NPORT-EX 3 edgar.htm
U.S. Government Securities Fund®
Investment portfolio
May 31, 2020
unaudited
Bonds, notes & other debt instruments 89.52%
Mortgage-backed obligations 58.21%
Federal agency mortgage-backed obligations 58.21% 		Principal amount
(000) 		Value
(000)
Fannie Mae 6.50% 20371 $71 $81
Fannie Mae 6.50% 20371 26 31
Fannie Mae 7.50% 20371 26 31
Fannie Mae 7.00% 20381 178 212
Fannie Mae Pool #255577 4.50% 20241 11 12
Fannie Mae Pool #255466 6.00% 20241 174 194
Fannie Mae Pool #458148 10.263% 20251 —2 —2
Fannie Mae Pool #AH2358 4.00% 20261 1,328 1,411
Fannie Mae Pool #AI4191 4.00% 20261 674 716
Fannie Mae Pool #888204 6.00% 20261 10 11
Fannie Mae Pool #256740 4.50% 20271 18 19
Fannie Mae Pool #257055 6.50% 20271 384 437
Fannie Mae Pool #256993 6.50% 20271 146 163
Fannie Mae Pool #AZ4646 3.50% 20301 221 235
Fannie Mae Pool #AZ0554 3.50% 20301 159 169
Fannie Mae Pool #AY1948 3.50% 20301 134 142
Fannie Mae Pool #AS7323 2.50% 20311 1,996 2,110
Fannie Mae Pool #735571 8.00% 20311 207 228
Fannie Mae Pool #FM1162 2.50% 20321 1,987 2,097
Fannie Mae Pool #BM1036 2.50% 20321 234 246
Fannie Mae Pool #AS8610 3.00% 20321 279 294
Fannie Mae Pool #BJ7193 3.00% 20331 987 1,046
Fannie Mae Pool #CA1442 3.00% 20331 805 853
Fannie Mae Pool #BJ5302 3.00% 20331 787 831
Fannie Mae Pool #MA3283 3.00% 20331 762 804
Fannie Mae Pool #BK5472 3.00% 20331 728 769
Fannie Mae Pool #BJ4573 3.00% 20331 685 724
Fannie Mae Pool #BK5466 3.00% 20331 340 359
Fannie Mae Pool #BJ4685 3.00% 20331 262 276
Fannie Mae Pool #BJ5519 3.00% 20331 51 54
Fannie Mae Pool #BK4390 3.00% 20331 27 28
Fannie Mae Pool #BJ6963 3.00% 20331 23 24
Fannie Mae Pool #695412 5.00% 20331 5 5
Fannie Mae Pool #BO6247 2.50% 20341 8,194 8,608
Fannie Mae Pool #FM1490 3.50% 20341 5,630 5,968
Fannie Mae Pool #BN3172 4.00% 20341 27 29
Fannie Mae Pool #BN1085 4.00% 20341 22 23
Fannie Mae Pool #MA4012 2.00% 20351 24,881 25,702
Fannie Mae Pool #AD3566 5.00% 20351 56 62
Fannie Mae Pool #MA2787 4.00% 20361 14,937 16,155
Fannie Mae Pool #MA2588 4.00% 20361 9,508 10,283
Fannie Mae Pool #MA2717 4.00% 20361 7,365 7,965
Fannie Mae Pool #MA2746 4.00% 20361 6,594 7,132
Fannie Mae Pool #AS6870 4.00% 20361 4,984 5,391
Fannie Mae Pool #MA2819 4.00% 20361 876 947
Fannie Mae Pool #MA2856 4.00% 20361 23 24
U.S. Government Securities Fund — Page 1 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Fannie Mae Pool #MA3099 4.00% 20371 $8,932 $9,707
Fannie Mae Pool #256860 6.50% 20371 74 85
Fannie Mae Pool #888698 7.00% 20371 143 163
Fannie Mae Pool #256828 7.00% 20371 21 25
Fannie Mae Pool #889101 3.254% 20381,3 64 67
Fannie Mae Pool #964279 4.499% 20381,3 49 50
Fannie Mae Pool #964708 4.64% 20381,3 6 6
Fannie Mae Pool #970343 6.00% 20381 37 38
Fannie Mae Pool #AC0794 5.00% 20391 275 316
Fannie Mae Pool #931768 5.00% 20391 45 52
Fannie Mae Pool #AE7629 3.724% 20401,3 40 42
Fannie Mae Pool #AL9335 3.943% 20401,3 2,514 2,640
Fannie Mae Pool #932606 5.00% 20401 141 161
Fannie Mae Pool #AL9326 3.757% 20411,3 3,124 3,289
Fannie Mae Pool #AL9327 3.764% 20411,3 2,189 2,304
Fannie Mae Pool #AE0789 3.788% 20411,3 213 224
Fannie Mae Pool #AL0073 3.796% 20411,3 168 176
Fannie Mae Pool #AE0844 3.825% 20411,3 193 204
Fannie Mae Pool #AL9531 3.871% 20411,3 1,866 1,965
Fannie Mae Pool #AJ1873 4.00% 20411 344 380
Fannie Mae Pool #AH0351 4.50% 20411 790 880
Fannie Mae Pool #AI1862 5.00% 20411 1,207 1,392
Fannie Mae Pool #AI3510 5.00% 20411 761 877
Fannie Mae Pool #AJ0704 5.00% 20411 640 738
Fannie Mae Pool #AJ5391 5.00% 20411 368 416
Fannie Mae Pool #AE1248 5.00% 20411 343 390
Fannie Mae Pool #AE1274 5.00% 20411 263 302
Fannie Mae Pool #AE1277 5.00% 20411 143 163
Fannie Mae Pool #AE1283 5.00% 20411 90 100
Fannie Mae Pool #AP7553 3.00% 20421 80,422 86,103
Fannie Mae Pool #AJ9327 3.50% 20421 48 53
Fannie Mae Pool #AL9533 3.677% 20421,3 1,063 1,115
Fannie Mae Pool #AL9532 3.722% 20421,3 2,444 2,554
Fannie Mae Pool #AL9530 3.806% 20421,3 1,708 1,795
Fannie Mae Pool #AL1941 3.813% 20421,3 315 328
Fannie Mae Pool #AL2000 3.90% 20421,3 267 278
Fannie Mae Pool #AP7819 3.91% 20421,3 207 216
Fannie Mae Pool #AL2184 4.204% 20421,3 391 408
Fannie Mae Pool #AE1290 5.00% 20421 208 236
Fannie Mae Pool #AT5898 3.00% 20431 18,832 20,167
Fannie Mae Pool #AL3829 3.50% 20431 2,906 3,183
Fannie Mae Pool #AT7161 3.50% 20431 1,377 1,499
Fannie Mae Pool #AR1512 3.50% 20431 623 687
Fannie Mae Pool #AT0412 3.50% 20431 313 343
Fannie Mae Pool #AT3954 3.50% 20431 180 198
Fannie Mae Pool #AT0300 3.50% 20431 113 123
Fannie Mae Pool #AX8521 3.50% 20441 270 295
Fannie Mae Pool #AY1829 3.50% 20441 200 219
Fannie Mae Pool #AW8240 3.50% 20441 40 43
Fannie Mae Pool #BM6240 3.775% 20441,3 10,463 10,976
Fannie Mae Pool #BE5017 3.50% 20451 1,673 1,819
Fannie Mae Pool #BE5009 3.50% 20451 1,544 1,665
Fannie Mae Pool #AY3880 4.00% 20451 290 314
Fannie Mae Pool #FM2834 3.00% 20461 36,834 39,462
