%
2000         11.93
2001          6.41
2002          9.02
2003          1.91
2004          2.88
2005          2.27
2006          3.15
2007          6.67
2008          7.73
[end bar chart]




Highest/Lowest quarterly results during this time period were:




HIGHEST                       5.34%  (quarter ended December 31, 2008)
LOWEST                       -2.00%  (quarter ended June 30, 2004)






                                       2

U.S. Government Securities Fund / Prospectus


<PAGE>



Unlike the bar chart on the previous page, the Investment Results table below
reflects, as required by Securities and Exchange Commission rules, the fund's
investment results with the following maximum initial sales charge imposed:

 . Class A share results reflect the maximum initial sales charge of 3.75%. This
   charge is reduced for purchases of $100,000 or more and eliminated for
   purchases of $1 million or more.

 . Class R shares are sold without any initial sales charge.

Results would be higher if calculated without a sales charge.

Unlike the Investment Results table below, the Additional Investment Results
table on page 8 reflects the fund's results calculated without a sales charge.




 INVESTMENT RESULTS (WITH A MAXIMUM SALES CHARGE)
 AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2008:

                                   1 YEAR  5 YEARS  10 YEARS   LIFETIME/1/
---------------------------------------------------------------------------

 CLASS A -- FIRST SOLD 10/17/85    3.69%    3.73%    4.57%        6.57%





                                   1 YEAR  5 YEARS   LIFETIME/1/
-----------------------------------------------------------------

 CLASS R-1 -- FIRST SOLD 6/13/02   6.89%    3.71%       3.82%
                                           ---------
 CLASS R-2 -- FIRST SOLD 5/31/02   6.95     3.77        3.92
                                           ---------
 CLASS R-3 -- FIRST SOLD 6/6/02    7.40     4.17        4.33
                                           ---------
 CLASS R-4 -- FIRST SOLD 5/28/02   7.76     4.54        4.73
                                           ---------
 CLASS R-5 -- FIRST SOLD 5/15/02   8.09     4.85        5.14






                                       1 YEAR  5 YEARS  10 YEARS   LIFETIME/2/
-------------------------------------------------------------------------------

 INDEXES
 Citigroup Treasury/Govt               10.54%   5.87%    6.12%        7.90%
Sponsored/Mortgage Index/3/
 Lipper General U.S. Government Funds   7.27    4.27     4.74         6.56
Average/4/
 Consumer Price Index/5/                0.09    2.67     2.52         2.88
 Class A 30-day annualized yield at February 28, 2009: 3.31%
 (For current yield information, please call American FundsLine/(R)/ at
800/325-3590.)




1  Lifetime results for each share class are measured from the date the share
   class was first sold.
2  Lifetime results for the index(es) shown are measured from the date Class A
   shares were first sold. The funds or securities that compose each index may
   vary over time.

3  Citigroup Treasury/Government Sponsored/Mortgage Index (formerly Salomon Smith
   Barney Treasury/Government Sponsored/Mortgage Index) is a market-weighted index
   that includes U.S. Treasury and agency securities, as well as securities issued
   by the Federal National Mortgage Association, the Federal Home Loan Mortgage
   Corporation and the Government National Mortgage Association. This index is
   unmanaged and its results include reinvested dividends and/or distributions,
   but do not reflect the effect of sales charges, commissions, expenses or taxes.
4  Lipper General U.S. Government Funds Average is composed of funds that invest
   primarily in U.S. government and agency issues. The results of the underlying
   funds in the average include the reinvestment of dividends and capital gain
   distributions as well as brokerage commissions paid by the funds for portfolio
   transactions, but do not reflect the effect of sales charges or taxes.
5  Consumer Price Index (CPI) is a measure of the average change over time in the
   prices paid by urban consumers for a market basket of consumer goods and
   services. Widely used as a measure of inflation, the CPI is computed by the
   U.S. Department of Labor, Bureau of Labor Statistics.


                                       3

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Fees and expenses of the fund

These tables describe the fees and expenses that you may pay if you buy and hold
shares of the fund.



 SHAREHOLDER FEES (PAID DIRECTLY FROM YOUR INVESTMENT)

                                               CLASS A    ALL R SHARE CLASSES
------------------------------------------------------------------------------

 Maximum initial sales charge on purchases      3.75%/*/         none
 (as a percentage of offering price)
------------------------------------------------------------------------------
 Maximum sales charge on reinvested dividends    none            none
------------------------------------------------------------------------------
 Maximum contingent deferred sales charge        none            none
------------------------------------------------------------------------------
 Redemption or exchange fees                     none            none



* The initial sales charge is reduced for purchases of $100,000 or more and
 eliminated for purchases of $1 million or more.





 ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)

                                 CLASS  CLASS  CLASS  CLASS  CLASS     CLASS
                        CLASS A   R-1    R-2    R-3    R-4   R-5/3/   R-6/3,4/
-------------------------------------------------------------------------------

 Management fees/1/      0.30%   0.30%  0.30%  0.30%  0.30%  0.30%     0.30%
-------------------------------------------------------------------------------
 Distribution and/or     0.29    1.00   0.75   0.50   0.25   none      none
 service (12b-1)
 fees/2/
-------------------------------------------------------------------------------
 Other expenses/1/       0.18    0.26   0.56   0.27   0.17   0.11      0.08
-------------------------------------------------------------------------------
 Total annual fund       0.77    1.56   1.61   1.07   0.72   0.41      0.38
 operating expenses/1/
-------------------------------------------------------------------------------




1  The fund's investment adviser waived a portion of its management fees from
   September 1, 2004, through December 31, 2008. In addition, the investment
   adviser paid a portion of the fund's transfer agent fees for certain R share
   classes. Management fees, other expenses and total annual fund operating
   expenses in the table do not reflect any waiver or reimbursement. Information
   regarding the effect of any waiver/reimbursement on total annual fund operating
   expenses can be found in the Financial Highlights table in this prospectus and
   in the fund's annual report.
2  Class A, R-1, R-2, R-3 and R-4 12b-1 fees may not exceed .30%, 1.00%, 1.00%,
   .75% and .50%, respectively, of the class's average net assets annually.

3  Class R-5 and R-6 shares are generally available only to fee-based programs
   or through retirement plan intermediaries.
4  Based on estimated amounts for the current fiscal year. Amounts for all other
   share classes are based on amounts incurred in the fund's previous fiscal year.



                                       4

U.S. Government Securities Fund / Prospectus


<PAGE>

OTHER EXPENSES

The "Other expenses" items in the table above include custodial, legal, transfer
agent and subtransfer agent/recordkeeping payments, as well as various other
expenses. Subtransfer agent/recordkeeping payments may be made to the fund's
investment adviser, affiliates of the adviser and unaffiliated third parties for
providing recordkeeping and other administrative services to retirement plans
invested in the fund in lieu of the transfer agent providing such services. The
amount paid for subtransfer agent/recordkeeping services will vary depending on
the share class selected and the entity receiving the payments. The table below
shows the maximum payments to entities providing services to retirement plans.




             PAYMENTS TO AFFILIATED ENTITIES       PAYMENTS TO UNAFFILIATED
                                                           ENTITIES
-------------------------------------------------------------------------------

 Class A            .05% of assets or                  .05% of assets or
             $12 per participant position/1/    $12 per participant position/1/
-------------------------------------------------------------------------------
 Class R-1           .10% of assets                     .10% of assets
-------------------------------------------------------------------------------
 Class R-2     .15% of assets plus $27 per              .25% of assets
             participant position/2/ or .35%
                      of assets/3/
-------------------------------------------------------------------------------
 Class R-3     .10% of assets plus $12 per              .15% of assets
             participant position/2/ or .19%
                      of assets/3/
 Class R-4           .10% of assets                     .10% of assets
-------------------------------------------------------------------------------
 Class R-5           .05% of assets                     .05% of assets
-------------------------------------------------------------------------------
 Class R-6                none                               none
-------------------------------------------------------------------------------




1 Payment amount depends on the date upon which services commenced.
2 Payment with respect to Recordkeeper Direct/(R)/ program.
3 Payment with respect to PlanPremier/(R)/ program.

EXAMPLES

The examples below are intended to help you compare the cost of investing in the
fund with the cost of investing in other mutual funds. The examples assume that
you invest $10,000 in the fund for the time periods indicated, that your
investment has a 5% return each year, that all dividends and capital gain
distributions are reinvested, and that the fund's operating expenses remain the
same as shown above. The examples do not reflect the impact of any fee waivers
or expense reimbursements.

Although your actual costs may be higher or lower, based on these assumptions,
your cumulative estimated expenses would be:




                                1 YEAR  3 YEARS  5 YEARS   10 YEARS
--------------------------------------------------------------------

 Class A*                        $451    $612     $787      $1,293
--------------------------------------------------------------------
 Class R-1                        159     493      850       1,856
--------------------------------------------------------------------
 Class R-2                        164     508      876       1,911
--------------------------------------------------------------------
 Class R-3                        109     340      590       1,306
--------------------------------------------------------------------
 Class R-4                         74     230      401         894
--------------------------------------------------------------------
 Class R-5                         42     132      230         518
--------------------------------------------------------------------
 Class R-6                         39     122      213         480
--------------------------------------------------------------------




* Reflects the maximum initial sales charge.


                                       5

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Investment objective, strategies and risks

The fund's investment objective is to provide a high level of current income
consistent with prudent investment risk and preservation of capital. Normally,
the fund will invest at least 80% of its assets in securities guaranteed or
sponsored by the U.S. government, including securities issued by U.S.
governmental agencies or instrumentalities that are not guaranteed by the U.S.
government. In addition, the fund may invest up to 20% of its assets in
nongovernment securities that are rated AAA or Aaa or that are unrated but
determined to be of equivalent quality by the fund's investment adviser. Such
investments may include securities backed by pools of mortgages, also called
"mortgage-backed securities" or other asset-backed securities.

In seeking to achieve its investment objective, the fund may engage in active
and frequent trading of portfolio securities. High portfolio turnover typically
involves greater transaction costs and may result in net capital gains that are
taxable when distributed to shareholders.

The values of most debt securities held by the fund may be affected by changing
interest rates and prepayment risk. For example, as with other debt securities,
the value of U.S. government securities generally will decline when interest
rates rise and increase when interest rates fall. Longer maturity securities
generally have higher rates of interest but may be subject to greater price
fluctuations than shorter maturity securities.

In addition, falling interest rates may cause an issuer to redeem or "call" a
security before its stated maturity. This is known as prepayment risk. Many
types of debt securities, including mortgage-related securities, are subject to
prepayment risk. For example, when interest rates fall, homeowners are more
likely to refinance their home mortgages and "prepay" their principal earlier
than expected. The fund must then reinvest the prepaid principal in new
securities when interest rates on new mortgage investments are falling, thus
reducing the fund's income.

A security backed by the U.S. Treasury or the full faith and credit of the U.S.
government is guaranteed only as to the timely payment of interest and principal
when held to maturity. Accordingly, the current market prices for these
securities will fluctuate with changes in interest rates.

The fund may also hold cash or money market instruments. The percentage of the
fund invested in such holdings varies and depends on various factors, including
market conditions. A larger percentage of such holdings could moderate the
fund's investment results in a period of rising market prices.

Consistent with the fund's preservation of capital objective, a larger
percentage of cash or money market instruments could reduce the magnitude of the
fund's loss in a period of falling market prices and provide liquidity to make
additional investments or to meet redemptions.


                                       6

U.S. Government Securities Fund / Prospectus


<PAGE>


The fund relies on the professional judgment of its investment adviser to make
decisions about the fund's portfolio investments. The basic investment
philosophy of the investment adviser is to seek to invest in attractively valued
securities that, in its opinion, represent above-average long-term investment
opportunities. The investment adviser believes that an important way to
accomplish this is by analyzing various factors, which may include the credit
strength of the issuer, prices of similar securities issued by comparable
issuers and anticipated changes in interest rates, general market conditions and
other factors pertinent to the particular security being evaluated. Securities
may be sold when the investment adviser believes that they no longer represent
relatively attractive investment opportunities.


                                       7

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

ADDITIONAL INVESTMENT RESULTS

Unlike the Investment Results table on page 3, the table below reflects the
fund's results calculated without a sales charge.



 ADDITIONAL INVESTMENT RESULTS (WITHOUT A SALES CHARGE)

 AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2008:
                                   1 YEAR  5 YEARS  10 YEARS   LIFETIME/1/
---------------------------------------------------------------------------

 CLASS A -- FIRST SOLD 10/17/85    7.73%    4.52%    4.97%        6.74%






                                   1 YEAR  5 YEARS   LIFETIME/1/
-----------------------------------------------------------------

 CLASS R-1 -- FIRST SOLD 6/13/02   6.89%    3.71%       3.82%
 CLASS R-2 -- FIRST SOLD 5/31/02   6.95     3.77        3.92
 CLASS R-3 -- FIRST SOLD 6/6/02    7.40     4.17        4.33
 CLASS R-4 -- FIRST SOLD 5/28/02   7.76     4.54        4.73
 CLASS R-5 -- FIRST SOLD 5/15/02   8.09     4.85        5.14






                                   1 YEAR   5 YEARS   10 YEARS    LIFETIME/2/
-------------------------------------------------------------------------------

 INDEXES
 Citigroup Treasury/Govt           10.54%    5.87%      6.12%        7.90%
Sponsored/Mortgage Index/3/
 Lipper General U.S. Government     7.27     4.27       4.74         6.56
Funds Average/4/
 Consumer Price Index/5/            0.09     2.67       2.52         2.88
 Class A distribution rate at December 31, 2008: 3.57%/6/
 (For current distribution rate information, please call American FundsLine
at 800/325-3590.)




1  Lifetime results for each share class are measured from the date the share
   class was first sold.
2  Lifetime results for the index(es) shown are measured from the date Class A
   shares were first sold. The funds or securities that compose each index may
   vary over time.

3  Citigroup Treasury/Government Sponsored/Mortgage Index (formerly Salomon Smith
   Barney Treasury/Government Sponsored/Mortgage Index) is a market-weighted index
   that includes U.S. Treasury and agency securities, as well as securities issued
   by the Federal National Mortgage Association, the Federal Home Loan Mortgage
   Corporation and the Government National Mortgage Association. This index is
   unmanaged and its results include reinvested dividends and/or distributions,
   but do not reflect the effect of sales charges, commissions, expenses or taxes.
4  Lipper General U.S. Government Funds Average is composed of funds that invest
   primarily in U.S. government and agency issues. The results of the underlying
   funds in the average include the reinvestment of dividends and capital gain
   distributions as well as brokerage commissions paid by the funds for portfolio
   transactions, but do not reflect the effect of sales charges or taxes.
5  Consumer Price Index (CPI) is a measure of the average change over time in the
   prices paid by urban consumers for a market basket of consumer goods and
   services. Widely used as a measure of inflation, the CPI is computed by the
   U.S. Department of Labor, Bureau of Labor Statistics.

