American Funds U.S. Government Money Market Fund (AFAXX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22277

American Funds U.S. Government Money Market Fund

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (213) 486-9200

Date of fiscal year end: September 30

Date of reporting period: March 31, 2019

Brian C. Janssen

American Funds U.S. Government Money Market Fund

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds
U.S. Government
Money Market Fund^SM   Semi-annual report
for the six months ended
March 31, 2019

Earning income while
preserving capital and
maintaining liquidity

Beginning January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, we intend to no longer mail paper copies of the fund’s shareholder reports, unless specifically requested from American Funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the American Funds website (americanfunds.com); you will be notified by mail and provided with a website link to access the report each time a report is posted. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. If you prefer to receive shareholder reports and other communications electronically, you may update your mailing preferences with your financial intermediary, or enroll in e-delivery at americanfunds.com (for accounts held directly with the fund).

You may elect to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you may inform American Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at (800) 421-4225. Your election to receive paper reports will apply to all funds held with American Funds or through your financial intermediary.

American Funds U.S. Government Money Market Fund seeks to provide you with a way to earn income on your cash reserves while preserving capital and maintaining liquidity. The fund is a government money market fund that seeks to preserve the value of your investment at $1.00 per share.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For more than 85 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Figures shown in this report are past results for Class A shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investment returns will vary.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will do so at any time.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2019:

	1 year	5 years	Lifetime (since 5/1/09)
Class A shares	1.73%	0.50%	0.25%

For other share class results, visit americanfunds.com and americanfundsretirement.com.

The fund’s gross expense ratio was 0.38% for Class A shares as of the prospectus dated December 1, 2018 (as supplemented to date).

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.

The value of fixed income securities may be affected by changing interest rates and changes in credit ratings of the securities. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Fellow investors:

For the six months ended March 31, 2019, American Funds U.S. Government Money Market Fund returned 0.98% and maintained a net asset value (NAV) of $1.00 per share. The fund’s benchmark, the three-month U.S. Treasury bill, generated a return of 1.22%, and its peer index, the Lipper U.S. Government Money Market Funds Average,* generated a return of 0.85%.

The fund’s annualized seven-day yield, as calculated in accordance with the U.S. Securities and Exchange Commission formula, was 1.94% as of that date.

Yields for government money market funds remain relatively low by historical standards. However, as the Federal Reserve Board (Fed) has raised the benchmark federal funds rate in recent years — and as short-term interest rates have also risen — such increases have enabled the fund to make regular income distributions across the majority of its share classes over the fund’s last fiscal year.

The economy and markets

The six-month period encompassed two very different quarters.

At the end of 2018, economic data were generally strong. GDP ended the year at 3.1%, meeting the Fed’s September target, unemployment was roughly stable at 3.8% and inflation moderated from its summer high to 2.2% for the quarter.

The transition into the new year, however, was less than smooth, with the federal government in the midst of what would become the longest shutdown in U.S. history. Equity markets dropped, with the Standard & Poor’s 500 Index, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, losing roughly 13.5% in the fourth quarter of 2018, led primarily by

Your fund’s annualized seven-day SEC yield as of March 31, 2019†
American Funds U.S. Government Money Market Fund (Class A shares)	1.94%

*

Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper source: Thomson Reuters Lipper. Lipper categories are dynamic and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please see the Quarterly Statistical Update, available on our website.

†

The annualized seven-day yield more accurately reflects the fund’s current earnings than its 30-day yield or total return.

American Funds Money Market Fund 1

the information technology (IT) and energy sectors. While historically less volatile areas of the market such as utilities were more resilient, this and other sectors did not escape entirely unscathed.

The beginning of 2019 was no less volatile, as many indicators reversed direction from the end of 2018. Unemployment was generally steady despite a brief jump to 4.0%, while inflation dipped to 1.7% for the first quarter.

Equity markets regained most of their lost value by the end of the quarter, once again led by the IT and energy sectors, while other sectors saw modest gains. Additionally, the government ended its shutdown in mid-January after 34 days.

At the January Federal Open Markets Committee (FOMC) meeting, Chairman Jerome Powell released a far more dovish statement than anticipated. Although Powell had put the world on notice six weeks earlier to expect additional rate hikes in 2019, the new guidance indicated the Fed could be just as likely to cut interest rates as raise them.

Powell argued that the change in guidance was necessary due to ongoing crosscurrents in the global economy, highlighting slower growth in China and Europe, as well as trade tensions between the U.S. and China, and the possibility of a hard Brexit. In parallel with these concerns, the Fed’s GDP 2019 growth forecasts were revised ever lower throughout the first quarter, first to 2.3% then to 2.1%.

The Fed’s March guidance, however, revealed even more surprising language and guidance, as the central bank announced that it would cease to shrink its balance sheet in September, stepping away from its quantitative tightening efforts. Moreover, the Fed’s newly revised “dot plot” shows no rate hikes for 2019 and only one in 2020; yet, some indicators are showing market participants are pricing in the increasing chance the Fed could cut rates later this year.

Bond market volatility

During the first quarter of 2019, signals continued to accumulate that global economic activity is decelerating. While U.S. data has shown signs of lower activity at the margin, there has been evidence that conditions may be deteriorating at a faster pace outside of the U.S. This general cooling of economic data and the shift in Fed policy have led to lower rates across most of the U.S. yield curve.

One move that garnered significant attention was the decline in the U.S. Treasury 10-year rates below that of the Fed Funds rate. This particular yield curve inversion has historically preceded each of the last three recessions, but the lead time has typically been one to two years.

2 American Funds Money Market Fund

The fund’s portfolio

The fund continued to meet its objectives of offering liquidity and stability — important goals for many investors’ portfolios. The continued incremental rise in short-term rates has also made it possible to once again provide investors with income distributions across nearly all of its share classes.