U.S. Government Securities Fund — Page 2 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Fannie Mae Pool #MA2833 3.00% 20461 $17,704 $18,725
Fannie Mae Pool #BC3465 4.00% 20461 18 20
Fannie Mae Pool #AS8804 3.50% 20471 55,881 60,279
Fannie Mae Pool #BH8509 3.50% 20471 30,414 32,809
Fannie Mae Pool #CA0770 3.50% 20471 28,478 30,322
Fannie Mae Pool #BJ1934 3.50% 20471 6,789 7,216
Fannie Mae Pool #BE8740 3.50% 20471 1,528 1,662
Fannie Mae Pool #BD2440 3.50% 20471 1,122 1,200
Fannie Mae Pool #BE8742 3.50% 20471 426 469
Fannie Mae Pool #BH2848 3.50% 20471 258 280
Fannie Mae Pool #BH2847 3.50% 20471 201 220
Fannie Mae Pool #BH2846 3.50% 20471 195 214
Fannie Mae Pool #BH2597 4.00% 20471 21,530 23,070
Fannie Mae Pool #BJ5015 4.00% 20471 4,079 4,527
Fannie Mae Pool #BH3122 4.00% 20471 126 138
Fannie Mae Pool #BM4488 3.418% 20481,3 34,866 36,349
Fannie Mae Pool #MA3442 3.50% 20481 27,797 29,355
Fannie Mae Pool #BJ4901 3.50% 20481 884 968
Fannie Mae Pool #BJ8118 3.50% 20481 296 315
Fannie Mae Pool #FM2669 4.00% 20481 10,646 11,376
Fannie Mae Pool #CA2850 4.00% 20481 4,486 5,046
Fannie Mae Pool #BK6840 4.00% 20481 2,700 2,994
Fannie Mae Pool #BK5232 4.00% 20481 1,818 2,016
Fannie Mae Pool #BK9743 4.00% 20481 782 867
Fannie Mae Pool #BK4740 4.00% 20481 369 393
Fannie Mae Pool #BJ6169 4.00% 20481 276 294
Fannie Mae Pool #BJ4342 4.00% 20481 240 258
Fannie Mae Pool #BK7665 4.50% 20481 12,303 13,809
Fannie Mae Pool #BK0951 4.50% 20481 9,032 10,135
Fannie Mae Pool #BJ8318 4.50% 20481 768 833
Fannie Mae Pool #BN1172 4.50% 20481 740 799
Fannie Mae Pool #BK9761 4.50% 20481 675 761
Fannie Mae Pool #CA2493 4.50% 20481 380 411
Fannie Mae Pool #BK6577 4.50% 20481 9 10
Fannie Mae Pool #CA1574 5.00% 20481 13,897 15,199
Fannie Mae Pool #CA4420 3.00% 20491 171,390 182,142
Fannie Mae Pool #BO2264 3.00% 20491 58,050 62,285
Fannie Mae Pool #FM1505 3.00% 20491 23,405 24,870
Fannie Mae Pool #BO2890 3.00% 20491 15,562 16,536
Fannie Mae Pool #BO5177 3.00% 20491 9,521 10,192
Fannie Mae Pool #CA4543 3.00% 20491 8,910 9,571
Fannie Mae Pool #FM1274 3.50% 20491 90,604 98,530
Fannie Mae Pool #BN6708 3.50% 20491 44,347 47,823
Fannie Mae Pool #FM1257 3.50% 20491 20,068 21,912
Fannie Mae Pool #FM1220 3.50% 20491 14,461 15,683
Fannie Mae Pool #CA4151 3.50% 20491 13,639 15,079
Fannie Mae Pool #FM1062 3.50% 20491 13,272 14,614
Fannie Mae Pool #FM2656 3.50% 20491 13,455 14,428
Fannie Mae Pool #BO3252 3.50% 20491 12,535 13,631
Fannie Mae Pool #FM1443 3.50% 20491 10,987 12,028
Fannie Mae Pool #BJ8411 3.50% 20491 3,180 3,481
Fannie Mae Pool #BN7830 3.50% 20491 105 114
Fannie Mae Pool #BJ8402 3.546% 20491,3 5,864 6,139
Fannie Mae Pool #BN3931 4.50% 20491 685 740
U.S. Government Securities Fund — Page 3 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Fannie Mae Pool #CA2963 4.50% 20491 $268 $290
Fannie Mae Pool #CA5701 2.50% 20501 39,650 41,553
Fannie Mae Pool #BK2239 2.50% 20501 2,436 2,574
Fannie Mae Pool #FM2886 3.00% 20501 178,819 190,057
Fannie Mae Pool #CA5229 3.00% 20501 154,794 166,231
Fannie Mae Pool #CA5541 3.00% 20501 148,165 157,555
Fannie Mae Pool #CA5509 3.00% 20501 122,349 131,388
Fannie Mae Pool #CA5539 3.00% 20501 71,898 76,454
Fannie Mae Pool #FM2179 3.00% 20501 68,969 73,894
Fannie Mae Pool #CA5536 3.00% 20501 39,587 42,194
Fannie Mae Pool #FM2822 3.00% 20501 39,547 42,046
Fannie Mae Pool #CA5517 3.00% 20501 23,122 24,530
Fannie Mae Pool #FM2777 3.00% 20501 17,054 18,089
Fannie Mae Pool #CA5338 3.00% 20501 11,150 11,747
Fannie Mae Pool #BP5172 3.00% 20501 10,443 11,189
Fannie Mae Pool #FM2664 3.50% 20501 41,010 44,868
Fannie Mae Pool #FM2395 3.50% 20501 36,541 39,593
Fannie Mae Pool #FM2839 3.50% 20501 29,748 32,077
Fannie Mae Pool #FM2389 3.50% 20501 10,375 11,104
Fannie Mae Pool #MA4026 4.00% 20501 10,136 10,843
Fannie Mae, Series 2001-4, Class NA, 9.014% 20251,3 3 3
Fannie Mae, Series 2001-25, Class ZA, 6.50% 20311 177 201
Fannie Mae, Series 2001-20, Class E, 9.50% 20311,3 —2 —2
Fannie Mae, Series 2006-65, Class PF, (1-month USD-LIBOR + 0.28%) 0.448% 20361,3 508 505
Fannie Mae, Series 1999-T2, Class A1, 7.50% 20391,3 158 173
Fannie Mae, Series 2001-T10, Class A1, 7.00% 20411 54 63
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 20221 3,071 3,152
Fannie Mae, Series 2012-M3, Class 1A2, Multi Family, 3.044% 20221 2,251 2,321
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.227% 20231,3 3,391 3,582
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.481% 20241,3 6,317 6,858
Fannie Mae, Series 2006-83, Class AO, principal only, 0% 20361 667 633
Fannie Mae, Series 2006-56, Class OG, principal only, 0% 20361 474 449
Freddie Mac 4.00% 20361 148 160
Freddie Mac 3.00% 20431 16,355 17,773
Freddie Mac 3.00% 20461 7,302 7,931
Freddie Mac 3.50% 20461 4,287 4,628
Freddie Mac 3.50% 20471 19,256 20,481
Freddie Mac 3.50% 20471 17,713 18,795
Freddie Mac 3.50% 20471 12,810 13,647
Freddie Mac 3.50% 20481 10,305 11,108