6  Reflects a fee waiver (3.55% without the waiver) as described in the Annual
   Fund Operating Expenses table under "Fees and expenses of the fund." The
   distribution rate is based on actual dividends paid to Class A shareholders
   over a 12-month period. Capital gain distributions, if any, are added back to
   net asset value to determine the rate.


                                       8

U.S. Government Securities Fund / Prospectus


<PAGE>

[begin pie chart]

Industry section diversification as of August 31, 2008

Mortgage-backed obligations                              48.2%
U.S. Treasury bonds & notes                              38.2%
Federal agency bonds & notes                              7.9%
Asset-backed obligations                                  2.8%
Short-term securities & other assets less liabilities     2.9%
[end pie chart]




 QUALITY BREAKDOWN AS OF AUGUST 31, 2008
                                                         PERCENT OF NET ASSETS

 U.S. government obligations*                                    45.7%
-------------------------------------------------------------------------------
 Federal agencies                                                42.9
-------------------------------------------------------------------------------
 Aaa/AAA                                                          8.1
-------------------------------------------------------------------------------
 Aa/AA/+/                                                         0.4
-------------------------------------------------------------------------------
 Short-term securities and other assets less                      2.9
liabilities




* These securities are guaranteed by the full faith and credit of the U.S.
 government.

+ Rating reflects downgrade subsequent to purchase.

Because the fund is actively managed, its holdings will change over time.

For updated information on the fund's portfolio holdings, please visit us at
americanfunds.com.


                                       9

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Management and organization

INVESTMENT ADVISER

Capital Research and Management Company, an experienced investment management
organization founded in 1931, serves as investment adviser to the fund and other
funds, including the American Funds. Capital Research and Management Company is
a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at
333 South Hope Street, Los Angeles, California 90071, and 6455 Irvine Center
Drive, Irvine, California 92618. Capital Research and Management Company manages
the investment portfolio and business affairs of the fund. The total management
fee paid by the fund, as a percentage of average net assets, for the previous
fiscal year appears in the Annual Fund Operating Expenses table under "Fees and
expenses of the fund." As described more fully in the fund's statement of
additional information, the management fee is based on the daily net assets of
the fund and the fund's monthly gross investment income. A discussion regarding
the basis for the approval of the fund's investment advisory and service
agreement by the fund's board of trustees is contained in the fund's annual
report to shareholders for the fiscal year ended August 31, 2008.

Capital Research and Management Company manages equity assets through two
investment divisions, Capital World Investors and Capital Research Global
Investors, and manages fixed-income assets through its Fixed Income division.
Capital World Investors and Capital Research Global Investors make investment
decisions on an independent basis.

Rather than remain as investment divisions, Capital World Investors and Capital
Research Global Investors may be incorporated into wholly owned subsidiaries of
Capital Research and Management Company. In that event, Capital Research and
Management Company would continue to be the investment adviser, and day-to-day
investment management of equity assets would continue to be carried out through
one or both of these subsidiaries. Capital Research and Management Company and
the funds it advises have applied to the Securities and Exchange Commission for
an exemptive order that would give Capital Research and Management Company the
authority to use, upon approval of the funds' boards, its management
subsidiaries and affiliates to provide day-to-day investment management services
to the funds, including making changes to the management subsidiaries and
affiliates providing such services. Approval by the funds' shareholders would be
required before any authority granted under an exemptive order could be
exercised. There is no assurance that Capital Research and Management Company
will incorporate its investment divisions or seek a shareholder vote to exercise
any authority, if granted, under an exemptive order.


                                       10

U.S. Government Securities Fund / Prospectus


<PAGE>

EXECUTION OF PORTFOLIO TRANSACTIONS

The investment adviser places orders with broker-dealers for the fund's
portfolio transactions. In selecting broker-dealers, the investment adviser
strives to obtain "best execution" (the most favorable total price reasonably
attainable under the circumstances) for the fund's portfolio transactions,
taking into account a variety of factors. Subject to best execution, the
investment adviser may consider investment research and/or brokerage services
provided to the adviser in placing orders for the fund's portfolio transactions.
The investment adviser may place orders for the fund's portfolio transactions
with broker-dealers who have sold shares of funds managed by the investment
adviser or its affiliated companies; however, it does not give consideration to
whether a broker-dealer has sold shares of the funds managed by the investment
adviser or its affiliated companies when placing any such orders for the fund's
portfolio transactions. A more detailed description of the investment adviser's
policies is included in the fund's statement of additional information.

PORTFOLIO HOLDINGS

Portfolio holdings information for the fund is available on the American Funds
website at americanfunds.com. To reach this information, access the fund's
detailed information page on the website. A link to the fund's complete list of
publicly disclosed portfolio holdings, updated as of each calendar quarter-end,
is generally posted to this page within 45 days after the end of the applicable
quarter. This information is available on the website until new information for
the next quarter is posted. Portfolio holdings information for the fund is also
contained in reports filed with the Securities and Exchange Commission.

A description of the fund's policies and procedures regarding disclosure of
information about its portfolio holdings is available in the statement of
additional information.

MULTIPLE PORTFOLIO COUNSELOR SYSTEM

Capital Research and Management Company uses a system of multiple portfolio
counselors in managing mutual fund assets. Under this approach, the portfolio of
a fund is divided into segments managed by individual counselors who decide how
their respective segments will be invested. In addition, Capital Research and
Management Company's investment analysts may make investment decisions with
respect to a portion of a fund's portfolio. Investment decisions are subject to
a fund's objective(s), policies and restrictions and the oversight of the
appropriate investment-related committees of Capital Research and Management
Company and its investment divisions.


                                       11

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

The primary individual portfolio counselors for U.S. Government Securities Fund
are:





                                       PRIMARY TITLE WITH      PORTFOLIO
                         PORTFOLIO     INVESTMENT ADVISER      COUNSELOR
 PORTFOLIO COUNSELOR/    COUNSELOR     (OR AFFILIATE)          ROLE IN
 FUND TITLE              EXPERIENCE    AND INVESTMENT          MANAGEMENT
 (IF APPLICABLE)        IN THIS FUND   EXPERIENCE              OF THE FUND
--------------------------------------------------------------------------------------

 JOHN H. SMET             22 years     Senior Vice President   Serves as a
 President and Trustee                 - Fixed Income,         fixed-income portfolio
                                       Capital Research and    counselor
                                       Management Company

                                       Investment
                                       professional for 27
                                       years in total;
                                       26 years with Capital
                                       Research and
                                       Management Company or
                                       affiliate
--------------------------------------------------------------------------------------
 THOMAS H. HOGH           12 years     Senior Vice President   Serves as a
 Vice President                        - Fixed Income,         fixed-income portfolio
                                       Capital Research        counselor
                                       Company

                                       Investment
                                       professional for 22
                                       years in total;
                                       19 years with Capital
                                       Research and
                                       Management Company or
                                       affiliate
--------------------------------------------------------------------------------------
 MARK R. MACDONALD        3 years      Senior Vice President   Serves as a
                                       - Fixed Income,         fixed-income portfolio
                                       Capital Research and    counselor
                                       Management Company

                                       Investment
                                       professional for 24
                                       years in total;
                                       15 years with Capital
                                       Research and
                                       Management Company or
                                       affiliate




Information regarding the portfolio counselors' compensation, their ownership of
securities in the fund and other accounts they manage can be found in the
statement of additional information.

CERTAIN PRIVILEGES AND/OR SERVICES DESCRIBED ON THE FOLLOWING PAGES OF THIS
PROSPECTUS AND IN THE STATEMENT OF ADDITIONAL INFORMATION MAY NOT BE AVAILABLE
TO YOU, DEPENDING ON YOUR INVESTMENT DEALER OR RETIREMENT PLAN RECORDKEEPER.
PLEASE SEE YOUR FINANCIAL ADVISER, INVESTMENT DEALER OR RETIREMENT PLAN
RECORDKEEPER FOR MORE INFORMATION.


                                       12

U.S. Government Securities Fund / Prospectus


<PAGE>

Purchase, exchange and sale of shares

AMERICAN FUNDS SERVICE COMPANY, THE FUND'S TRANSFER AGENT, ON BEHALF OF THE FUND
AND AMERICAN FUNDS DISTRIBUTORS,/(R)/ THE FUND'S DISTRIBUTOR, IS REQUIRED BY
LAW TO OBTAIN CERTAIN PERSONAL INFORMATION FROM YOU OR ANY OTHER PERSON(S)
ACTING ON YOUR BEHALF IN ORDER TO VERIFY YOUR OR SUCH PERSON'S IDENTITY. IF YOU
DO NOT PROVIDE THE INFORMATION, THE TRANSFER AGENT MAY NOT BE ABLE TO OPEN YOUR
ACCOUNT. IF THE TRANSFER AGENT IS UNABLE TO VERIFY YOUR IDENTITY OR THAT OF ANY
OTHER PERSON(S) AUTHORIZED TO ACT ON YOUR BEHALF, OR BELIEVES IT HAS IDENTIFIED
POTENTIALLY CRIMINAL ACTIVITY, THE FUND AND AMERICAN FUNDS DISTRIBUTORS RESERVE
THE RIGHT TO CLOSE YOUR ACCOUNT OR TAKE SUCH OTHER ACTION THEY DEEM REASONABLE
OR REQUIRED BY LAW.

PURCHASES AND EXCHANGES

Eligible retirement plans generally may open an account and purchase Class A or
R shares by contacting any investment dealer (who may impose transaction charges
in addition to those described in this prospectus) authorized to sell the fund's
shares. Some or all R share classes may not be available through certain
investment dealers. Additional shares may be purchased through a plan's
administrator or recordkeeper.

Class A shares are generally not available for retirement plans using the
PlanPremier or Recordkeeper Direct recordkeeping programs.

Class R shares generally are available only to 401(k) plans, 457 plans, 403(b)
plans, profit-sharing and money purchase pension plans, defined benefit plans
and nonqualified deferred compensation plans. Class R shares also are generally
available only to retirement plans where plan level or omnibus accounts are held
on the books of the fund. In addition, Class R-6 shares are available for
investment by American Funds Target Date Retirement Series/(R)/ and Class R-5
shares are available to other registered investment companies approved by the
fund. Class R shares generally are not available to retail nonretirement
accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell
Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and 529 college savings
plans.

Shares of the fund offered through this prospectus generally may be exchanged
into shares of the same class of other American Funds. Exchanges of Class A
shares from American Funds money market funds purchased without a sales charge
generally will be subject to the appropriate sales charge.

FREQUENT TRADING OF FUND SHARES

The fund and American Funds Distributors reserve the right to reject any
purchase order for any reason. The fund is not designed to serve as a vehicle
for frequent trading. Frequent trading of fund shares may lead to increased
costs to the fund and less efficient management of the fund's portfolio,
potentially resulting in dilution of the value of the shares held by long-term
shareholders. Accordingly, purchases, including those that are part of exchange
activity that the fund or American Funds Distributors has determined could
involve actual or potential harm to the fund, may be rejected.


                                       13

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

The fund, through its transfer agent, American Funds Service Company, maintains
surveillance procedures that are designed to detect frequent trading in fund
shares. Under these procedures, various analytics are used to evaluate factors
that may be indicative of frequent trading. For example, transactions in fund
shares that exceed certain monetary thresholds may be scrutinized. American
Funds Service Company also may review transactions that occur close in time to
other transactions in the same account or in multiple accounts under common
ownership or influence. Trading activity that is identified through these
procedures or as a result of any other information available to the fund will be
evaluated to determine whether such activity might constitute frequent trading.
These procedures may be modified from time to time as appropriate to improve the
detection of frequent trading, to facilitate monitoring for frequent trading in
particular retirement plans or other accounts, and to comply with applicable
laws.

In addition to the fund's broad ability to restrict potentially harmful trading
as described above, the fund's board of trustees has adopted a "purchase
blocking policy" under which any shareholder redeeming shares having a value of
$5,000 or more from the fund will be precluded from investing in the fund for 30
calendar days after the redemption transaction. This policy also applies to
redemptions and purchases that are part of exchange transactions. Under the
fund's purchase blocking policy, certain purchases will not be prevented and
certain redemptions will not trigger a purchase block, such as systematic
redemptions and purchases, where the entity maintaining the shareholder account
is able to identify the transaction as a systematic redemption or purchase;
purchases and redemptions of shares having a value of less than $5,000;
transactions in Class 529 shares; purchases and redemptions resulting from
reallocations by American Funds Target Date Retirement Series; retirement plan
contributions, loans and distributions (including hardship withdrawals)
identified as such on the retirement plan recordkeeper's system; and purchase
transactions involving transfers of assets, rollovers, Roth IRA conversions and
IRA recharacterizations, where the entity maintaining the shareholder account is
able to identify the transaction as one of these types of transactions.

The fund reserves the right to waive the purchase blocking policy with respect
to specific shareholder accounts in those instances where American Funds Service
Company determines that its surveillance procedures are adequate to detect
frequent trading in fund shares.

American Funds Service Company will work with certain intermediaries (such as
investment dealers holding shareholder accounts in street name, retirement plan
recordkeepers, insurance company separate accounts and bank trust companies) to
apply their own procedures, provided that American Funds Service Company
believes the intermediary's procedures are reasonably designed to enforce the
frequent trading policies of the fund. You should refer to disclosures provided
by the intermediaries with which you have an account to determine the specific
trading restrictions that apply to you.


                                       14

U.S. Government Securities Fund / Prospectus


<PAGE>

If American Funds Service Company identifies any activity that may constitute
frequent trading, it reserves the right to contact the intermediary and request
that the intermediary either provide information regarding an account owner's
transactions or restrict the account owner's trading. If American Funds Service
Company is not satisfied that the intermediary has taken appropriate action,
American Funds Service Company may terminate the intermediary's ability to
transact in fund shares.

There is no guarantee that all instances of frequent trading in fund shares will
be prevented.

