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AMERICAN FUNDS MORTGAGE FUND (0001496998) (Filer)

SEC · EDGAR 财务披露 · October 30, 2026 at 1:20 PM ET

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

811-22449

American Funds Mortgage Fund

(Exact name of registrant as specified in charter)


6455 Irvine Center Drive
Irvine, California 92618

(Address of principal executive offices)

Becky L. Park

6455 Irvine Center Drive
Irvine, California 92618

(Name and address of agent for service)

Registrant's telephone number, including area code:

(949) 975-5000

Date of fiscal year end:

August 31

Date of reporting period:

August 31, 2026

ITEM 1 - Reports to Stockholders

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class A

|

MFAAX

for the year ended August 31,

2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class A

$

68
0.68

%

Management's discussion of fund performance

The fund’s Class A shares gained 1.14% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-A.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class A (with sales charge)

*

(2.65

)

%

(0.76

)

%

0.85

%

American Funds Mortgage Fund — Class A (without sales charge)

*

1.14

%

0.01

%

1.23

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-A or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information

is available at

capitalgroup.com/mutual-fund-literature-A

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the

same

address (householding). If you would prefer that your documents not be

householded

, please contact

Capital

Group at

(800) 421-4225

,

or

contact your financial

intermediary

. Your instructions will typically be effective within

30

days of receipt by Capital Group

or

your financial

intermediary

.

Lit. No. MFAAARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class C

| MFACX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class C

$

142
1.42

%

Management's discussion of fund performance

The fund’s Class C shares gained 0.48% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-C.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class C (with sales charge)

*

(0.50

)

%

(0.71

)

%

0.62

%

American Funds Mortgage Fund — Class C (without sales charge)

*

0.48

%

(0.71

)

%

0.62

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-C or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-C

.

Important information

To reduce fund expenses, only one copy of most shareholder documents

wil

l be mailed to shareholders with multiple accounts

at

the

same

address (householding). If you would prefer that your documents

not

be householded, please contact Capital Group

at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class F-1

| MFAEX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class F-1

$

65
0.65

%

Management's discussion of fund performance

The fund’s Class F-1 shares gained 1.29% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-F1.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class F-1

*

1.29

%

0.08

%

1.27

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-F1 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F1

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the

same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your

instructions

will typically be effective within 30 days of receipt by Capital Group or

your

financial intermediary.

Lit. No. MFF1ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class F-2

| MFAFX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class F-2

$

39
0.39

%

Management's discussion of fund performance

The fund’s Class F-2 shares gained 1.56% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-F2.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class F-2

*

1.56

%

0.34

%

1.54

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

When

applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-F2 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F2

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the

same

address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class F-3

| AFFMX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class F-3

$

27
0.27

%

Management's discussion of fund performance

The fund’s Class F-3 shares gained 1.68% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-F3.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

Since inception

1

American Funds Mortgage Fund — Class F-3

2

1.68

%

0.45

%

1.73

%

Bloomberg U.S. Aggregate Index

3

1.89

%

(0.29

)

%

1.78

%

Bloomberg U.S. Mortgage Backed Securities Index

3

3.02

%

0.22

%

1.51

%

1

Class F-3 shares were first offered on January 27, 2017.

2

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When

applicable

, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

3

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings 1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions 62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-F3 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F3

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group

at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group

or

your financial intermediary.

Lit. No. MFF3ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class 529-A

| CMFAX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225. 

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class 529-A

$

69
0.69

%

Management's discussion of fund performance

The fund’s Class 529-A shares gained 1.13% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529A.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class 529-A (with sales charge)

*

(2.41

)

%

(0.71

)

%

0.85

%

American Funds Mortgage Fund — Class 529-A (without sales charge)

*

1.13

%

0.00

%

1.21

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings 1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions 62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-529A or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529A

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed

to

shareholders

with

multiple accounts

at

the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group

or

your financial intermediary.

Lit. No. MF5AARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class 529-C

| CMFCX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225. 

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class 529-C

$

146
1.46

%

Management's discussion of fund performance

The fund’s Class 529-C shares gained 0.43% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529C.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class 529-C (with sales charge)

*

(0.54

)

%

(0.76

)

%

0.82

%

American Funds Mortgage Fund — Class 529-C (without sales charge)

*

0.43

%

(0.76

)

%

0.82

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-529C or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529C

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at

the

same address (householding). If you would prefer that your documents not be householded, please contact Capital Group

at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt

by

Capital Group or your financial intermediary.

Lit. No. MF5CARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class 529-E

| CMFEX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225. 

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class 529-E

$

91
0.91

%

Management's discussion of fund performance

The fund’s Class 529-E shares gained 1.02% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529E.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class 529-E

*

1.02

%

(0.19

)

%

0.99

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and

reflect

applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-529E or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529E

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt

by

Capital Group or your financial intermediary.

Lit. No. MF5EARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class 529-F-2

| FFMFX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225. 

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class 529-F-2

$

41
0.41

%

Management's discussion of fund performance

The fund’s Class 529-F-2 shares gained 1.53% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529F2.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

Since inception

1

American Funds Mortgage Fund — Class 529-F-2

2

1.53

%

0.31

%

0.33

%

Bloomberg U.S. Aggregate Index

3

1.89

%

(0.29

)

%

(0.17

)

%

Bloomberg U.S. Mortgage Backed Securities Index

3

3.02

%

0.22

%

0.19

%

1

Class 529-F-2 shares were first offered on October 30, 2020.

2

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

3

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-529F2 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F2

.

Important information

To reduce fund expenses, only one

copy

of

most

shareholder documents will be mailed to shareholders with multiple accounts

a

t the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group

or

your financial intermediary.

Lit. No. MF5XARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class 529-F-3

| FMMFX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225. 

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class 529-F-3

$

30
0.30

%

Management's discussion of fund performance

The fund’s Class 529-F-3 shares gained 1.64% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529F3.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

Since inception

1

American Funds Mortgage Fund — Class 529-F-3

2

1.64

%

0.41

%

0.44

%

Bloomberg U.S. Aggregate Index

3

1.89

%

(0.29

)

%

(0.17

)

%

Bloomberg U.S. Mortgage Backed Securities Index

3

3.02

%

0.22

%

0.19

%

1

Class 529-F-3 shares were first offered on October 30, 2020.

2

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

3

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-529F3 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F3

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at

the

same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically

be

effective within

30

days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-1

| RMAAX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-1

$

139
1.39

%

Management's discussion of fund performance

The fund’s Class R-1 shares gained 0.51% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R1.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-1

*

0.51

%

(0.67

)

%

0.50

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R1 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R1

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders

with

multiple accounts at

the

same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be

effective

within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-2

| RMABX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-2

$

136
1.36

%

Management's discussion of fund performance

The fund’s Class R-2 shares gained 0.54% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R2.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-2

*

0.54

%

(0.65

)

%

0.53

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R2 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your

financial

intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-2E

| RMBEX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-2E

$

98
0.98

%

Management's discussion of fund performance

The fund’s Class R-2E shares gained 0.95% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R2E.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-2E

*

0.95

%

(0.30

)

%

0.88

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R2E or upon request at (800) 421-4225.

Advisory Fee Structure Changes

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Operating Expense Ratio Change

The total annual operating expense ratio for Class R2-E shares decreased from 1.04% to 0.98% during the reporting period. The decrease was primarily due to a decrease in transfer agent fees driven by changes in net assets and the number of shareholder accounts serviced.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2E

.

Important information

To reduce fund

expenses

, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2EARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-3

| RMACX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-3

$

93
0.93

%

Management's discussion of fund performance

The fund’s Class R-3 shares gained 0.86% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R3.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-3

*

0.86

%

(0.24

)

%

0.94

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and

reflect

applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R3 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R3

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-4

| RMAEX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-4

$

62
0.62

%

Management's discussion of fund performance

The fund’s Class R-4 shares gained 1.31% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R4.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-4

*

1.31

%

0.09

%

1.29

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R4 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R4

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-5E

| RMAHX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-5E

$

42
0.42

%

Management's discussion of fund performance

The fund’s Class R-5E shares gained 1.52% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R5E.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-5E

*

1.52

%

0.31

%

1.51

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R5E or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5E

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-5

| RMAFX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-5

$

33
0.33

%

Management's discussion of fund performance

The fund’s Class R-5 shares gained 1.61% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R5.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-5

*

1.61

%

0.39

%

1.59

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R5 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5ARX-042-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

American Funds Mortgage Fund®

Class R-6

| RMAGX

for the year ended August 31, 2026

TSR - American Funds Logo

This annual shareholder report contains important information about American Funds Mortgage Fund (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Share class

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R-6

$

27
0.27

%

Management's discussion of fund performance

The fund’s Class R-6 shares gained 1.56% for the year ended August 31, 2026. That result compares with a 3.02% gain for the Bloomberg U.S. Mortgage Backed Securities Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R6.

What factors influenced results

During the fund’s fiscal year ending August 31, 2026, most U.S. fixed income sectors posted modestly positive returns, with spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the Federal Reserve to implement three 25-basis-point rate cuts in 2025, however, no further changes were made thereafter in 2026. Short-term Treasury yields were mixed, while intermediate- and long-term yields increased. Long-term yields remained elevated amid persistent inflation concerns and increased government borrowing. U.S. mortgage-back bonds outpaced the broad fixed income market, according to the Bloomberg U.S. Aggregate Index, as well as other government and investment-grade credit sectors.

Within the fund, sector allocation decisions related to securitized bonds contributed to relative results. Exposure taken via interest rate swaps was also additive for the period as Treasuries came under severe pressure in 2026 amid surging yields that tested multi-year highs.

Broadly speaking, curve and duration positioning were the largest detractors for the fund as interest rates rose and the yield curve flattened. Additionally, sector and security selection weighed on returns at the margin over the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Fund Performance - Growth of 10K

Average annual total returns

1 year

5 years

10 years

American Funds Mortgage Fund — Class R-6

*

1.56

%

0.43

%

1.65

%

Bloomberg U.S. Aggregate Index

†

1.89

%

(0.29

)

%

1.40

%

Bloomberg U.S. Mortgage Backed Securities Index

†

3.02

%

0.22

%

1.26

%

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)

$

12,915
Total number of portfolio holdings1,189
Total advisory fees paid (in millions)

$

29
Portfolio turnover rate including
mortgage dollar roll transactions
556

%

Portfolio turnover rate excluding mortgage dollar roll transactions62

%

Portfolio holdings by asset type (percent of net assets)

Graphical Representation - Allocation 1 Chart

*Includes derivatives.

Material fund changes

This is a summary of certain changes to the fund since September 1, 2025. For more complete information, you may review the fund’s next prospectus, which we expect to be available by November 1, 2026 at capitalgroup.com/mutual-fund-literature-R6 or upon request at (800) 421-4225.

On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R6

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

,

or

contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6ARX-042-1026 © 2026 Capital Group. All rights reserved.

ITEM 2 - Code of Ethics

The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

ITEM 3 - Audit Committee Financial Expert

The Registrant's board has determined that Leslie Stone Heisz, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

ITEM 4 - Principal Accountant Fees and Services

Registrant1

(a) Audit Fees

(b) Audit-Related Fees

(c) Tax Fees

(d) All Other Fees

August 31, 2026

90,000

None

9,000

None

August 31, 2025

89,000

None

9,000

None

Adviser and Affiliates2

August 31, 2026

Not Applicable

None

None

None

August 31, 2025

Not Applicable

None

None

None

(g) Aggregate

Registrant, Adviser and Affiliates3

non-audit fees

August 31, 2026

9,000

August 31, 2025

9,000

1The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

2This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit- related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant’s investments. The other fees consist of subscription services related to an accounting research tool.

3Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

(e1)(e2)(h) All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

(f)Not applicable.

(i)Not applicable.

(j)Not applicable.

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 - Investments

The Investment Portfolio is included as part of the material filed under Item 7 of this Form.

ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

  

American Funds Mortgage Fund®

Financial Statements and Other Information
N-CSR Items 7-11

for the year ended August 31, 2026

Lit. No. MFGEFP4-042-1026 © 2026 Capital Group. All rights reserved.


Investment portfolio August 31, 2026


Bonds, notes & other debt instruments 73.72%

Principal amount

(000)

Value

(000)

Mortgage-backed obligations 63.17%

Federal agency mortgage-backed obligations 62.10%

Fannie Mae Pool #928689 6.50% 9/1/2027 (a)

USD—

(b)

$—

(b)

Fannie Mae Pool #AD0838 6.50% 10/1/2027 (a)

—

(b)

—

(b)

Fannie Mae Pool #928957 6.50% 12/1/2027 (a)

—

(b)

—

(b)

Fannie Mae Pool #AL9724 6.50% 2/1/2028 (a)

—

(b)

—

(b)

Fannie Mae Pool #AY1948 3.50% 1/1/2030 (a)

19

19

Fannie Mae Pool #AZ0554 3.50% 10/1/2030 (a)

33

32

Fannie Mae Pool #613025 6.50% 7/1/2031 (a)

3

3

Fannie Mae Pool #BJ4876 3.00% 2/1/2033 (a)

208

199

Fannie Mae Pool #BJ4856 3.00% 2/1/2033 (a)

53

51

Fannie Mae Pool #BM3919 3.00% 2/1/2033 (a)

4

4

Fannie Mae Pool #695412 5.00% 6/1/2033 (a)

1

1

Fannie Mae Pool #CA2106 3.50% 7/1/2033 (a)

5

5

Fannie Mae Pool #MA1640 2.50% 9/1/2033 (a)

351

330

Fannie Mae Pool #AU7556 3.00% 9/1/2033 (a)

226

210

Fannie Mae Pool #BJ9000 3.50% 11/1/2033 (a)

59

56

Fannie Mae Pool #BO6247 2.50% 12/1/2034 (a)

2,673

2,484

Fannie Mae Pool #FM2499 2.50% 2/1/2035 (a)

5,235

4,865

Fannie Mae Pool #745001 6.50% 9/1/2035 (a)

10

11

Fannie Mae Pool #AD3566 5.00% 10/1/2035 (a)

8

8

Fannie Mae Pool #AS7224 4.00% 5/1/2036 (a)

930

893

Fannie Mae Pool #MA2630 4.00% 5/1/2036 (a)

165

158

Fannie Mae Pool #MA2717 4.00% 8/1/2036 (a)

796

764

Fannie Mae Pool #MA2746 4.00% 9/1/2036 (a)

1,579

1,514

Fannie Mae Pool #MA2787 4.00% 10/1/2036 (a)

378

362

Fannie Mae Pool #CB2247 2.50% 11/1/2036 (a)

2,590

2,390

Fannie Mae Pool #MA2819 4.00% 11/1/2036 (a)

732

702

Fannie Mae Pool #801783 6.50% 2/1/2037 (a)

4

4

Fannie Mae Pool #CB3701 2.50% 5/1/2037 (a)

20

18

Fannie Mae Pool #MA4665 2.50% 7/1/2037 (a)

591

545

Fannie Mae Pool #MA3099 4.00% 8/1/2037 (a)

1,072

1,026

Fannie Mae Pool #MA4773 2.50% 10/1/2037 (a)

167

154

Fannie Mae Pool #MA3186 4.00% 11/1/2037 (a)

2,254

2,153

Fannie Mae Pool #931768 5.00% 8/1/2039 (a)

12

12

Fannie Mae Pool #AC0794 5.00% 10/1/2039 (a)

47

47

Fannie Mae Pool #AD1823 5.00% 2/1/2040 (a)

363

350

Fannie Mae Pool #932606 5.00% 2/1/2040 (a)

22

22

Fannie Mae Pool #BQ7816 1.50% 4/1/2041 (a)

15,931

13,296

Fannie Mae Pool #BR0986 1.50% 5/1/2041 (a)

20,114

16,782

Fannie Mae Pool #AE1248 5.00% 6/1/2041 (a)

99

98

Fannie Mae Pool #MA4387 2.00% 7/1/2041 (a)

268

230

Fannie Mae Pool #MA4388 2.50% 7/1/2041 (a)

5,266

4,642

Fannie Mae Pool #MA4447 2.50% 10/1/2041 (a)

11,112

9,772

Fannie Mae Pool #FM9117 2.50% 10/1/2041 (a)

6,536

5,751

Fannie Mae Pool #AJ1873 4.00% 10/1/2041 (a)

43

41

Fannie Mae Pool #AE1277 5.00% 11/1/2041 (a)