Freddie Mac 4.00% 20481 319 341
Freddie Mac Pool #G80295 10.00% 20251 2 2
Freddie Mac Pool #ZT1332 3.00% 20301 5,286 5,623
Freddie Mac Pool #ZK8180 2.50% 20311 2,404 2,533
Freddie Mac Pool #G16634 3.00% 20311 11,233 12,025
Freddie Mac Pool #G18655 3.00% 20321 10,374 10,945
Freddie Mac Pool #V61960 3.00% 20331 4,783 5,072
Freddie Mac Pool #QN1197 2.50% 20341 5,433 5,707
Freddie Mac Pool #1H1354 4.217% 20361,3 194 204
Freddie Mac Pool #840222 4.048% 20401,3 582 613
Freddie Mac Pool #G06459 5.00% 20411 2,565 2,960
Freddie Mac Pool #Q18236 3.50% 20431 1,313 1,430
Freddie Mac Pool #Q19133 3.50% 20431 787 857
Freddie Mac Pool #Q17696 3.50% 20431 720 790
U.S. Government Securities Fund — Page 4 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Freddie Mac Pool #841039 3.987% 20431,3 $10,916 $11,375
Freddie Mac Pool #Q15874 4.00% 20431 69 74
Freddie Mac Pool #Q28558 3.50% 20441 4,216 4,610
Freddie Mac Pool #760012 3.109% 20451,3 3,121 3,269
Freddie Mac Pool #760013 3.189% 20451,3 1,999 2,086
Freddie Mac Pool #760014 3.533% 20451,3 2,545 2,642
Freddie Mac Pool #ZT0529 3.00% 20461 11,244 12,152
Freddie Mac Pool #760015 3.222% 20471,3 4,987 5,126
Freddie Mac Pool #V83598 3.50% 20471 32,256 34,263
Freddie Mac Pool #Q52157 3.50% 20471 17,060 18,145
Freddie Mac Pool #Q52069 3.50% 20471 2,283 2,484
Freddie Mac Pool #Q51622 3.50% 20471 1,737 1,899
Freddie Mac Pool #Q47615 3.50% 20471 1,454 1,590
Freddie Mac Pool #ZT0538 3.50% 20481 8,682 9,356
Freddie Mac Pool #Q55056 3.50% 20481 2,878 3,105
Freddie Mac Pool #Q54709 3.50% 20481 1,581 1,720
Freddie Mac Pool #Q54701 3.50% 20481 1,503 1,635
Freddie Mac Pool #Q54782 3.50% 20481 1,409 1,533
Freddie Mac Pool #Q54781 3.50% 20481 1,293 1,416
Freddie Mac Pool #Q56591 3.50% 20481 1,134 1,222
Freddie Mac Pool #Q54700 3.50% 20481 1,101 1,206
Freddie Mac Pool #Q55060 3.50% 20481 928 1,001
Freddie Mac Pool #Q56590 3.50% 20481 805 872
Freddie Mac Pool #Q56589 3.50% 20481 725 794
Freddie Mac Pool #ZS4784 3.50% 20481 672 710
Freddie Mac Pool #Q54698 3.50% 20481 599 663
Freddie Mac Pool #Q54699 3.50% 20481 558 615
Freddie Mac Pool #Q54831 3.50% 20481 436 481
Freddie Mac Pool #G67711 4.00% 20481 43,163 47,871
Freddie Mac Pool #SI2002 4.00% 20481 5,949 6,350
Freddie Mac Pool #Q56599 4.00% 20481 2,916 3,235
Freddie Mac Pool #Q56175 4.00% 20481 2,020 2,240
Freddie Mac Pool #Q55971 4.00% 20481 1,734 1,923
Freddie Mac Pool #Q56576 4.00% 20481 1,104 1,177
Freddie Mac Pool #Q55970 4.00% 20481 850 951
Freddie Mac Pool #Q58411 4.50% 20481 4,077 4,597
Freddie Mac Pool #Q58436 4.50% 20481 1,589 1,801
Freddie Mac Pool #Q58378 4.50% 20481 1,540 1,701
Freddie Mac Pool #Q57242 4.50% 20481 1,196 1,317
Freddie Mac Pool #SD7507 3.00% 20491 91,094 97,490
Freddie Mac Pool #QA4673 3.00% 20491 48,701 52,105
Freddie Mac Pool #RA1339 3.00% 20491 16,115 17,124
Freddie Mac Pool #SD0175 3.00% 20491 9,869 10,589
Freddie Mac Pool #ZA6700 3.50% 20491 79,746 85,849
Freddie Mac Pool #QA5131 3.50% 20491 28,848 30,954
Freddie Mac Pool #SD7502 3.50% 20491 23,100 24,827
Freddie Mac Pool #QA1442 3.50% 20491 18,492 20,054
Freddie Mac Pool #RA1580 3.50% 20491 9,251 10,227
Freddie Mac Pool #RA1463 3.50% 20491 9,164 10,132
Freddie Mac Pool #QA0284 3.50% 20491 6,272 6,866
Freddie Mac Pool #QA2748 3.50% 20491 1,238 1,356
Freddie Mac Pool #ZN5963 4.50% 20491 35 37
Freddie Mac Pool #RA2652 2.50% 20501 190,267 199,400
Freddie Mac Pool #QA8953 2.50% 20501 7,250 7,660
U.S. Government Securities Fund — Page 5 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Freddie Mac Pool #RA2596 2.50% 20501 $4,997 $5,191
Freddie Mac Pool #RA2597 2.50% 20501 3,997 4,153
Freddie Mac Pool #RA2595 2.50% 20501 3,996 4,152
Freddie Mac Pool #QA8952 2.50% 20501 2,884 3,057
Freddie Mac Pool #QA8516 2.50% 20501 1,137 1,203
Freddie Mac Pool #RA2455 3.00% 20501 181,158 195,326
Freddie Mac Pool #QA8085 3.00% 20501 162,997 173,328
Freddie Mac Pool #RA2457 3.00% 20501 121,970 129,700
Freddie Mac Pool #SD7512 3.00% 20501 77,807 83,043
Freddie Mac Pool #RA2319 3.00% 20501 18,940 19,959
Freddie Mac Pool #RA2408 3.00% 20501 11,636 12,496
Freddie Mac Pool #SD0187 3.00% 20501 10,705 11,532
Freddie Mac Pool #SD7514 3.50% 20501 273,091 294,082
Freddie Mac Pool #SD7513 3.50% 20501 147,762 160,819
Freddie Mac Pool #RA2472 3.50% 20501 12,951 14,175
Freddie Mac Pool #RA2003 4.50% 20501 20,889 23,056
Freddie Mac, Series 2289, Class NB, 9.00% 20221,3 —2 —2
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 0.584% 20231,3 11 11
Freddie Mac, Series 3156, Class PF, (1-month USD-LIBOR + 0.25%) 0.434% 20361,3 924 917
Freddie Mac, Series 2019-2, Class MT, 3.50% 20581 15,467 16,948
Freddie Mac, Series K013, Class A1, Multi Family, 2.902% 20201 79 79
Freddie Mac, Series K031, Class A1, Multi Family, 2.778% 20221 1,140 1,169
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 20231 3,851 3,993