As of March 31, 100% of the fund’s net assets were in qualifying U.S. government securities, such as those issued by the federal government, its agencies or instrumentalities. Federal agency discount notes constitute 47.06% of the portfolio. U.S. Treasury bills were the next largest allocation at 34.20%, followed by repurchase agreements backed by eligible government securities at 12.64%, and U.S. Treasury bonds and notes at 5.90%. At the end of the reporting period, the fund’s weighted average maturity was 28 days.

Thank you for making American Funds U.S. Government Money Market Fund part of your investment portfolio. We look forward to reporting to you again in six months.

Cordially,

Steven D. Lotwin
President

May 15, 2019

For current information about the fund, visit americanfunds.com.

The fund’s annualized seven-day yield for Class A shares as of April 30, 2019, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 2.18%. The annualized seven-day SEC yield more accurately reflects the fund’s current earnings than does the fund’s return.

American Funds Money Market Fund 3

Investment portfolio March 31, 2019 unaudited

	Percent of net assets
Short-term securities:
Federal agency discount notes		47.06	%
U.S. Treasury bills		34.20
Repurchase agreements		12.64
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		5.90
Other assets less liabilities		.20
		100.00	%

Short-term securities 93.90%	Yield at acquisition			Principal amount (000)		Value (000)
Federal agency discount notes 47.06%
Fannie Mae 5/6/2019		2.40	%	$	100,000	$	99,752
Federal Farm Credit Banks 4/8/2019		2.39			16,400		16,390
Federal Farm Credit Banks 4/9/2019		2.38			28,000		27,981
Federal Farm Credit Banks 4/10/2019		2.39			43,000		42,968
Federal Farm Credit Banks 4/15/2019		2.40			19,000		18,979
Federal Farm Credit Banks 4/17/2019		2.39			75,000		74,908
Federal Farm Credit Banks 4/22/2019		2.37			94,000		93,852
Federal Farm Credit Banks 4/24/2019		2.45			20,000		19,966
Federal Farm Credit Banks 5/1/2019		2.41			20,000		19,956
Federal Farm Credit Banks 5/3/2019		2.46			25,000		24,942
Federal Farm Credit Banks 5/10/2019		2.42			100,000		99,719
Federal Farm Credit Banks 7/8/2019		2.43			21,000		20,858
Federal Home Loan Bank 4/1/2019		2.40			200,000		199,974
Federal Home Loan Bank 4/2/2019		2.40			320,000		319,937
Federal Home Loan Bank 4/3/2019		2.38			563,700		563,552
Federal Home Loan Bank 4/4/2019		2.38			58,000		57,981
Federal Home Loan Bank 4/5/2019		2.39			295,400		295,283
Federal Home Loan Bank 4/8/2019		2.39			38,100		38,077
Federal Home Loan Bank 4/10/2019		2.38			266,200		266,006
Federal Home Loan Bank 4/12/2019		2.40			411,600		411,246
Federal Home Loan Bank 4/15/2019		2.41			135,900		135,756
Federal Home Loan Bank 4/16/2019		2.40			64,900		64,827
Federal Home Loan Bank 4/17/2019		2.39			185,300		185,078
Federal Home Loan Bank 4/18/2019		2.41			250,000		249,684
Federal Home Loan Bank 4/22/2019		2.42			435,000		434,330
Federal Home Loan Bank 4/23/2019		2.41			75,000		74,879
Federal Home Loan Bank 4/24/2019		2.41			200,000		199,664
Federal Home Loan Bank 5/1/2019		2.39			457,300		456,317
Federal Home Loan Bank 5/3/2019		2.41			250,000		249,429
Federal Home Loan Bank 5/6/2019		2.42			161,700		161,299
Federal Home Loan Bank 5/8/2019		2.40			186,000		185,514
Federal Home Loan Bank 5/10/2019		2.40			145,800		145,400
Federal Home Loan Bank 5/13/2019		2.41			203,800		203,200
Federal Home Loan Bank 5/14/2019		2.42			150,000		149,549
Federal Home Loan Bank 5/15/2019		2.38			225,000		224,309

4 American Funds Money Market Fund

	Yield at acquisition			Principal amount (000)		Value (000)
Federal Home Loan Bank 5/16/2019		2.41	%	$	50,000	$	49,843
Federal Home Loan Bank 5/21/2019		2.42			75,000		74,740
Federal Home Loan Bank 5/22/2019		2.43			100,000		99,647
Federal Home Loan Bank 5/24/2019		2.41			57,200		56,985
Federal Home Loan Bank 5/31/2019		2.40			225,000		224,072
Federal Home Loan Bank 6/5/2019		2.42			56,600		56,348
Federal Home Loan Bank 6/6/2019		2.41			168,900		168,137
Federal Home Loan Bank 6/12/2019		2.41			315,000		313,455
Federal Home Loan Bank 6/19/2019		2.42			200,000		198,930
Federal Home Loan Bank 6/25/2019		2.43			77,500		77,055
Federal Home Loan Bank 6/28/2019		2.40			127,000		126,246
Freddie Mac 4/17/2019		2.39			251,800		251,499
Freddie Mac 4/22/2019		2.38			75,000		74,885
Freddie Mac 5/7/2019		2.38			142,100		141,738
Freddie Mac 5/20/2019		2.41			585,000		583,011
Tennessee Valley Authority 4/9/2019		2.42			50,000		49,966
							8,378,119
U.S. Treasury bills 34.20%
U.S. Treasury Bills 4/2/2019		2.33			200,000		199,987
U.S. Treasury Bills 4/4/2019		2.37			125,000		124,975
U.S. Treasury Bills 4/9/2019		2.37			549,500		549,210
U.S. Treasury Bills 4/11/2019		2.38			524,200		523,855
U.S. Treasury Bills 4/16/2019		2.37			530,100		529,579
U.S. Treasury Bills 4/18/2019		2.37			341,700		341,314
U.S. Treasury Bills 4/23/2019		2.39			500,000		499,273
U.S. Treasury Bills 4/25/2019		2.36			595,200		594,268
U.S. Treasury Bills 4/30/2019		2.36			550,000		548,966
U.S. Treasury Bills 5/2/2019		2.43			200,000		199,592
U.S. Treasury Bills 5/7/2019		2.40			140,000		139,667
U.S. Treasury Bills 5/9/2019		2.38			375,000		374,062
U.S. Treasury Bills 5/14/2019		2.40			363,800		362,773
U.S. Treasury Bills 5/21/2019		2.39			482,900		481,351
U.S. Treasury Bills 6/6/2019		2.40			272,500		271,323
U.S. Treasury Bills 6/20/2019		2.42			126,300		125,639
U.S. Treasury Bills 6/27/2019		2.36			225,000		223,728
							6,089,562
Repurchase agreements 12.64%
Overnight repurchase agreements*					2,250,000		2,250,000
Total short-term securities (cost: $16,718,477,000)							16,717,681