41

41

Fannie Mae Pool #MA4502 2.50% 12/1/2041 (a)

12,564

11,038

Fannie Mae Pool #AE1283 5.00% 12/1/2041 (a)

18

18

Fannie Mae Pool #MA4521 2.50% 1/1/2042 (a)

15,905

13,967

Fannie Mae Pool #MA4540 2.00% 2/1/2042 (a)

5,812

4,960

Fannie Mae Pool #AE1290 5.00% 2/1/2042 (a)

58

58

Fannie Mae Pool #MA4570 2.00% 3/1/2042 (a)

7,335

6,256

Fannie Mae Pool #MA4586 2.00% 4/1/2042 (a)

2,049

1,747

Fannie Mae Pool #AR1512 3.50% 1/1/2043 (a)

99

92

Fannie Mae Pool #AT0412 3.50% 3/1/2043 (a)

47

43

Fannie Mae Pool #AT0300 3.50% 3/1/2043 (a)

14

13

Fannie Mae Pool #AT7457 3.025% 4/1/2043 (a)

149

134

Fannie Mae Pool #AT3954 3.50% 4/1/2043 (a)

21

20

Fannie Mae Pool #AT7470 2.275% 5/1/2043 (a)

87

73

Fannie Mae Pool #AT5898 3.00% 6/1/2043 (a)

2,329

2,089

Fannie Mae Pool #AL3829 3.50% 6/1/2043 (a)

922

851

Fannie Mae Pool #AT7161 3.50% 6/1/2043 (a)

309

285

Fannie Mae Pool #AU8120 2.275% 7/1/2043 (a)

63

52

1

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Fannie Mae Pool #AU8121 2.275% 8/1/2043 (a)

USD78

$65

Fannie Mae Pool #MA1583 4.00% 9/1/2043 (a)

1,442

1,360

Fannie Mae Pool #AX8521 3.50% 12/1/2044 (a)

66

60

Fannie Mae Pool #AY1829 3.50% 12/1/2044 (a)

25

23

Fannie Mae Pool #BE5009 3.50% 1/1/2045 (a)

277

254

Fannie Mae Pool #BE5017 3.50% 2/1/2045 (a)

508

465

Fannie Mae Pool #MA5696 7.00% 3/1/2045 (a)

209

219

Fannie Mae Pool #FM9416 3.50% 7/1/2045 (a)

881

806

Fannie Mae Pool #BC0884 3.00% 5/1/2046 (a)

330

291

Fannie Mae Pool #MA6114 6.50% 5/1/2046 (a)

2,095

2,165

Fannie Mae Pool #AS8310 3.00% 11/1/2046 (a)

566

500

Fannie Mae Pool #BD2440 3.50% 1/1/2047 (a)

274

248

Fannie Mae Pool #FS3767 2.00% 4/1/2047 (a)

5,894

4,699

Fannie Mae Pool #BM1179 3.00% 4/1/2047 (a)

691

609

Fannie Mae Pool #MA3002 4.50% 4/1/2047 (a)

555

522

Fannie Mae Pool #BE8740 3.50% 5/1/2047 (a)

225

205

Fannie Mae Pool #BE8742 3.50% 5/1/2047 (a)

60

55

Fannie Mae Pool #BH2846 3.50% 5/1/2047 (a)

34

31

Fannie Mae Pool #BH2848 3.50% 5/1/2047 (a)

30

27

Fannie Mae Pool #BH2847 3.50% 5/1/2047 (a)

9

8

Fannie Mae Pool #BH3122 4.00% 6/1/2047 (a)

12

11

Fannie Mae Pool #BJ5015 4.00% 12/1/2047 (a)

560

521

Fannie Mae Pool #BJ4901 3.50% 3/1/2048 (a)

165

149

Fannie Mae Pool #BK5232 4.00% 5/1/2048 (a)

137

128

Fannie Mae Pool #BK6840 4.00% 6/1/2048 (a)

455

423

Fannie Mae Pool #BK9743 4.00% 8/1/2048 (a)

59

55

Fannie Mae Pool #BK9761 4.50% 8/1/2048 (a)

73

70

Fannie Mae Pool #CA2850 4.00% 12/1/2048 (a)

844

786

Fannie Mae Pool #BF0320 5.50% 1/1/2049 (a)

1,338

1,360

Fannie Mae Pool #FM3280 3.50% 5/1/2049 (a)

232

212

Fannie Mae Pool #FM1062 3.50% 6/1/2049 (a)

3,412

3,086

Fannie Mae Pool #BN6708 3.50% 6/1/2049 (a)

906

818

Fannie Mae Pool #BJ8411 3.50% 8/1/2049 (a)

867

783

Fannie Mae Pool #CA4151 3.50% 9/1/2049 (a)

4,478

4,057

Fannie Mae Pool #FM1443 3.50% 9/1/2049 (a)

2,489

2,250

Fannie Mae Pool #CA5575 4.00% 4/1/2050 (a)

18

17

Fannie Mae Pool #BP3259 3.00% 5/1/2050 (a)

17

15

Fannie Mae Pool #CA5968 2.50% 6/1/2050 (a)

1,108

925

Fannie Mae Pool #BP5576 2.50% 6/1/2050 (a)

372

305

Fannie Mae Pool #CA6168 2.50% 6/1/2050 (a)

21

17

Fannie Mae Pool #FM6649 3.00% 7/1/2050 (a)

414

354

Fannie Mae Pool #FS3745 2.00% 8/1/2050 (a)

7,600

6,016

Fannie Mae Pool #CA6987 2.00% 9/1/2050 (a)

1,869

1,465

Fannie Mae Pool #BP6715 2.00% 9/1/2050 (a)

1

1

Fannie Mae Pool #FP0015 2.50% 9/1/2050 (a)

4

4

Fannie Mae Pool #CA7052 3.00% 9/1/2050 (a)

421

364

Fannie Mae Pool #FM4591 2.50% 10/1/2050 (a)

14,261

11,670

Fannie Mae Pool #FM4870 2.00% 11/1/2050 (a)

32

25

Fannie Mae Pool #CA7737 2.50% 11/1/2050 (a)

33,407

27,713

Fannie Mae Pool #BQ7564 2.50% 11/1/2050 (a)

56

46

Fannie Mae Pool #CA8108 2.00% 12/1/2050 (a)

11,751

9,294

Fannie Mae Pool #MA4208 2.00% 12/1/2050 (a)

808

639

Fannie Mae Pool #BQ9291 2.00% 12/1/2050 (a)

762

597

Fannie Mae Pool #FM5218 2.00% 12/1/2050 (a)

744

583

Fannie Mae Pool #FM4783 2.00% 12/1/2050 (a)

275

215

Fannie Mae Pool #BQ4077 2.00% 12/1/2050 (a)

140

109

Fannie Mae Pool #CA8044 2.50% 12/1/2050 (a)

24,363

20,211

Fannie Mae Pool #FS9792 4.50% 12/1/2050 (a)

132

126

Fannie Mae Pool #BR1283 2.00% 1/1/2051 (a)

1,394

1,091

Fannie Mae Pool #MA4237 2.00% 1/1/2051 (a)

711

562

Fannie Mae Pool #CA8517 2.00% 1/1/2051 (a)

47

37

Fannie Mae Pool #CA8862 2.50% 1/1/2051 (a)

27,545

22,911

Fannie Mae Pool #FS2008 3.00% 1/1/2051 (a)

239

204

Fannie Mae Pool #CA8820 2.00% 2/1/2051 (a)

24,836

19,660

Fannie Mae Pool #FM6332 2.00% 2/1/2051 (a)

835

654

Fannie Mae Pool #FM6112 2.50% 2/1/2051 (a)

25,164

20,860

American Funds Mortgage Fund

2


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Fannie Mae Pool #CA8828 2.50% 2/1/2051 (a)

USD23,132

$19,175

Fannie Mae Pool #FM6128 2.50% 2/1/2051 (a)

398

325

Fannie Mae Pool #FM6558 2.00% 3/1/2051 (a)

3,722

2,912

Fannie Mae Pool #FS6474 2.00% 3/1/2051 (a)

1,936

1,516

Fannie Mae Pool #FM6556 2.00% 3/1/2051 (a)

482

377

Fannie Mae Pool #BR3319 2.00% 3/1/2051 (a)

30

23

Fannie Mae Pool #BQ9471 2.50% 3/1/2051 (a)

3,230

2,642

Fannie Mae Pool #BQ7729 2.50% 3/1/2051 (a)

670

549

Fannie Mae Pool #CB0290 2.00% 4/1/2051 (a)

5,438

4,299

Fannie Mae Pool #FM7210 2.00% 4/1/2051 (a)

1,375

1,076

Fannie Mae Pool #BR7124 2.00% 4/1/2051 (a)

958

750

Fannie Mae Pool #CB0153 2.00% 4/1/2051 (a)

277

217

Fannie Mae Pool #FM6824 2.00% 4/1/2051 (a)

144

112

Fannie Mae Pool #MA4305 2.00% 4/1/2051 (a)

38

30

Fannie Mae Pool #FM6965 2.50% 4/1/2051 (a)

1,656

1,356

Fannie Mae Pool #BR8501 2.50% 4/1/2051 (a)

366

300

Fannie Mae Pool #BR8460 2.50% 4/1/2051 (a)

346

283

Fannie Mae Pool #CB0041 3.00% 4/1/2051 (a)

4,551

3,956

Fannie Mae Pool #FM7071 3.00% 4/1/2051 (a)

886

757

Fannie Mae Pool #CB0381 2.00% 5/1/2051 (a)

5,650

4,422

Fannie Mae Pool #FM7751 2.00% 5/1/2051 (a)

700

548

Fannie Mae Pool #FM7411 2.00% 5/1/2051 (a)

116

91

Fannie Mae Pool #BR1035 2.00% 5/1/2051 (a)

23

18

Fannie Mae Pool #CB0457 2.50% 5/1/2051 (a)

4,160

3,448

Fannie Mae Pool #FM7304 2.50% 5/1/2051 (a)

4,107

3,363

Fannie Mae Pool #CB0455 2.50% 5/1/2051 (a)

650

537

Fannie Mae Pool #FM7409 2.50% 5/1/2051 (a)

77

63

Fannie Mae Pool #FM8114 2.00% 6/1/2051 (a)

6,584

5,152

Fannie Mae Pool #CB0844 2.50% 6/1/2051 (a)

735

602

Fannie Mae Pool #CB0737 3.00% 6/1/2051 (a)

6,329

5,465

Fannie Mae Pool #CB0850 3.00% 6/1/2051 (a)

4,129

3,563

Fannie Mae Pool #BT1267 3.00% 6/1/2051 (a)

24

20

Fannie Mae Pool #CB0738 3.00% 6/1/2051 (a)

18

15

Fannie Mae Pool #FS3744 2.00% 7/1/2051 (a)

22,734

17,995

Fannie Mae Pool #CB1186 2.00% 7/1/2051 (a)

9,739

7,673

Fannie Mae Pool #FM7943 2.00% 7/1/2051 (a)

677

530

Fannie Mae Pool #FM7900 2.50% 7/1/2051 (a)

1,766

1,474

Fannie Mae Pool #CB1134 2.50% 7/1/2051 (a)

1,043

854

Fannie Mae Pool #FM9330 3.00% 7/1/2051 (a)

26,264

22,682

Fannie Mae Pool #CB1373 2.00% 8/1/2051 (a)

881

689

Fannie Mae Pool #FM8197 2.00% 8/1/2051 (a)

448

350

Fannie Mae Pool #FM8434 2.00% 8/1/2051 (a)

22

17

Fannie Mae Pool #CB1394 2.50% 8/1/2051 (a)

375

307

Fannie Mae Pool #FM8682 3.00% 8/1/2051 (a)

332

284

Fannie Mae Pool #BT7309 2.00% 9/1/2051 (a)

1,366

1,068

Fannie Mae Pool #CB1527 2.50% 9/1/2051 (a)

30,404

25,175

Fannie Mae Pool #FS1630 2.50% 9/1/2051 (a)

2,733

2,238

Fannie Mae Pool #FM8745 2.50% 9/1/2051 (a)

140

114

Fannie Mae Pool #FA1591 2.00% 10/1/2051 (a)

94

73

Fannie Mae Pool #FM8827 2.00% 10/1/2051 (a)

61

48

Fannie Mae Pool #BT6781 2.50% 10/1/2051 (a)

680

557

Fannie Mae Pool #FM9067 2.50% 10/1/2051 (a)

546

447

Fannie Mae Pool #CA9558 2.50% 10/1/2051 (a)

54

45

Fannie Mae Pool #FM8981 3.00% 10/1/2051 (a)

23,855

20,579

Fannie Mae Pool #FS4628 3.00% 10/1/2051 (a)

6,042

5,194

Fannie Mae Pool #MA4465 2.00% 11/1/2051 (a)

2,599

2,048

Fannie Mae Pool #FS0394 2.00% 11/1/2051 (a)

1,937

1,516

Fannie Mae Pool #FS0965 2.00% 11/1/2051 (a)

173

136

Fannie Mae Pool #FM9492 2.50% 11/1/2051 (a)

9,335

7,799

Fannie Mae Pool #FM9694 2.50% 11/1/2051 (a)

4,400

3,686

Fannie Mae Pool #CB2088 2.50% 11/1/2051 (a)

95

78

Fannie Mae Pool #CB2095 3.00% 11/1/2051 (a)

8,276

7,070

Fannie Mae Pool #CB2096 3.00% 11/1/2051 (a)

956

816

Fannie Mae Pool #FS1069 2.00% 12/1/2051 (a)

1,917

1,499

Fannie Mae Pool #FS0354 2.00% 12/1/2051 (a)

909

710

Fannie Mae Pool #CB2361 2.00% 12/1/2051 (a)

362

283

3

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Fannie Mae Pool #FM9930 2.00% 12/1/2051 (a)

USD73

$57

Fannie Mae Pool #FS0433 2.50% 12/1/2051 (a)

25,955

21,840

Fannie Mae Pool #FM9804 2.50% 12/1/2051 (a)

4,865

4,073

Fannie Mae Pool #FM9976 3.00% 12/1/2051 (a)

6,452

5,614

Fannie Mae Pool #FM9921 3.00% 12/1/2051 (a)

3,756

3,208

Fannie Mae Pool #BU9528 3.50% 12/1/2051 (a)

27

24

Fannie Mae Pool #BQ7041 2.00% 1/1/2052 (a)

6,562

5,129

Fannie Mae Pool #BV0465 2.00% 1/1/2052 (a)

820

641

Fannie Mae Pool #FS0490 2.00% 1/1/2052 (a)

29

23

Fannie Mae Pool #FS4203 2.50% 1/1/2052 (a)

9,237

7,565

Fannie Mae Pool #FS6479 2.50% 1/1/2052 (a)

158

130

Fannie Mae Pool #CB2544 3.00% 1/1/2052 (a)

13,642

11,798

Fannie Mae Pool #CB2666 3.00% 1/1/2052 (a)

9,123

7,793

Fannie Mae Pool #CB2667 3.00% 1/1/2052 (a)

2,501

2,137

Fannie Mae Pool #FS5127 3.00% 1/1/2052 (a)

376

321

Fannie Mae Pool #BV3080 2.00% 2/1/2052 (a)

29,391

23,127

Fannie Mae Pool #BV3076 2.00% 2/1/2052 (a)

8,679

6,829

Fannie Mae Pool #CB2765 2.00% 2/1/2052 (a)

7,375

5,829

Fannie Mae Pool #BT6597 2.00% 2/1/2052 (a)

2,519

1,977

Fannie Mae Pool #MA4547 2.00% 2/1/2052 (a)

1,927

1,517

Fannie Mae Pool #FS4251 2.00% 2/1/2052 (a)

1,889

1,506

Fannie Mae Pool #BU8256 2.00% 2/1/2052 (a)

1,384

1,089

Fannie Mae Pool #BT1897 2.00% 2/1/2052 (a)

860

672

Fannie Mae Pool #BU2630 2.00% 2/1/2052 (a)

555

434

Fannie Mae Pool #BT2177 2.00% 2/1/2052 (a)

547

431

Fannie Mae Pool #CB2927 2.00% 2/1/2052 (a)

326

254

Fannie Mae Pool #BU7272 2.00% 2/1/2052 (a)

105

82

Fannie Mae Pool #CB2850 2.00% 2/1/2052 (a)

34

26

Fannie Mae Pool #CB2870 2.50% 2/1/2052 (a)