Freddie Mac, Series K033, Class A2, Multi Family, 3.06% 20231,3 21,150 22,612
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 20231 17,787 19,063
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 20231 1,400 1,492
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 20231,3 21,000 22,735
Freddie Mac, Series K058, Class A2, Multi Family, 2.653% 20261 7,015 7,705
Freddie Mac, Series K060, Class A2, Multi Family, 3.30% 20261 3,500 3,979
Freddie Mac, Series K065, Class A2, Multi Family, 3.243% 20271 9,730 11,061
Freddie Mac, Series K095, Class A1, Multi Family, 2.631% 20281 2,259 2,458
Freddie Mac, Series K074, Class A2, Multi Family, 3.60% 20281 4,000 4,680
Freddie Mac, Series K081, Class A2, Multi Family, 3.90% 20281,3 18,175 21,814
Freddie Mac, Series K082, Class A2, Multi Family, 3.92% 20281,3 14,200 17,015
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 20281,3 15,500 18,746
Freddie Mac, Series 3156, Class PO, principal only, 0% 20361 778 740
Freddie Mac, Series 3213, Class OG, principal only, 0% 20361 442 426
Freddie Mac, Series 3146, Class PO, principal only, 0% 20361 338 315
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,3 34,320 36,104
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561 32,717 34,495
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,3 30,858 32,464
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 20561 15,130 16,099
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561 2,914 3,145
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571 15,298 16,314
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,3 25,868 26,736
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571 23,485 25,733
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571 15,434 16,894
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571 8,873 9,480
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MT, 3.50% 20571 2,780 3,048
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20581 14,210 15,253
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581 7,654 8,320
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 20581 1,145 1,223
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20591 40,681 42,624
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 128,722 136,494
U.S. Government Securities Fund — Page 6 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281 $25,449 $26,881
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 20291 73,430 74,334
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291 54,726 57,571
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 20291 14,899 15,991
Government National Mortgage Assn. 10.00% 20211 —2 —2
Government National Mortgage Assn. 3.75% 20341 1,079 1,159
Government National Mortgage Assn. 5.50% 20381 121 137
Government National Mortgage Assn. 6.00% 20381 267 316
Government National Mortgage Assn. 4.00% 20391 313 336
Government National Mortgage Assn. 4.00% 20391 41 45
Government National Mortgage Assn. 5.00% 20391 699 805
Government National Mortgage Assn. 5.00% 20401 115 127
Government National Mortgage Assn. 4.00% 20471 14,003 15,138
Government National Mortgage Assn. 4.00% 20471 13,006 14,016
Government National Mortgage Assn. 4.00% 20481 1,897 2,033
Government National Mortgage Assn. 4.00% 20481 1,660 1,782
Government National Mortgage Assn. 4.00% 20481 1,445 1,557
Government National Mortgage Assn. 4.50% 20491 67,175 72,254
Government National Mortgage Assn. 2.50% 20501,4 295,444 309,201
Government National Mortgage Assn. 3.00% 20501,4 24,381 25,755
Government National Mortgage Assn. 3.50% 20501,4 121,410 128,495
Government National Mortgage Assn. 4.50% 20501,4 24,404 26,242
Government National Mortgage Assn. Pool #754335 6.50% 20291 216 238
Government National Mortgage Assn. Pool #754334 6.50% 20321 340 381
Government National Mortgage Assn. Pool #754319 6.50% 20371 216 251
Government National Mortgage Assn. Pool #004182 5.50% 20381 28 30
Government National Mortgage Assn. Pool #AA4873 6.50% 20381 230 251
Government National Mortgage Assn. Pool #738836 6.50% 20381 191 210
Government National Mortgage Assn. Pool #754287 6.50% 20381 126 136
Government National Mortgage Assn. Pool #AA4839 6.50% 20381 45 46
Government National Mortgage Assn. Pool #783690 6.00% 20391 1,322 1,510
Government National Mortgage Assn. Pool #754314 6.50% 20391 632 750
Government National Mortgage Assn. Pool #004636 4.50% 20401 943 1,043
Government National Mortgage Assn. Pool #736089 5.00% 20401 143 158
Government National Mortgage Assn. Pool #783689 5.50% 20401 2,176 2,488
Government National Mortgage Assn. Pool #754636 3.50% 20411 570 605
Government National Mortgage Assn. Pool #005157 4.00% 20411 101 105
Government National Mortgage Assn. Pool #783687 4.50% 20411 7,963 8,654
Government National Mortgage Assn. Pool #783688 5.00% 20411 4,182 4,700
Government National Mortgage Assn. Pool #005040 5.00% 20411 51 56