American Funds Money Market Fund 5

Bonds, notes & other debt instruments 5.90%	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 5.90%
U.S. Treasury 5.90%
U.S. Treasury (3-month U.S. Treasury Bill Yield + 0.06%) 2.485% 20191	$	250,000	$	250,025
U.S. Treasury (3-month U.S. Treasury Bill Yield + 0%) 2.425% 20201		50,000		49,977
U.S. Treasury (3-month U.S. Treasury Bill Yield + 0.045%) 2.470% 20201		250,000		249,645
U.S. Treasury (3-month U.S. Treasury Bill Yield + 0.043%) 2.468% 20201		75,000		74,932
U.S. Treasury (3-month U.S. Treasury Bill Yield + 1.15%) 2.540% 20211		425,000		424,647
Total bonds, notes & other debt instruments (cost: $1,049,919,000)				1,049,226
Total investment securities 99.80% (cost: $17,768,396,000)				17,766,907
Other assets less liabilities .20%				36,173
Net assets 100.00%			$	17,803,080

*Repurchase agreements

The fund held overnight repurchase agreements on March 31, 2019. Additional details on repurchase agreements appear in the following table.

Counterparty	Lending rate			Settlement date	Maturity date	Collateralized by	Collateral received, at value (000)		Repurchase agreement, at value (000)		Repurchase agreement proceeds to be received (000)
Bank of Montreal		2.55	%	3/29/2019	4/1/2019	U.S. Treasury 0%-6.25% 2019-2028	$	102,000	$	100,000	$	100,021
BNP Paribas		2.56		3/29/2019	4/1/2019	U.S. Treasury 0.5%-7.25% 2020-2028		306,000		300,000		300,064
JPMorgan Chase		2.58		3/29/2019	4/1/2019	U.S. Treasury 0%-2.375% 2019-2021		408,000		400,000		400,086
Merrill Lynch		2.55		3/29/2019	4/1/2019	U.S. Treasury 3.00%-2.25% 2024-2025		306,000		300,000		300,064
Royal Bank of Canada		2.55		3/29/2019	4/1/2019	U.S. Treasury 0.25%-2.375% 2020-2026		408,000		400,000		400,085
Société Générale		2.55		3/29/2019	4/1/2019	U.S. Treasury 0%-7.125% 2019-2028		204,000		200,000		200,043
Toronto Dominion		2.60		3/29/2019	4/1/2019	U.S. Treasury 0%-8.75% 2019-2028		357,000		350,000		350,076
Wells Fargo		2.60		3/29/2019	4/1/2019	U.S. Treasury 0%-2.875% 2019-2025		204,000		200,000		200,043
							$	2,295,000	$	2,250,000	$	2,250,482

1	Coupon rate may change periodically.
See notes to financial statements

6 American Funds Money Market Fund

Financial statements

Statement of assets and liabilities	unaudited
at March 31, 2019	(dollars in thousands)
Assets:
Investment securities in unaffiliated issuers, at value (cost: $17,768,396)			$	17,766,907
Cash				10,269
Receivables for:
Sales of fund’s shares	$	94,562
Interest		4,839		99,401
				17,876,577
Liabilities:
Payables for:
Repurchases of fund’s shares		65,524
Dividends on fund’s shares		253
Investment advisory services		4,145
Services provided by related parties		2,973
Trustees’ deferred compensation		279
Other		323		73,497
Net assets at March 31, 2019			$	17,803,080
Net assets consist of:
Capital paid in on shares of beneficial interest			$	17,804,382
Total accumulated loss				(1,302	)
Net assets at March 31, 2019			$	17,803,080

(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (17,804,124 total shares outstanding)

	Net assets		Shares outstanding		Net asset value per share
Class A	$	11,080,908		11,081,559	$	1.00
Class C		192,630		192,641		1.00
Class T		10		10		1.00
Class F-1		178,514		178,524		1.00
Class F-2		976,675		976,732		1.00
Class F-3		15,465		15,465		1.00
Class 529-A		1,606,177		1,606,271		1.00
Class 529-C		169,509		169,520		1.00
Class 529-E		81,882		81,887		1.00
Class 529-T		10		10		1.00
Class 529-F-1		139,076		139,084		1.00
Class ABLE-A		215		216		1.00
Class R-1		34,020		34,022		1.00
Class R-2		740,678		740,722		1.00
Class R-2E		45,277		45,279		1.00
Class R-3		798,084		798,131		1.00
Class R-4		714,636		714,678		1.00
Class R-5E		22,276		22,277		1.00
Class R-5		191,836		191,847		1.00
Class R-6		815,202		815,249		1.00

See notes to financial statements

American Funds Money Market Fund 7

Statement of operations	unaudited
for the six months ended March 31, 2019	(dollars in thousands)
Investment income:
Income:
Interest				$	207,279
Fees and expenses*:
Investment advisory services	$	23,961
Distribution services		6,054
Transfer agent services		8,001
Administrative services		2,194
Reports to shareholders		191
Registration statement and prospectus		657
Trustees’ compensation		64
Auditing and legal		11
Custodian		27
Other		838
Total fees and expenses before waiver		41,998
Less ABLE plan services fee waiver		—	†
Total fees and expenses after waiver					41,998
Net investment income					165,281
Net realized gain and unrealized depreciation:
Net realized gain on investments					—	†
Net unrealized depreciation on investments					(858	)
Net realized gain and unrealized depreciation					(858	)
Net increase in net assets resulting from operations				$	164,423

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
†	Amount less than one thousand.