NOTWITHSTANDING THE FUND'S SURVEILLANCE PROCEDURES AND PURCHASE BLOCKING POLICY,
ALL TRANSACTIONS IN FUND SHARES REMAIN SUBJECT TO THE FUND'S AND AMERICAN FUNDS
DISTRIBUTORS' RIGHT TO RESTRICT POTENTIALLY ABUSIVE TRADING GENERALLY (INCLUDING
THE TYPES OF TRANSACTIONS DESCRIBED ABOVE THAT WILL NOT BE PREVENTED OR TRIGGER
A BLOCK UNDER THE PURCHASE BLOCKING POLICY). SEE THE STATEMENT OF ADDITIONAL
INFORMATION FOR MORE INFORMATION ABOUT HOW AMERICAN FUNDS SERVICE COMPANY MAY
ADDRESS OTHER POTENTIALLY ABUSIVE TRADING ACTIVITY IN THE AMERICAN FUNDS.

SALES

Please contact your plan administrator or recordkeeper in order to sell shares
from your retirement plan.

RIGHT OF REINVESTMENT

If you notify American Funds Service Company, you may reinvest proceeds from a
redemption, dividend payment or capital gain distribution without a sales charge
in the same fund or other American Funds, provided that the reinvestment occurs
within 90 days after the date of the redemption or distribution and is made into
the same account from which you redeemed the shares or received the
distribution. If the account has been closed, you may reinvest without a sales
charge if the new receiving account has the same registration as the closed
account. Proceeds will be reinvested in the same share class from which the
original redemption or distribution was made. Redemption proceeds of Class A
shares representing direct purchases in American Funds money market funds that
are reinvested in non-money market American Funds will be subject to a sales
charge. Proceeds will be reinvested at the next calculated net asset value after
your request is received and accepted by American Funds Service Company. For
purposes of this "right of reinvestment policy," automatic transactions
(including, for example, automatic purchases, withdrawals and payroll
deductions) and ongoing retirement plan contributions are not eligible for
investment without a sales charge. See the statement of additional information
for further information. You may not reinvest proceeds in the American Funds as
described in this paragraph if such proceeds are subject to a purchase block as
described under "Frequent trading of fund shares" in this prospectus. This
paragraph does not apply to certain rollover investments as described under
"Rollovers from retirement plans to IRAs" in this prospectus.


                                       15

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

VALUING SHARES

The net asset value of each share class of the fund is the value of a single
share. The fund calculates the net asset value each day the New York Stock
Exchange is open for trading as of approximately 4 p.m. New York time, the
normal close of regular trading. Assets are valued primarily on the basis of
market quotations. However, the fund has adopted procedures for making "fair
value" determinations if market quotations are not readily available or are not
considered reliable. For example, fair value procedures may be used if an issuer
defaults and there is no market for its securities. Use of these procedures is
intended to result in more appropriate net asset values.

Your shares will be purchased at the net asset value (plus any applicable sales
charge in the case of Class A shares) or sold at the net asset value next
determined after American Funds Service Company receives and accepts your
request.

MOVING BETWEEN SHARE CLASSES AND ACCOUNTS

Please see the statement of additional information for details and limitations
on moving investments in certain share classes to different share classes and on
moving investments held in certain accounts to different accounts.


                                       16

U.S. Government Securities Fund / Prospectus


<PAGE>

Sales charges

CLASS A SHARES

The initial sales charge you pay each time you buy Class A shares differs
depending upon the amount you invest and may be reduced or eliminated for larger
purchases as indicated below. The "offering price," the price you pay to buy
shares, includes any applicable sales charge, which will be deducted directly
from your investment. Shares acquired through reinvestment of dividends or
capital gain distributions are not subject to an initial sales charge.



                               SALES CHARGE AS A
                                          PERCENTAGE OF:
                                                                  DEALER
                                                    NET         COMMISSION
                                        OFFERING   AMOUNT     AS A PERCENTAGE
 INVESTMENT                              PRICE    INVESTED   OF OFFERING PRICE
-------------------------------------------------------------------------------

 Less than $100,000                      3.75%     3.90%           3.00%
-------------------------------------------------------------------------------
 $100,000 but less than $250,000         3.50      3.63            2.75
-------------------------------------------------------------------------------
 $250,000 but less than $500,000         2.50      2.56            2.00
-------------------------------------------------------------------------------
 $500,000 but less than $750,000         2.00      2.04            1.60
-------------------------------------------------------------------------------
 $750,000 but less than $1 million       1.50      1.52            1.20
-------------------------------------------------------------------------------
 $1 million or more and certain other    none      none      see below
 investments described below
-------------------------------------------------------------------------------



The sales charge, expressed as a percentage of the offering price or the net
amount invested, may be higher or lower than the percentages described in the
table above due to rounding. This is because the dollar amount of the sales
charge is determined by subtracting the net asset value of the shares purchased
from the offering price, which is calculated to two decimal places using
standard rounding criteria. The impact of rounding will vary with the size of
the investment and the net asset value of the shares.

CLASS A PURCHASES NOT SUBJECT TO SALES CHARGES

The following investments are not subject to any initial or contingent deferred
sales charge if American Funds Service Company is properly notified of the
nature of the investment:

. investments made by accounts that are part of certain qualified fee-based
  programs and that purchased Class A shares before the discontinuation of your
  investment dealer's load-waived Class A share program with the American Funds;
  and

. certain rollover investments from retirement plans to IRAs (see "Rollovers
  from retirement plans to IRAs" in this prospectus for more information).

The distributor may pay dealers up to 1% on investments made in Class A shares
with no initial sales charge. The fund may reimburse the distributor for these
payments through its plans of distribution (see "Plans of distribution" in this
prospectus).


                                       17

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Certain other investors may qualify to purchase shares without a sales charge,
such as employees of investment dealers and registered investment advisers
authorized to sell American Funds, and employees of The Capital Group Companies.
Please see the statement of additional information for more information.

 EMPLOYER-SPONSORED RETIREMENT PLANS

 Employer-sponsored retirement plans that are eligible to purchase Class R
 shares may instead purchase Class A shares and pay the applicable Class A sales
 charge, provided their recordkeepers can properly apply a sales charge on plan
 investments. These plans are not eligible to make initial purchases of $1
 million or more in Class A shares and thereby invest in Class A shares without
 a sales charge, nor are they eligible to establish a statement of intention
 that qualifies them to purchase Class A shares without a sales charge. More
 information about statements of intention can be found under "Sales charge
 reductions" in this prospectus. Plans investing in Class A shares with a sales
 charge may purchase additional Class A shares in accordance with the sales
 charge table in this prospectus.

 Employer-sponsored retirement plans that invested in Class A shares without any
 sales charge on or before March 31, 2004, and that continue to meet the
 eligibility requirements in effect as of that date for purchasing Class A
 shares at net asset value, may continue to purchase Class A shares without any
 initial or contingent deferred sales charge.


 A 403(b) plan may not invest in Class A or C shares, unless such plan was invested
 in Class A or C shares prior to January 1, 2009.

CLASS R SHARES

Class R shares are sold without any initial or contingent deferred sales charge.
The distributor will pay dealers annually an asset-based compensation of up to
1.00% for sales of Class R-1 shares, up to .75% for Class R-2 shares, up to .50%
for Class R-3 shares and up to .25% for Class R-4 shares. No dealer compensation
is paid from fund assets on sales of Class R-5 or R-6 shares. The fund may
reimburse the distributor for these payments through its plans of distribution
(see "Plans of distribution" in this prospectus).


                                       18

U.S. Government Securities Fund / Prospectus


<PAGE>

Sales charge reductions

TO RECEIVE A REDUCTION IN YOUR CLASS A INITIAL SALES CHARGE, YOU MUST LET YOUR
FINANCIAL ADVISER OR AMERICAN FUNDS SERVICE COMPANY KNOW AT THE TIME YOU
PURCHASE SHARES THAT YOU QUALIFY FOR SUCH A REDUCTION. IF YOU DO NOT LET YOUR
ADVISER OR AMERICAN FUNDS SERVICE COMPANY KNOW THAT YOU ARE ELIGIBLE FOR A
REDUCTION, YOU MAY NOT RECEIVE A SALES CHARGE DISCOUNT TO WHICH YOU ARE
OTHERWISE ENTITLED. In order to determine your eligibility to receive a sales
charge discount, it may be necessary for you to provide your adviser or American
Funds Service Company with information and records (including account
statements) of all relevant accounts invested in the American Funds.

IN ADDITION TO THE INFORMATION IN THIS PROSPECTUS, YOU MAY OBTAIN MORE
INFORMATION ABOUT SHARE CLASSES, SALES CHARGES AND SALES CHARGE REDUCTIONS
THROUGH A LINK ON THE HOME PAGE OF THE AMERICAN FUNDS WEBSITE AT
AMERICANFUNDS.COM, FROM THE STATEMENT OF ADDITIONAL INFORMATION OR FROM YOUR
FINANCIAL ADVISER.

REDUCING YOUR CLASS A INITIAL SALES CHARGE

Consistent with the policies described in this prospectus, two or more
retirement plans of an employer or employer's affiliates may combine all of
their American Funds investments to reduce their Class A sales charge. Certain
investments in the American Funds Target Date Retirement Series may also be
combined for this purpose. Please see the American Funds Target Date Retirement
Series prospectus for further information. However, for this purpose,
investments representing direct purchases of American Funds money market funds
are excluded. Following are different ways that you may qualify for a reduced
Class A sales charge:

 CONCURRENT PURCHASES

 Simultaneous purchases of any class of shares of two or more American Funds
 (excluding American Funds money market funds) may be combined to qualify for a
 reduced Class A sales charge.

 RIGHTS OF ACCUMULATION

 You may take into account your accumulated holdings in all share classes of the
 American Funds (excluding American Funds money market funds) to determine the
 initial sales charge you pay on each purchase of Class A shares. Subject to
 your investment dealer's or recordkeeper's capabilities, your accumulated
 holdings will be calculated as the higher of (a) the current value of your
 existing holdings or (b) the amount you invested (including reinvested
 dividends and capital gains, but excluding capital appreciation) less any
 withdrawals. Please see the statement of additional information for further
 details. You should retain any records necessary to substantiate the historical
 amounts you have invested.


                                       19

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

 STATEMENT OF INTENTION

 You may reduce your Class A sales charge by establishing a statement of
 intention. A statement of intention allows you to combine all purchases of all
 share classes of the American Funds (excluding American Funds money market
 funds) you intend to make over a 13-month period to determine the applicable
 sales charge; however, purchases made under a right of reinvestment,
 appreciation of your holdings, and reinvested dividends and capital gains do
 not count as purchases made during the statement period. The market value of
 your existing holdings eligible to be aggregated as of the day immediately
 before the start of the statement period may be credited toward satisfying the
 statement. A portion of your account may be held in escrow to cover additional
 Class A sales charges that may be due if your total purchases over the
 statement period do not qualify you for the applicable sales charge reduction.
 Employer-sponsored retirement plans may be restricted from establishing
 statements of intention. See "Sales charges" in this prospectus for more
 information.

RIGHT OF REINVESTMENT

Please see the "Sales" section of "Purchase, exchange and sale of shares" in
this prospectus for information on how to reinvest proceeds from a redemption,
dividend payment or capital gain distribution without a sales charge.


                                       20

U.S. Government Securities Fund / Prospectus


<PAGE>

Rollovers from retirement plans to IRAs


Assets from retirement plans may be invested in Class A, C or F shares
through an IRA rollover, subject to the other provisions of this prospectus and
the prospectus for nonretirement plan shareholders. More information on Class C
and F shares can be found in the fund's prospectus for nonretirement plan
shareholders. Rollovers invested in Class A shares from retirement plans will be
subject to applicable sales charges. The following rollovers to Class A shares
will be made without a sales charge:

. rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as
  custodian; and

. rollovers to IRAs that are attributable to American Funds investments, if they
  meet the following requirements:

 -- the assets being rolled over were invested in American Funds at the time of
    distribution; and

 -- the rolled over assets are contributed to an American Funds IRA with Capital
    Bank and Trust Company as custodian.

IRA rollover assets that roll over without a sales charge as described above
will not be subject to a contingent deferred sales charge and investment dealers
will be compensated solely with an annual service fee that begins to accrue
immediately. IRA rollover assets invested in Class A shares that are not
attributable to American Funds investments, as well as future contributions to
the IRA, will be subject to sales charges and the terms and conditions generally
applicable to Class A share investments as described in this prospectus and the
statement of additional information.

Plans of distribution

The fund has plans of distribution or "12b-1 plans" for certain share classes,
under which it may finance activities primarily intended to sell shares,
provided the categories of expenses are approved in advance by the fund's board
of trustees. The plans provide for payments, based on annualized percentages of
average daily net assets, of up to .30% for Class A shares, up to 1.00% for
Class R-1 and R-2 shares, up to .75% for Class R-3 shares and up to .50% for
Class R-4 shares. For all share classes indicated above, up to .25% of these
expenses may be used to pay service fees to qualified dealers for providing
certain shareholder services. The amount remaining for each share class may be
used for distribution expenses.

The 12b-1 fees paid by the fund, as a percentage of average net assets for the
previous fiscal year, are indicated in the Annual Fund Operating Expenses table
under "Fees and expenses of the fund" in this prospectus. Since these fees are
paid out of the fund's assets or income on an ongoing basis, over time they will
increase the cost and reduce the return of your investment.


                                       21

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Other compensation to dealers

American Funds Distributors, at its expense, currently provides additional
compensation to investment dealers. These payments may be made, at the
discretion of American Funds Distributors, to the top 100 dealers (or their
affiliates) that have sold shares of the American Funds. The level of payments
made to a qualifying firm in any given year will vary and in no case would
exceed the sum of (a) .10% of the previous year's American Funds sales by that
dealer and (b) .02% of American Funds assets attributable to that dealer. For
calendar year 2008, aggregate payments made by American Funds Distributors to
dealers were less than .02% of the average assets of the American Funds.
Aggregate payments may also change from year to year. A number of factors will
be considered in determining payments, including the qualifying dealer's sales,
assets and redemption rates, and the quality of the dealer's relationship with
American Funds Distributors. American Funds Distributors makes these payments to
help defray the costs incurred by qualifying dealers in connection with efforts
to educate financial advisers about the American Funds so that they can make
recommendations and provide services that are suitable and meet shareholder
needs. American Funds Distributors will, on an annual basis, determine the
advisability of continuing these payments. American Funds Distributors may also
pay expenses associated with meetings conducted by dealers outside the top 100
firms to facilitate educating financial advisers and shareholders about the
American Funds. If investment advisers, distributors or other affiliates of
mutual funds pay additional compensation or other incentives in differing
amounts, dealer firms and their advisers may have financial incentives for
recommending a particular mutual fund over other mutual funds. You should
consult with your financial adviser and review carefully any disclosure by your
financial adviser's firm as to compensation received.