Government National Mortgage Assn. Pool #005187 5.50% 20411 212 226
Government National Mortgage Assn. Pool #005073 5.50% 20411 70 74
Government National Mortgage Assn. Pool #005096 5.50% 20411 38 41
Government National Mortgage Assn. Pool #005112 6.50% 20411 961 1,100
Government National Mortgage Assn. Pool #754308 3.50% 20421 504 537
Government National Mortgage Assn. Pool #754591 4.00% 20421 2,128 2,291
Government National Mortgage Assn. Pool #754637 4.00% 20421 1,202 1,296
Government National Mortgage Assn. Pool #AA2589 3.50% 20431 2,572 2,769
Government National Mortgage Assn. Pool #MA5020 4.00% 20481 2,959 3,204
Government National Mortgage Assn. Pool #MA5398 4.00% 20481 1,983 2,123
Government National Mortgage Assn. Pool #MA5651 4.00% 20481 1,140 1,217
Government National Mortgage Assn. Pool #MA5264 4.00% 20481 770 826
Government National Mortgage Assn. Pool #MA5332 5.00% 20481 54 60
Government National Mortgage Assn. Pool #MA6040 4.00% 20491 364 388
U.S. Government Securities Fund — Page 7 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Government National Mortgage Assn. Pool #MA5877 4.50% 20491 $26,514 $28,529
Government National Mortgage Assn. Pool #MA6092 4.50% 20491 11,518 12,386
Government National Mortgage Assn. Pool #MA6042 5.00% 20491 126 137
Government National Mortgage Assn. Pool #MA6543 4.00% 20501 2,977 3,175
Government National Mortgage Assn. Pool #686718 6.40% 20581 248 262
Government National Mortgage Assn. Pool #892950 2.438% 20601,3 921 935
Government National Mortgage Assn. Pool #710077 4.70% 20611 37 39
Government National Mortgage Assn. Pool #756695 4.70% 20611 12 13
Government National Mortgage Assn. Pool #751409 4.70% 20611 6 6
Government National Mortgage Assn. Pool #710074 4.72% 20611 2 3
Government National Mortgage Assn. Pool #765151 4.805% 20611 27 28
Government National Mortgage Assn. Pool #756715 4.39% 20621 26 27
Government National Mortgage Assn. Pool #767610 4.398% 20621 1 2
Government National Mortgage Assn. Pool #759735 4.718% 20621 2 2
Government National Mortgage Assn. Pool #795471 5.047% 20621 2 2
Government National Mortgage Assn. Pool #894475 3.756% 20631,3 2,607 2,717
Government National Mortgage Assn. Pool #767641 4.24% 20631 5 5
Government National Mortgage Assn. Pool #795533 4.867% 20631 3 3
Government National Mortgage Assn. Pool #AG8149 1.877% 20641,3 331 332
Government National Mortgage Assn. Pool #AG8156 2.347% 20641,3 379 384
Government National Mortgage Assn. Pool #894482 3.746% 20641,3 3,604 3,750
Government National Mortgage Assn. Pool #AG8194 4.379% 20641 56 58
Government National Mortgage Assn. Pool #AG8150 4.83% 20641 12 13
Government National Mortgage Assn. Pool #AG8068 4.867% 20641 13 13
Government National Mortgage Assn. Pool #AG8155 5.074% 20641 12 12
Government National Mortgage Assn. Pool #AG8189 5.111% 20641 17 18
Government National Mortgage Assn. Pool #AG8171 5.337% 20641 2 2
Government National Mortgage Assn. Pool #AA7554 6.64% 20641 274 286
Government National Mortgage Assn. Pool #AL7438 4.554% 20651 10 11
Government National Mortgage Assn., Series 2003-46, Class NB, 5.00% 20331 385 415
Government National Mortgage Assn., Series 2010-H23, Class PT, 5.401% 20601,3 611 649
Government National Mortgage Assn., Series 2011-H02, Class BI, interest only, 0.096% 20611,3 983 9
Government National Mortgage Assn., Series 2012-H23, Class FI, interest only, 0.517% 20621,3 1,166 12
Government National Mortgage Assn., Series 2012-H12, Class FT,
(1-year CMT Weekly Rate + 0.70%) 0.87% 20621,3 		1,486 1,482
Government National Mortgage Assn., Series 2012-H20, Class PT, 2.059% 20621,3 2,034 2,032
Uniform Mortgage-Backed Security 2.00% 20351,4 967,673 996,853
Uniform Mortgage-Backed Security 2.00% 20351,4 853,465 877,634
Uniform Mortgage-Backed Security 2.00% 20351,4 199,422 205,763
Uniform Mortgage-Backed Security 2.50% 20351,4 250,000 261,230
Uniform Mortgage-Backed Security 3.00% 20351,4 189,194 199,452
Uniform Mortgage-Backed Security 3.00% 20351,4 17,267 18,189
Uniform Mortgage-Backed Security 2.00% 20501,4 10,800 11,019
Uniform Mortgage-Backed Security 2.50% 20501,4 287,589 298,351
Uniform Mortgage-Backed Security 3.00% 20501,4 289,303 303,674
Uniform Mortgage-Backed Security 3.50% 20501,4 1,110,041 1,170,431
Uniform Mortgage-Backed Security 3.50% 20501,4 120,831 127,486
Uniform Mortgage-Backed Security 4.00% 20501,4 27,501 29,274
Uniform Mortgage-Backed Security 4.50% 20501,4 97,505 105,336
Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 20281 8,731 8,908
Vendee Mortgage Trust, Series 2008-1, Class GD, 5.25% 20321 3,733 3,909
U.S. Government Securities Fund — Page 8 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		Principal amount
(000) 		Value
(000)
Vendee Mortgage Trust, Series 2011-2, Class DA, 3.75% 20331 $464 $465
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351 760 781