See notes to financial statements

8 American Funds Money Market Fund

Statements of changes in net assets

(dollars in thousands)

	Six months ended March 31, 2019*			Year ended September 30, 2018
Operations:
Net investment income	$	165,281		$	180,066
Net realized gain (loss)		—	†		(13	)
Net unrealized depreciation		(858	)		(2,660	)
Net increase in net assets resulting from operations		164,423			177,393
Distributions paid or accrued to shareholders		(165,071	)		(179,936	)
Net capital share transactions		1,563,598			(568,703	)
Total increase (decrease) in net assets		1,562,950			(571,246	)
Net assets:
Beginning of period		16,240,130			16,811,376
End of period	$	17,803,080		$	16,240,130

*	Unaudited.
†	Amount less than one thousand.

See notes to financial statements

American Funds Money Market Fund 9

Notes to financial statements unaudited

1. Organization

American Funds U.S. Government Money Market Fund (the “fund”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide income on cash reserves while preserving capital and maintaining liquidity.

The fund has 20 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), five 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T and 529-F-1), one tax-advantaged share class for individuals with disabilities (Class ABLE-A) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A, 529-A and ABLE-A	None	None	None
Class C*	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C*	None	1% for redemptions within one year of purchase	Class 529-C converts to Class 529-A after 10 years
Class 529-E	None	None	None
Classes T and 529-T*	None	None	None
Classes F-1, F-2, F-3 and 529-F-1	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

* Class C, T, 529-C and 529-T shares are not available for purchase.

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

2. Significant accounting policies

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting

10 American Funds Money Market Fund

principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income— Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Class allocations— Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

Distributions paid or accrued to shareholders— Income dividends are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly.

3. Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. 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 and when deemed prudent to do so by the fund’s officers on days when the New York Stock Exchange is closed. Shares of the fund are valued in accordance with U.S. Securities and Exchange Commission rules, using the penny-rounding method, which permits the fund to maintain each share class at a constant net asset value of $1.00 per share.

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. Repurchase agreements and daily variable rate notes are generally valued at par. When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be

American Funds Money Market Fund 11

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.

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 SEC 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 with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

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.

12 American Funds Money Market Fund

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. At March 31, 2019, all of the fund’s investment securities were classified as Level 2.

4. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Market conditions— The prices of, and the income generated by, the securities held by the fund may decline—sometimes rapidly or unpredictably—due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Investing in securities backed by the U.S. government— Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Interest rate risk— The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The fund may invest in variable and floating rate securities. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low

American Funds Money Market Fund 13

short-term interest rates, the fund may not be able to maintain a positive yield and, given the current historically low interest rate environment, risks associated with rising rates are currently heightened.

Investing in repurchase agreements— Upon entering into a repurchase agreement, the fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Management— The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results.

Investing in money market funds— Investors could lose money by investing in the fund. Although the fund seeks to preserve the value at $1.00 per share, the fund cannot guarantee it will do so. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The fund’s sponsor has no legal obligation to provide financial support to the fund and should not be expected to do so at any time.

5. Certain investment techniques

Repurchase agreements— The fund has entered into repurchase agreements, under which the fund purchases a security from a bank or broker-dealer and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased by the fund constitutes collateral for the seller’s repurchase obligation, a repurchase agreement is effectively a loan by the fund that is collateralized by the security purchased. The fund will only enter into repurchase agreements involving securities of the type (excluding any maturity limitations) in which it could otherwise invest that are held at a custodian bank and are fully collateralized by cash or U.S. government securities.

6. Taxation and distributions

Federal income taxation— The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

14 American Funds Money Market Fund

As of and during the period ended March 31, 2019, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

The fund’s tax returns are not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is generally three years after the date of filing but can be extended in certain jurisdictions.

Distributions— Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; deferred expenses and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2018, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income	$	665
Capital loss carryforward*		(479	)

* The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

As of March 31, 2019, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	269
Gross unrealized depreciation on investments		(1,757	)
Net unrealized depreciation on investments		(1,488	)
Cost of investments		17,768,395

American Funds Money Market Fund 15

Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

Share class	Six months ended March 31, 2019			Year ended September 30, 2018
Class A	$	110,142		$	132,659
Class C		1,830			1,902
Class T		—	*		—	*
Class F-1		1,543			1,524
Class F-2		8,873			674
Class F-3		143			60
Class 529-A		13,996			14,973
Class 529-C		1,496			1,802
Class 529-E		734			785
Class 529-T		—	*		—	*
Class 529-F-1		1,214			1,127
Class ABLE-A†		1			—	*
Class R-1		315			376
Class R-2		3,305			1,675
Class R-2E		216			148
Class R-3		5,458			4,970
Class R-4		5,798			6,316
Class R-5E		172			116
Class R-5		1,804			2,306
Class R-6		8,031			8,523
Total	$	165,071		$	179,936

*	Amount less than one thousand.
†	Class ABLE-A shares began investment operations on July 13, 2018.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors,^® Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

Investment advisory services— The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.295% on the first $1 billion of daily net assets and decreasing to 0.256% on such assets in excess of $34 billion. For the six months ended March 31, 2019, the investment advisory services fee was $23,961,000, which was equivalent to an annualized rate of 0.270% of average daily net assets.