                                       22

U.S. Government Securities Fund / Prospectus


<PAGE>

Distributions and taxes

DIVIDENDS AND DISTRIBUTIONS

The fund declares daily dividends from net investment income and distributes the
accrued dividends, which may fluctuate, to shareholders each month. Dividends
begin accruing one day after payment for shares is received by the fund or
American Funds Service Company.

Capital gains, if any, are usually distributed in December. When a capital gain
is distributed, the net asset value per share is reduced by the amount of the
payment.

All dividends and capital gain distributions paid to retirement plan
shareholders will be automatically reinvested.

TAXES ON DIVIDENDS AND DISTRIBUTIONS

Dividends and capital gains distributed by the fund to tax-deferred retirement
plan accounts are not taxable currently.

TAXES ON TRANSACTIONS

Exchanges within a tax-deferred retirement plan account will not result in a
capital gain or loss for federal or state income tax purposes. With limited
exceptions, distributions from a retirement plan account are taxable as ordinary
income.

PLEASE SEE YOUR TAX ADVISER FOR MORE INFORMATION.


                                       23

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Financial highlights

The Financial Highlights table is intended to help you understand the fund's
results for the past five fiscal years. Certain information reflects financial
results for a single share of a particular class. A similar table will be shown
for Class R-6 shares beginning with the fund's fiscal year ending after the date
the share class is first offered. The total returns in the table represent the
rate that an investor would have earned or lost on an investment in the fund
(assuming reinvestment of all dividends and capital gain distributions). Where
indicated, figures in the table reflect the impact, if any, of certain
reimbursements/waivers from Capital Research and Management Company. For more
information about these reimbursements/waivers, see the footnotes to the Annual
Fund Operating Expenses table under "Fees and expenses of the fund" in this
prospectus and the fund's annual report. The information in the Financial
Highlights table has been audited by Deloitte & Touche LLP, whose report, along
with the fund's financial statements, is included in the statement of additional
information, which is available upon request.



                                  INCOME FROM INVESTMENT OPERATIONS/1/
                                               Net gains
                                              (losses) on
                                               securities
                      Net asset                  (both                   Dividends
                       value,        Net        realized    Total from   (from net     Net asset
                      beginning  investment       and       investment   investment  value, end of       Total
                      of period    income     unrealized)   operations    income)       period      return/2,3/
---------------------------------------------------------------------------------------------------------------------

CLASS A:
Year ended 8/31/2008   $13.35       $.54        $ .22          $.76        $(.55)       $13.56           5.73%
Year ended 8/31/2007    13.32        .59          .03           .62         (.59)        13.35           4.72
Year ended 8/31/2006    13.72        .52         (.39 )         .13         (.53)        13.32           1.04
Year ended 8/31/2005    13.74        .44           --/4/        .44         (.46)        13.72           3.23
Year ended 8/31/2004    13.59        .43          .17           .60         (.45)        13.74           4.49
---------------------------------------------------------------------------------------------------------------------
CLASS R-1:
Year ended 8/31/2008    13.35        .43          .22           .65         (.44)        13.56           4.89
Year ended 8/31/2007    13.32        .48          .03           .51         (.48)        13.35           3.89
Year ended 8/31/2006    13.72        .42         (.39 )         .03         (.43)        13.32            .30
Year ended 8/31/2005    13.74        .33           --/4/        .33         (.35)        13.72           2.46
Year ended 8/31/2004    13.59        .32          .17           .49         (.34)        13.74           3.66
---------------------------------------------------------------------------------------------------------------------
CLASS R-2:
Year ended 8/31/2008    13.35        .44          .22           .66         (.45)        13.56           4.97
Year ended 8/31/2007    13.32        .49          .03           .52         (.49)        13.35           3.98
Year ended 8/31/2006    13.72        .43         (.39 )         .04         (.44)        13.32            .32
Year ended 8/31/2005    13.74        .34           --/4/        .34         (.36)        13.72           2.50
Year ended 8/31/2004    13.59        .33          .17           .50         (.35)        13.74           3.70
---------------------------------------------------------------------------------------------------------------------
CLASS R-3:
Year ended 8/31/2008   $13.35       $.49        $ .22          $.71        $(.50)       $13.56           5.40%
Year ended 8/31/2007    13.32        .54          .03           .57         (.54)        13.35           4.39
Year ended 8/31/2006    13.72        .48         (.39 )         .09         (.49)        13.32            .69
Year ended 8/31/2005    13.74        .39           --/4/        .39         (.41)        13.72           2.88
Year ended 8/31/2004    13.59        .38          .17           .55         (.40)        13.74           4.09
---------------------------------------------------------------------------------------------------------------------
CLASS R-4:
Year ended 8/31/2008    13.35        .54          .22           .76         (.55)        13.56           5.77
Year ended 8/31/2007    13.32        .59          .03           .62         (.59)        13.35           4.79
Year ended 8/31/2006    13.72        .53         (.39 )         .14         (.54)        13.32           1.06
Year ended 8/31/2005    13.74        .44           --/4/        .44         (.46)        13.72           3.25
Year ended 8/31/2004    13.59        .43          .17           .60         (.45)        13.74           4.45
---------------------------------------------------------------------------------------------------------------------
CLASS R-5:
Year ended 8/31/2008    13.35        .58          .22           .80         (.59)        13.56           6.10
Year ended 8/31/2007    13.32        .63          .03           .66         (.63)        13.35           5.07
Year ended 8/31/2006    13.72        .56         (.39 )         .17         (.57)        13.32           1.36
Year ended 8/31/2005    13.74        .48           --/4/        .48         (.50)        13.72           3.56
Year ended 8/31/2004    13.59        .47          .17           .64         (.49)        13.74           4.78


                                       Ratio of     Ratio of
                                     expenses to   expenses to
                                     average net   average net
                       Net assets,      assets       assets      Ratio of net
                         end of      before reim-  after reim-      income
                         period      bursements/   bursements/    to average
                      (in millions)    waivers     waivers/3/    net assets/3/
-------------------------------------------------------------------------------

CLASS A:
Year ended 8/31/2008     $2,602          .77%          .74%          3.95%
Year ended 8/31/2007      1,758          .79           .76           4.38
Year ended 8/31/2006      1,685          .77           .74           3.89
Year ended 8/31/2005      1,801          .76           .74           3.17
Year ended 8/31/2004      1,900          .71           .71           3.14
-------------------------------------------------------------------------------
CLASS R-1:
Year ended 8/31/2008          9         1.56          1.53           3.16
Year ended 8/31/2007          5         1.65          1.57           3.57
Year ended 8/31/2006          4         1.63          1.49           3.17
Year ended 8/31/2005          3         1.66          1.50           2.43
Year ended 8/31/2004          2         1.74          1.52           2.26
-------------------------------------------------------------------------------
CLASS R-2:
Year ended 8/31/2008        136         1.61          1.46           3.24
Year ended 8/31/2007        103         1.73          1.48           3.66
Year ended 8/31/2006         94         1.93          1.47           3.18
Year ended 8/31/2005         85         1.94          1.47           2.46
Year ended 8/31/2004         68         2.02          1.48           2.32
-------------------------------------------------------------------------------
CLASS R-3:
Year ended 8/31/2008     $  118         1.07%         1.04%          3.67%
Year ended 8/31/2007         88         1.11          1.08           4.05
Year ended 8/31/2006        107         1.20          1.09           3.56
Year ended 8/31/2005         91         1.20          1.08           2.84
Year ended 8/31/2004         73         1.23          1.10           2.71
-------------------------------------------------------------------------------
CLASS R-4:
Year ended 8/31/2008         91          .72           .69           4.02
Year ended 8/31/2007         75          .72           .69           4.50
Year ended 8/31/2006         21          .75           .72           3.96
Year ended 8/31/2005         13          .74           .72           3.21
Year ended 8/31/2004          8          .74           .74           3.05
-------------------------------------------------------------------------------
CLASS R-5:
Year ended 8/31/2008        281          .41           .38           4.26
Year ended 8/31/2007         68          .45           .41           4.79
Year ended 8/31/2006         10          .45           .42           4.24
Year ended 8/31/2005          8          .43           .41           3.50
Year ended 8/31/2004          7          .42           .42           3.39




                                       24

U.S. Government Securities Fund / Prospectus


<PAGE>




                                           YEAR ENDED AUGUST 31
                           2008        2007        2006        2005         2004
------------------------------------------------------------------------------------

 PORTFOLIO TURNOVER
RATE FOR ALL CLASSES       92%         110%        146%        104%         72%
OF SHARES



1  Based on average shares outstanding.
2  Total returns exclude any applicable sales charges.
3  This column reflects the impact, if any, of certain reimbursements/waivers
   from Capital Research and Management Company. During some of the periods shown,
   Capital Research and Management Company reduced fees for investment advisory
   services. In addition, during some of the periods shown, Capital Research and
   Management Company paid a portion of the fund's transfer agent fees for certain
   retirement plan share classes.
4  Amount less than $.01.
                                   U.S. Government Securities Fund / Prospectus


                                       25

<PAGE>

NOTES


                                       26

U.S. Government Securities Fund / Prospectus


<PAGE>

NOTES


                                       27

                                   U.S. Government Securities Fund / Prospectus


<PAGE>



[Logo - American Funds /(R)/]         The right choice for the long term/(R)/





FOR SHAREHOLDER SERVICES          American Funds Service Company
                                  800/421-0180

FOR RETIREMENT PLAN SERVICES      Call your employer or plan
                                  administrator

FOR ADVISER MARKETING             American Funds Distributors
                                  800/421-9900

                                  americanfunds.com
FOR 24-HOUR INFORMATION           For Class R share information, visit
                                  AmericanFundsRetirement.com

Telephone calls you have with the American Funds organization may be
monitored or recorded for quality assurance, verification and/or
recordkeeping purposes. By speaking with us on the telephone, you are
giving your consent to such monitoring and recording.
-----------------------------------------------------------------------------------



MULTIPLE TRANSLATIONS  This prospectus may be translated into other languages.
If there is any inconsistency or ambiguity in the meaning of any translated word
or phrase, the English text will prevail.

ANNUAL/SEMI-ANNUAL REPORT TO SHAREHOLDERS  The shareholder reports contain
additional information about the fund, including financial statements,
investment results, portfolio holdings, a discussion of market conditions and
the fund's investment strategies and the independent registered public
accounting firm's report (in the annual report).

STATEMENT OF ADDITIONAL INFORMATION (SAI) AND CODES OF ETHICS The current SAI,
as amended from time to time, contains more detailed information about the fund,
including the fund's financial statements, and is incorporated by reference into
this prospectus. This means that the current SAI, for legal purposes, is part of
this prospectus. The codes of ethics describe the personal investing policies
adopted by the fund, the fund's investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the Securities and Exchange
Commission (SEC). These and other related materials about the fund are available
for review or to be copied at the SEC's Public Reference Room in Washington, DC
(202/551-8090) or on the EDGAR database on the SEC's website at sec.gov or,
after payment of a duplicating fee, via e-mail request to publicinfo@sec.gov or
by writing to the SEC's Public Reference Section, 100 F Street, NE, Washington,
DC 20549-1520. The codes of ethics, current SAI and shareholder reports are also
available, free of charge, on americanfunds.com

E-DELIVERY AND HOUSEHOLD MAILINGS Each year you are automatically sent an
updated prospectus and annual and semi-annual reports for the fund. You may also
occasionally receive proxy statements for the fund. In order to reduce the
volume of mail you receive, when possible, only one copy of these documents will
be sent to shareholders who are part of the same family and share the same
household address. You may elect to receive these documents electronically in
lieu of paper form by enrolling in e-delivery on our website, americanfunds.com.

If you would like to opt out of household-based mailings or receive a
complimentary copy of the current SAI, codes of ethics or annual/semi-annual
report to shareholders, please call American Funds Service Company at
800/421-0180 or write to the secretary of the fund at 333 South Hope Street, Los
Angeles, California 90071.

SECURITIES INVESTOR PROTECTION CORPORATION (SIPC)  Shareholders may obtain
information about SIPC/(R)/ on its website at sipc.org or by calling
202/371-8300.




                                                                                                   Investment Company File No. 811-04318
                                                                                                RPGEPR-922-0509P Litho in USA CGD/B/8034
----------------------------------------------------------------------------------------------------------------------------------------
THE CAPITAL GROUP COMPANIES
American Funds        Capital Research and Management        Capital International        Capital Guardian        Capital Bank and Trust





THE FUND PROVIDES SPANISH TRANSLATION IN CONNECTION WITH THE
PUBLIC OFFERING AND SALE OF ITS SHARES. THE FOLLOWING IS A FAIR
AND ACCURATE ENGLISH TRANSLATION OF A SPANISH LANGUAGE PROSPECTUS
FOR THE FUND.

/s/ KIMBERLY S. VERDICK
    KIMBERLY S. VERDICK
    SECRETARY





<PAGE>





[Logo - American Funds /(R)/]           The right choice for the long term/(R)/




U.S. Government
Securities Fund/SM/




RETIREMENT PLAN
 PROSPECTUS





 May 1, 2009






TABLE OF CONTENTS

 1    Risk/Return summary
 4    Fees and expenses of the fund
 6    Investment objective, strategies and risks
10    Management and organization
13    Purchase, exchange and sale of shares
17    Sales charges
19    Sales charge reductions
21    Rollovers from retirement plans to IRAs
21    Plans of distribution
22    Other compensation to dealers
23    Distributions and taxes
24    Financial highlights





 THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED OF
 THESE SECURITIES. FURTHER, IT HAS NOT DETERMINED THAT THIS PROSPECTUS IS
 ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
 OFFENSE.



<PAGE>

[This page intentionally left blank for this filing]

<PAGE>

Risk/Return summary

The fund seeks to provide you with a high level of current income as well as to
preserve your investment by investing primarily in securities that are
guaranteed or sponsored by the U.S. government. All securities held by the fund
will be rated AAA/Aaa or equivalent.

The fund is designed for investors seeking income, high credit quality and
capital preservation over the long term.  Your investment in the fund is subject
to risks, including the possibility that the fund's income and the value of its
portfolio holdings may fluctuate in response to economic, political or social
events in the United States or abroad.