Total mortgage-backed obligations   10,477,086
U.S. Treasury bonds & notes 27.37%
U.S. Treasury 25.43% 		   
U.S. Treasury (3-month U.S. Treasury Bill Yield + 0.30%) 0.43% 20213 200,000 200,672
U.S. Treasury 1.125% 2021 —2 —2
U.S. Treasury 1.50% 2021 93,000 94,848
U.S. Treasury 2.875% 2021 5,100 5,289
U.S. Treasury 0.125% 2022 45,000 44,966
U.S. Treasury 1.50% 2022 135,000 138,960
U.S. Treasury 1.50% 2022 25,000 25,759
U.S. Treasury 1.625% 2022 680 704
U.S. Treasury 1.75% 2022 48,600 50,130
U.S. Treasury 1.875% 2022 34,000 35,341
U.S. Treasury 2.00% 2022 100,000 104,393
U.S. Treasury 1.25% 2023 25,200 26,034
U.S. Treasury 1.375% 2023 12,000 12,464
U.S. Treasury 1.50% 2023 57,820 59,900
U.S. Treasury 1.50% 2023 20,000 20,689
U.S. Treasury 1.625% 2023 59,330 61,870
U.S. Treasury 1.625% 2023 13,000 13,541
U.S. Treasury 2.625% 2023 131,950 140,759
U.S. Treasury 2.625% 2023 30,888 33,184
U.S. Treasury 2.75% 2023 64,293 69,192
U.S. Treasury 2.75% 2023 35,200 38,025
U.S. Treasury 2.875% 2023 116,000 126,492
U.S. Treasury 2.875% 2023 92,300 100,840
U.S. Treasury 2.875% 2023 11,000 11,972
U.S. Treasury 1.50% 20245 288,000 303,774
U.S. Treasury 1.50% 2024 123,000 129,507
U.S. Treasury 1.50% 2024 36,500 38,459
U.S. Treasury 1.75% 2024 186,000 198,382
U.S. Treasury 1.75% 2024 53,722 56,990
U.S. Treasury 2.00% 2024 72,000 76,923
U.S. Treasury 2.00% 2024 45,000 48,182
U.S. Treasury 2.00% 2024 17,400 18,613
U.S. Treasury 2.25% 2024 57,250 62,192
U.S. Treasury 2.125% 2025 6,500 7,076
U.S. Treasury 2.25% 2025 11,000 12,117
U.S. Treasury 2.75% 2025 38,000 42,379
U.S. Treasury 2.875% 20255 108,200 122,252
U.S. Treasury 2.875% 2025 55,500 62,511
U.S. Treasury 2.875% 2025 20,000 22,496
U.S. Treasury 1.375% 2026 35,000 37,004
U.S. Treasury 1.625% 2026 91,640 98,404
U.S. Treasury 1.625% 2026 30,000 32,200
U.S. Treasury 1.625% 2026 25,775 27,694
U.S. Treasury 1.75% 2026 63,900 69,202
U.S. Treasury 1.875% 2026 143,500 156,043
U.S. Treasury 1.875% 2026 10,000 10,869
U.S. Treasury 2.125% 2026 35,750 39,354
U.S. Treasury 2.25% 2026 5,200 5,752
U.S. Government Securities Fund — Page 9 of 16
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued) 		Principal amount
(000) 		Value
(000)
U.S. Treasury 2.375% 2026 $50,000 $55,724
U.S. Treasury 2.625% 2026 73,800 83,035
U.S. Treasury 2.375% 2027 10,000 11,291
U.S. Treasury 2.875% 2028 10,000 11,857
U.S. Treasury 1.625% 2029 1,243 1,356
U.S. Treasury 1.75% 20295 78,000 86,101
U.S. Treasury 2.375% 2029 1,257 1,451
U.S. Treasury 2.625% 2029 137,836 161,637
U.S. Treasury 1.50% 2030 74,000 79,998
U.S. Treasury 6.25% 2030 5,250 8,113
U.S. Treasury 1.125% 2040 89,800 88,867
U.S. Treasury 4.625% 2040 5,600 9,080
U.S. Treasury 3.125% 2041 10,000 13,500
U.S. Treasury 4.375% 2041 7,000 11,112
U.S. Treasury 2.75% 2042 10,000 12,769
U.S. Treasury 2.875% 2045 5,000 6,578
U.S. Treasury 3.00% 2045 3,350 4,490
U.S. Treasury 3.00% 2045 2,000 2,691
U.S. Treasury 2.50% 20465 50,000 61,891
U.S. Treasury, principal only, 0% 20475 1,000 667
U.S. Treasury 2.75% 2047 7,250 9,468
U.S. Treasury 2.75% 2047 3,000 3,913
U.S. Treasury 3.00% 2048 6,000 8,236
U.S. Treasury 3.00% 2048 3,000 4,102
U.S. Treasury 3.125% 2048 3,200 4,477
U.S. Treasury 3.375% 2048 6,572 9,643
U.S. Treasury 2.25% 20495 16,800 20,164
U.S. Treasury 2.375% 20495 88,700 109,375
U.S. Treasury 2.875% 20495 94,000 126,902
U.S. Treasury 3.00% 20495 56,947 78,475
U.S. Treasury 1.25% 2050 104,000 99,759
U.S. Treasury 2.00% 20505 259,009 296,269
    4,577,390
U.S. Treasury inflation-protected securities 1.94%    
U.S. Treasury Inflation-Protected Security 0.125% 20226 79,036 79,225
U.S. Treasury Inflation-Protected Security 0.625% 20236 33,671 34,544
U.S. Treasury Inflation-Protected Security 0.125% 20306 45,450 48,269
U.S. Treasury Inflation-Protected Security 2.125% 20416 3,242 4,755
U.S. Treasury Inflation-Protected Security 0.75% 20425,6 97,721 115,008
U.S. Treasury Inflation-Protected Security 1.00% 20495,6 50,676 66,429
    348,230
Total U.S. Treasury bonds & notes   4,925,620
Federal agency bonds & notes 3.94%    
Export-Import Bank of the United States-Guaranteed, VCK Lease SA 2.591% 2026 1,867 1,971
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012 LLC 2.646% 2026 1,052 1,104
Fannie Mae 2.75% 2021 26,500 27,213
Fannie Mae 0.625% 2025 320,800 322,080
Fannie Mae 7.125% 2030 5,000 7,780
Federal Home Loan Bank 3.375% 2023 14,160 15,578
Federal Home Loan Bank 3.25% 2028 56,500 67,366
Federal Home Loan Bank 5.50% 2036 1,000 1,561
U.S. Government Securities Fund — Page 10 of 16
unaudited
Bonds, notes & other debt instruments (continued)
Federal agency bonds & notes (continued) 		Principal amount
(000) 		Value
(000)
Freddie Mac 0.45% 2023 $25,000 $25,066
Private Export Funding Corp. 3.55% 2024 14,300 15,839
Small Business Administration, Series 2001-20K, 5.34% 2021 50 51
Small Business Administration, Series 2001-20J, 5.76% 2021 12 12