16 American Funds Money Market Fund

Class-specific fees and expenses— Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services— The fund has plans of distribution for all share classes, except Class F-2, F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.15% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use a portion (up to 0.15% for Class A, 529-A and ABLE-A shares and 0.25% for all other share classes) of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.15	%		0.15	%
Classes 529-A and ABLE-A		0.15			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

Transfer agent services— The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services— The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to Class A, C, T, F, 529 and R shares. Administrative services are provided by CRMC to help assist third parties providing non-distribution services to fund shareholders. These services include providing in depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of 0.05% of average daily net assets for all share classes. Currently

American Funds Money Market Fund 17

Class A shares pay an annual fee of 0.01% of average daily net assets (which could be increased as noted above) and Class C, T, F, 529 and R shares pay an annual fee of 0.05% of their respective average daily net assets.

529 and ABLE plan services— Each 529 and ABLE share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan and ABLEAmerica tax-advantaged savings program. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $20 billion of the combined net assets invested in Class 529 and ABLE shares of the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. Virginia529 is currently waiving the ABLE plan services fee it is owed from Class ABLE-A shares as compensation for its oversight and administration of ABLEAmerica. The waiver is expected to remain in effect until the date on which total net assets invested in ABLEAmerica reach $300 million or June 30, 2023, whichever is earlier. The fee is included in other expenses and the waiver is shown as ABLE plan services fee waiver in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

For the six months ended March 31, 2019, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 and ABLE plan services
Class A		$—		$4,372			$562		Not applicable
Class C		—		69			47		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		235		111			48		Not applicable
Class F-2		Not applicable		278			228		Not applicable
Class F-3		Not applicable		—	*		4		Not applicable
Class 529-A		—		550			377		$498
Class 529-C		—		58			40		54
Class 529-E		—		25			20		26
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		47			33		43
Class ABLE-A		—		—	*		—	*	—	*
Class R-1		—		17			8		Not applicable
Class R-2		2,786		1,323			186		Not applicable
Class R-2E		109		40			9		Not applicable
Class R-3		2,041		649			204		Not applicable
Class R-4		883		377			176		Not applicable
Class R-5E		Not applicable		13			5		Not applicable
Class R-5		Not applicable		53			46		Not applicable
Class R-6		Not applicable		19			201		Not applicable
Total class-specific expenses		$6,054		$8,001			$2,194		$621

* Amount less than one thousand.

18 American Funds Money Market Fund

Trustees’ deferred compensation— Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $64,000 in the fund’s statement of operations reflects $65,000 in current fees (either paid in cash or deferred) and a net decrease of $1,000 in the value of the deferred amounts.

Affiliated officers and trustees— Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

Security transactions with related funds— The fund may purchase from, or sell securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

American Funds Money Market Fund 19

8. Capital share transactions

Capital share transactions in the fund were as follows (dollars and shares in thousands):

	Sales1				Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2019
Class A	$	9,775,961		9,775,961	$	107,817			107,817		$	(9,572,507	)		(9,572,507	)	$	311,271			311,271
Class C		169,476		169,476		1,779			1,779			(131,120	)		(131,120	)		40,135			40,135
Class T		—		—		—			—			—			—			—			—
Class F-1		108,163		108,163		1,517			1,517			(97,600	)		(97,600	)		12,080			12,080
Class F-2		1,279,121		1,279,121		8,716			8,716			(397,790	)		(397,790	)		890,047			890,047
Class F-3		23,061		23,061		140			140			(23,368	)		(23,368	)		(167	)		(167	)
Class 529-A		505,708		505,708		13,906			13,906			(353,705	)		(353,705	)		165,909			165,909
Class 529-C		67,009		67,009		1,480			1,480			(53,850	)		(53,850	)		14,639			14,639
Class 529-E		27,193		27,193		729			729			(21,153	)		(21,153	)		6,769			6,769
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		58,230		58,230		1,206			1,206			(31,444	)		(31,444	)		27,992			27,992
Class ABLE-A		298		298		1			1			(121	)		(121	)		178			178
Class R-1		20,407		20,407		310			310			(19,367	)		(19,367	)		1,350			1,350
Class R-2		340,362		340,362		3,249			3,249			(344,758	)		(344,758	)		(1,147	)		(1,147	)
Class R-2E		103,606		103,606		209			209			(88,216	)		(88,216	)		15,599			15,599
Class R-3		530,810		530,810		5,330			5,330			(550,860	)		(550,860	)		(14,720	)		(14,720	)
Class R-4		428,617		428,617		5,697			5,697			(399,990	)		(399,990	)		34,324			34,324
Class R-5E		75,787		75,787		157			157			(66,862	)		(66,862	)		9,082			9,082
Class R-5		115,161		115,161		1,780			1,780			(116,763	)		(116,763	)		178			178
Class R-6		636,334		636,334		7,942			7,942			(594,197	)		(594,197	)		50,079			50,079
Total net increase (decrease)	$	14,265,304		14,265,304	$	161,965			161,965		$	(12,863,671	)		(12,863,671	)	$	1,563,598			1,563,598