396

325

Fannie Mae Pool #FS2660 2.50% 2/1/2052 (a)

85

69

Fannie Mae Pool #FS0647 3.00% 2/1/2052 (a)

1,178

1,025

Fannie Mae Pool #CB2894 3.00% 2/1/2052 (a)

630

538

Fannie Mae Pool #BU1319 3.00% 2/1/2052 (a)

415

355

Fannie Mae Pool #BU8803 3.00% 2/1/2052 (a)

23

20

Fannie Mae Pool #BV3101 2.00% 3/1/2052 (a)

1,552

1,221

Fannie Mae Pool #CB3095 2.00% 3/1/2052 (a)

1,382

1,080

Fannie Mae Pool #CB3040 2.00% 3/1/2052 (a)

817

640

Fannie Mae Pool #MA4562 2.00% 3/1/2052 (a)

772

608

Fannie Mae Pool #FS1742 2.00% 3/1/2052 (a)

758

598

Fannie Mae Pool #BT2052 2.00% 3/1/2052 (a)

154

121

Fannie Mae Pool #BV4246 2.00% 3/1/2052 (a)

30

24

Fannie Mae Pool #FS5083 3.00% 3/1/2052 (a)

1,213

1,036

Fannie Mae Pool #BU8882 4.00% 3/1/2052 (a)

3,936

3,622

Fannie Mae Pool #MA4577 2.00% 4/1/2052 (a)

22,067

17,364

Fannie Mae Pool #BU8930 2.00% 4/1/2052 (a)

3,049

2,399

Fannie Mae Pool #BV4658 2.00% 4/1/2052 (a)

177

139

Fannie Mae Pool #FS6892 2.00% 4/1/2052 (a)

57

45

Fannie Mae Pool #BV4651 2.00% 4/1/2052 (a)

30

23

Fannie Mae Pool #FA3738 2.50% 4/1/2052 (a)

19,354

15,832

Fannie Mae Pool #CB3353 2.50% 4/1/2052 (a)

85

70

Fannie Mae Pool #BQ7487 3.00% 4/1/2052 (a)

949

811

Fannie Mae Pool #FS4198 3.00% 4/1/2052 (a)

433

370

Fannie Mae Pool #CB3379 4.00% 4/1/2052 (a)

4,268

3,930

Fannie Mae Pool #BU8948 4.00% 4/1/2052 (a)

35

32

Fannie Mae Pool #FS9189 2.00% 5/1/2052 (a)

4,293

3,388

Fannie Mae Pool #BV9643 2.00% 5/1/2052 (a)

1,883

1,480

Fannie Mae Pool #BT2353 2.00% 5/1/2052 (a)

99

77

Fannie Mae Pool #BV5578 3.00% 5/1/2052 (a)

8,390

7,175

Fannie Mae Pool #BV7243 3.00% 5/1/2052 (a)

3,096

2,648

Fannie Mae Pool #FS7060 3.00% 5/1/2052 (a)

850

726

Fannie Mae Pool #CB3516 3.00% 5/1/2052 (a)

30

25

Fannie Mae Pool #CB3678 4.00% 5/1/2052 (a)

216

198

Fannie Mae Pool #FS6605 2.00% 6/1/2052 (a)

2,882

2,255

Fannie Mae Pool #FS6031 2.00% 6/1/2052 (a)

979

766

Fannie Mae Pool #BV7784 2.00% 6/1/2052 (a)

56

44

Fannie Mae Pool #FS6633 3.00% 6/1/2052 (a)

572

489

American Funds Mortgage Fund

4


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Fannie Mae Pool #CB4021 4.00% 6/1/2052 (a)

USD8,825

$8,129

Fannie Mae Pool #MA4750 2.00% 7/1/2052 (a)

418

329

Fannie Mae Pool #FA2839 2.50% 7/1/2052 (a)

104,166

85,319

Fannie Mae Pool #BW3384 3.00% 7/1/2052 (a)

23

20

Fannie Mae Pool #MA4711 5.50% 7/1/2052 (a)

327

327

Fannie Mae Pool #FA2841 3.00% 8/1/2052 (a)

26,264

22,438

Fannie Mae Pool #CB4357 3.00% 8/1/2052 (a)

968

835

Fannie Mae Pool #BW7756 3.00% 8/1/2052 (a)

22

19

Fannie Mae Pool #CB4418 5.50% 8/1/2052 (a)

346

347

Fannie Mae Pool #BW9206 5.50% 8/1/2052 (a)

148

148

Fannie Mae Pool #BW1195 3.00% 9/1/2052 (a)

3,382

2,889

Fannie Mae Pool #FA1404 3.00% 9/1/2052 (a)

520

445

Fannie Mae Pool #BW7713 4.00% 9/1/2052 (a)

666

612

Fannie Mae Pool #CB5378 4.00% 9/1/2052 (a)

455

418

Fannie Mae Pool #BW6230 4.00% 9/1/2052 (a)

251

231

Fannie Mae Pool #CB4620 5.00% 9/1/2052 (a)

8,536

8,331

Fannie Mae Pool #FS3056 2.00% 10/1/2052 (a)

4,311

3,396

Fannie Mae Pool #BW1289 5.50% 10/1/2052 (a)

2,786

2,775

Fannie Mae Pool #BW1243 5.50% 10/1/2052 (a)

2,493

2,483

Fannie Mae Pool #BX1223 5.50% 10/1/2052 (a)

284

283

Fannie Mae Pool #BX1488 5.50% 10/1/2052 (a)

138

138

Fannie Mae Pool #CB5020 5.50% 10/1/2052 (a)

57

57

Fannie Mae Pool #MA4805 4.50% 11/1/2052 (a)

263

249

Fannie Mae Pool #FS3256 6.00% 11/1/2052 (a)

52

53

Fannie Mae Pool #BW1392 3.00% 12/1/2052 (a)

886

757

Fannie Mae Pool #FS3526 4.00% 12/1/2052 (a)

169

155

Fannie Mae Pool #MA4842 5.50% 12/1/2052 (a)

3,582

3,583

Fannie Mae Pool #MA4894 6.00% 1/1/2053 (a)

21,982

22,413

Fannie Mae Pool #BX5931 6.00% 1/1/2053 (a)

2,992

3,050

Fannie Mae Pool #CB5545 6.50% 1/1/2053 (a)

1,333

1,384

Fannie Mae Pool #MA4919 5.50% 2/1/2053 (a)

5,781

5,778

Fannie Mae Pool #BX5097 5.50% 2/1/2053 (a)

524

524

Fannie Mae Pool #BX4108 5.50% 2/1/2053 (a)

517

517

Fannie Mae Pool #FS3759 6.00% 2/1/2053 (a)

7,365

7,557

Fannie Mae Pool #MA4920 6.00% 2/1/2053 (a)

577

586

Fannie Mae Pool #FS4191 5.50% 3/1/2053 (a)

1,249

1,246

Fannie Mae Pool #BX8835 5.50% 3/1/2053 (a)

691

690

Fannie Mae Pool #BX7779 5.50% 3/1/2053 (a)

666

665

Fannie Mae Pool #BX8514 5.50% 3/1/2053 (a)

604

602

Fannie Mae Pool #BX8389 5.50% 3/1/2053 (a)

351

350

Fannie Mae Pool #BX9427 5.50% 3/1/2053 (a)

176

175

Fannie Mae Pool #MA4941 5.50% 3/1/2053 (a)

32

32

Fannie Mae Pool #CB5912 6.00% 3/1/2053 (a)

5,592

5,704

Fannie Mae Pool #MA4942 6.00% 3/1/2053 (a)

283

288

Fannie Mae Pool #BX8781 6.00% 3/1/2053 (a)

262

267

Fannie Mae Pool #MA4979 5.50% 4/1/2053 (a)

11,128

11,114

Fannie Mae Pool #BY2795 5.50% 4/1/2053 (a)

551

551

Fannie Mae Pool #MA4980 6.00% 4/1/2053 (a)

14,411

14,640

Fannie Mae Pool #BX8415 6.00% 4/1/2053 (a)

140

143

Fannie Mae Pool #BW5278 6.00% 4/1/2053 (a)

44

45

Fannie Mae Pool #CB6131 6.50% 4/1/2053 (a)

12,940

13,491

Fannie Mae Pool #CB6106 6.50% 4/1/2053 (a)

3,941

4,112

Fannie Mae Pool #FS4563 5.00% 5/1/2053 (a)

3,678

3,588

Fannie Mae Pool #MA5009 5.00% 5/1/2053 (a)

3,212

3,131

Fannie Mae Pool #MA5010 5.50% 5/1/2053 (a)

3,519

3,515

Fannie Mae Pool #FS4840 5.50% 5/1/2053 (a)

91

91

Fannie Mae Pool #BY0849 5.50% 5/1/2053 (a)

21

21

Fannie Mae Pool #MA5011 6.00% 5/1/2053 (a)

21,413

21,802

Fannie Mae Pool #FS4736 6.50% 5/1/2053 (a)

167

173

Fannie Mae Pool #CB6471 4.50% 6/1/2053 (a)

2,748

2,604

Fannie Mae Pool #MA5038 5.00% 6/1/2053 (a)

75

73

Fannie Mae Pool #MA5039 5.50% 6/1/2053 (a)

26,558

26,525

Fannie Mae Pool #FS5192 5.50% 6/1/2053 (a)

3,604

3,587

Fannie Mae Pool #BY3521 5.50% 6/1/2053 (a)

660

659

Fannie Mae Pool #MA5040 6.00% 6/1/2053 (a)

26,853

27,341

Fannie Mae Pool #CB6485 6.00% 6/1/2053 (a)

9,289

9,458

5

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Fannie Mae Pool #FS4932 6.00% 6/1/2053 (a)

USD6,287

$6,371

Fannie Mae Pool #CB6486 6.00% 6/1/2053 (a)

6,133

6,256

Fannie Mae Pool #CB6465 6.00% 6/1/2053 (a)

4,481

4,570

Fannie Mae Pool #FS4775 6.00% 6/1/2053 (a)

62

63

Fannie Mae Pool #CB6491 6.50% 6/1/2053 (a)

3,285

3,408

Fannie Mae Pool #CB6490 6.50% 6/1/2053 (a)

1,221

1,265

Fannie Mae Pool #CB6468 6.50% 6/1/2053 (a)

1,078

1,117

Fannie Mae Pool #FS7823 2.00% 7/1/2053 (a)

3,877

3,054

Fannie Mae Pool #FS9167 2.50% 7/1/2053 (a)

64

53

Fannie Mae Pool #MA5130 3.00% 7/1/2053 (a)

3,666

3,132

Fannie Mae Pool #MA5131 3.50% 7/1/2053 (a)

173

154

Fannie Mae Pool #MA5071 5.00% 7/1/2053 (a)

668

651

Fannie Mae Pool #MA5072 5.50% 7/1/2053 (a)

25,061

25,006

Fannie Mae Pool #FS5343 6.00% 7/1/2053 (a)

2,630

2,676

Fannie Mae Pool #MA5073 6.00% 7/1/2053 (a)

120

122

Fannie Mae Pool #CB6766 6.50% 7/1/2053 (a)

20,672

21,553

Fannie Mae Pool #AS0745 3.50% 8/1/2053 (a)

335

293

Fannie Mae Pool #BY8293 6.00% 8/1/2053 (a)

2,803

2,844

Fannie Mae Pool #FS5769 6.00% 9/1/2053 (a)

10,031

10,188

Fannie Mae Pool #CB7122 6.00% 9/1/2053 (a)

3,196

3,249

Fannie Mae Pool #MA5139 6.00% 9/1/2053 (a)

187

190

Fannie Mae Pool #MA5166 6.00% 10/1/2053 (a)

14,473

14,705

Fannie Mae Pool #FA2383 6.50% 10/1/2053 (a)

5,183

5,362

Fannie Mae Pool #CB7242 6.50% 10/1/2053 (a)

2,697

2,795

Fannie Mae Pool #MA5167 6.50% 10/1/2053 (a)

1,295

1,338

Fannie Mae Pool #MA5190 5.50% 11/1/2053 (a)

2,936

2,928

Fannie Mae Pool #FS6838 5.50% 11/1/2053 (a)

258

257

Fannie Mae Pool #MA5191 6.00% 11/1/2053 (a)

6,706

6,813

Fannie Mae Pool #CB7438 6.00% 11/1/2053 (a)

3,310

3,363

Fannie Mae Pool #CB7480 6.00% 11/1/2053 (a)

2,356

2,395

Fannie Mae Pool #CB7426 6.50% 11/1/2053 (a)

3,728

3,860

Fannie Mae Pool #CB7510 6.50% 11/1/2053 (a)

1,946

2,025

Fannie Mae Pool #MA5192 6.50% 11/1/2053 (a)

149

154

Fannie Mae Pool #MA5215 5.50% 12/1/2053 (a)

2,082

2,075

Fannie Mae Pool #CB7617 6.00% 12/1/2053 (a)

21,219

21,540

Fannie Mae Pool #MA5216 6.00% 12/1/2053 (a)

5,033

5,113

Fannie Mae Pool #CB7626 6.50% 12/1/2053 (a)

3,110

3,236

Fannie Mae Pool #FS6880 6.00% 1/1/2054 (a)

7,464

7,583

Fannie Mae Pool #CB7862 6.00% 1/1/2054 (a)

2,841

2,884

Fannie Mae Pool #MA5247 6.00% 1/1/2054 (a)

1,717

1,744

Fannie Mae Pool #FS6873 6.50% 1/1/2054 (a)

15,232

15,737

Fannie Mae Pool #FS6767 6.50% 1/1/2054 (a)

7,004

7,293

Fannie Mae Pool #FS6763 6.50% 1/1/2054 (a)

720

749

Fannie Mae Pool #FS7990 4.00% 2/1/2054 (a)

6,265

5,738

Fannie Mae Pool #FS6809 5.50% 2/1/2054 (a)

135

134

Fannie Mae Pool #CB7932 6.00% 2/1/2054 (a)

38,402

39,017

Fannie Mae Pool #FS7031 6.00% 2/1/2054 (a)

5,173

5,276

Fannie Mae Pool #CB7933 6.50% 2/1/2054 (a)

3,393

3,505

Fannie Mae Pool #FS7162 6.50% 2/1/2054 (a)

343

357

Fannie Mae Pool #CB8143 5.50% 3/1/2054 (a)

20,332

20,306

Fannie Mae Pool #CB8148 5.50% 3/1/2054 (a)

9,534

9,498

Fannie Mae Pool #CB8163 6.00% 3/1/2054 (a)

10,344

10,545

Fannie Mae Pool #CB8168 6.00% 3/1/2054 (a)

7,102

7,209

Fannie Mae Pool #CB8153 6.00% 3/1/2054 (a)

2,579

2,632

Fannie Mae Pool #FS7653 6.50% 3/1/2054 (a)

2,128

2,215

Fannie Mae Pool #CB8337 5.50% 4/1/2054 (a)

23,925

23,813

Fannie Mae Pool #CB8328 5.50% 4/1/2054 (a)

20,912

20,879

Fannie Mae Pool #MA5331 5.50% 4/1/2054 (a)

635

632

Fannie Mae Pool #CB8387 6.50% 4/1/2054 (a)

935

969

Fannie Mae Pool #DB2495 6.00% 5/1/2054 (a)

701

712

Fannie Mae Pool #MA5388 5.50% 6/1/2054 (a)

9,972

9,926

Fannie Mae Pool #FS8131 5.50% 6/1/2054 (a)

974

974

Fannie Mae Pool #FS8153 6.00% 6/1/2054 (a)

18,279

18,664

Fannie Mae Pool #CB8755 6.00% 6/1/2054 (a)

5,298

5,400

Fannie Mae Pool #FS8223 6.00% 6/1/2054 (a)

1,602

1,628

Fannie Mae Pool #FS8219 6.00% 6/1/2054 (a)

1,321

1,346

American Funds Mortgage Fund

6


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Fannie Mae Pool #DB6878 6.00% 6/1/2054 (a)

USD858

$870

Fannie Mae Pool #FS8229 6.50% 6/1/2054 (a)

5,925

6,168

Fannie Mae Pool #CB8725 6.50% 6/1/2054 (a)

1,876

1,941

Fannie Mae Pool #DB5480 6.50% 6/1/2054 (a)

40

42

Fannie Mae Pool #BU4699 5.50% 7/1/2054 (a)