Small Business Administration, Series 2001-20F, 6.44% 2021 58 59
Small Business Administration, Series 2003-20B, 4.84% 2023 334 347
Tennessee Valley Authority 0.75% 2025 13,200 13,333
Tennessee Valley Authority 2.875% 2027 5,000 5,629
Tennessee Valley Authority 4.65% 2035 4,480 6,170
Tennessee Valley Authority 5.88% 2036 3,625 5,577
Tennessee Valley Authority, Series A, 3.875% 2021 8,500 8,710
Tennessee Valley Authority, Series 2008, Class A, 4.875% 2048 3,300 5,043
TVA Southaven 3.846% 2033 2,052 2,273
U.S. Agency for International Development, Iraq (State of) 2.149% 2022 16,630 17,073
U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 2023 5,000 5,839
U.S. Agency for International Development, Jordan (Kingdom of) 2.503% 2020 93,700 94,758
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022 7,500 7,854
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025 3,125 3,513
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021 8,500 8,627
U.S. Agency for International Development, Ukraine 1.471% 2021 13,970 14,214
U.S. Department of Housing and Urban Development, Series 2015-A-6, 1.98% 2020 2,800 2,809
U.S. Department of Housing and Urban Development, Series 2015-A-7, 2.35% 2021 1,250 1,275
U.S. Department of Housing and Urban Development, Series 2015-A-8, 2.45% 2022 2,000 2,080
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023 500 539
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024 750 823
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025 875 969
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026 875 973
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027 3,850 4,280
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028 1,250 1,393
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029 850 949
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030 825 903
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031 825 904
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032 800 874
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033 675 753
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp., 3.49% 2029 2,139 2,391
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp., 3.82% 2032 1,549 1,809
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp., 3.938% 2032 1,222 1,426
    709,790
Total bonds, notes & other debt instruments (cost: $15,666,881,000)   16,112,496
Short-term securities 32.28%
U.S. Treasury bills 19.21% 		   
U.S. Treasury Bills 0%-0.28% due 6/2/2020-10/15/2020 3,458,100 3,457,578
Federal agency discount notes 12.05%    
Fannie Mae 0.20% due 10/16/2020 100,000 99,936
Federal Farm Credit Banks 0.12%-0.19% due 7/10/2020-11/5/2020 50,000 49,971
Federal Home Loan Bank 0%-0.93% due 6/3/2020-11/3/2020 1,740,250 1,739,882
Freddie Mac 0.05%-0.68% due 7/17/2020-8/19/2020 280,000 279,916
    2,169,705
U.S. Government Securities Fund — Page 11 of 16
unaudited
Short-term securities (continued)
Commercial paper 1.02% 		Principal amount
(000) 		Value
(000)
Apple Inc. 0.08% due 6/18/20207 $25,000 $24,999
Nordea Bank AB 0.05% due 6/1/20207 100,000 100,000
Paccar Financial Corp. 0.07%-0.07% due 6/8/2020-6/10/2020 33,000 32,999
Total Capital SA 0.04% due 6/1/20207 25,200 25,200
    183,198
Total short-term securities (cost: $5,810,642,000)   5,810,481
Total investment securities 121.80% (cost: $21,477,523,000)   21,922,977
Other assets less liabilities (21.80)%   (3,924,003)
Net assets 100.00%   $17,998,974
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount8
(000) 		Value at
5/31/20209
(000) 		Unrealized
(depreciation)
appreciation
at 5/31/2020
(000)
30 Day Federal Funds Futures Short 2,541 October 2020 $(1,058,835) $(1,058,464) $(373)
30 Day Federal Funds Futures Short 5,591 January 2021 (2,329,770) (2,329,304) (126)
90 Day Euro Dollar Futures Short 28,074 September 2020 (7,018,500) (6,998,497) (134)
90 Day Euro Dollar Futures Short 4,936 March 2021 (1,234,000) (1,231,285) 22
90 Day Euro Dollar Futures Short 2,389 March 2022 (597,250) (595,936) 231
2 Year U.S. Treasury Note Futures Long 2,860 October 2020 572,000 631,613 144
5 Year U.S. Treasury Note Futures Long 7,676 October 2020 767,600 964,297 1,169
10 Year U.S. Treasury Note Futures Short 370 September 2020 (37,000) (51,453) (9)
10 Year Ultra U.S. Treasury Note Futures Short 1,464 September 2020 (146,400) (230,328) (994)
20 Year U.S. Treasury Bond Futures Long 1,334 September 2020 133,400 237,952 796
30 Year Ultra U.S. Treasury Bond Futures Long 5,828 September 2020 582,800 1,270,686 2,805
            $3,531
Swap contracts
Interest rate swaps
Receive Pay Expiration
date 		Notional
(000) 		Value at
5/31/2020
(000) 		Upfront
premium
paid
(000) 		Unrealized
appreciation
(depreciation)
at 5/31/2020
(000)
1.309% U.S. EFFR 12/16/2020 $1,666,300 $5,384 $— $5,384
1.33075% U.S. EFFR 12/16/2020 1,104,700 3,630 — 3,630
2.5775% U.S. EFFR 7/16/2022 694,646 18,357 — 18,357