At least 80% of the fund's assets will be invested in securities that are
guaranteed or sponsored by the U.S. government, including debt securities and
mortgage-backed securities issued by federal agencies and instrumentalities that
are not backed by the full faith and credit of the U.S. government. The fund may
invest up to 20% of its assets in nongovernment securities rated AAA or Aaa (or
in unrated securities determined to be of equivalent quality by the fund's
investment adviser).

While the fund invests in the highest quality debt securities, these securities
are subject to interest rate and prepayment risks. Interest rate risk is the
risk that the market value of the fixed-income securities owned by the fund will
fluctuate as interest rates go up or down. Prepayment risk is the risk that the
issuers of fixed-income securities owned by the fund will prepay them at a time
when interest rates have declined, which may require the fund to reinvest the
proceeds in lower yielding securities. It is important to note that neither your
investment in the fund nor the fund's yield is guaranteed by the U.S.
government.

Your investment in the fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency, entity or person.

YOU MAY LOSE MONEY BY INVESTING IN THE FUND. THE LIKELIHOOD OF LOSS MAY BE
GREATER IF YOU INVEST FOR A SHORTER PERIOD OF TIME.


                                       1

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

HISTORICAL INVESTMENT RESULTS

The bar chart below shows how the fund's investment results have varied from
year to year, and the Investment Results table on page 3 shows how the fund's
average annual total returns for various periods compare with different broad
measures of market performance. This information provides some indication of the
risks of investing in the fund. All fund results reflect the reinvestment of
dividends and capital gain distributions, if any. Unless otherwise noted, fund
results reflect any fee waivers and/or expense reimbursements in effect during
the period presented. Past results are not predictive of future results.

Calendar year total returns for Class A shares
(Results do not include a sales charge; if a sales charge were included,
 results would be lower.)

[begin bar chart]

1999         -1.59%
2000         11.93
2001          6.41
2002          9.02
2003          1.91
2004          2.88
2005          2.27
2006          3.15
2007          6.67
2008          7.73
[end bar chart]




Highest/Lowest quarterly results during this time period were:




HIGHEST                       5.34%  (quarter ended December 31, 2008)
LOWEST                       -2.00%  (quarter ended June 30, 2004)






                                       2

U.S. Government Securities Fund / Prospectus


<PAGE>



Unlike the bar chart on the previous page, the Investment Results table below
reflects, as required by Securities and Exchange Commission rules, the fund's
investment results with the following maximum initial sales charge imposed:

 . Class A share results reflect the maximum initial sales charge of 3.75%. This
   charge is reduced for purchases of $100,000 or more and eliminated for
   purchases of $1 million or more.

 . Class R shares are sold without any initial sales charge.

Results would be higher if calculated without a sales charge.

Unlike the Investment Results table below, the Additional Investment Results
table on page 8 reflects the fund's results calculated without a sales charge.




 INVESTMENT RESULTS (WITH A MAXIMUM SALES CHARGE)
 AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2008:

                                   1 YEAR  5 YEARS  10 YEARS   LIFETIME/1/
---------------------------------------------------------------------------

 CLASS A -- FIRST SOLD 10/17/85    3.69%    3.73%    4.57%        6.57%





                                   1 YEAR  5 YEARS   LIFETIME/1/
-----------------------------------------------------------------

 CLASS R-1 -- FIRST SOLD 6/13/02   6.89%    3.71%       3.82%
                                           ---------
 CLASS R-2 -- FIRST SOLD 5/31/02   6.95     3.77        3.92
                                           ---------
 CLASS R-3 -- FIRST SOLD 6/6/02    7.40     4.17        4.33
                                           ---------
 CLASS R-4 -- FIRST SOLD 5/28/02   7.76     4.54        4.73
                                           ---------
 CLASS R-5 -- FIRST SOLD 5/15/02   8.09     4.85        5.14






                                       1 YEAR  5 YEARS  10 YEARS   LIFETIME/2/
-------------------------------------------------------------------------------

 INDEXES
 Citigroup Treasury/Govt               10.54%   5.87%    6.12%        7.90%
Sponsored/Mortgage Index/3/
 Lipper General U.S. Government Funds   7.27    4.27     4.74         6.56
Average/4/
 Consumer Price Index/5/                0.09    2.67     2.52         2.88
 Class A 30-day annualized yield at February 28, 2009: 3.31%
 (For current yield information, please call American FundsLine/(R)/ at
800/325-3590.)




1  Lifetime results for each share class are measured from the date the share
   class was first sold.
2  Lifetime results for the index(es) shown are measured from the date Class A
   shares were first sold. The funds or securities that compose each index may
   vary over time.

3  Citigroup Treasury/Government Sponsored/Mortgage Index (formerly Salomon Smith
   Barney Treasury/Government Sponsored/Mortgage Index) is a market-weighted index
   that includes U.S. Treasury and agency securities, as well as securities issued
   by the Federal National Mortgage Association, the Federal Home Loan Mortgage
   Corporation and the Government National Mortgage Association. This index is
   unmanaged and its results include reinvested dividends and/or distributions,
   but do not reflect the effect of sales charges, commissions, expenses or taxes.
4  Lipper General U.S. Government Funds Average is composed of funds that invest
   primarily in U.S. government and agency issues. The results of the underlying
   funds in the average include the reinvestment of dividends and capital gain
   distributions as well as brokerage commissions paid by the funds for portfolio
   transactions, but do not reflect the effect of sales charges or taxes.
5  Consumer Price Index (CPI) is a measure of the average change over time in the
   prices paid by urban consumers for a market basket of consumer goods and
   services. Widely used as a measure of inflation, the CPI is computed by the
   U.S. Department of Labor, Bureau of Labor Statistics.


                                       3

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Fees and expenses of the fund

These tables describe the fees and expenses that you may pay if you buy and hold
shares of the fund.



 SHAREHOLDER FEES (PAID DIRECTLY FROM YOUR INVESTMENT)

                                               CLASS A    ALL R SHARE CLASSES
------------------------------------------------------------------------------

 Maximum initial sales charge on purchases      3.75%/*/         none
 (as a percentage of offering price)
------------------------------------------------------------------------------
 Maximum sales charge on reinvested dividends    none            none
------------------------------------------------------------------------------
 Maximum contingent deferred sales charge        none            none
------------------------------------------------------------------------------
 Redemption or exchange fees                     none            none



* The initial sales charge is reduced for purchases of $100,000 or more and
 eliminated for purchases of $1 million or more.





 ANNUAL FUND OPERATING EXPENSES (DEDUCTED FROM FUND ASSETS)

                                 CLASS  CLASS  CLASS  CLASS  CLASS     CLASS
                        CLASS A   R-1    R-2    R-3    R-4   R-5/3/   R-6/3,4/
-------------------------------------------------------------------------------

 Management fees/1/      0.30%   0.30%  0.30%  0.30%  0.30%  0.30%     0.30%
-------------------------------------------------------------------------------
 Distribution and/or     0.29    1.00   0.75   0.50   0.25   none      none
 service (12b-1)
 fees/2/
-------------------------------------------------------------------------------
 Other expenses/1/       0.18    0.26   0.56   0.27   0.17   0.11      0.08
-------------------------------------------------------------------------------
 Total annual fund       0.77    1.56   1.61   1.07   0.72   0.41      0.38
 operating expenses/1/
-------------------------------------------------------------------------------




1  The fund's investment adviser waived a portion of its management fees from
   September 1, 2004, through December 31, 2008. In addition, the investment
   adviser paid a portion of the fund's transfer agent fees for certain R share
   classes. Management fees, other expenses and total annual fund operating
   expenses in the table do not reflect any waiver or reimbursement. Information
   regarding the effect of any waiver/reimbursement on total annual fund operating
   expenses can be found in the Financial Highlights table in this prospectus and
   in the fund's annual report.
2  Class A, R-1, R-2, R-3 and R-4 12b-1 fees may not exceed .30%, 1.00%, 1.00%,
   .75% and .50%, respectively, of the class's average net assets annually.

3  Class R-5 and R-6 shares are generally available only to fee-based programs
   or through retirement plan intermediaries.
4  Based on estimated amounts for the current fiscal year. Amounts for all other
   share classes are based on amounts incurred in the fund's previous fiscal year.



                                       4

U.S. Government Securities Fund / Prospectus


<PAGE>

OTHER EXPENSES

The "Other expenses" items in the table above include custodial, legal, transfer
agent and subtransfer agent/recordkeeping payments, as well as various other
expenses. Subtransfer agent/recordkeeping payments may be made to the fund's
investment adviser, affiliates of the adviser and unaffiliated third parties for
providing recordkeeping and other administrative services to retirement plans
invested in the fund in lieu of the transfer agent providing such services. The
amount paid for subtransfer agent/recordkeeping services will vary depending on
the share class selected and the entity receiving the payments. The table below
shows the maximum payments to entities providing services to retirement plans.




             PAYMENTS TO AFFILIATED ENTITIES       PAYMENTS TO UNAFFILIATED
                                                           ENTITIES
-------------------------------------------------------------------------------

 Class A            .05% of assets or                  .05% of assets or
             $12 per participant position/1/    $12 per participant position/1/
-------------------------------------------------------------------------------
 Class R-1           .10% of assets                     .10% of assets
-------------------------------------------------------------------------------
 Class R-2     .15% of assets plus $27 per              .25% of assets
             participant position/2/ or .35%
                      of assets/3/
-------------------------------------------------------------------------------
 Class R-3     .10% of assets plus $12 per              .15% of assets
             participant position/2/ or .19%
                      of assets/3/
 Class R-4           .10% of assets                     .10% of assets
-------------------------------------------------------------------------------
 Class R-5           .05% of assets                     .05% of assets
-------------------------------------------------------------------------------
 Class R-6                none                               none
-------------------------------------------------------------------------------




1 Payment amount depends on the date upon which services commenced.
2 Payment with respect to Recordkeeper Direct/(R)/ program.
3 Payment with respect to PlanPremier/(R)/ program.

EXAMPLES

The examples below are intended to help you compare the cost of investing in the
fund with the cost of investing in other mutual funds. The examples assume that
you invest $10,000 in the fund for the time periods indicated, that your
investment has a 5% return each year, that all dividends and capital gain
distributions are reinvested, and that the fund's operating expenses remain the
same as shown above. The examples do not reflect the impact of any fee waivers
or expense reimbursements.

Although your actual costs may be higher or lower, based on these assumptions,
your cumulative estimated expenses would be:




                                1 YEAR  3 YEARS  5 YEARS   10 YEARS
--------------------------------------------------------------------

 Class A*                        $451    $612     $787      $1,293
--------------------------------------------------------------------
 Class R-1                        159     493      850       1,856
--------------------------------------------------------------------
 Class R-2                        164     508      876       1,911
--------------------------------------------------------------------
 Class R-3                        109     340      590       1,306
--------------------------------------------------------------------
 Class R-4                         74     230      401         894
--------------------------------------------------------------------
 Class R-5                         42     132      230         518
--------------------------------------------------------------------
 Class R-6                         39     122      213         480
--------------------------------------------------------------------




* Reflects the maximum initial sales charge.


                                       5

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Investment objective, strategies and risks

The fund's investment objective is to provide a high level of current income
consistent with prudent investment risk and preservation of capital. Normally,
the fund will invest at least 80% of its assets in securities guaranteed or
sponsored by the U.S. government, including securities issued by U.S.
governmental agencies or instrumentalities that are not guaranteed by the U.S.
government. In addition, the fund may invest up to 20% of its assets in
nongovernment securities that are rated AAA or Aaa or that are unrated but
determined to be of equivalent quality by the fund's investment adviser. Such
investments may include securities backed by pools of mortgages, also called
"mortgage-backed securities" or other asset-backed securities.

In seeking to achieve its investment objective, the fund may engage in active
and frequent trading of portfolio securities. High portfolio turnover typically
involves greater transaction costs and may result in net capital gains that are
taxable when distributed to shareholders.

The values of most debt securities held by the fund may be affected by changing
interest rates and prepayment risk. For example, as with other debt securities,
the value of U.S. government securities generally will decline when interest
rates rise and increase when interest rates fall. Longer maturity securities
generally have higher rates of interest but may be subject to greater price
fluctuations than shorter maturity securities.

In addition, falling interest rates may cause an issuer to redeem or "call" a
security before its stated maturity. This is known as prepayment risk. Many
types of debt securities, including mortgage-related securities, are subject to
prepayment risk. For example, when interest rates fall, homeowners are more
likely to refinance their home mortgages and "prepay" their principal earlier
than expected. The fund must then reinvest the prepaid principal in new
securities when interest rates on new mortgage investments are falling, thus
reducing the fund's income.

A security backed by the U.S. Treasury or the full faith and credit of the U.S.
government is guaranteed only as to the timely payment of interest and principal
when held to maturity. Accordingly, the current market prices for these
securities will fluctuate with changes in interest rates.

The fund may also hold cash or money market instruments. The percentage of the
fund invested in such holdings varies and depends on various factors, including
market conditions. A larger percentage of such holdings could moderate the
fund's investment results in a period of rising market prices.

Consistent with the fund's preservation of capital objective, a larger
percentage of cash or money market instruments could reduce the magnitude of the
fund's loss in a period of falling market prices and provide liquidity to make
additional investments or to meet redemptions.


                                       6

U.S. Government Securities Fund / Prospectus


<PAGE>


The fund relies on the professional judgment of its investment adviser to make
decisions about the fund's portfolio investments. The basic investment
philosophy of the investment adviser is to seek to invest in attractively valued
securities that, in its opinion, represent above-average long-term investment
opportunities. The investment adviser believes that an important way to
accomplish this is by analyzing various factors, which may include the credit
strength of the issuer, prices of similar securities issued by comparable
issuers and anticipated changes in interest rates, general market conditions and
other factors pertinent to the particular security being evaluated. Securities
may be sold when the investment adviser believes that they no longer represent
relatively attractive investment opportunities.


                                       7

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

ADDITIONAL INVESTMENT RESULTS

Unlike the Investment Results table on page 3, the table below reflects the
fund's results calculated without a sales charge.