20 American Funds Money Market Fund

	Sales1				Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended September 30, 2018
Class A	$	17,454,399		17,454,399	$	130,796			130,796		$	(18,126,596	)		(18,126,596	)	$	(541,401	)		(541,401	)
Class C		163,982		163,982		1,858			1,858			(206,268	)		(206,268	)		(40,428	)		(40,428	)
Class T		—		—		—			—			—			—			—			—
Class F-1		169,806		169,806		1,504			1,504			(161,957	)		(161,957	)		9,353			9,353
Class F-2		196,825		196,825		658			658			(144,211	)		(144,211	)		53,272			53,272
Class F-3		23,132		23,132		59			59			(9,759	)		(9,759	)		13,432			13,432
Class 529-A		900,892		900,892		14,873			14,873			(647,301	)		(647,301	)		268,464			268,464
Class 529-C		108,441		108,441		1,776			1,776			(212,864	)		(212,864	)		(102,647	)		(102,647	)
Class 529-E		41,472		41,472		778			778			(35,609	)		(35,609	)		6,641			6,641
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		70,235		70,235		1,121			1,121			(49,931	)		(49,931	)		21,425			21,425
Class ABLE-A3		60		60		—	2		—	2		(22	)		(22	)		38			38
Class R-1		29,224		29,224		371			371			(35,087	)		(35,087	)		(5,492	)		(5,492	)
Class R-2		661,072		661,072		1,647			1,647			(774,397	)		(774,397	)		(111,678	)		(111,678	)
Class R-2E		158,170		158,170		141			141			(152,424	)		(152,424	)		5,887			5,887
Class R-3		892,176		892,176		4,875			4,875			(996,207	)		(996,207	)		(99,156	)		(99,156	)
Class R-4		766,946		766,946		6,218			6,218			(907,020	)		(907,020	)		(133,856	)		(133,856	)
Class R-5E		136,859		136,859		100			100			(123,908	)		(123,908	)		13,051			13,051
Class R-5		181,566		181,566		2,275			2,275			(210,097	)		(210,097	)		(26,256	)		(26,256	)
Class R-6		1,047,845		1,047,845		8,442			8,442			(955,639	)		(955,639	)		100,648			100,648
Total net increase (decrease)	$	23,003,102		23,003,102	$	177,492			177,492		$	(23,749,297	)		(23,749,297	)	$	(568,703	)		(568,703	)

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	Class ABLE-A shares began investment operations on July 13, 2018.

American Funds Money Market Fund 21

Financial highlights

Period ended	Net asset value, beginning of period		Net investment income1			Dividends (from net investment income)			Net asset value, end of period
Class A:
3/31/20194,5	$	1.00	$	.01		$	(.01	)	$	1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class C:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class T:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/20174,12		1.00		—	8		—	8		1.00
Class F-1:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—			—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class F-2:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—			—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class F-3:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/20174,13		1.00		—	8		—	8		1.00

22 American Funds Money Market Fund

Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimbursements			Ratio of expenses to average net assets after waivers/ reimbursements2			Ratio of net income to average net assets2
	.98	%6	$	11,081			.37	%7		.37	%7		1.96	%7
	1.19			10,770			.38			.38			1.18
	.33			11,313			.38			.37			.30
	.00			12,466			.38			.29			.01
	.00			12,167			.38			.08			—
	.00			11,951			.38			.07			—
	.96	6		193			.41	7		.41	7		1.93	7
	1.16			152			.41			.41			1.13
	.28			193			.42			.41			.25
	.00			262			.42			.30			—	9
	.00			277			.42			.08			—
	.00			250			.41			.07			—
	.97	6,10		—	11		.40	7,10		.40	7,10		1.93	7,10
	1.18	10		—	11		.39	10		.39	10		1.17
	.26	6,10		—	11		.19	6,10		.19	6,10		.26	6,10
	.82	6		179			.70	7		.70	7		1.63	7
	.87			166			.70			.70			.88
	.11			157			.71			.58			.10
	.00			161			.71			.30			—
	.00			195			.70			.08			—
	.00			114			.70			.07			—
	.97	6		977			.39	7		.39	7		1.95	7
	1.14			87			.43			.43			1.22
	.26			33			.45			.43			.28
	.00			25			.46			.31			—
	.00			11			.44			.08			—
	.00			9			.42			.07			—
	1.00	6		15			.33	7		.33	7		1.97	7
	1.24			16			.34			.34			1.34
	.29	6		2			.36	7		.35	7		.64	7

See end of table for footnotes.

American Funds Money Market Fund 23

Financial highlights(continued)

Period ended	Net asset value, beginning of period		Net investment income1			Dividends (from net investment income)			Net asset value, end of period
Class 529-A:
3/31/20194,5	$	1.00	$	.01		$	(.01	)	$	1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class 529-C:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—			—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class 529-E:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class 529-T:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/20174,12		1.00		—	8		—	8		1.00
Class 529-F-1:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—			—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class ABLE-A:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/20184,14		1.00		—	8		—	8		1.00

24 American Funds Money Market Fund

Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimbursements			Ratio of expenses to average net assets after waivers/ reimbursements2			Ratio of net income to average net assets2
	.93	%6	$	1,606			.47	%7		.47	%7		1.86	%7
	1.10			1,440			.47			.47			1.11
	.24			1,172			.48			.45			.24
	.00			1,067			.50			.30			—	9
	.00			916			.50			.08			—
	.00			852			.50			.07			—
	.93	6		170			.47	7		.47	7		1.86	7
	1.09			155			.48			.48			1.03
	.23			258			.48			.45			.24
	.00			241			.50			.30			—
	.00			198			.50			.08			—
	.00			181			.50			.07			—
	.93	6		82			.46	7		.46	7		1.87	7
	1.10			75			.47			.47			1.11
	.24			68			.47			.45			.25
	.00			61			.49			.30			—	9
	.00			53			.49			.08			—
	.00			48			.49			.07			—
	.92	6,10		—	11		.49	7,10		.49	7,10		1.84	7,10
	1.11	10		—	11		.46	10		.46	10		1.10
	.22	6,10		—	11		.22	6,10		.22	6,10		.22	6,10
	.93	6		139			.47	7		.47	7		1.86	7
	1.10			111			.47			.47			1.12
	.24			90			.48			.45			.24
	.00			79			.49			.30			—
	.00			63			.50			.08			—
	.00			56			.50			.07			—
	.97	6		—	11		.45	7		.39	7		1.99	7
	.34	6		—	11		.09	6		.09	6		.35	6

See end of table for footnotes.