3,765

3,755

Fannie Mae Pool #CB8842 5.50% 7/1/2054 (a)

953

950

Fannie Mae Pool #DB5213 5.50% 7/1/2054 (a)

458

456

Fannie Mae Pool #MA5420 5.50% 7/1/2054 (a)

78

78

Fannie Mae Pool #MA5421 6.00% 7/1/2054 (a)

24,049

24,378

Fannie Mae Pool #CB8858 6.00% 7/1/2054 (a)

9,600

9,784

Fannie Mae Pool #BU4700 6.00% 7/1/2054 (a)

8,551

8,715

Fannie Mae Pool #FS8318 6.00% 7/1/2054 (a)

4,704

4,800

Fannie Mae Pool #FS8591 6.00% 7/1/2054 (a)

4,073

4,156

Fannie Mae Pool #DB5214 6.00% 7/1/2054 (a)

1,561

1,585

Fannie Mae Pool #BU4791 6.00% 7/1/2054 (a)

1,331

1,351

Fannie Mae Pool #DB7039 6.00% 7/1/2054 (a)

1,079

1,099

Fannie Mae Pool #BU4707 6.00% 7/1/2054 (a)

750

762

Fannie Mae Pool #DB6901 6.00% 7/1/2054 (a)

566

574

Fannie Mae Pool #FS8607 6.50% 7/1/2054 (a)

8,230

8,564

Fannie Mae Pool #CB8876 6.50% 7/1/2054 (a)

7,850

8,129

Fannie Mae Pool #FS8317 6.50% 7/1/2054 (a)

3,970

4,133

Fannie Mae Pool #CB8872 6.50% 7/1/2054 (a)

3,014

3,121

Fannie Mae Pool #FS8786 6.50% 7/1/2054 (a)

1,484

1,536

Fannie Mae Pool #FS8619 6.50% 7/1/2054 (a)

557

578

Fannie Mae Pool #CB8977 5.00% 8/1/2054 (a)

235

229

Fannie Mae Pool #MA5445 6.00% 8/1/2054 (a)

12,281

12,455

Fannie Mae Pool #FS8795 6.00% 8/1/2054 (a)

5,558

5,633

Fannie Mae Pool #FS8757 6.00% 8/1/2054 (a)

4,159

4,242

Fannie Mae Pool #DC0299 6.00% 8/1/2054 (a)

2,335

2,365

Fannie Mae Pool #DB7692 6.00% 8/1/2054 (a)

2,239

2,269

Fannie Mae Pool #FS8792 6.00% 8/1/2054 (a)

2,220

2,248

Fannie Mae Pool #BU4916 6.00% 8/1/2054 (a)

1,845

1,873

Fannie Mae Pool #FS8756 6.00% 8/1/2054 (a)

1,788

1,823

Fannie Mae Pool #FS8758 6.00% 8/1/2054 (a)

1,484

1,505

Fannie Mae Pool #DB7690 6.00% 8/1/2054 (a)

567

578

Fannie Mae Pool #DB7687 6.00% 8/1/2054 (a)

559

569

Fannie Mae Pool #DC0296 6.00% 8/1/2054 (a)

459

468

Fannie Mae Pool #BU4968 6.00% 8/1/2054 (a)

391

397

Fannie Mae Pool #DB7792 6.00% 8/1/2054 (a)

386

392

Fannie Mae Pool #DC1075 6.00% 8/1/2054 (a)

206

209

Fannie Mae Pool #CB9071 6.50% 8/1/2054 (a)

10,127

10,487

Fannie Mae Pool #FS8934 6.50% 8/1/2054 (a)

7,823

8,145

Fannie Mae Pool #FS8788 6.50% 8/1/2054 (a)

6,519

6,771

Fannie Mae Pool #FS8783 6.50% 8/1/2054 (a)

5,314

5,529

Fannie Mae Pool #CB9210 5.50% 9/1/2054 (a)

9,758

9,712

Fannie Mae Pool #FS9025 5.50% 9/1/2054 (a)

7,639

7,622

Fannie Mae Pool #MA5470 5.50% 9/1/2054 (a)

7,492

7,455

Fannie Mae Pool #FS9001 5.50% 9/1/2054 (a)

6,874

6,874

Fannie Mae Pool #CB9146 5.50% 9/1/2054 (a)

5,530

5,507

Fannie Mae Pool #BU4946 5.50% 9/1/2054 (a)

23

23

Fannie Mae Pool #DC1999 6.00% 9/1/2054 (a)

6,438

6,530

Fannie Mae Pool #FS8866 6.00% 9/1/2054 (a)

2,646

2,695

Fannie Mae Pool #DC1547 6.00% 9/1/2054 (a)

486

493

Fannie Mae Pool #DC3262 6.00% 9/1/2054 (a)

317

321

Fannie Mae Pool #DC3459 6.00% 9/1/2054 (a)

157

159

Fannie Mae Pool #DC1873 6.00% 9/1/2054 (a)

8

8

Fannie Mae Pool #FS9204 6.50% 9/1/2054 (a)

178

183

Fannie Mae Pool #DC4451 5.50% 10/1/2054 (a)

1,312

1,308

Fannie Mae Pool #BU5166 6.00% 10/1/2054 (a)

6,651

6,774

Fannie Mae Pool #MA5498 6.00% 10/1/2054 (a)

5,788

5,868

Fannie Mae Pool #BU5049 6.50% 10/1/2054 (a)

2,961

3,066

Fannie Mae Pool #MA5530 5.00% 11/1/2054 (a)

8,432

8,180

Fannie Mae Pool #BU5165 5.50% 11/1/2054 (a)

5,406

5,396

Fannie Mae Pool #MA5531 5.50% 11/1/2054 (a)

2,205

2,191

Fannie Mae Pool #DC5696 6.00% 11/1/2054 (a)

19,613

19,867

Fannie Mae Pool #CB9432 6.00% 11/1/2054 (a)

16,125

16,414

7

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Fannie Mae Pool #DC6459 6.00% 11/1/2054 (a)

USD278

$282

Fannie Mae Pool #DC3867 6.00% 11/1/2054 (a)

106

108

Fannie Mae Pool #MA5549 3.50% 12/1/2054 (a)

17,436

15,495

Fannie Mae Pool #BU5361 5.00% 12/1/2054 (a)

5,359

5,210

Fannie Mae Pool #CB9616 5.50% 12/1/2054 (a)

6,727

6,708

Fannie Mae Pool #BU5234 5.50% 12/1/2054 (a)

4,811

4,794

Fannie Mae Pool #FA0287 6.00% 12/1/2054 (a)

41,285

41,814

Fannie Mae Pool #DC7035 6.00% 12/1/2054 (a)

1,126

1,141

Fannie Mae Pool #DC7823 6.00% 12/1/2054 (a)

1,086

1,100

Fannie Mae Pool #DC8824 6.00% 12/1/2054 (a)

680

690

Fannie Mae Pool #DC7781 6.50% 12/1/2054 (a)

1,717

1,773

Fannie Mae Pool #CB9737 5.00% 1/1/2055 (a)

9,146

8,893

Fannie Mae Pool #DD0835 6.00% 1/1/2055 (a)

1,125

1,139

Fannie Mae Pool #FP0137 6.50% 1/1/2055 (a)

93

96

Fannie Mae Pool #FA0608 5.50% 2/1/2055 (a)

59,190

58,820

Fannie Mae Pool #MA5615 6.00% 2/1/2055 (a)

20,756

21,037

Fannie Mae Pool #DD1030 6.50% 2/1/2055 (a)

290

300

Fannie Mae Pool #MA5665 3.50% 3/1/2055 (a)

1,023

909

Fannie Mae Pool #FA3632 5.00% 3/1/2055 (a)

16,398

15,908

Fannie Mae Pool #FA5240 5.50% 3/1/2055 (a)

9,410

9,410

Fannie Mae Pool #DD3786 6.00% 3/1/2055 (a)

850

861

Fannie Mae Pool #DD4340 6.00% 3/1/2055 (a)

395

401

Fannie Mae Pool #190445 6.50% 3/1/2055 (a)

110

113

Fannie Mae Pool #FA1162 6.00% 4/1/2055 (a)

237

240

Fannie Mae Pool #CC0287 6.50% 4/1/2055 (a)

110

114

Fannie Mae Pool #MA5699 5.00% 5/1/2055 (a)

6,253

6,053

Fannie Mae Pool #DD7817 5.50% 5/1/2055 (a)

2,431

2,411

Fannie Mae Pool #FA1730 6.00% 5/1/2055 (a)

13,445

13,627

Fannie Mae Pool #DD8500 6.00% 5/1/2055 (a)

6,526

6,612

Fannie Mae Pool #MA5734 5.00% 6/1/2055 (a)

3,220

3,118

Fannie Mae Pool #BV1724 6.50% 6/1/2055 (a)

902

930

Fannie Mae Pool #MA5763 7.00% 7/1/2055 (a)

4,925

5,158

Fannie Mae Pool #BV6163 3.50% 8/1/2055 (a)

687

610

Fannie Mae Pool #CC0859 5.50% 8/1/2055 (a)

4,396

4,386

Fannie Mae Pool #CC0879 6.00% 8/1/2055 (a)

1,208

1,228

Fannie Mae Pool #MA5795 7.00% 8/1/2055 (a)

11,398

11,936

Fannie Mae Pool #FA2203 7.00% 8/1/2055 (a)

4,000

4,189

Fannie Mae Pool #MA5846 7.00% 8/1/2055 (a)

1,425

1,464

Fannie Mae Pool #MA5825 7.00% 9/1/2055 (a)

12,824

13,430

Fannie Mae Pool #DF0024 6.50% 10/1/2055 (a)

28

29

Fannie Mae Pool #FA4427 7.00% 10/1/2055 (a)

3,960

4,147

Fannie Mae Pool #MA5906 3.50% 12/1/2055 (a)

6,943

6,169

Fannie Mae Pool #MA5908 4.50% 12/1/2055 (a)

883

830

Fannie Mae Pool #BW2544 7.00% 2/1/2056 (a)

28

30

Fannie Mae Pool #CC3125 7.00% 5/1/2056 (a)

500

525

Fannie Mae Pool #BF0133 4.00% 8/1/2056 (a)

15,770

14,492

Fannie Mae Pool #BF0379 3.50% 4/1/2059 (a)

2,557

2,245

Fannie Mae Pool #BM6693 3.50% 8/1/2059 (a)

42,452

37,266

Fannie Mae Pool #BF0481 3.50% 6/1/2060 (a)

1,655

1,452

Fannie Mae Pool #BF0480 3.50% 6/1/2060 (a)

1,047

923

Fannie Mae Pool #BF0497 3.00% 7/1/2060 (a)

1,308

1,096

Fannie Mae Pool #BF0546 2.50% 7/1/2061 (a)

21,174

16,841

Fannie Mae Pool #BF0585 4.50% 12/1/2061 (a)

3,404

3,195

Fannie Mae Pool #BF0762 3.00% 9/1/2063 (a)

16,775

13,966

Fannie Mae Pool #BF0765 3.50% 9/1/2063 (a)

99,390

86,597

Fannie Mae Pool #BF0784 3.50% 12/1/2063 (a)

5,126

4,466

Fannie Mae Pool #BF0786 4.00% 12/1/2063 (a)

6,297

5,683

FARM Mortgage Trust, Series 2024-1, Class A, 4.654% 10/1/2053 (a)(c)(d)

15,110

14,231

FARM Mortgage Trust, Series 2024-2, Class A1, 5.191% 8/1/2054 (a)(c)(d)

6,731

6,655

Freddie Mac Pool #ZA2045 6.50% 1/1/2028 (a)

1

1

Freddie Mac Pool #ZA2066 6.50% 3/1/2028 (a)

4

4

Freddie Mac Pool #ZA2096 6.50% 11/1/2028 (a)

—

(b)

—

(b)

Freddie Mac Pool #ZS8675 2.50% 11/1/2032 (a)

4

4

Freddie Mac Pool #C91593 2.50% 12/1/2032 (a)

16

15

Freddie Mac Pool #ZS0839 6.50% 12/1/2032 (a)

3

3

Freddie Mac Pool #ZS8087 2.50% 4/1/2033 (a)

11

11

American Funds Mortgage Fund

8


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Freddie Mac Pool #C91720 2.50% 8/1/2033 (a)

USD29

$27

Freddie Mac Pool #ZS8710 3.00% 8/1/2033 (a)

1

1

Freddie Mac Pool #SB8041 3.00% 4/1/2035 (a)

—

(b)

—

(b)

Freddie Mac Pool #ZS4189 6.50% 6/1/2035 (a)

—

(b)

—

(b)

Freddie Mac Pool #K93558 4.00% 5/1/2036 (a)

319

307

Freddie Mac Pool #C91877 4.00% 5/1/2036 (a)

200

192

Freddie Mac Pool #C91899 4.00% 9/1/2036 (a)

314

301

Freddie Mac Pool #QO0557 2.50% 7/1/2037 (a)

1,796

1,657

Freddie Mac Pool #SB1388 2.50% 1/1/2038 (a)

138

127

Freddie Mac Pool #ZS1825 6.00% 1/1/2038 (a)

37

38

Freddie Mac Pool #RB5113 1.50% 6/1/2041 (a)

103,992

86,743

Freddie Mac Pool #RB5115 2.50% 6/1/2041 (a)

20,393

17,987

Freddie Mac Pool #QK1181 2.00% 11/1/2041 (a)

1,682

1,438

Freddie Mac Pool #RB5138 2.00% 12/1/2041 (a)

21,207

18,126

Freddie Mac Pool #RB5145 2.00% 2/1/2042 (a)

6,505

5,548

Freddie Mac Pool #RB5148 2.00% 3/1/2042 (a)

13,986

11,923

Freddie Mac Pool #RB5153 2.00% 4/1/2042 (a)

1,993

1,699

Freddie Mac Pool #ZL5084 4.00% 2/1/2043 (a)

7

7

Freddie Mac Pool #ZL5693 3.50% 4/1/2043 (a)

109

101

Freddie Mac Pool #ZL5891 3.50% 5/1/2043 (a)

286

265

Freddie Mac Pool #ZL6206 3.50% 6/1/2043 (a)

122

112

Freddie Mac Pool #ZL8486 3.50% 9/1/2044 (a)

1,157

1,058

Freddie Mac Pool #ZS4616 2.50% 5/1/2045 (a)

97

83

Freddie Mac Pool #760014 4.634% 8/1/2045 (a)(d)

705

689

Freddie Mac Pool #ZS9495 3.50% 10/1/2045 (a)

3,427

3,143

Freddie Mac Pool #ZT0528 3.50% 8/1/2046 (a)

1,287

1,176

Freddie Mac Pool #ZM1663 2.50% 9/1/2046 (a)

10

9

Freddie Mac Pool #ZA3216 3.50% 9/1/2046 (a)

35

32

Freddie Mac Pool #ZM1953 2.50% 10/1/2046 (a)

25

21

Freddie Mac Pool #ZM2569 2.50% 1/1/2047 (a)

37

31

Freddie Mac Pool #ZM2445 3.50% 1/1/2047 (a)

4,940

4,450

Freddie Mac Pool #ZS4711 2.50% 2/1/2047 (a)

39

33

Freddie Mac Pool #ZM3071 3.50% 4/1/2047 (a)

221

199

Freddie Mac Pool #ZA4953 2.50% 7/1/2047 (a)

10

9

Freddie Mac Pool #ZA3240 4.00% 9/1/2047 (a)

502

463

Freddie Mac Pool #ZM4549 3.50% 10/1/2047 (a)

233

209

Freddie Mac Pool #ZM4706 3.50% 11/1/2047 (a)

595

539

Freddie Mac Pool #ZM5995 3.50% 3/1/2048 (a)

401

363

Freddie Mac Pool #ZM5820 3.50% 3/1/2048 (a)

200

181

Freddie Mac Pool #ZM5824 3.50% 3/1/2048 (a)

200

181

Freddie Mac Pool #ZM5819 3.50% 3/1/2048 (a)

173

156

Freddie Mac Pool #ZM5860 3.50% 3/1/2048 (a)

111

101

Freddie Mac Pool #ZM5861 3.50% 3/1/2048 (a)

98

88

Freddie Mac Pool #ZM5818 3.50% 3/1/2048 (a)

91

83

Freddie Mac Pool #ZM5886 3.50% 3/1/2048 (a)

64

58

Freddie Mac Pool #ZM5817 3.50% 3/1/2048 (a)