 ADDITIONAL INVESTMENT RESULTS (WITHOUT A SALES CHARGE)

 AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2008:
                                   1 YEAR  5 YEARS  10 YEARS   LIFETIME/1/
---------------------------------------------------------------------------

 CLASS A -- FIRST SOLD 10/17/85    7.73%    4.52%    4.97%        6.74%






                                   1 YEAR  5 YEARS   LIFETIME/1/
-----------------------------------------------------------------

 CLASS R-1 -- FIRST SOLD 6/13/02   6.89%    3.71%       3.82%
 CLASS R-2 -- FIRST SOLD 5/31/02   6.95     3.77        3.92
 CLASS R-3 -- FIRST SOLD 6/6/02    7.40     4.17        4.33
 CLASS R-4 -- FIRST SOLD 5/28/02   7.76     4.54        4.73
 CLASS R-5 -- FIRST SOLD 5/15/02   8.09     4.85        5.14






                                   1 YEAR   5 YEARS   10 YEARS    LIFETIME/2/
-------------------------------------------------------------------------------

 INDEXES
 Citigroup Treasury/Govt           10.54%    5.87%      6.12%        7.90%
Sponsored/Mortgage Index/3/
 Lipper General U.S. Government     7.27     4.27       4.74         6.56
Funds Average/4/
 Consumer Price Index/5/            0.09     2.67       2.52         2.88
 Class A distribution rate at December 31, 2008: 3.57%/6/
 (For current distribution rate information, please call American FundsLine
at 800/325-3590.)




1  Lifetime results for each share class are measured from the date the share
   class was first sold.
2  Lifetime results for the index(es) shown are measured from the date Class A
   shares were first sold. The funds or securities that compose each index may
   vary over time.

3  Citigroup Treasury/Government Sponsored/Mortgage Index (formerly Salomon Smith
   Barney Treasury/Government Sponsored/Mortgage Index) is a market-weighted index
   that includes U.S. Treasury and agency securities, as well as securities issued
   by the Federal National Mortgage Association, the Federal Home Loan Mortgage
   Corporation and the Government National Mortgage Association. This index is
   unmanaged and its results include reinvested dividends and/or distributions,
   but do not reflect the effect of sales charges, commissions, expenses or taxes.
4  Lipper General U.S. Government Funds Average is composed of funds that invest
   primarily in U.S. government and agency issues. The results of the underlying
   funds in the average include the reinvestment of dividends and capital gain
   distributions as well as brokerage commissions paid by the funds for portfolio
   transactions, but do not reflect the effect of sales charges or taxes.
5  Consumer Price Index (CPI) is a measure of the average change over time in the
   prices paid by urban consumers for a market basket of consumer goods and
   services. Widely used as a measure of inflation, the CPI is computed by the
   U.S. Department of Labor, Bureau of Labor Statistics.

6  Reflects a fee waiver (3.55% without the waiver) as described in the Annual
   Fund Operating Expenses table under "Fees and expenses of the fund." The
   distribution rate is based on actual dividends paid to Class A shareholders
   over a 12-month period. Capital gain distributions, if any, are added back to
   net asset value to determine the rate.


                                       8

U.S. Government Securities Fund / Prospectus


<PAGE>

[begin pie chart]

Industry section diversification as of August 31, 2008

Mortgage-backed obligations                              48.2%
U.S. Treasury bonds & notes                              38.2%
Federal agency bonds & notes                              7.9%
Asset-backed obligations                                  2.8%
Short-term securities & other assets less liabilities     2.9%
[end pie chart]




 QUALITY BREAKDOWN AS OF AUGUST 31, 2008
                                                         PERCENT OF NET ASSETS

 U.S. government obligations*                                    45.7%
-------------------------------------------------------------------------------
 Federal agencies                                                42.9
-------------------------------------------------------------------------------
 Aaa/AAA                                                          8.1
-------------------------------------------------------------------------------
 Aa/AA/+/                                                         0.4
-------------------------------------------------------------------------------
 Short-term securities and other assets less                      2.9
liabilities




* These securities are guaranteed by the full faith and credit of the U.S.
 government.

+ Rating reflects downgrade subsequent to purchase.

Because the fund is actively managed, its holdings will change over time.

For updated information on the fund's portfolio holdings, please visit us at
americanfunds.com.


                                       9

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Management and organization

INVESTMENT ADVISER

Capital Research and Management Company, an experienced investment management
organization founded in 1931, serves as investment adviser to the fund and other
funds, including the American Funds. Capital Research and Management Company is
a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at
333 South Hope Street, Los Angeles, California 90071, and 6455 Irvine Center
Drive, Irvine, California 92618. Capital Research and Management Company manages
the investment portfolio and business affairs of the fund. The total management
fee paid by the fund, as a percentage of average net assets, for the previous
fiscal year appears in the Annual Fund Operating Expenses table under "Fees and
expenses of the fund." As described more fully in the fund's statement of
additional information, the management fee is based on the daily net assets of
the fund and the fund's monthly gross investment income. A discussion regarding
the basis for the approval of the fund's investment advisory and service
agreement by the fund's board of trustees is contained in the fund's annual
report to shareholders for the fiscal year ended August 31, 2008.

Capital Research and Management Company manages equity assets through two
investment divisions, Capital World Investors and Capital Research Global
Investors, and manages fixed-income assets through its Fixed Income division.
Capital World Investors and Capital Research Global Investors make investment
decisions on an independent basis.

Rather than remain as investment divisions, Capital World Investors and Capital
Research Global Investors may be incorporated into wholly owned subsidiaries of
Capital Research and Management Company. In that event, Capital Research and
Management Company would continue to be the investment adviser, and day-to-day
investment management of equity assets would continue to be carried out through
one or both of these subsidiaries. Capital Research and Management Company and
the funds it advises have applied to the Securities and Exchange Commission for
an exemptive order that would give Capital Research and Management Company the
authority to use, upon approval of the funds' boards, its management
subsidiaries and affiliates to provide day-to-day investment management services
to the funds, including making changes to the management subsidiaries and
affiliates providing such services. Approval by the funds' shareholders would be
required before any authority granted under an exemptive order could be
exercised. There is no assurance that Capital Research and Management Company
will incorporate its investment divisions or seek a shareholder vote to exercise
any authority, if granted, under an exemptive order.


                                       10

U.S. Government Securities Fund / Prospectus


<PAGE>

EXECUTION OF PORTFOLIO TRANSACTIONS

The investment adviser places orders with broker-dealers for the fund's
portfolio transactions. In selecting broker-dealers, the investment adviser
strives to obtain "best execution" (the most favorable total price reasonably
attainable under the circumstances) for the fund's portfolio transactions,
taking into account a variety of factors. Subject to best execution, the
investment adviser may consider investment research and/or brokerage services
provided to the adviser in placing orders for the fund's portfolio transactions.
The investment adviser may place orders for the fund's portfolio transactions
with broker-dealers who have sold shares of funds managed by the investment
adviser or its affiliated companies; however, it does not give consideration to
whether a broker-dealer has sold shares of the funds managed by the investment
adviser or its affiliated companies when placing any such orders for the fund's
portfolio transactions. A more detailed description of the investment adviser's
policies is included in the fund's statement of additional information.

PORTFOLIO HOLDINGS

Portfolio holdings information for the fund is available on the American Funds
website at americanfunds.com. To reach this information, access the fund's
detailed information page on the website. A link to the fund's complete list of
publicly disclosed portfolio holdings, updated as of each calendar quarter-end,
is generally posted to this page within 45 days after the end of the applicable
quarter. This information is available on the website until new information for
the next quarter is posted. Portfolio holdings information for the fund is also
contained in reports filed with the Securities and Exchange Commission.

A description of the fund's policies and procedures regarding disclosure of
information about its portfolio holdings is available in the statement of
additional information.

MULTIPLE PORTFOLIO COUNSELOR SYSTEM

Capital Research and Management Company uses a system of multiple portfolio
counselors in managing mutual fund assets. Under this approach, the portfolio of
a fund is divided into segments managed by individual counselors who decide how
their respective segments will be invested. In addition, Capital Research and
Management Company's investment analysts may make investment decisions with
respect to a portion of a fund's portfolio. Investment decisions are subject to
a fund's objective(s), policies and restrictions and the oversight of the
appropriate investment-related committees of Capital Research and Management
Company and its investment divisions.


                                       11

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

The primary individual portfolio counselors for U.S. Government Securities Fund
are:





                                       PRIMARY TITLE WITH      PORTFOLIO
                         PORTFOLIO     INVESTMENT ADVISER      COUNSELOR
 PORTFOLIO COUNSELOR/    COUNSELOR     (OR AFFILIATE)          ROLE IN
 FUND TITLE              EXPERIENCE    AND INVESTMENT          MANAGEMENT
 (IF APPLICABLE)        IN THIS FUND   EXPERIENCE              OF THE FUND
--------------------------------------------------------------------------------------

 JOHN H. SMET             22 years     Senior Vice President   Serves as a
 President and Trustee                 - Fixed Income,         fixed-income portfolio
                                       Capital Research and    counselor
                                       Management Company

                                       Investment
                                       professional for 27
                                       years in total;
                                       26 years with Capital
                                       Research and
                                       Management Company or
                                       affiliate
--------------------------------------------------------------------------------------
 THOMAS H. HOGH           12 years     Senior Vice President   Serves as a
 Vice President                        - Fixed Income,         fixed-income portfolio
                                       Capital Research        counselor
                                       Company

                                       Investment
                                       professional for 22
                                       years in total;
                                       19 years with Capital
                                       Research and
                                       Management Company or
                                       affiliate
--------------------------------------------------------------------------------------
 MARK R. MACDONALD        3 years      Senior Vice President   Serves as a
                                       - Fixed Income,         fixed-income portfolio
                                       Capital Research and    counselor
                                       Management Company

                                       Investment
                                       professional for 24
                                       years in total;
                                       15 years with Capital
                                       Research and
                                       Management Company or
                                       affiliate




Information regarding the portfolio counselors' compensation, their ownership of
securities in the fund and other accounts they manage can be found in the
statement of additional information.

CERTAIN PRIVILEGES AND/OR SERVICES DESCRIBED ON THE FOLLOWING PAGES OF THIS
PROSPECTUS AND IN THE STATEMENT OF ADDITIONAL INFORMATION MAY NOT BE AVAILABLE
TO YOU, DEPENDING ON YOUR INVESTMENT DEALER OR RETIREMENT PLAN RECORDKEEPER.
PLEASE SEE YOUR FINANCIAL ADVISER, INVESTMENT DEALER OR RETIREMENT PLAN
RECORDKEEPER FOR MORE INFORMATION.


                                       12

U.S. Government Securities Fund / Prospectus


<PAGE>

Purchase, exchange and sale of shares

AMERICAN FUNDS SERVICE COMPANY, THE FUND'S TRANSFER AGENT, ON BEHALF OF THE FUND
AND AMERICAN FUNDS DISTRIBUTORS,/(R)/ THE FUND'S DISTRIBUTOR, IS REQUIRED BY
LAW TO OBTAIN CERTAIN PERSONAL INFORMATION FROM YOU OR ANY OTHER PERSON(S)
ACTING ON YOUR BEHALF IN ORDER TO VERIFY YOUR OR SUCH PERSON'S IDENTITY. IF YOU
DO NOT PROVIDE THE INFORMATION, THE TRANSFER AGENT MAY NOT BE ABLE TO OPEN YOUR
ACCOUNT. IF THE TRANSFER AGENT IS UNABLE TO VERIFY YOUR IDENTITY OR THAT OF ANY
OTHER PERSON(S) AUTHORIZED TO ACT ON YOUR BEHALF, OR BELIEVES IT HAS IDENTIFIED
POTENTIALLY CRIMINAL ACTIVITY, THE FUND AND AMERICAN FUNDS DISTRIBUTORS RESERVE
THE RIGHT TO CLOSE YOUR ACCOUNT OR TAKE SUCH OTHER ACTION THEY DEEM REASONABLE
OR REQUIRED BY LAW.

PURCHASES AND EXCHANGES

Eligible retirement plans generally may open an account and purchase Class A or
R shares by contacting any investment dealer (who may impose transaction charges
in addition to those described in this prospectus) authorized to sell the fund's
shares. Some or all R share classes may not be available through certain
investment dealers. Additional shares may be purchased through a plan's
administrator or recordkeeper.

Class A shares are generally not available for retirement plans using the
PlanPremier or Recordkeeper Direct recordkeeping programs.

Class R shares generally are available only to 401(k) plans, 457 plans, 403(b)
plans, profit-sharing and money purchase pension plans, defined benefit plans
and nonqualified deferred compensation plans. Class R shares also are generally
available only to retirement plans where plan level or omnibus accounts are held
on the books of the fund. In addition, Class R-6 shares are available for
investment by American Funds Target Date Retirement Series/(R)/ and Class R-5
shares are available to other registered investment companies approved by the
fund. Class R shares generally are not available to retail nonretirement
accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell
Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and 529 college savings
plans.

Shares of the fund offered through this prospectus generally may be exchanged
into shares of the same class of other American Funds. Exchanges of Class A
shares from American Funds money market funds purchased without a sales charge
generally will be subject to the appropriate sales charge.

FREQUENT TRADING OF FUND SHARES

The fund and American Funds Distributors reserve the right to reject any
purchase order for any reason. The fund is not designed to serve as a vehicle
for frequent trading. Frequent trading of fund shares may lead to increased
costs to the fund and less efficient management of the fund's portfolio,
potentially resulting in dilution of the value of the shares held by long-term
shareholders. Accordingly, purchases, including those that are part of exchange
activity that the fund or American Funds Distributors has determined could
involve actual or potential harm to the fund, may be rejected.


                                       13

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

The fund, through its transfer agent, American Funds Service Company, maintains
surveillance procedures that are designed to detect frequent trading in fund
shares. Under these procedures, various analytics are used to evaluate factors
that may be indicative of frequent trading. For example, transactions in fund
shares that exceed certain monetary thresholds may be scrutinized. American
Funds Service Company also may review transactions that occur close in time to
other transactions in the same account or in multiple accounts under common
ownership or influence. Trading activity that is identified through these
procedures or as a result of any other information available to the fund will be
evaluated to determine whether such activity might constitute frequent trading.
These procedures may be modified from time to time as appropriate to improve the
detection of frequent trading, to facilitate monitoring for frequent trading in
particular retirement plans or other accounts, and to comply with applicable
laws.

In addition to the fund's broad ability to restrict potentially harmful trading
as described above, the fund's board of trustees has adopted a "purchase
blocking policy" under which any shareholder redeeming shares having a value of
$5,000 or more from the fund will be precluded from investing in the fund for 30
calendar days after the redemption transaction. This policy also applies to
redemptions and purchases that are part of exchange transactions. Under the
fund's purchase blocking policy, certain purchases will not be prevented and
certain redemptions will not trigger a purchase block, such as systematic
redemptions and purchases, where the entity maintaining the shareholder account
is able to identify the transaction as a systematic redemption or purchase;
purchases and redemptions of shares having a value of less than $5,000;
transactions in Class 529 shares; purchases and redemptions resulting from
reallocations by American Funds Target Date Retirement Series; retirement plan
contributions, loans and distributions (including hardship withdrawals)
identified as such on the retirement plan recordkeeper's system; and purchase
transactions involving transfers of assets, rollovers, Roth IRA conversions and
IRA recharacterizations, where the entity maintaining the shareholder account is
able to identify the transaction as one of these types of transactions.