1.2525% U.S. EFFR 2/14/2023 586,311 19,523 — 19,523
3-month USD-LIBOR 1.495% 11/10/2023 115,000 (4,833) — (4,833)
U.S. EFFR 2.4325% 12/21/2023 94,000 (7,963) — (7,963)
3-month USD-LIBOR 2.0815% 2/10/2024 86,700 (5,763) — (5,763)
U.S. EFFR 0.11% 5/18/2024 1,096,100 419 — 419
3-month USD-LIBOR 1.867% 7/11/2025 199,200 (8,468) — (8,468)
2.91% 3-month USD-LIBOR 2/1/2028 60,800 6,765 — 6,765
2.908% 3-month USD-LIBOR 2/1/2028 60,700 6,748 — 6,748
2.925% 3-month USD-LIBOR 2/1/2028 48,600 5,444 — 5,444
2.92% 3-month USD-LIBOR 2/2/2028 45,900 5,129 — 5,129
U.S. EFFR 2.32625% 4/18/2029 60,500 (10,776) — (10,776)
U.S. Government Securities Fund — Page 12 of 16
unaudited
Swap contracts  (continued)
Interest rate swaps  (continued)
Receive Pay Expiration
date 		Notional
(000) 		Value at
5/31/2020
(000) 		Upfront
premium
paid
(000) 		Unrealized
appreciation
(depreciation)
at 5/31/2020
(000)
U.S. EFFR 0.5385% 3/26/2030 $233,200 $(3,718) $— $(3,718)
3-month USD-LIBOR 0.6735% 5/11/2030 213,955 (663) — (663)
3-month USD-LIBOR 2.986% 2/1/2038 29,200 (5,048) — (5,048)
3-month USD-LIBOR 2.9625% 2/1/2038 36,300 (6,196) — (6,196)
3-month USD-LIBOR 2.963% 2/1/2038 36,300 (6,198) — (6,198)
0.833% 3-month USD-LIBOR 4/3/2040 21,600 (258) — (258)
3-month USD-LIBOR 3.206% 7/31/2044 22,000 (11,379) — (11,379)
3-month USD-LIBOR 3.238% 8/8/2044 28,000 (14,705) — (14,705)
3-month USD-LIBOR 2.7045% 1/2/2045 38,500 (15,753) — (15,753)
3-month USD-LIBOR 2.58245% 11/5/2045 13,000 (5,107) — (5,107)
3-month USD-LIBOR 2.6485% 11/16/2045 54,375 (22,246) — (22,246)
3-month USD-LIBOR 2.52822% 11/23/2045 17,800 (6,780) — (6,780)
3-month USD-LIBOR 2.59125% 12/16/2045 22,500 (8,924) — (8,924)
3-month USD-LIBOR 1.934% 12/12/2049 45,260 (12,269) — (12,269)
3-month USD-LIBOR 1.935% 12/17/2049 52,160 (14,154) — (14,154)
3-month USD-LIBOR 2.007% 12/19/2049 50,200 (14,598) — (14,598)
3-month USD-LIBOR 2.045% 12/27/2049 46,800 (14,085) — (14,085)
3-month USD-LIBOR 2.0375% 1/6/2050 81,400 (24,321) — (24,321)
3-month USD-LIBOR 1.961% 1/9/2050 43,600 (12,124) — (12,124)
3-month USD-LIBOR 1.678% 2/21/2050 38,940 (7,901) — (7,901)
0.8235% 3-month USD-LIBOR 4/24/2050 22,500 (700) — (700)
          $— $(173,531)
1 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2 Amount less than one thousand.
3 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
4 Purchased on a TBA basis.
5 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $248,993,000, which represented 1.38% of the net assets of the fund.
6 Index-linked bond whose principal amount moves with a government price index.
7 Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $150,199,000, which represented .83% of the net assets of the fund.
8 Notional amount is calculated based on the number of contracts and notional contract size.
9 Value is calculated based on the notional amount and current market price.
U.S. Government Securities Fund — Page 13 of 16
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class Examples of standard inputs
All Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Bonds & notes of governments & government agencies Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amount of futures contracts while held was $10,710,939,000. Interest rate swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency. The average month-end notional amount of interest rate swaps while held was $43,308,248,000.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
U.S. Government Securities Fund — Page 14 of 16
unaudited
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of May 31, 2020 (dollars in thousands):
  Investment securities
  Level 1 Level 2 Level 3 Total
Assets:        
Bonds, notes & other debt instruments:        
Mortgage-backed obligations $— $10,477,086 $— $10,477,086
U.S. Treasury bonds & notes — 4,925,620 — 4,925,620
Federal agency bonds & notes — 709,790 — 709,790
Short-term securities — 5,810,481 — 5,810,481
Total $— $21,922,977 $— $21,922,977
  Other investments*
  Level 1 Level 2 Level 3 Total
Assets:        
Unrealized appreciation on futures contracts $5,167 $— $— $5,167
Unrealized appreciation on interest rate swaps — 71,399 — 71,399
Liabilities:        
Unrealized depreciation on futures contracts (1,636) — — (1,636)
Unrealized depreciation on interest rate swaps — (244,930) — (244,930)
Total $3,531 $(173,531) $— $(170,000)
* Futures contracts and interest rate swaps are not included in the investment portfolio.
   
Key to abbreviations and symbol
CMT = Constant Maturity Treasury
EFFR = Effective Federal Funds Rate
LIBOR = London Interbank Offered Rate
TBA = To-be-announced
USD/$ = U.S. dollars
U.S. Government Securities Fund — Page 15 of 16
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2020 Capital Group. All rights reserved.
MFGEFPX-022-0720O-S78100 U.S. Government Securities Fund — Page 16 of 16