51

46

Freddie Mac Pool #ZT0539 4.00% 3/1/2048 (a)

9,757

9,088

Freddie Mac Pool #ZM5999 3.50% 4/1/2048 (a)

53

48

Freddie Mac Pool #ZM6462 4.00% 5/1/2048 (a)

110

103

Freddie Mac Pool #ZM6576 4.00% 5/1/2048 (a)

92

86

Freddie Mac Pool #ZM6461 4.00% 5/1/2048 (a)

48

45

Freddie Mac Pool #ZM6827 3.50% 6/1/2048 (a)

116

105

Freddie Mac Pool #ZM6826 3.50% 6/1/2048 (a)

70

63

Freddie Mac Pool #ZM6828 3.50% 6/1/2048 (a)

51

46

Freddie Mac Pool #ZM6835 4.00% 6/1/2048 (a)

502

467

Freddie Mac Pool #ZM7244 4.50% 7/1/2048 (a)

81

78

Freddie Mac Pool #ZM8137 4.50% 9/1/2048 (a)

883

850

Freddie Mac Pool #ZM8162 4.50% 9/1/2048 (a)

417

402

Freddie Mac Pool #ZM8110 4.50% 9/1/2048 (a)

279

268

Freddie Mac Pool #ZT2472 4.50% 10/1/2048 (a)

3,853

3,678

Freddie Mac Pool #QA0284 3.50% 6/1/2049 (a)

1,335

1,207

Freddie Mac Pool #SD7503 3.50% 8/1/2049 (a)

6,179

5,580

Freddie Mac Pool #QA2748 3.50% 9/1/2049 (a)

205

185

Freddie Mac Pool #RA1580 3.50% 10/1/2049 (a)

3,180

2,879

Freddie Mac Pool #RA1463 3.50% 10/1/2049 (a)

3,058

2,768

Freddie Mac Pool #SD0187 3.00% 1/1/2050 (a)

2,345

2,046

9

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Freddie Mac Pool #RA1996 3.50% 1/1/2050 (a)

USD2,953

$2,655

Freddie Mac Pool #SD7512 3.00% 2/1/2050 (a)

9,195

7,998

Freddie Mac Pool #QA7102 3.00% 2/1/2050 (a)

914

781

Freddie Mac Pool #RA2797 3.00% 6/1/2050 (a)

135

115

Freddie Mac Pool #RA3384 3.00% 8/1/2050 (a)

389

336

Freddie Mac Pool #SI2062 2.00% 9/1/2050 (a)

39,384

31,274

Freddie Mac Pool #SI2080 2.00% 10/1/2050 (a)

41,822

33,210

Freddie Mac Pool #RA3808 2.00% 10/1/2050 (a)

64

50

Freddie Mac Pool #SD8106 2.00% 11/1/2050 (a)

32,350

25,587

Freddie Mac Pool #QB5019 2.00% 11/1/2050 (a)

2,607

2,043

Freddie Mac Pool #QB5275 2.00% 11/1/2050 (a)

918

718

Freddie Mac Pool #RA3952 2.00% 11/1/2050 (a)

270

211

Freddie Mac Pool #QB5949 2.00% 11/1/2050 (a)

47

37

Freddie Mac Pool #QB6480 2.00% 12/1/2050 (a)

1,293

1,013

Freddie Mac Pool #QB6228 2.00% 12/1/2050 (a)

921

721

Freddie Mac Pool #QB6579 2.00% 12/1/2050 (a)

110

86

Freddie Mac Pool #QB7148 2.00% 12/1/2050 (a)

36

28

Freddie Mac Pool #RA4352 2.00% 1/1/2051 (a)

22,226

17,580

Freddie Mac Pool #QB8132 2.00% 1/1/2051 (a)

1,892

1,481

Freddie Mac Pool #QB7817 2.00% 1/1/2051 (a)

976

764

Freddie Mac Pool #QB7858 2.00% 1/1/2051 (a)

704

551

Freddie Mac Pool #QB7230 2.00% 1/1/2051 (a)

197

154

Freddie Mac Pool #QB9090 2.00% 2/1/2051 (a)

142

111

Freddie Mac Pool #QB8972 2.00% 2/1/2051 (a)

134

105

Freddie Mac Pool #SD8128 2.00% 2/1/2051 (a)

132

104

Freddie Mac Pool #SD8134 2.00% 3/1/2051 (a)

220

174

Freddie Mac Pool #SD0537 2.00% 3/1/2051 (a)

199

156

Freddie Mac Pool #QC0203 2.00% 3/1/2051 (a)

31

24

Freddie Mac Pool #QB9836 2.50% 3/1/2051 (a)

853

698

Freddie Mac Pool #RA5054 2.00% 4/1/2051 (a)

129,351

102,189

Freddie Mac Pool #SD0934 2.00% 4/1/2051 (a)

465

363

Freddie Mac Pool #QC0619 2.00% 4/1/2051 (a)

98

77

Freddie Mac Pool #SD0566 2.50% 4/1/2051 (a)

10,586

8,669

Freddie Mac Pool #SD0571 2.50% 4/1/2051 (a)

937

767

Freddie Mac Pool #RA5288 2.00% 5/1/2051 (a)

22,800

18,055

Freddie Mac Pool #RA5155 2.00% 5/1/2051 (a)

9,394

7,351

Freddie Mac Pool #RA5204 2.00% 5/1/2051 (a)

913

715

Freddie Mac Pool #SD3984 2.00% 5/1/2051 (a)

822

643

Freddie Mac Pool #QC2062 2.00% 5/1/2051 (a)

40

31

Freddie Mac Pool #QC1665 2.00% 5/1/2051 (a)

33

26

Freddie Mac Pool #RA5259 2.50% 5/1/2051 (a)

4,039

3,348

Freddie Mac Pool #RA5286 2.50% 5/1/2051 (a)

211

173

Freddie Mac Pool #QC2537 2.00% 6/1/2051 (a)

3,846

3,009

Freddie Mac Pool #QC3259 2.00% 6/1/2051 (a)

1,042

816

Freddie Mac Pool #SD1852 2.50% 6/1/2051 (a)

8,572

7,012

Freddie Mac Pool #QC4911 2.00% 7/1/2051 (a)

1,465

1,146

Freddie Mac Pool #QC4418 2.00% 7/1/2051 (a)

80

62

Freddie Mac Pool #SD7544 3.00% 7/1/2051 (a)

17,918

15,575

Freddie Mac Pool #SD0718 2.50% 8/1/2051 (a)

596

488

Freddie Mac Pool #QC9779 2.00% 9/1/2051 (a)

1,114

871

Freddie Mac Pool #SD7545 2.50% 9/1/2051 (a)

3,615

3,024

Freddie Mac Pool #RA5921 2.50% 9/1/2051 (a)

1,721

1,428

Freddie Mac Pool #QC6921 2.50% 9/1/2051 (a)

794

650

Freddie Mac Pool #QC7626 3.00% 9/1/2051 (a)

9,691

8,312

Freddie Mac Pool #QD0086 2.00% 10/1/2051 (a)

877

686

Freddie Mac Pool #QC8499 2.00% 10/1/2051 (a)

87

68

Freddie Mac Pool #QC8196 2.50% 10/1/2051 (a)

2,776

2,272

Freddie Mac Pool #RA6136 2.50% 10/1/2051 (a)

895

733

Freddie Mac Pool #SD2880 3.00% 10/1/2051 (a)

13,057

11,223

Freddie Mac Pool #SD0740 3.50% 10/1/2051 (a)

2,790

2,480

Freddie Mac Pool #RA6406 2.00% 11/1/2051 (a)

5,354

4,231

Freddie Mac Pool #QD1457 2.00% 11/1/2051 (a)

1,524

1,191

Freddie Mac Pool #QD0195 2.00% 11/1/2051 (a)

1,177

920

Freddie Mac Pool #RA6237 2.00% 11/1/2051 (a)

1,134

887

Freddie Mac Pool #QD3173 2.00% 11/1/2051 (a)

141

110

Freddie Mac Pool #SD7548 2.50% 11/1/2051 (a)

7,269

6,080

American Funds Mortgage Fund

10


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Freddie Mac Pool #SD1385 2.50% 11/1/2051 (a)

USD4,753

$3,962

Freddie Mac Pool #SD8182 2.00% 12/1/2051 (a)

746

587

Freddie Mac Pool #QD2437 2.00% 12/1/2051 (a)

537

425

Freddie Mac Pool #QD3473 2.00% 12/1/2051 (a)

141

110

Freddie Mac Pool #QD3619 2.50% 12/1/2051 (a)

2,789

2,280

Freddie Mac Pool #SD8183 2.50% 12/1/2051 (a)

2,538

2,089

Freddie Mac Pool #RA6493 2.50% 12/1/2051 (a)

212

173

Freddie Mac Pool #QD2929 4.00% 12/1/2051 (a)

566

522

Freddie Mac Pool #QD5035 2.00% 1/1/2052 (a)

8,023

6,270

Freddie Mac Pool #QD7144 2.00% 1/1/2052 (a)

1,104

863

Freddie Mac Pool #QD3751 2.00% 1/1/2052 (a)

699

546

Freddie Mac Pool #QD4465 2.00% 1/1/2052 (a)

492

385

Freddie Mac Pool #SD1403 2.00% 1/1/2052 (a)

283

222

Freddie Mac Pool #QD4747 2.00% 1/1/2052 (a)

244

191

Freddie Mac Pool #QD5262 2.00% 1/1/2052 (a)

223

176

Freddie Mac Pool #QD6009 2.00% 1/1/2052 (a)

36

28

Freddie Mac Pool #SD0838 2.00% 1/1/2052 (a)

29

23

Freddie Mac Pool #SD2629 2.50% 1/1/2052 (a)

678

555

Freddie Mac Pool #SD2269 3.00% 1/1/2052 (a)

270

230

Freddie Mac Pool #RA6767 2.00% 2/1/2052 (a)

18,445

14,496

Freddie Mac Pool #RA6771 2.00% 2/1/2052 (a)

11,334

8,858

Freddie Mac Pool #RA6114 2.00% 2/1/2052 (a)

1,352

1,064

Freddie Mac Pool #QD6836 2.00% 2/1/2052 (a)

784

617

Freddie Mac Pool #QD6139 2.00% 2/1/2052 (a)

749

585

Freddie Mac Pool #QD6549 2.00% 2/1/2052 (a)

702

549

Freddie Mac Pool #RA6913 2.00% 2/1/2052 (a)

258

203

Freddie Mac Pool #SD3445 2.00% 2/1/2052 (a)

46

36

Freddie Mac Pool #QD9124 2.00% 2/1/2052 (a)

45

35

Freddie Mac Pool #SD0873 3.50% 2/1/2052 (a)

20,719

18,690

Freddie Mac Pool #QD7089 3.50% 2/1/2052 (a)

281

251

Freddie Mac Pool #SD8199 2.00% 3/1/2052 (a)

28,396

22,345

Freddie Mac Pool #RA6973 2.00% 3/1/2052 (a)

11,723

9,224

Freddie Mac Pool #SD5343 2.00% 3/1/2052 (a)

1,674

1,319

Freddie Mac Pool #SD4071 2.00% 3/1/2052 (a)

317

248

Freddie Mac Pool #QD8820 2.00% 3/1/2052 (a)

154

121

Freddie Mac Pool #QE3078 2.00% 3/1/2052 (a)

21

16

Freddie Mac Pool #SD7553 3.00% 3/1/2052 (a)

5,691

4,945

Freddie Mac Pool #SD8204 2.00% 4/1/2052 (a)

1,558

1,226

Freddie Mac Pool #SD8211 2.00% 5/1/2052 (a)

23

18

Freddie Mac Pool #SD8213 3.00% 5/1/2052 (a)

81,435

69,640

Freddie Mac Pool #SL3664 2.00% 6/1/2052 (a)

2,980

2,351

Freddie Mac Pool #SD6496 2.00% 6/1/2052 (a)

1,818

1,432

Freddie Mac Pool #RA7510 3.50% 6/1/2052 (a)

2,179

1,936

Freddie Mac Pool #QE5610 3.50% 6/1/2052 (a)

354

315

Freddie Mac Pool #RA7556 4.50% 6/1/2052 (a)

10,185

9,669

Freddie Mac Pool #SL2621 2.50% 7/1/2052 (a)

32,404

26,499

Freddie Mac Pool #SL0012 3.50% 7/1/2052 (a)

27

24

Freddie Mac Pool #SD1406 2.00% 8/1/2052 (a)

2,106

1,658

Freddie Mac Pool #SD7556 3.00% 8/1/2052 (a)

180

156

Freddie Mac Pool #QE7537 4.50% 8/1/2052 (a)

7,826

7,429

Freddie Mac Pool #SD8242 3.00% 9/1/2052 (a)

9,491

8,111

Freddie Mac Pool #RA7938 5.00% 9/1/2052 (a)

2,288

2,234

Freddie Mac Pool #SD8256 4.00% 10/1/2052 (a)

12,535

11,527

Freddie Mac Pool #QF1560 4.00% 10/1/2052 (a)

118

109

Freddie Mac Pool #RA8059 5.50% 10/1/2052 (a)

8,262

8,267

Freddie Mac Pool #QF2363 4.50% 11/1/2052 (a)

33,102

31,381

Freddie Mac Pool #SD1895 4.50% 11/1/2052 (a)

30,499

29,209

Freddie Mac Pool #SD2948 5.50% 11/1/2052 (a)

11,835

11,785

Freddie Mac Pool #QF2862 6.50% 11/1/2052 (a)

16

17

Freddie Mac Pool #SD2602 3.00% 12/1/2052 (a)

2,430

2,078

Freddie Mac Pool #RA8517 3.00% 1/1/2053 (a)

10

9

Freddie Mac Pool #SD8288 5.00% 1/1/2053 (a)

491

479

Freddie Mac Pool #QF5680 5.50% 1/1/2053 (a)

576

574

Freddie Mac Pool #SD8290 6.00% 1/1/2053 (a)

2,535

2,577

Freddie Mac Pool #SD2601 2.50% 2/1/2053 (a)

270

222

Freddie Mac Pool #QF7144 5.50% 2/1/2053 (a)

660

657

11

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Freddie Mac Pool #QF8686 5.50% 2/1/2053 (a)

USD287

$286

Freddie Mac Pool #SD8301 6.00% 2/1/2053 (a)

1,888

1,919

Freddie Mac Pool #QF8462 5.50% 3/1/2053 (a)

2,459

2,448

Freddie Mac Pool #QF8554 5.50% 3/1/2053 (a)

422

420

Freddie Mac Pool #SD2716 5.00% 4/1/2053 (a)

5,652

5,508

Freddie Mac Pool #SD8315 5.00% 4/1/2053 (a)

1,361

1,326

Freddie Mac Pool #SD8316 5.50% 4/1/2053 (a)

4,936

4,929

Freddie Mac Pool #QG1023 5.50% 4/1/2053 (a)

694

690

Freddie Mac Pool #SD8323 5.00% 5/1/2053 (a)

1,239

1,208

Freddie Mac Pool #SD8324 5.50% 5/1/2053 (a)

10,489

10,476

Freddie Mac Pool #SD3369 5.50% 5/1/2053 (a)

1,086

1,080

Freddie Mac Pool #QG3365 5.50% 5/1/2053 (a)

525

523

Freddie Mac Pool #QG1875 5.50% 5/1/2053 (a)

184

183

Freddie Mac Pool #SD8325 6.00% 5/1/2053 (a)

14,484

14,747

Freddie Mac Pool #SD2861 6.00% 5/1/2053 (a)

3,611

3,686

Freddie Mac Pool #QG3376 6.00% 5/1/2053 (a)

191

193

Freddie Mac Pool #QG1921 6.50% 5/1/2053 (a)

135

140

Freddie Mac Pool #SD8329 5.00% 6/1/2053 (a)

69

67

Freddie Mac Pool #SD8331 5.50% 6/1/2053 (a)

24,410

24,380

Freddie Mac Pool #SD8332 6.00% 6/1/2053 (a)

22,037

22,438

Freddie Mac Pool #RA9279 6.00% 6/1/2053 (a)

3,778

3,861

Freddie Mac Pool #RA9283 6.00% 6/1/2053 (a)

3,316

3,383

Freddie Mac Pool #RA9281 6.00% 6/1/2053 (a)

2,369

2,416

Freddie Mac Pool #RA9284 6.00% 6/1/2053 (a)