The fund reserves the right to waive the purchase blocking policy with respect
to specific shareholder accounts in those instances where American Funds Service
Company determines that its surveillance procedures are adequate to detect
frequent trading in fund shares.

American Funds Service Company will work with certain intermediaries (such as
investment dealers holding shareholder accounts in street name, retirement plan
recordkeepers, insurance company separate accounts and bank trust companies) to
apply their own procedures, provided that American Funds Service Company
believes the intermediary's procedures are reasonably designed to enforce the
frequent trading policies of the fund. You should refer to disclosures provided
by the intermediaries with which you have an account to determine the specific
trading restrictions that apply to you.


                                       14

U.S. Government Securities Fund / Prospectus


<PAGE>

If American Funds Service Company identifies any activity that may constitute
frequent trading, it reserves the right to contact the intermediary and request
that the intermediary either provide information regarding an account owner's
transactions or restrict the account owner's trading. If American Funds Service
Company is not satisfied that the intermediary has taken appropriate action,
American Funds Service Company may terminate the intermediary's ability to
transact in fund shares.

There is no guarantee that all instances of frequent trading in fund shares will
be prevented.

NOTWITHSTANDING THE FUND'S SURVEILLANCE PROCEDURES AND PURCHASE BLOCKING POLICY,
ALL TRANSACTIONS IN FUND SHARES REMAIN SUBJECT TO THE FUND'S AND AMERICAN FUNDS
DISTRIBUTORS' RIGHT TO RESTRICT POTENTIALLY ABUSIVE TRADING GENERALLY (INCLUDING
THE TYPES OF TRANSACTIONS DESCRIBED ABOVE THAT WILL NOT BE PREVENTED OR TRIGGER
A BLOCK UNDER THE PURCHASE BLOCKING POLICY). SEE THE STATEMENT OF ADDITIONAL
INFORMATION FOR MORE INFORMATION ABOUT HOW AMERICAN FUNDS SERVICE COMPANY MAY
ADDRESS OTHER POTENTIALLY ABUSIVE TRADING ACTIVITY IN THE AMERICAN FUNDS.

SALES

Please contact your plan administrator or recordkeeper in order to sell shares
from your retirement plan.

RIGHT OF REINVESTMENT

If you notify American Funds Service Company, you may reinvest proceeds from a
redemption, dividend payment or capital gain distribution without a sales charge
in the same fund or other American Funds, provided that the reinvestment occurs
within 90 days after the date of the redemption or distribution and is made into
the same account from which you redeemed the shares or received the
distribution. If the account has been closed, you may reinvest without a sales
charge if the new receiving account has the same registration as the closed
account. Proceeds will be reinvested in the same share class from which the
original redemption or distribution was made. Redemption proceeds of Class A
shares representing direct purchases in American Funds money market funds that
are reinvested in non-money market American Funds will be subject to a sales
charge. Proceeds will be reinvested at the next calculated net asset value after
your request is received and accepted by American Funds Service Company. For
purposes of this "right of reinvestment policy," automatic transactions
(including, for example, automatic purchases, withdrawals and payroll
deductions) and ongoing retirement plan contributions are not eligible for
investment without a sales charge. See the statement of additional information
for further information. You may not reinvest proceeds in the American Funds as
described in this paragraph if such proceeds are subject to a purchase block as
described under "Frequent trading of fund shares" in this prospectus. This
paragraph does not apply to certain rollover investments as described under
"Rollovers from retirement plans to IRAs" in this prospectus.


                                       15

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

VALUING SHARES

The net asset value of each share class of the fund is the value of a single
share. The fund calculates the net asset value each day the New York Stock
Exchange is open for trading as of approximately 4 p.m. New York time, the
normal close of regular trading. Assets are valued primarily on the basis of
market quotations. However, the fund has adopted procedures for making "fair
value" determinations if market quotations are not readily available or are not
considered reliable. For example, fair value procedures may be used if an issuer
defaults and there is no market for its securities. Use of these procedures is
intended to result in more appropriate net asset values.

Your shares will be purchased at the net asset value (plus any applicable sales
charge in the case of Class A shares) or sold at the net asset value next
determined after American Funds Service Company receives and accepts your
request.

MOVING BETWEEN SHARE CLASSES AND ACCOUNTS

Please see the statement of additional information for details and limitations
on moving investments in certain share classes to different share classes and on
moving investments held in certain accounts to different accounts.


                                       16

U.S. Government Securities Fund / Prospectus


<PAGE>

Sales charges

CLASS A SHARES

The initial sales charge you pay each time you buy Class A shares differs
depending upon the amount you invest and may be reduced or eliminated for larger
purchases as indicated below. The "offering price," the price you pay to buy
shares, includes any applicable sales charge, which will be deducted directly
from your investment. Shares acquired through reinvestment of dividends or
capital gain distributions are not subject to an initial sales charge.



                               SALES CHARGE AS A
                                          PERCENTAGE OF:
                                                                  DEALER
                                                    NET         COMMISSION
                                        OFFERING   AMOUNT     AS A PERCENTAGE
 INVESTMENT                              PRICE    INVESTED   OF OFFERING PRICE
-------------------------------------------------------------------------------

 Less than $100,000                      3.75%     3.90%           3.00%
-------------------------------------------------------------------------------
 $100,000 but less than $250,000         3.50      3.63            2.75
-------------------------------------------------------------------------------
 $250,000 but less than $500,000         2.50      2.56            2.00
-------------------------------------------------------------------------------
 $500,000 but less than $750,000         2.00      2.04            1.60
-------------------------------------------------------------------------------
 $750,000 but less than $1 million       1.50      1.52            1.20
-------------------------------------------------------------------------------
 $1 million or more and certain other    none      none      see below
 investments described below
-------------------------------------------------------------------------------



The sales charge, expressed as a percentage of the offering price or the net
amount invested, may be higher or lower than the percentages described in the
table above due to rounding. This is because the dollar amount of the sales
charge is determined by subtracting the net asset value of the shares purchased
from the offering price, which is calculated to two decimal places using
standard rounding criteria. The impact of rounding will vary with the size of
the investment and the net asset value of the shares.

CLASS A PURCHASES NOT SUBJECT TO SALES CHARGES

The following investments are not subject to any initial or contingent deferred
sales charge if American Funds Service Company is properly notified of the
nature of the investment:

. investments made by accounts that are part of certain qualified fee-based
  programs and that purchased Class A shares before the discontinuation of your
  investment dealer's load-waived Class A share program with the American Funds;
  and

. certain rollover investments from retirement plans to IRAs (see "Rollovers
  from retirement plans to IRAs" in this prospectus for more information).

The distributor may pay dealers up to 1% on investments made in Class A shares
with no initial sales charge. The fund may reimburse the distributor for these
payments through its plans of distribution (see "Plans of distribution" in this
prospectus).


                                       17

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Certain other investors may qualify to purchase shares without a sales charge,
such as employees of investment dealers and registered investment advisers
authorized to sell American Funds, and employees of The Capital Group Companies.
Please see the statement of additional information for more information.

 EMPLOYER-SPONSORED RETIREMENT PLANS

 Employer-sponsored retirement plans that are eligible to purchase Class R
 shares may instead purchase Class A shares and pay the applicable Class A sales
 charge, provided their recordkeepers can properly apply a sales charge on plan
 investments. These plans are not eligible to make initial purchases of $1
 million or more in Class A shares and thereby invest in Class A shares without
 a sales charge, nor are they eligible to establish a statement of intention
 that qualifies them to purchase Class A shares without a sales charge. More
 information about statements of intention can be found under "Sales charge
 reductions" in this prospectus. Plans investing in Class A shares with a sales
 charge may purchase additional Class A shares in accordance with the sales
 charge table in this prospectus.

 Employer-sponsored retirement plans that invested in Class A shares without any
 sales charge on or before March 31, 2004, and that continue to meet the
 eligibility requirements in effect as of that date for purchasing Class A
 shares at net asset value, may continue to purchase Class A shares without any
 initial or contingent deferred sales charge.


 A 403(b) plan may not invest in Class A or C shares, unless such plan was invested
 in Class A or C shares prior to January 1, 2009.

CLASS R SHARES

Class R shares are sold without any initial or contingent deferred sales charge.
The distributor will pay dealers annually an asset-based compensation of up to
1.00% for sales of Class R-1 shares, up to .75% for Class R-2 shares, up to .50%
for Class R-3 shares and up to .25% for Class R-4 shares. No dealer compensation
is paid from fund assets on sales of Class R-5 or R-6 shares. The fund may
reimburse the distributor for these payments through its plans of distribution
(see "Plans of distribution" in this prospectus).


                                       18

U.S. Government Securities Fund / Prospectus


<PAGE>

Sales charge reductions

TO RECEIVE A REDUCTION IN YOUR CLASS A INITIAL SALES CHARGE, YOU MUST LET YOUR
FINANCIAL ADVISER OR AMERICAN FUNDS SERVICE COMPANY KNOW AT THE TIME YOU
PURCHASE SHARES THAT YOU QUALIFY FOR SUCH A REDUCTION. IF YOU DO NOT LET YOUR
ADVISER OR AMERICAN FUNDS SERVICE COMPANY KNOW THAT YOU ARE ELIGIBLE FOR A
REDUCTION, YOU MAY NOT RECEIVE A SALES CHARGE DISCOUNT TO WHICH YOU ARE
OTHERWISE ENTITLED. In order to determine your eligibility to receive a sales
charge discount, it may be necessary for you to provide your adviser or American
Funds Service Company with information and records (including account
statements) of all relevant accounts invested in the American Funds.

IN ADDITION TO THE INFORMATION IN THIS PROSPECTUS, YOU MAY OBTAIN MORE
INFORMATION ABOUT SHARE CLASSES, SALES CHARGES AND SALES CHARGE REDUCTIONS
THROUGH A LINK ON THE HOME PAGE OF THE AMERICAN FUNDS WEBSITE AT
AMERICANFUNDS.COM, FROM THE STATEMENT OF ADDITIONAL INFORMATION OR FROM YOUR
FINANCIAL ADVISER.

REDUCING YOUR CLASS A INITIAL SALES CHARGE

Consistent with the policies described in this prospectus, two or more
retirement plans of an employer or employer's affiliates may combine all of
their American Funds investments to reduce their Class A sales charge. Certain
investments in the American Funds Target Date Retirement Series may also be
combined for this purpose. Please see the American Funds Target Date Retirement
Series prospectus for further information. However, for this purpose,
investments representing direct purchases of American Funds money market funds
are excluded. Following are different ways that you may qualify for a reduced
Class A sales charge:

 CONCURRENT PURCHASES

 Simultaneous purchases of any class of shares of two or more American Funds
 (excluding American Funds money market funds) may be combined to qualify for a
 reduced Class A sales charge.

 RIGHTS OF ACCUMULATION

 You may take into account your accumulated holdings in all share classes of the
 American Funds (excluding American Funds money market funds) to determine the
 initial sales charge you pay on each purchase of Class A shares. Subject to
 your investment dealer's or recordkeeper's capabilities, your accumulated
 holdings will be calculated as the higher of (a) the current value of your
 existing holdings or (b) the amount you invested (including reinvested
 dividends and capital gains, but excluding capital appreciation) less any
 withdrawals. Please see the statement of additional information for further
 details. You should retain any records necessary to substantiate the historical
 amounts you have invested.


                                       19

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

 STATEMENT OF INTENTION

 You may reduce your Class A sales charge by establishing a statement of
 intention. A statement of intention allows you to combine all purchases of all
 share classes of the American Funds (excluding American Funds money market
 funds) you intend to make over a 13-month period to determine the applicable
 sales charge; however, purchases made under a right of reinvestment,
 appreciation of your holdings, and reinvested dividends and capital gains do
 not count as purchases made during the statement period. The market value of
 your existing holdings eligible to be aggregated as of the day immediately
 before the start of the statement period may be credited toward satisfying the
 statement. A portion of your account may be held in escrow to cover additional
 Class A sales charges that may be due if your total purchases over the
 statement period do not qualify you for the applicable sales charge reduction.
 Employer-sponsored retirement plans may be restricted from establishing
 statements of intention. See "Sales charges" in this prospectus for more
 information.

RIGHT OF REINVESTMENT

Please see the "Sales" section of "Purchase, exchange and sale of shares" in
this prospectus for information on how to reinvest proceeds from a redemption,
dividend payment or capital gain distribution without a sales charge.


                                       20

U.S. Government Securities Fund / Prospectus


<PAGE>

Rollovers from retirement plans to IRAs


Assets from retirement plans may be invested in Class A, C or F shares
through an IRA rollover, subject to the other provisions of this prospectus and
the prospectus for nonretirement plan shareholders. More information on Class C
and F shares can be found in the fund's prospectus for nonretirement plan
shareholders. Rollovers invested in Class A shares from retirement plans will be
subject to applicable sales charges. The following rollovers to Class A shares
will be made without a sales charge:

. rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as
  custodian; and

. rollovers to IRAs that are attributable to American Funds investments, if they
  meet the following requirements:

 -- the assets being rolled over were invested in American Funds at the time of
    distribution; and

 -- the rolled over assets are contributed to an American Funds IRA with Capital
    Bank and Trust Company as custodian.

IRA rollover assets that roll over without a sales charge as described above
will not be subject to a contingent deferred sales charge and investment dealers
will be compensated solely with an annual service fee that begins to accrue
immediately. IRA rollover assets invested in Class A shares that are not
attributable to American Funds investments, as well as future contributions to
the IRA, will be subject to sales charges and the terms and conditions generally
applicable to Class A share investments as described in this prospectus and the
statement of additional information.

Plans of distribution

The fund has plans of distribution or "12b-1 plans" for certain share classes,
under which it may finance activities primarily intended to sell shares,
provided the categories of expenses are approved in advance by the fund's board
of trustees. The plans provide for payments, based on annualized percentages of
average daily net assets, of up to .30% for Class A shares, up to 1.00% for
Class R-1 and R-2 shares, up to .75% for Class R-3 shares and up to .50% for
Class R-4 shares. For all share classes indicated above, up to .25% of these
expenses may be used to pay service fees to qualified dealers for providing
certain shareholder services. The amount remaining for each share class may be
used for distribution expenses.