American Funds Money Market Fund 25

Financial highlights(continued)

Period ended	Net asset value, beginning of period		Net investment income1			Dividends (from net investment income)			Net asset value, end of period
Class R-1:
3/31/20194,5	$	1.00	$	.01		$	(.01	)	$	1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class R-2:
3/31/20194,5		1.00		—			—	8		1.00
9/30/2018		1.00		—	8		—	8		1.00
9/30/2017		1.00		—	8		—			1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class R-2E:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		—	8		—	8		1.00
9/30/2017		1.00		—	8		—			1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/20144,15		1.00		—			—			1.00
Class R-3:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—			1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class R-4:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class R-5E:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/20164,16		1.00		—			—			1.00

26 American Funds Money Market Fund

Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimbursements			Ratio of expenses to average net assets after waivers/ reimbursements2			Ratio of net income to average net assets2
	.95	%6	$	34			.44	%7		.44	%7		1.90	%7
	1.14			33			.43			.43			1.12
	.27			38			.43			.41			.27
	.00			44			.46			.29			—	9
	.00			46			.45			.08			—
	.00			50			.44			.07			—
	.44	6		741			1.44	7		1.44	7		.89	7
	.22			742			1.44			1.34			.22
	.00			854			1.03			.64			.03
	.00			1,002			.69			.26			.04
	.00			1,009			.63			.08			—
	.00			1,064			.65			.07			—
	.59	6		45			1.16	7		1.16	7		1.21	7
	.46			30			1.16			1.15			.46
	.00			24			.86			.71			.03
	.00			18			.53			.33			.03
	.00			—	11		.57	10		.07	10		—	10
	.00			—	11		.04	6,10		—	6,9,10		—	6,10
	.67	6		798			.99	7		.99	7		1.34	7
	.61			813			.99			.99			.57
	.00			912			.72			.64			.04
	.00			1,007			.52			.28			.02
	.00			993			.50			.08			—
	.00			1,029			.50			.07			—
	.82	6		714			.69	7		.69	7		1.65	7
	.88			680			.69			.69			.86
	.14			814			.56			.54			.16
	.00			729			.45			.29			.01
	.00			675			.43			.08			—
	.00			664			.44			.07			—
	.93	6		22			.48	7		.48	7		1.90	7
	1.09			13			.48			.48			1.22
	.17			—	11		.63			.53			.39
	.00			—	11		.54	7		.32	7		—

See end of table for footnotes.

American Funds Money Market Fund 27

Financial highlights(continued)

Period ended	Net asset value, beginning of period		Net investment income1			Dividends (from net investment income)			Net asset value, end of period
Class R-5:
3/31/20194,5	$	1.00	$	.01		$	(.01	)	$	1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00
Class R-6:
3/31/20194,5		1.00		.01			(.01	)		1.00
9/30/2018		1.00		.01			(.01	)		1.00
9/30/2017		1.00		—	8		—	8		1.00
9/30/2016		1.00		—	8		—			1.00
9/30/2015		1.00		—			—			1.00
9/30/2014		1.00		—			—			1.00

See notes to financial statements

28 American Funds Money Market Fund

Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers/ reimbursements			Ratio of expenses to average net assets after waivers/ reimbursements2			Ratio of net income to average net assets2
	.97	%6	$	192		.39	%7		.39	%7		1.95	%7
	1.18			192		.39			.39			1.16
	.30			218		.38			.37			.32
	.00			204		.40			.29			.01
	.00			322		.38			.08			—
	.00			326		.38			.07			—
	1.00	6		815		.34	7		.34	7		2.00	7
	1.23			765		.34			.34			1.24
	.36			665		.34			.34			.37
	.00			521		.34			.29			.02
	.00			287		.34			.08			—
	.00			291		.33			.07			—

1	Based on average shares outstanding.
2	This column reflects the impact, if any, of certain waivers/reimbursements. During some of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses for certain share classes due to lower short-term interest rates. During the periods shown, Virginia529 waived ABLE plan services fees for Class ABLE-A shares.
3	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
4	Based on operations for a period that is less than a full year.
5	Unaudited.
6	Not annualized.
7	Annualized.
8	Amount less than $.01.
9	Amount less than .01%.
10	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
11	Amount less than $1 million.
12	Class T and 529-T shares began investment operations on April 7, 2017.
13	Class F-3 shares began investment operations on January 27, 2017.
14	Class ABLE-A shares began investment operations on July 13, 2018.
15	Class R-2E shares began investment operations on August 29, 2014.
16	Class R-5E shares began investment operations on November 20, 2015.

American Funds Money Market Fund 29

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2018, through March 31, 2019).