2,124

2,189

Freddie Mac Pool #SD3240 6.00% 6/1/2053 (a)

1,333

1,358

Freddie Mac Pool #RA9294 6.50% 6/1/2053 (a)

701

727

Freddie Mac Pool #RA9292 6.50% 6/1/2053 (a)

637

660

Freddie Mac Pool #RA9289 6.50% 6/1/2053 (a)

606

633

Freddie Mac Pool #RA9288 6.50% 6/1/2053 (a)

572

596

Freddie Mac Pool #RA9287 6.50% 6/1/2053 (a)

413

431

Freddie Mac Pool #RA9290 6.50% 6/1/2053 (a)

312

326

Freddie Mac Pool #RA9291 6.50% 6/1/2053 (a)

212

220

Freddie Mac Pool #RA9295 6.50% 6/1/2053 (a)

173

181

Freddie Mac Pool #QG9049 3.00% 7/1/2053 (a)

760

651

Freddie Mac Pool #SD8341 5.00% 7/1/2053 (a)

36

35

Freddie Mac Pool #SD8342 5.50% 7/1/2053 (a)(e)

103,645

103,418

Freddie Mac Pool #SD3386 5.50% 7/1/2053 (a)

3,459

3,451

Freddie Mac Pool #QG7363 6.00% 7/1/2053 (a)

11,621

11,792

Freddie Mac Pool #SD3553 6.00% 7/1/2053 (a)

3,251

3,306

Freddie Mac Pool #SD3432 6.00% 7/1/2053 (a)

1,234

1,260

Freddie Mac Pool #SD3356 6.00% 7/1/2053 (a)

904

920

Freddie Mac Pool #SD8359 3.50% 8/1/2053 (a)

863

766

Freddie Mac Pool #SD3620 5.50% 8/1/2053 (a)

11,500

11,462

Freddie Mac Pool #RA9636 6.00% 8/1/2053 (a)

4,807

4,887

Freddie Mac Pool #SD3512 6.00% 8/1/2053 (a)

365

370

Freddie Mac Pool #QG9115 6.50% 8/1/2053 (a)

77

80

Freddie Mac Pool #SD8362 5.50% 9/1/2053 (a)

98

98

Freddie Mac Pool #RA9857 6.00% 9/1/2053 (a)

27,215

27,668

Freddie Mac Pool #RA9854 6.00% 9/1/2053 (a)

8,850

9,042

Freddie Mac Pool #SD8363 6.00% 9/1/2053 (a)

703

715

Freddie Mac Pool #SL1562 3.00% 10/1/2053 (a)

7,851

6,714

Freddie Mac Pool #SD4053 6.00% 10/1/2053 (a)

19,421

19,732

Freddie Mac Pool #SD8368 6.00% 10/1/2053 (a)

18,050

18,327

Freddie Mac Pool #SD4977 5.00% 11/1/2053 (a)

31,132

30,328

Freddie Mac Pool #SD8374 6.50% 11/1/2053 (a)

46,181

47,698

Freddie Mac Pool #RJ0326 6.50% 11/1/2053 (a)

2,742

2,842

Freddie Mac Pool #SD4842 6.00% 12/1/2053 (a)

2,064

2,097

Freddie Mac Pool #SD8385 6.50% 12/1/2053 (a)

2,315

2,393

Freddie Mac Pool #SD6284 2.00% 1/1/2054 (a)

2,960

2,329

Freddie Mac Pool #QH8513 2.00% 1/1/2054 (a)

315

246

Freddie Mac Pool #QH8426 3.50% 1/1/2054 (a)

334

297

Freddie Mac Pool #SD8396 6.00% 1/1/2054 (a)

510

518

Freddie Mac Pool #SD4693 6.50% 1/1/2054 (a)

3,180

3,287

Freddie Mac Pool #RJ0854 6.50% 1/1/2054 (a)

798

824

Freddie Mac Pool #SD4614 6.50% 1/1/2054 (a)

358

373

Freddie Mac Pool #QH7865 6.50% 1/1/2054 (a)

43

45

American Funds Mortgage Fund

12


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Freddie Mac Pool #SD8401 5.50% 2/1/2054 (a)

USD15

$15

Freddie Mac Pool #SD4964 6.00% 2/1/2054 (a)

13,040

13,315

Freddie Mac Pool #QI0006 6.00% 2/1/2054 (a)

3,931

3,991

Freddie Mac Pool #SD8402 6.00% 2/1/2054 (a)

2,322

2,357

Freddie Mac Pool #SL2362 6.50% 2/1/2054 (a)

5,977

6,219

Freddie Mac Pool #RJ0856 6.50% 2/1/2054 (a)

5,142

5,311

Freddie Mac Pool #RJ1066 5.50% 3/1/2054 (a)

9,352

9,338

Freddie Mac Pool #SD8408 5.50% 3/1/2054 (a)

5

5

Freddie Mac Pool #RJ1076 6.00% 3/1/2054 (a)

1,544

1,567

Freddie Mac Pool #RJ1015 6.50% 3/1/2054 (a)

193

200

Freddie Mac Pool #RJ1216 5.50% 4/1/2054 (a)

4,659

4,651

Freddie Mac Pool #RJ1215 5.50% 4/1/2054 (a)

881

877

Freddie Mac Pool #SD5303 6.00% 4/1/2054 (a)

9,988

10,175

Freddie Mac Pool #RJ1348 6.00% 4/1/2054 (a)

1,289

1,314

Freddie Mac Pool #QI3333 6.00% 4/1/2054 (a)

666

678

Freddie Mac Pool #SD5221 6.50% 4/1/2054 (a)

3,279

3,414

Freddie Mac Pool #RJ1419 5.50% 5/1/2054 (a)

5,043

5,032

Freddie Mac Pool #RJ1429 6.00% 5/1/2054 (a)

14,452

14,734

Freddie Mac Pool #SD5692 6.00% 5/1/2054 (a)

909

928

Freddie Mac Pool #SD8432 6.00% 5/1/2054 (a)

200

202

Freddie Mac Pool #SD5404 6.50% 5/1/2054 (a)

6,053

6,267

Freddie Mac Pool #RJ1855 5.00% 6/1/2054 (a)

1,658

1,612

Freddie Mac Pool #RJ1857 5.50% 6/1/2054 (a)

5,561

5,548

Freddie Mac Pool #RJ1768 5.50% 6/1/2054 (a)

1,155

1,156

Freddie Mac Pool #SD8438 5.50% 6/1/2054 (a)

303

302

Freddie Mac Pool #RJ1859 6.00% 6/1/2054 (a)

19,148

19,516

Freddie Mac Pool #RJ1785 6.00% 6/1/2054 (a)

6,139

6,258

Freddie Mac Pool #SD5719 6.00% 6/1/2054 (a)

5,703

5,789

Freddie Mac Pool #RJ1779 6.00% 6/1/2054 (a)

4,543

4,638

Freddie Mac Pool #SD8439 6.00% 6/1/2054 (a)

24

24

Freddie Mac Pool #SD5706 6.50% 6/1/2054 (a)

6,786

7,025

Freddie Mac Pool #SD5701 6.50% 6/1/2054 (a)

3,492

3,636

Freddie Mac Pool #RJ1726 6.50% 6/1/2054 (a)

2,599

2,691

Freddie Mac Pool #RJ1725 6.50% 6/1/2054 (a)

1,362

1,418

Freddie Mac Pool #SD8446 5.50% 7/1/2054 (a)

12,735

12,672

Freddie Mac Pool #QI8872 5.50% 7/1/2054 (a)

1,944

1,939

Freddie Mac Pool #RJ1963 5.50% 7/1/2054 (a)

255

254

Freddie Mac Pool #SD8447 6.00% 7/1/2054 (a)

39,347

39,940

Freddie Mac Pool #RJ1975 6.00% 7/1/2054 (a)

15,486

15,783

Freddie Mac Pool #RJ1964 6.00% 7/1/2054 (a)

13,850

14,194

Freddie Mac Pool #SD5949 6.00% 7/1/2054 (a)

6,226

6,326

Freddie Mac Pool #SD5813 6.00% 7/1/2054 (a)

4,020

4,085

Freddie Mac Pool #QI8874 6.00% 7/1/2054 (a)

3,759

3,831

Freddie Mac Pool #SD5873 6.00% 7/1/2054 (a)

1,303

1,323

Freddie Mac Pool #SD5896 6.00% 7/1/2054 (a)

1,185

1,203

Freddie Mac Pool #SD8448 6.50% 7/1/2054 (a)

39,522

40,777

Freddie Mac Pool #RJ1986 6.50% 7/1/2054 (a)

10,455

10,810

Freddie Mac Pool #SD5905 6.50% 7/1/2054 (a)

5,555

5,783

Freddie Mac Pool #QI9151 6.50% 7/1/2054 (a)

4,633

4,821

Freddie Mac Pool #RJ2525 6.50% 7/1/2054 (a)

1,853

1,912

Freddie Mac Pool #RJ2700 6.50% 7/1/2054 (a)

928

957

Freddie Mac Pool #RJ2193 5.00% 8/1/2054 (a)

3,441

3,348

Freddie Mac Pool #RJ2241 5.00% 8/1/2054 (a)

2,295

2,231

Freddie Mac Pool #RJ2195 5.00% 8/1/2054 (a)

2,171

2,109

Freddie Mac Pool #RJ2200 5.50% 8/1/2054 (a)

5,140

5,116

Freddie Mac Pool #RJ2206 5.50% 8/1/2054 (a)

2,991

2,976

Freddie Mac Pool #RJ2243 5.50% 8/1/2054 (a)

2,963

2,955

Freddie Mac Pool #SD6286 5.50% 8/1/2054 (a)

2,927

2,923

Freddie Mac Pool #RJ2203 5.50% 8/1/2054 (a)

537

535

Freddie Mac Pool #RJ2210 6.00% 8/1/2054 (a)

17,641

17,891

Freddie Mac Pool #RJ2216 6.00% 8/1/2054 (a)

9,502

9,636

Freddie Mac Pool #SD8454 6.00% 8/1/2054 (a)

8,269

8,386

Freddie Mac Pool #RJ2212 6.00% 8/1/2054 (a)

3,694

3,768

Freddie Mac Pool #SD6045 6.00% 8/1/2054 (a)

3,027

3,089

Freddie Mac Pool #SD6029 6.00% 8/1/2054 (a)

2,378

2,413

Freddie Mac Pool #QJ3296 6.00% 8/1/2054 (a)

162

165

13

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Freddie Mac Pool #SD6034 6.50% 8/1/2054 (a)

USD6,640

$6,857

Freddie Mac Pool #RJ2247 6.50% 8/1/2054 (a)

6,037

6,251

Freddie Mac Pool #RJ2222 6.50% 8/1/2054 (a)

3,845

3,982

Freddie Mac Pool #RJ2228 6.50% 8/1/2054 (a)

3,344

3,451

Freddie Mac Pool #SD6047 6.50% 8/1/2054 (a)

2,276

2,369

Freddie Mac Pool #SD6035 6.50% 8/1/2054 (a)

1,729

1,800

Freddie Mac Pool #QJ4825 5.00% 9/1/2054 (a)

3,099

3,007

Freddie Mac Pool #RJ2422 5.50% 9/1/2054 (a)

6,090

6,062

Freddie Mac Pool #RJ2415 5.50% 9/1/2054 (a)

2,558

2,558

Freddie Mac Pool #RJ2408 5.50% 9/1/2054 (a)

2,325

2,320

Freddie Mac Pool #SD6328 5.50% 9/1/2054 (a)

668

668

Freddie Mac Pool #QJ3044 5.50% 9/1/2054 (a)

50

50

Freddie Mac Pool #RJ2314 6.00% 9/1/2054 (a)

9,260

9,432

Freddie Mac Pool #SD8463 6.00% 9/1/2054 (a)

4,963

5,033

Freddie Mac Pool #RJ2312 6.00% 9/1/2054 (a)

4,577

4,663

Freddie Mac Pool #RJ2306 6.00% 9/1/2054 (a)

4,453

4,546

Freddie Mac Pool #RJ2308 6.00% 9/1/2054 (a)

4,412

4,501

Freddie Mac Pool #RJ2309 6.00% 9/1/2054 (a)

2,520

2,556

Freddie Mac Pool #RJ2411 6.50% 9/1/2054 (a)

9,934

10,287

Freddie Mac Pool #RJ2470 6.50% 9/1/2054 (a)

3,260

3,365

Freddie Mac Pool #RJ2320 6.50% 9/1/2054 (a)

2,531

2,635

Freddie Mac Pool #QJ4693 6.50% 9/1/2054 (a)

2,359

2,454

Freddie Mac Pool #SD6531 6.50% 9/1/2054 (a)

2,158

2,247

Freddie Mac Pool #RJ2325 6.50% 9/1/2054 (a)

1,012

1,048

Freddie Mac Pool #SD6271 6.50% 9/1/2054 (a)

384

398

Freddie Mac Pool #QJ6339 3.50% 10/1/2054 (a)

33

30

Freddie Mac Pool #RJ2664 5.00% 10/1/2054 (a)

50

49

Freddie Mac Pool #RJ2625 5.50% 10/1/2054 (a)

15,534

15,466

Freddie Mac Pool #SD8469 5.50% 10/1/2054 (a)

645

642

Freddie Mac Pool #RJ2851 4.50% 11/1/2054 (a)

4,396

4,150

Freddie Mac Pool #RJ2860 5.00% 11/1/2054 (a)

11,424

11,093

Freddie Mac Pool #QJ7708 5.00% 11/1/2054 (a)

780

757

Freddie Mac Pool #RJ2917 5.50% 11/1/2054 (a)

19,427

19,312

Freddie Mac Pool #SD8475 5.50% 11/1/2054 (a)

11,893

11,819

Freddie Mac Pool #RJ2922 6.00% 11/1/2054 (a)

1,151

1,167

Freddie Mac Pool #QJ9527 6.00% 11/1/2054 (a)

97

98

Freddie Mac Pool #QJ8303 6.00% 11/1/2054 (a)

51

52

Freddie Mac Pool #RJ3012 5.00% 12/1/2054 (a)

26,387

25,681

Freddie Mac Pool #RJ3163 5.00% 12/1/2054 (a)

20,548

19,978

Freddie Mac Pool #RJ3017 5.00% 12/1/2054 (a)

8,128

7,863

Freddie Mac Pool #QX1743 5.00% 12/1/2054 (a)

4,660

4,531

Freddie Mac Pool #QX2834 5.00% 12/1/2054 (a)

1,539

1,496

Freddie Mac Pool #SD8491 5.00% 12/1/2054 (a)

863

838

Freddie Mac Pool #SD8493 5.50% 12/1/2054 (a)

244

242

Freddie Mac Pool #QX0553 6.00% 12/1/2054 (a)

5,510

5,582

Freddie Mac Pool #QX1463 6.00% 12/1/2054 (a)

3,540

3,590

Freddie Mac Pool #QX0384 6.00% 12/1/2054 (a)

1,783

1,817

Freddie Mac Pool #SD8500 3.50% 1/1/2055 (a)

7,211

6,408

Freddie Mac Pool #SD8494 5.50% 1/1/2055 (a)

133

132

Freddie Mac Pool #QX4065 6.00% 1/1/2055 (a)

57,320

58,137

Freddie Mac Pool #QX2593 6.00% 1/1/2055 (a)

39,385

39,976

Freddie Mac Pool #RJ3264 4.50% 2/1/2055 (a)

3,569

3,365

Freddie Mac Pool #SD8507 6.00% 2/1/2055 (a)

38,539

39,060

Freddie Mac Pool #SL0797 6.00% 2/1/2055 (a)

5,134

5,227

Freddie Mac Pool #QX6717 6.00% 2/1/2055 (a)

101

103

Freddie Mac Pool #QX6697 6.50% 2/1/2055 (a)

124

128

Freddie Mac Pool #SD8520 3.50% 3/1/2055 (a)

859

763

Freddie Mac Pool #SD8515 5.50% 3/1/2055 (a)

5

5

Freddie Mac Pool #QX8785 6.50% 3/1/2055 (a)

466

482

Freddie Mac Pool #SL1094 5.00% 4/1/2055 (a)

3,023

2,927

Freddie Mac Pool #SL0796 6.00% 4/1/2055 (a)

2,083

2,110

Freddie Mac Pool #QY0775 6.00% 4/1/2055 (a)

817

828

Freddie Mac Pool #QY2226 6.00% 4/1/2055 (a)