The 12b-1 fees paid by the fund, as a percentage of average net assets for the
previous fiscal year, are indicated in the Annual Fund Operating Expenses table
under "Fees and expenses of the fund" in this prospectus. Since these fees are
paid out of the fund's assets or income on an ongoing basis, over time they will
increase the cost and reduce the return of your investment.


                                       21

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Other compensation to dealers

American Funds Distributors, at its expense, currently provides additional
compensation to investment dealers. These payments may be made, at the
discretion of American Funds Distributors, to the top 100 dealers (or their
affiliates) that have sold shares of the American Funds. The level of payments
made to a qualifying firm in any given year will vary and in no case would
exceed the sum of (a) .10% of the previous year's American Funds sales by that
dealer and (b) .02% of American Funds assets attributable to that dealer. For
calendar year 2008, aggregate payments made by American Funds Distributors to
dealers were less than .02% of the average assets of the American Funds.
Aggregate payments may also change from year to year. A number of factors will
be considered in determining payments, including the qualifying dealer's sales,
assets and redemption rates, and the quality of the dealer's relationship with
American Funds Distributors. American Funds Distributors makes these payments to
help defray the costs incurred by qualifying dealers in connection with efforts
to educate financial advisers about the American Funds so that they can make
recommendations and provide services that are suitable and meet shareholder
needs. American Funds Distributors will, on an annual basis, determine the
advisability of continuing these payments. American Funds Distributors may also
pay expenses associated with meetings conducted by dealers outside the top 100
firms to facilitate educating financial advisers and shareholders about the
American Funds. If investment advisers, distributors or other affiliates of
mutual funds pay additional compensation or other incentives in differing
amounts, dealer firms and their advisers may have financial incentives for
recommending a particular mutual fund over other mutual funds. You should
consult with your financial adviser and review carefully any disclosure by your
financial adviser's firm as to compensation received.


                                       22

U.S. Government Securities Fund / Prospectus


<PAGE>

Distributions and taxes

DIVIDENDS AND DISTRIBUTIONS

The fund declares daily dividends from net investment income and distributes the
accrued dividends, which may fluctuate, to shareholders each month. Dividends
begin accruing one day after payment for shares is received by the fund or
American Funds Service Company.

Capital gains, if any, are usually distributed in December. When a capital gain
is distributed, the net asset value per share is reduced by the amount of the
payment.

All dividends and capital gain distributions paid to retirement plan
shareholders will be automatically reinvested.

TAXES ON DIVIDENDS AND DISTRIBUTIONS

Dividends and capital gains distributed by the fund to tax-deferred retirement
plan accounts are not taxable currently.

TAXES ON TRANSACTIONS

Exchanges within a tax-deferred retirement plan account will not result in a
capital gain or loss for federal or state income tax purposes. With limited
exceptions, distributions from a retirement plan account are taxable as ordinary
income.

PLEASE SEE YOUR TAX ADVISER FOR MORE INFORMATION.


                                       23

                                   U.S. Government Securities Fund / Prospectus
<PAGE>

Financial highlights

The Financial Highlights table is intended to help you understand the fund's
results for the past five fiscal years. Certain information reflects financial
results for a single share of a particular class. A similar table will be shown
for Class R-6 shares beginning with the fund's fiscal year ending after the date
the share class is first offered. The total returns in the table represent the
rate that an investor would have earned or lost on an investment in the fund
(assuming reinvestment of all dividends and capital gain distributions). Where
indicated, figures in the table reflect the impact, if any, of certain
reimbursements/waivers from Capital Research and Management Company. For more
information about these reimbursements/waivers, see the footnotes to the Annual
Fund Operating Expenses table under "Fees and expenses of the fund" in this
prospectus and the fund's annual report. The information in the Financial
Highlights table has been audited by Deloitte & Touche LLP, whose report, along
with the fund's financial statements, is included in the statement of additional
information, which is available upon request.



                                  INCOME FROM INVESTMENT OPERATIONS/1/
                                               Net gains
                                              (losses) on
                                               securities
                      Net asset                  (both                   Dividends
                       value,        Net        realized    Total from   (from net     Net asset
                      beginning  investment       and       investment   investment  value, end of       Total
                      of period    income     unrealized)   operations    income)       period      return/2,3/
---------------------------------------------------------------------------------------------------------------------

CLASS A:
Year ended 8/31/2008   $13.35       $.54        $ .22          $.76        $(.55)       $13.56           5.73%
Year ended 8/31/2007    13.32        .59          .03           .62         (.59)        13.35           4.72
Year ended 8/31/2006    13.72        .52         (.39 )         .13         (.53)        13.32           1.04
Year ended 8/31/2005    13.74        .44           --/4/        .44         (.46)        13.72           3.23
Year ended 8/31/2004    13.59        .43          .17           .60         (.45)        13.74           4.49
---------------------------------------------------------------------------------------------------------------------
CLASS R-1:
Year ended 8/31/2008    13.35        .43          .22           .65         (.44)        13.56           4.89
Year ended 8/31/2007    13.32        .48          .03           .51         (.48)        13.35           3.89
Year ended 8/31/2006    13.72        .42         (.39 )         .03         (.43)        13.32            .30
Year ended 8/31/2005    13.74        .33           --/4/        .33         (.35)        13.72           2.46
Year ended 8/31/2004    13.59        .32          .17           .49         (.34)        13.74           3.66
---------------------------------------------------------------------------------------------------------------------
CLASS R-2:
Year ended 8/31/2008    13.35        .44          .22           .66         (.45)        13.56           4.97
Year ended 8/31/2007    13.32        .49          .03           .52         (.49)        13.35           3.98
Year ended 8/31/2006    13.72        .43         (.39 )         .04         (.44)        13.32            .32
Year ended 8/31/2005    13.74        .34           --/4/        .34         (.36)        13.72           2.50
Year ended 8/31/2004    13.59        .33          .17           .50         (.35)        13.74           3.70
---------------------------------------------------------------------------------------------------------------------
CLASS R-3:
Year ended 8/31/2008   $13.35       $.49        $ .22          $.71        $(.50)       $13.56           5.40%
Year ended 8/31/2007    13.32        .54          .03           .57         (.54)        13.35           4.39
Year ended 8/31/2006    13.72        .48         (.39 )         .09         (.49)        13.32            .69
Year ended 8/31/2005    13.74        .39           --/4/        .39         (.41)        13.72           2.88
Year ended 8/31/2004    13.59        .38          .17           .55         (.40)        13.74           4.09
---------------------------------------------------------------------------------------------------------------------
CLASS R-4:
Year ended 8/31/2008    13.35        .54          .22           .76         (.55)        13.56           5.77
Year ended 8/31/2007    13.32        .59          .03           .62         (.59)        13.35           4.79
Year ended 8/31/2006    13.72        .53         (.39 )         .14         (.54)        13.32           1.06
Year ended 8/31/2005    13.74        .44           --/4/        .44         (.46)        13.72           3.25
Year ended 8/31/2004    13.59        .43          .17           .60         (.45)        13.74           4.45
---------------------------------------------------------------------------------------------------------------------
CLASS R-5:
Year ended 8/31/2008    13.35        .58          .22           .80         (.59)        13.56           6.10
Year ended 8/31/2007    13.32        .63          .03           .66         (.63)        13.35           5.07
Year ended 8/31/2006    13.72        .56         (.39 )         .17         (.57)        13.32           1.36
Year ended 8/31/2005    13.74        .48           --/4/        .48         (.50)        13.72           3.56
Year ended 8/31/2004    13.59        .47          .17           .64         (.49)        13.74           4.78


                                       Ratio of     Ratio of
                                     expenses to   expenses to
                                     average net   average net
                       Net assets,      assets       assets      Ratio of net
                         end of      before reim-  after reim-      income
                         period      bursements/   bursements/    to average
                      (in millions)    waivers     waivers/3/    net assets/3/
-------------------------------------------------------------------------------

CLASS A:
Year ended 8/31/2008     $2,602          .77%          .74%          3.95%
Year ended 8/31/2007      1,758          .79           .76           4.38
Year ended 8/31/2006      1,685          .77           .74           3.89
Year ended 8/31/2005      1,801          .76           .74           3.17
Year ended 8/31/2004      1,900          .71           .71           3.14
-------------------------------------------------------------------------------
CLASS R-1:
Year ended 8/31/2008          9         1.56          1.53           3.16
Year ended 8/31/2007          5         1.65          1.57           3.57
Year ended 8/31/2006          4         1.63          1.49           3.17
Year ended 8/31/2005          3         1.66          1.50           2.43
Year ended 8/31/2004          2         1.74          1.52           2.26
-------------------------------------------------------------------------------
CLASS R-2:
Year ended 8/31/2008        136         1.61          1.46           3.24
Year ended 8/31/2007        103         1.73          1.48           3.66
Year ended 8/31/2006         94         1.93          1.47           3.18
Year ended 8/31/2005         85         1.94          1.47           2.46
Year ended 8/31/2004         68         2.02          1.48           2.32
-------------------------------------------------------------------------------
CLASS R-3:
Year ended 8/31/2008     $  118         1.07%         1.04%          3.67%
Year ended 8/31/2007         88         1.11          1.08           4.05
Year ended 8/31/2006        107         1.20          1.09           3.56
Year ended 8/31/2005         91         1.20          1.08           2.84
Year ended 8/31/2004         73         1.23          1.10           2.71
-------------------------------------------------------------------------------
CLASS R-4:
Year ended 8/31/2008         91          .72           .69           4.02
Year ended 8/31/2007         75          .72           .69           4.50
Year ended 8/31/2006         21          .75           .72           3.96
Year ended 8/31/2005         13          .74           .72           3.21
Year ended 8/31/2004          8          .74           .74           3.05
-------------------------------------------------------------------------------
CLASS R-5:
Year ended 8/31/2008        281          .41           .38           4.26
Year ended 8/31/2007         68          .45           .41           4.79
Year ended 8/31/2006         10          .45           .42           4.24
Year ended 8/31/2005          8          .43           .41           3.50
Year ended 8/31/2004          7          .42           .42           3.39




                                       24

U.S. Government Securities Fund / Prospectus


<PAGE>




                                           YEAR ENDED AUGUST 31
                           2008        2007        2006        2005         2004
------------------------------------------------------------------------------------

 PORTFOLIO TURNOVER
RATE FOR ALL CLASSES       92%         110%        146%        104%         72%
OF SHARES



1  Based on average shares outstanding.
2  Total returns exclude any applicable sales charges.
3  This column reflects the impact, if any, of certain reimbursements/waivers
   from Capital Research and Management Company. During some of the periods shown,
   Capital Research and Management Company reduced fees for investment advisory
   services. In addition, during some of the periods shown, Capital Research and
   Management Company paid a portion of the fund's transfer agent fees for certain
   retirement plan share classes.
4  Amount less than $.01.
                                   U.S. Government Securities Fund / Prospectus


                                       25

<PAGE>

NOTES


                                       26

U.S. Government Securities Fund / Prospectus


<PAGE>

NOTES


                                       27

                                   U.S. Government Securities Fund / Prospectus


<PAGE>



[Logo - American Funds /(R)/]         The right choice for the long term/(R)/





FOR SHAREHOLDER SERVICES          American Funds Service Company
                                  800/421-0180

FOR RETIREMENT PLAN SERVICES      Call your employer or plan
                                  administrator

FOR ADVISER MARKETING             American Funds Distributors
                                  800/421-9900

                                  americanfunds.com
FOR 24-HOUR INFORMATION           For Class R share information, visit
                                  AmericanFundsRetirement.com

Telephone calls you have with the American Funds organization may be
monitored or recorded for quality assurance, verification and/or
recordkeeping purposes. By speaking with us on the telephone, you are
giving your consent to such monitoring and recording.
-----------------------------------------------------------------------------------



MULTIPLE TRANSLATIONS  This prospectus may be translated into other languages.
If there is any inconsistency or ambiguity in the meaning of any translated word
or phrase, the English text will prevail.

ANNUAL/SEMI-ANNUAL REPORT TO SHAREHOLDERS  The shareholder reports contain
additional information about the fund, including financial statements,
investment results, portfolio holdings, a discussion of market conditions and
the fund's investment strategies and the independent registered public
accounting firm's report (in the annual report).

STATEMENT OF ADDITIONAL INFORMATION (SAI) AND CODES OF ETHICS The current SAI,
as amended from time to time, contains more detailed information about the fund,
including the fund's financial statements, and is incorporated by reference into
this prospectus. This means that the current SAI, for legal purposes, is part of
this prospectus. The codes of ethics describe the personal investing policies
adopted by the fund, the fund's investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the Securities and Exchange
Commission (SEC). These and other related materials about the fund are available
for review or to be copied at the SEC's Public Reference Room in Washington, DC
(202/551-8090) or on the EDGAR database on the SEC's website at sec.gov or,
after payment of a duplicating fee, via e-mail request to publicinfo@sec.gov or
by writing to the SEC's Public Reference Section, 100 F Street, NE, Washington,
DC 20549-1520. The codes of ethics, current SAI and shareholder reports are also
available, free of charge, on americanfunds.com

E-DELIVERY AND HOUSEHOLD MAILINGS Each year you are automatically sent an
updated prospectus and annual and semi-annual reports for the fund. You may also
occasionally receive proxy statements for the fund. In order to reduce the
volume of mail you receive, when possible, only one copy of these documents will
be sent to shareholders who are part of the same family and share the same
household address. You may elect to receive these documents electronically in
lieu of paper form by enrolling in e-delivery on our website, americanfunds.com.

If you would like to opt out of household-based mailings or receive a
complimentary copy of the current SAI, codes of ethics or annual/semi-annual
report to shareholders, please call American Funds Service Company at
800/421-0180 or write to the secretary of the fund at 333 South Hope Street, Los
Angeles, California 90071.

SECURITIES INVESTOR PROTECTION CORPORATION (SIPC)  Shareholders may obtain
information about SIPC/(R)/ on its website at sipc.org or by calling
202/371-8300.




                                                                                                   Investment Company File No. 811-04318
                                                                                                RPGEPR-922-0509P Litho in USA CGD/B/8034
----------------------------------------------------------------------------------------------------------------------------------------
THE CAPITAL GROUP COMPANIES
American Funds        Capital Research and Management        Capital International        Capital Guardian        Capital Bank and Trust