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

30 American Funds Money Market Fund

	Beginning account value 10/1/2018		Ending account value 3/31/2019		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,009.80	$	1.85		.37	%
Class A – assumed 5% return		1,000.00		1,023.09		1.87		.37
Class C – actual return		1,000.00		1,009.62		2.05		.41
Class C – assumed 5% return		1,000.00		1,022.89		2.07		.41
Class T – actual return		1,000.00		1,009.67		2.00		.40
Class T – assumed 5% return		1,000.00		1,022.94		2.02		.40
Class F-1 – actual return		1,000.00		1,008.15		3.50		.70
Class F-1 – assumed 5% return		1,000.00		1,021.44		3.53		.70
Class F-2 – actual return		1,000.00		1,009.67		1.95		.39
Class F-2 – assumed 5% return		1,000.00		1,022.99		1.97		.39
Class F-3 – actual return		1,000.00		1,009.98		1.65		.33
Class F-3 – assumed 5% return		1,000.00		1,023.29		1.66		.33
Class 529-A – actual return		1,000.00		1,009.29		2.35		.47
Class 529-A – assumed 5% return		1,000.00		1,022.59		2.37		.47
Class 529-C – actual return		1,000.00		1,009.29		2.35		.47
Class 529-C – assumed 5% return		1,000.00		1,022.59		2.37		.47
Class 529-E – actual return		1,000.00		1,009.34		2.30		.46
Class 529-E – assumed 5% return		1,000.00		1,022.64		2.32		.46
Class 529-T – actual return		1,000.00		1,009.23		2.45		.49
Class 529-T – assumed 5% return		1,000.00		1,022.49		2.47		.49
Class 529-F-1 – actual return		1,000.00		1,009.30		2.35		.47
Class 529-F-1 – assumed 5% return		1,000.00		1,022.59		2.37		.47
Class ABLE-A – actual return		1,000.00		1,009.73		1.95		.39
Class ABLE-A – assumed 5% return		1,000.00		1,022.99		1.97		.39
Class R-1 – actual return		1,000.00		1,009.47		2.20		.44
Class R-1 – assumed 5% return		1,000.00		1,022.74		2.22		.44
Class R-2 – actual return		1,000.00		1,004.44		7.20		1.44
Class R-2 – assumed 5% return		1,000.00		1,017.75		7.24		1.44
Class R-2E – actual return		1,000.00		1,005.93		5.80		1.16
Class R-2E – assumed 5% return		1,000.00		1,019.15		5.84		1.16
Class R-3 – actual return		1,000.00		1,006.69		4.95		.99
Class R-3 – assumed 5% return		1,000.00		1,020.00		4.99		.99
Class R-4 – actual return		1,000.00		1,008.20		3.45		.69
Class R-4 – assumed 5% return		1,000.00		1,021.49		3.48		.69
Class R-5E – actual return		1,000.00		1,009.31		2.40		.48
Class R-5E – assumed 5% return		1,000.00		1,022.54		2.42		.48
Class R-5 – actual return		1,000.00		1,009.70		1.95		.39
Class R-5 – assumed 5% return		1,000.00		1,022.99		1.97		.39
Class R-6 – actual return		1,000.00		1,009.97		1.70		.34
Class R-6 – assumed 5% return		1,000.00		1,023.24		1.72		.34

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

American Funds Money Market Fund 31

Approval of Investment Advisory and Service Agreement

American Funds U.S. Government Money Market Fund’s board approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2020. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management, compliance, trading, portfolio accounting and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

32 American Funds Money Market Fund

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective of providing shareholders a way to earn income on their cash reserves while preserving capital and maintaining liquidity. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes, over various periods through September 30, 2018. This report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee reviewed the fund’s investment results measured against the Lipper U.S. Government Money Market Funds Average and the USTREAS T-Bill Auction Average 3-Month Index. They reviewed the results for the one-year, three-year, five-year, and lifetime periods and placed greater emphasis on longer-term periods. They noted the fund’s relatively short history and that the investment results of the fund were mixed compared to the results of these indexes. The board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement in view of the low interest rate environment and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees were higher than the median of similar funds in the Lipper U.S. Government Money Market Funds category, and the total expenses generally compared favorably to the median of those funds in the category. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the fund’s shareholders receive reasonable value in return for the amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the fund and since that time has undertaken to bear the cost of

American Funds Money Market Fund 33

obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

34 American Funds Money Market Fund

Results of special meeting of shareholders

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)
16,038,632,673

Total shares voting on November 28, 2018
9,918,671,608 (61.8% of shares outstanding)

The proposal: to elect board members

	Votes for	Percent of shares voting for			Votes withheld		Percent of shares withheld
William H. Baribault	9,608,163,319		96.9	%		310,508,289		3.1	%
James G. Ellis	9,610,661,587		96.9			308,010,022		3.1
Nariman Farvardin	9,604,712,018		96.8			313,959,591		3.2
Michael C. Gitlin	9,619,270,653		97.0			299,400,956		3.0
Mary Davis Holt	9,657,469,296		97.4			261,202,312		2.6
R. Clark Hooper	9,623,227,169		97.0			295,444,439		3.0
Merit E. Janow	9,615,225,016		96.9			303,446,592		3.1
Laurel B. Mitchell	9,659,661,063		97.4			259,010,546		2.6
Margaret Spellings	9,661,980,493		97.4			256,691,115		2.6
Alexandra Trower	9,644,296,942		97.2			274,374,667		2.8
Karl J. Zeile	9,624,303,234		97.0			294,368,374		3.0

American Funds Money Market Fund 35

Offices of the fund and of the investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

6455 Irvine Center Drive
Irvine, CA 92618-4518

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address near you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

36 American Funds Money Market Fund

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 American Funds website at americanfunds.com. Fund shares offered through American Funds Distributors, Inc.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

American Funds U.S. Government Money Market Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT-EX. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of American Funds U.S. Government Money Market Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2019, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The Standard & Poor’s 500 Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2019 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM— has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment experience, including 20 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 92% of 10-year periods and 99% of 20-year periods.²Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

1	Portfolio manager experience as of December 31, 2018.
2	Based on Class F-2 share results for rolling periods through December 31, 2018. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder® and SMALLCAP World Fund®, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3	Based on Class F-2 share results, as of December 31, 2018. Fourteen of our 15 American Funds fixed income funds that have been in existence for the three-year period showed a three-year correlation below 0.2. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 70% of the time, based on the 20-year period ended December 31, 2018, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Please see americanfunds.com for more information on specific expense adjustments and the actual dates of first sale.

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.

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN FUNDS U.S. GOVERNMENT MONEY MARKET FUND

By__/s/ Kristine M. Nishiyama____________________

Kristine M. Nishiyama, Executive Vice President and

Principal Executive Officer

Date: May 31, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By__/s/ Kristine M. Nishiyama_________________

Kristine M. Nishiyama, Executive Vice President and

Principal Executive Officer

Date: May 31, 2019

By ___/s/ Brian C. Janssen    __________

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: May 31, 2019