814

824

Freddie Mac Pool #SL1863 6.50% 4/1/2055 (a)

170

175

Freddie Mac Pool #SD8532 5.00% 5/1/2055 (a)

5,807

5,622

Freddie Mac Pool #QY3029 5.50% 5/1/2055 (a)

1,347

1,336

American Funds Mortgage Fund

14


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Freddie Mac Pool #SL1137 6.00% 5/1/2055 (a)

USD964

$977

Freddie Mac Pool #QY2211 6.50% 5/1/2055 (a)

185

191

Freddie Mac Pool #QY8196 3.50% 6/1/2055 (a)

726

645

Freddie Mac Pool #RQ0017 3.50% 6/1/2055 (a)

119

105

Freddie Mac Pool #RQ0012 5.00% 6/1/2055 (a)

3,422

3,313

Freddie Mac Pool #QY5947 6.00% 6/1/2055 (a)

224

227

Freddie Mac Pool #QY6148 6.50% 6/1/2055 (a)

118

122

Freddie Mac Pool #QY7483 6.00% 7/1/2055 (a)

1,173

1,188

Freddie Mac Pool #SL1959 6.50% 7/1/2055 (a)

24,894

25,671

Freddie Mac Pool #RJ4710 6.50% 8/1/2055 (a)

1,971

2,037

Freddie Mac Pool #SL2647 6.50% 9/1/2055 (a)

9,114

9,464

Freddie Mac Pool #RQ0062 4.50% 11/1/2055 (a)

1,802

1,695

Freddie Mac Pool #SL5268 6.50% 11/1/2055 (a)

1,752

1,810

Freddie Mac Pool #RQ0074 4.50% 12/1/2055 (a)

10,966

10,313

Freddie Mac Pool #SL3368 6.00% 12/1/2055 (a)

16,944

17,173

Freddie Mac Pool #RQ0078 6.50% 12/1/2055 (a)

12,451

12,837

Freddie Mac Pool #RQ0081 3.50% 1/1/2056 (a)

1,612

1,432

Freddie Mac Pool #TA3866 6.50% 1/1/2056 (a)

248

256

Freddie Mac Pool #RQ0094 5.00% 2/1/2056 (a)

89,491

86,507

Freddie Mac Pool #RJ7223 5.50% 8/1/2056 (a)

29,308

29,161

Freddie Mac Pool #RJ7217 5.50% 8/1/2056 (a)

18,829

18,676

Freddie Mac Pool #SL6262 6.00% 8/1/2056 (a)

16,988

17,325

Freddie Mac Pool #RJ7466 5.50% 9/1/2056 (a)

33,443

33,276

Freddie Mac Pool #RJ7463 5.50% 9/1/2056 (a)

16,048

16,008

Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 (a)

24,000

23,789

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 (a)

1,859

1,721

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 (a)

3,570

3,039

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 (a)(d)

7,041

6,563

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 (a)

538

460

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 (a)

2,234

2,076

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 (a)(d)

2,116

1,957

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 (a)

3,304

2,765

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 (a)(d)

668

640

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 (a)

1,121

983

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 (a)

386

368

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 (a)

939

818

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 (a)

572

502

Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 (a)

53,042

45,069

Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 (a)

3,140

3,071

Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2021-2, Class AC, 2.00% 9/25/2030 (a)

25,054

22,560

Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-3, Class AC, 2.00% 11/25/2030 (a)

23,611

21,179

Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2021-1, Class AC, 2.25% 5/26/2031 (a)

23,595

21,305

Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2021-2, Class AD, 2.00% 7/25/2031 (a)

20,184

17,842

Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 (a)

19,258

18,160

Government National Mortgage Assn. 4.50% 9/1/2056 (a)(f)

38,001

35,604

Government National Mortgage Assn. 4.50% 10/1/2056 (a)(f)

138,365

129,517

Government National Mortgage Assn. Pool #778205 4.00% 3/20/2032 (a)

148

147

Government National Mortgage Assn. Pool #778208 4.00% 5/20/2032 (a)

183

180

Government National Mortgage Assn. Pool #796771 6.50% 10/20/2032 (a)

116

119

Government National Mortgage Assn. Pool #AD0867 4.25% 4/20/2034 (a)

369

359

Government National Mortgage Assn. Pool #AH5896 3.75% 7/20/2034 (a)

387

371

Government National Mortgage Assn. Pool #AH5904 3.25% 2/20/2035 (a)

577

546

Government National Mortgage Assn. Pool #AH5907 3.25% 4/20/2035 (a)

582

549

Government National Mortgage Assn. Pool #AH5908 3.25% 5/20/2035 (a)

868

818

Government National Mortgage Assn. Pool #AC2887 5.00% 7/20/2035 (a)

69

69

Government National Mortgage Assn. Pool #AH5911 3.25% 8/20/2035 (a)

1,247

1,143

Government National Mortgage Assn. Pool #AA7288 3.75% 6/20/2037 (a)

211

199

Government National Mortgage Assn. Pool #773549 6.50% 12/20/2038 (a)

63

65

Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 (a)

670

683

Government National Mortgage Assn. Pool #AH5905 3.25% 1/20/2040 (a)

457

403

Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 (a)

668

672

Government National Mortgage Assn. Pool #AH5909 3.25% 5/20/2040 (a)

205

180

Government National Mortgage Assn. Pool #AH5912 3.25% 8/20/2040 (a)

407

359

Government National Mortgage Assn. Pool #AC2904 4.50% 5/20/2041 (a)

300

292

Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 (a)

523

520

Government National Mortgage Assn. Pool #MA0274 4.50% 7/20/2041 (a)

177

168

15

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Government National Mortgage Assn. Pool #005158 5.00% 8/20/2041 (a)

USD359

$349

Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 (a)

39

40

Government National Mortgage Assn. Pool #MA0273 4.00% 9/20/2041 (a)

383

356

Government National Mortgage Assn. Pool #AB3621 4.50% 9/20/2041 (a)

92

90

Government National Mortgage Assn. Pool #AE5743 5.00% 9/20/2041 (a)

694

689

Government National Mortgage Assn. Pool #MA0310 4.50% 10/20/2041 (a)

274

261

Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 (a)

361

351

Government National Mortgage Assn. Pool #793043 2.75% 1/15/2042 (a)

181

161

Government National Mortgage Assn. Pool #799829 2.75% 2/15/2042 (a)

147

129

Government National Mortgage Assn. Pool #AB2159 4.50% 3/20/2042 (a)

379

368

Government National Mortgage Assn. Pool #770241 4.00% 5/20/2042 (a)

262

246

Government National Mortgage Assn. Pool #792276 3.50% 6/15/2042 (a)

133

123

Government National Mortgage Assn. Pool #770242 4.00% 6/20/2042 (a)

333

313

Government National Mortgage Assn. Pool #AC2872 4.00% 6/20/2042 (a)

94

90

Government National Mortgage Assn. Pool #799343 3.50% 7/15/2042 (a)

273

254

Government National Mortgage Assn. Pool #AB1330 2.75% 8/15/2042 (a)

91

79

Government National Mortgage Assn. Pool #AB1591 2.75% 9/15/2042 (a)

167

148

Government National Mortgage Assn. Pool #AG5105 3.50% 9/20/2043 (a)

241

221

Government National Mortgage Assn. Pool #AG5106 4.00% 9/20/2043 (a)

335

313

Government National Mortgage Assn. Pool #AA7306 3.50% 11/20/2043 (a)

446

408

Government National Mortgage Assn. Pool #AH5880 3.75% 5/20/2044 (a)

747

689

Government National Mortgage Assn. Pool #AH5881 4.25% 5/20/2044 (a)

343

324

Government National Mortgage Assn. Pool #MA3727 4.00% 6/20/2046 (a)

699

638

Government National Mortgage Assn. Pool #MA4511 4.00% 6/20/2047 (a)

2,520

2,342

Government National Mortgage Assn. Pool #MA6041 4.50% 7/20/2049 (a)

202

193

Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 (a)

5

5

Government National Mortgage Assn. Pool #MA6709 2.50% 6/20/2050 (a)

41

34

Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 (a)

6,745

5,424

Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 (a)

4,588

3,836

Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 (a)

17,697

14,232

Government National Mortgage Assn. Pool #MA7192 2.00% 2/20/2051 (a)

141,020

113,404

Government National Mortgage Assn. Pool #MA7533 2.00% 8/20/2051 (a)

8,982

7,217

Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 (a)

51,208

42,680

Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 (a)

5,546

4,630

Government National Mortgage Assn. Pool #785792 2.50% 12/20/2051 (a)

68,325

56,989

Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 (a)

5,270

4,391

Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 (a)

2,402

2,013

Government National Mortgage Assn. Pool #785847 2.50% 1/20/2052 (a)

1,879

1,567

Government National Mortgage Assn. Pool #MA7880 2.00% 2/20/2052 (a)

8,232

6,612

Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 (a)

11,791

9,879

Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 (a)

7,644

6,402

Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 (a)

6,895

5,805

Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 (a)

4,501

3,767

Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 (a)

4,307

3,752

Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 (a)

3,485

2,919

Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 (a)

3,258

2,838

Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 (a)

18,803

16,742

Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 (a)

7,137

6,575

Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 (a)

5,304

4,884

Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 (a)

3,333

3,070

Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 (a)

15,349

14,548

Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 (a)

1,616

1,472

Government National Mortgage Assn. Pool #MB0147 5.50% 1/20/2055 (a)

2,112

2,106

Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 (a)

1,374

1,370

Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 (a)

7,916

7,886

Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 (a)

5,311

5,289

Government National Mortgage Assn. Pool #MB0556 5.50% 8/20/2055 (a)

1,580

1,573

Government National Mortgage Assn. Pool #773441 5.20% 4/20/2062 (a)

—

(b)

—

(b)

Government National Mortgage Assn. Pool #AQ8290 4.927% 2/20/2066 (a)

1

1

Government National Mortgage Assn. Pool #AQ8292 5.197% 2/20/2066 (a)

1

1

Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 (a)

7,418

5,354

Government National Mortgage Assn., Series 2016-H13, Class IO, interest only, 0.456% 5/20/2066 (a)(d)

1,504

24

Uniform Mortgage-Backed Security 2.50% 9/1/2041 (a)(f)

8,572

7,897

Uniform Mortgage-Backed Security 3.50% 9/1/2041 (a)(f)

10,000

9,391

Uniform Mortgage-Backed Security 4.00% 9/1/2041 (a)(f)

11,000

10,526

Uniform Mortgage-Backed Security 5.00% 9/1/2041 (a)(f)

20,000

19,909

American Funds Mortgage Fund

16


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Mortgage-backed obligations (continued)

Federal agency mortgage-backed obligations (continued)

Uniform Mortgage-Backed Security 2.50% 10/1/2041 (a)(f)

USD3,578

$3,295

Uniform Mortgage-Backed Security 2.00% 9/1/2056 (a)(f)

82,684

64,526

Uniform Mortgage-Backed Security 2.50% 9/1/2056 (a)(f)

292,531

238,847

Uniform Mortgage-Backed Security 3.00% 9/1/2056 (a)(f)

153,102

130,603

Uniform Mortgage-Backed Security 3.50% 9/1/2056 (a)(f)

70,066

62,192

Uniform Mortgage-Backed Security 4.00% 9/1/2056 (a)(f)

152,644

139,401

Uniform Mortgage-Backed Security 4.50% 9/1/2056 (a)(f)

14,415

13,541

Uniform Mortgage-Backed Security 5.00% 9/1/2056 (a)(f)

85,697

82,731

Uniform Mortgage-Backed Security 5.50% 9/1/2056 (a)(f)

39,539

39,156

Uniform Mortgage-Backed Security 6.00% 9/1/2056 (a)(f)

123,078

124,491

Uniform Mortgage-Backed Security 6.50% 9/1/2056 (a)(f)

125,928

129,804

Uniform Mortgage-Backed Security 2.00% 10/1/2056 (a)(f)

140,390

109,494

Uniform Mortgage-Backed Security 2.50% 10/1/2056 (a)(f)

225,361

183,880

Uniform Mortgage-Backed Security 3.00% 10/1/2056 (a)(f)

42,082

35,869

Uniform Mortgage-Backed Security 3.50% 10/1/2056 (a)(f)

86,962

77,124

Uniform Mortgage-Backed Security 4.00% 10/1/2056 (a)(f)

80,711

73,649

Uniform Mortgage-Backed Security 4.50% 10/1/2056 (a)(f)

30,585

28,701

Uniform Mortgage-Backed Security 5.00% 10/1/2056 (a)(f)

185,316

178,686

Uniform Mortgage-Backed Security 5.50% 10/1/2056 (a)(f)

65,454

64,720

Uniform Mortgage-Backed Security 6.00% 10/1/2056 (a)(f)

713,954

721,008

Uniform Mortgage-Backed Security 6.50% 10/1/2056 (a)(f)

153,571

158,034

8,019,781

Commercial mortgage-backed securities 0.55%

Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 (a)(c)(d)

31,782

32,083

Extended Stay America Trust, Series 2026-ESH2, Class A, (1-month USD CME Term SOFR + 1.20%) 4.839%

2/15/2043 (a)(c)(d)

14,054

14,080

FS Commercial Mortgage Trust, Series 2026-PALM, Class A, (1-month USD CME Term SOFR + 1.40%) 5.039%

7/15/2041 (a)(c)(d)

3,595

3,604

StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%)

4.639% 1/15/2039 (a)(c)(d)

21,530

21,550

71,317

Collateralized mortgage-backed obligations (privately originated) 0.52%

Arroyo Mortgage Trust, Series 2019-1, Class A1, 3.805% 1/25/2049 (a)(c)(d)

21

21

CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 (a)(c)(d)

11,717

10,912

COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 (a)(c)(d)

655

590

Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 (a)(c)

2,179

2,187

Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 (a)(c)(d)

9,074

9,190

PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 (a)(c)(d)

6,901

6,962

Sequoia Mortgage Trust, Series 2026-MED2, Class A1A, 5.613% 8/25/2056 (a)(c)(d)

35,918

35,683

Towd Point Mortgage Trust, Series 2016-2, Class M1, 3.00% 8/25/2055 (a)(c)(d)

1,394

1,390

66,935

Total mortgage-backed obligations

8,158,033

U.S. Treasury bonds & notes 9.19%

U.S. Treasury 9.19%

U.S. Treasury 0.875% 9/30/2026

400

399

U.S. Treasury 3.50% 9/30/2026

44,000

43,988

U.S. Treasury 4.125% 1/31/2027

27,000

27,015

U.S. Treasury 3.75% 6/30/2027

28,376

28,279

U.S. Treasury 3.50% 10/31/2027

110,000

109,039

U.S. Treasury 1.25% 5/31/2028

3,800

3,605

U.S. Treasury 1.25% 6/30/2028

19,000

17,980

U.S. Treasury 4.125% 7/31/2028 (e)

118,000

117,551

U.S. Treasury 1.75% 1/31/2029

10,000

9,404

U.S. Treasury 4.50% 5/31/2029 (e)

136,000

136,367

U.S. Treasury 3.625% 12/31/2030

15,047

14,546

U.S. Treasury 3.50% 2/28/2031

61,607

59,181

U.S. Treasury 4.125% 10/31/2031

5,184

5,092

U.S. Treasury 4.375% 1/31/2032

11,000

10,919

U.S. Treasury 1.875% 2/15/2032

10,000

8,725

U.S. Treasury 2.875% 5/15/2032

5,822

5,336

17

American Funds Mortgage Fund


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

U.S. Treasury bonds & notes (continued)

U.S. Treasury (continued)

U.S. Treasury 4.00% 6/30/2032

USD30,000

$29,170

U.S. Treasury 3.875% 12/31/2032 (e)

122,000

117,330

U.S. Treasury 4.00% 11/15/2035

9,233

8,741

U.S. Treasury 4.125% 2/15/2036

8,574

8,183

U.S. Treasury 1.375% 11/15/2040

3,168

1,992

U.S. Treasury 1.875% 2/15/2041

18,333

12,363

U.S. Treasury 3.25% 5/15/2042

8,193

6,537

U.S. Treasury 1.875% 2/15/2051

11,600

6,149

U.S. Treasury 2.00% 8/15/2051

11,000

5,972

U.S. Treasury 4.625% 2/15/2055

45,000

40,809

U.S. Treasury 4.75% 8/15/2055

63,000

58,297

U.S. Treasury 4.625% 11/15/2055 (e)

79,000

71,651

U.S. Treasury 4.75% 2/15/2056 (e)

219,362

203,252

U.S. Treasury 5.00% 5/15/2056

20,000

19,281

Total U.S. Treasury bonds & notes

1,187,153

Asset-backed obligations 1.36%

Collateralized loan obligations 0.52%

522 Funding CLO, Ltd., Series 2019-5A, Class AR2, (3-month USD CME Term SOFR + 1.02%) 4.773%

4/15/2035 (a)(c)(d)

2,385

2,388

Ares LXII CLO, Ltd., Series 2021-62, Class A1R, (3-month USD CME Term SOFR + 1.07%) 4.88% 1/25/2034 (a)(c)(d)

3,150

3,154

Bain Capital Credit CLO, Ltd., Series 2019-1A, Class AR3, (3-month USD CME Term SOFR + 0.98%) 4.709%

4/19/2034 (a)(c)(d)

4,564

4,570

Ballyrock CLO 20, Ltd., Series 2022-20A, Class A1A3, (3-month USD CME Term SOFR + 1.05%) 4.803%

10/15/2036 (a)(c)(d)

15,000

15,005

Canyon Capital CLO, Ltd., Series 2016-1AR, Class CR2, (3-month USD CME Term SOFR + 1.05%) 5.15%

7/15/2031 (a)(c)(d)

1,628

1,629

Canyon Capital CLO, Ltd., Series 2016-2A, Class AR2, (3-month USD CME Term SOFR + 1.05%) 4.65%

10/15/2031 (a)(c)(d)

4,404

4,407

Canyon Capital CLO, Ltd., Series 2021-1A, Class AR, (3-month USD CME Term SOFR + 1.05%) 4.803%

4/15/2034 (a)(c)(d)

11,829

11,841

Canyon Capital CLO, Ltd., Series 2017-1A, Class AR2, (3-month USD CME Term SOFR + 1.05%) 4.784%

7/15/2034 (a)(c)(d)

783

783

Canyon Capital CLO, Ltd., Series 2018-1A, Class AR1, (3-month USD CME Term SOFR + 1.05%) 4.803%

10/15/2034 (a)(c)(d)

2,321

2,324

Flatiron CLO 28, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.833%

7/15/2036 (a)(c)(d)

8,000

8,003

Jamestown CLO XIV, Ltd., Series 2019-14A, Class A1RR, (3-month USD CME Term SOFR + 1.04%) 4.769%

10/20/2034 (a)(c)(d)

4,513

4,516

Magnetite XXII, Ltd., CLO, Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.003%

7/15/2036 (a)(c)(d)

3,000

3,003

Sound Point CLO XXXIII, Ltd., Series 2022-1A, Class AR, (3-month USD CME Term SOFR + 1.10%) 4.91%

4/20/2035 (a)(c)(d)

4,982

4,985

66,608

Other asset-backed securities 0.39%

Affirm Master Trust, Series 2026-1A, Class A, 4.37% 2/15/2034 (a)(c)

12,612

12,553

CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 (a)(c)

4,871

3,728

CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 (a)(c)

2,154

1,740

CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 (a)(c)

9,208

6,949

DLLMT, LLC, Series 2026-1A, Class A2, 4.03% 7/20/2028 (a)(c)

9,958

9,941

New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 (a)(c)

12,130

9,516

PEAC Solutions Receivables, LLC, Series 2026-1A, Class A2, 4.27% 10/20/2028 (a)(c)

6,442

6,413

50,840

Auto loan 0.31%

AutoNation Finance Trust, Series 2026-1A, Class A2, 3.95% 1/11/2029 (a)(c)

7,485

7,476

Bridgecrest Lending Auto Securitization Trust, Series 2026-1, Class A2, 4.10% 7/17/2028 (a)

2,618

2,618

Bridgecrest Lending Auto Securitization Trust, Series 2026-1, Class A3, 4.04% 12/17/2029 (a)

3,194

3,185

Exeter Automobile Receivables Trust, Series 2026-1A, Class A2, 4.08% 9/15/2028 (a)

3,864

3,863

Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 (a)(c)

22,413

22,663

39,805

American Funds Mortgage Fund

18


Bonds, notes & other debt instruments (continued)

Principal amount

(000)

Value

(000)

Asset-backed obligations (continued)

Student loan 0.14%

Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 (a)(c)

USD2,645

$2,503

Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 (a)(c)

1,922

1,830

Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 (a)(c)

9,117

8,667

Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.507%

4/20/2062 (a)(c)(d)

4,809

4,789

SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 (a)(c)

868

798

18,587

Total asset-backed obligations

175,840

Total bonds, notes & other debt instruments (cost: $9,742,007,000)

9,521,026

Short-term securities 48.64%

Shares

Money market investments 13.99%

Capital Group Central Cash Fund 3.78% (g)(h)

18,067,934

1,806,613

Weighted

average yield

at acquisition

Principal amount

(000)

Federal agency bills & notes 34.65%

Fannie Mae 9/28/2026

3.581

%

USD300,000

299,191

Federal Farm Credit Banks 10/19/2026

3.619

100,000

99,508

Federal Home Loan Bank 9/2/2026

3.500

305,000

304,970

Federal Home Loan Bank 9/4/2026

3.572

200,000

199,940

Federal Home Loan Bank 9/9/2026

3.589

427,000

426,659

Federal Home Loan Bank 9/11/2026

3.592

95,000

94,905

Federal Home Loan Bank 9/16/2026

3.591

450,000

449,321

Federal Home Loan Bank 9/18/2026

3.527

150,000

149,743

Federal Home Loan Bank 9/23/2026

3.608

44,183

44,085

Federal Home Loan Bank 9/24/2026

3.566

200,000

199,535

Federal Home Loan Bank 9/25/2026

3.635

250,000

249,393

Federal Home Loan Bank 9/29/2026

3.675

100,000

99,716

Federal Home Loan Bank 10/2/2026

3.497

50,000

49,843

Federal Home Loan Bank 10/9/2026

3.586

100,000

99,614

Federal Home Loan Bank 10/13/2026

3.619

100,000

99,571

Federal Home Loan Bank 10/16/2026

3.610

200,000

199,077

Federal Home Loan Bank 10/22/2026

3.549

300,000

298,423

Federal Home Loan Bank 10/28/2026

3.622

150,000

149,115

Federal Home Loan Bank 10/30/2026

3.669

100,000

99,389

Federal Home Loan Bank 11/2/2026

3.664

375,000

372,578

Federal Home Loan Bank 11/13/2026

3.610

37,000

36,720

Federal Home Loan Bank 11/18/2026

3.670

37,900

37,594

Federal Home Loan Bank 11/25/2026

3.674

64,900

64,331

Federal Home Loan Bank 11/27/2026

3.593

106,000

105,048

Federal Home Loan Bank 12/31/2026

3.570

250,000

246,781

Total short-term securities (cost: $6,281,901,000)

6,281,663

Total investment securities 122.36% (cost: $16,023,908,000)

15,802,689

Total options written (equity style)† (0.02)% (premium received: $2,081,000)

(2,158

)

Other assets less liabilities (22.34)%

(2,885,160

)

Net assets 100.00%

$12,915,371

19

American Funds Mortgage Fund


†Options written (equity style)


Options on futures 

Description

Number of

contracts

Expiration

date

Exercise

price

Notional

amount

(000)

Value at

8/31/2026

(000)

Put

3 Month SOFR Futures Option

5,481

12/11/2026

USD95.94

USD(1,370,250)

$(2,158

)

Futures contracts


Contracts

Type

Number of

contracts

Expiration

date

Notional

amount

(000)

Value and

unrealized

appreciation

(depreciation)

at 8/31/2026

(000)

3 Month SOFR Futures

Long

12,495

3/17/2027

USD2,996,145

$(10,199

)

2 Year U.S. Treasury Note Futures

Long

20,377

1/6/2027

4,182,061

(10,246

)

5 Year U.S. Treasury Note Futures

Long

21,663

1/6/2027

2,289,847

(9,779

)

10 Year Ultra U.S. Treasury Note Futures

Long

5,349

12/31/2026

585,298

(3,555

)

10 Year U.S. Treasury Note Futures

Long

3,371

12/31/2026

362,909

(2,752

)

20 Year U.S. Treasury Bond Futures

Long

1,024

12/31/2026

111,232

(354

)

30 Year Ultra U.S. Treasury Bond Futures

Long

4,145

12/31/2026

456,079

(1,438

)

$(38,323

)

Swap contracts


Interest rate swaps

Centrally cleared interest rate swaps 

Receive

Pay

Expiration

date

Notional

amount

(000)

Value at

8/31/2026

(000)

Upfront

premium

paid

(received)

(000)

Unrealized

appreciation

(depreciation)

at 8/31/2026

(000)

Rate

Payment

frequency

Rate

Payment

frequency

SOFR

Annual

3.7315%

Annual

3/25/2033

USD129,746

$4,021

$—

$4,021

SOFR

Annual

3.739%

Annual

3/25/2033

61,112

1,868

—

1,868

SOFR

Annual

3.7655%

Annual

3/26/2033

76,625

2,230

—

2,230

SOFR

Annual

3.788%

Annual

3/26/2033

46,069

1,282

—

1,282

SOFR

Annual

3.793%

Annual

3/26/2033

22,941

632

—

632

SOFR

Annual

3.8105%

Annual

3/30/2033

76,625

2,035

—

2,035

SOFR

Annual

3.8175%

Annual

3/31/2033

30,744

805

—

805

SOFR

Annual

3.703%

Annual

4/14/2033

77,656

2,557

—

2,557

SOFR

Annual

3.6038%

Annual

1/8/2034

46,550

2,027

—

2,027

SOFR

Annual

3.41%

Annual

7/28/2045

115,000

17,336

—

17,336

$34,793

$—

$34,793

Investments in affiliates (h)


Value at

9/1/2025

(000)

Additions

(000)

Reductions

(000)

Net

realized

gain (loss)

(000)

Net

unrealized

appreciation

(depreciation)

(000)

Value at

8/31/2026

(000)

Dividend

or interest

income

(000)

Short-term securities 13.99%

Money market investments 13.99%

Capital Group Central Cash Fund 3.78% (g)

$1,015,625

$11,391,714

$10,600,806

$235

$(155

)

$1,806,613

$35,195

American Funds Mortgage Fund

20


(a)

Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

(b)

Amount less than one thousand.

(c)

Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(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 $325,312,000, which represented

2.52% of the net assets of the fund.

(d)

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.

(e)

All or a portion of this security was pledged as collateral.  At period end, the total value of securities pledged was $130,111,000, which represented 1.01% of

the net assets of the fund.

(f)

Represents securities transacted on a TBA basis.

(g)

Rate represents the seven-day yield at 8/31/2026.

(h)

Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation(s)

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

21

American Funds Mortgage Fund


Financial statements

Statement of assets and liabilities at August 31, 2026


(dollars in thousands) 

Assets:

Investment securities, at value:

Unaffiliated issuers (cost: $14,217,302)

$13,996,076

Affiliated issuers (cost: $1,806,606)

1,806,613

$15,802,689

Cash

2,861

Receivables for:

Sales of investments

4,651,901

Sales of fund’s shares

1,127

Dividends and interest

38,648

Variation margin on futures contracts

223

Variation margin on centrally cleared swap contracts

1,798

4,693,697

20,499,247

Liabilities:

Options written, at value (premium received: $2,081)

2,158

Payables for:

Purchases of investments

7,565,892

Repurchases of fund’s shares

4,345

Dividends on fund’s shares

38

Investment advisory services

2,462

Services provided by related parties

389

Trustees’ deferred compensation

200

Variation margin on futures contracts

8,174

Variation margin on centrally cleared swap contracts

210

Other

8

7,581,718

Net assets at August 31, 2026

$12,915,371

Net assets consist of:

Capital paid in on shares of beneficial interest

$14,419,912

Total distributable earnings (accumulated loss)

(1,504,541

)

Net assets at August 31, 2026

$12,915,371


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

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,495,760 total shares outstanding) 

Net assets

Shares

outstanding

Net asset value

per share

Class A

$178,356

20,656

$8.63

Class C

5,799

679

8.54

Class F-1

15,553

1,801

8.64

Class F-2

259,484

30,037

8.64

Class F-3

94,487

10,940

8.64

Class 529-A

17,877

2,071

8.63

Class 529-C

850

100

8.52

Class 529-E

770

89

8.63

Class 529-F-2

5,295

613

8.64

Class 529-F-3

10

1

8.64

Class R-1

2,265

265

8.54

Class R-2

2,778

326

8.53

Class R-2E

101

12

8.61

Class R-3

12,656

1,471

8.61

Class R-4

11,064

1,281

8.64

Class R-5E

851

99

8.64

Class R-5

976

113

8.64

Class R-6

12,306,199

1,425,206

8.63

Refer to the notes to financial statements.

American Funds Mortgage Fund

22


Financial statements (continued)

Statement of operations for the year ended August 31, 2026


(dollars in thousands) 

Investment income:

Income:

Interest from unaffiliated issuers

$557,399

Dividends from affiliated issuers

35,195

$592,594

Fees and expenses*:

Investment advisory services

30,332

Distribution services

963

Transfer agent services

1,006

Administrative services

3,796

529 plan services

14

Reports to shareholders

52

Registration statement and prospectus

652

Trustees’ compensation

98

Auditing and legal

119

Custodian

78

Other

30

Total fees and expenses before waivers and/or reimbursements

37,140

Less waivers and/or reimbursements of fees and expenses:

Investment advisory services waiver

1,486

Transfer agent services waiver

1

Total fees and expenses after waivers and/or reimbursements

35,653

Net investment income

556,941

Net realized gain (loss) and unrealized appreciation (depreciation):

Net realized gain (loss) on:

Investments:

Unaffiliated issuers

45,063

Affiliated issuers

235

Options written

104

Futures contracts

(185,674

)

Swap contracts

759

(139,513

)

Net unrealized appreciation (depreciation) on:

Investments:

Unaffiliated issuers

(200,455

)

Affiliated issuers

(155

)

Options written

(143

)

Futures contracts

(57,826

)

Swap contracts

24,451

(234,128

)

Net realized gain (loss) and unrealized appreciation (depreciation)

(373,641

)

Net increase (decrease) in net assets resulting from operations

$183,300

*

Additional information related to class-specific fees and expenses is included in the notes to financial statements. 

Refer to the notes to financial statements.

23

American Funds Mortgage Fund


Financial statements (continued)

Statements of changes in net assets


(dollars in thousands) 

Year ended August 31,

2026

2025

Operations:

Net investment income

$556,941

$555,261

Net realized gain (loss)

(139,513

)

(68,648

)

Net unrealized appreciation (depreciation)

(234,128

)

(3,526

)

Net increase (decrease) in net assets resulting from operations

183,300

483,087

Distributions paid or accrued to shareholders

(554,967

)

(538,224

)

Net capital share transactions

1,364,741

931,585

Total increase (decrease) in net assets

993,074

876,448

Net assets:

Beginning of year

11,922,297

11,045,849

End of year

$12,915,371

$11,922,297

Refer to the notes to financial statements.

American Funds Mortgage Fund

24


Notes to financial statements

1. Organization


American Funds Mortgage Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The fund seeks to provide current income and preservation of capital.

The fund has 18 share classes consisting of five retail share classes (Classes A, C, F-1, F-2 and F-3), five 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-F-2 and 529-F-3) 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

Class A

Up to 3.75%

None (except 0.75% for certain

redemptions within 18 months of purchase

without an initial sales charge)

None

Class 529-A

Up to 3.50%

None (except 1.00% for certain

redemptions within 18 months of purchase

without an initial sales charge)

None

Classes C and 529-C

None

1.00% for redemptions within one year of

purchase

Class C converts to Class A

after eight years and Class 529-C

converts to Class 529-A after five years

Class 529-E

None

None

None

Classes F-1, F-2, F-3,

529-F-2 and 529-F-3

None

None

None

Classes R-1, R-2, R-2E, R-3, R-4,

R-5E, R-5 and R-6

None

None

None

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 ("FASB"). The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting 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.

Operating segments — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund’s portfolio management team. A senior executive team comprised of the fund’s Principal Executive Officer and Principal Financial Officer, serves as the fund’s chief operating decision maker (“CODM”), who act in accordance with Board of Trustees reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund’s profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

25

American Funds Mortgage Fund


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. Dividend income is recognized on the ex-dividend date and 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 gains and losses and unrealized appreciation and depreciation 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. Capital gain distributions are recorded on the ex-dividend date.

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 per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

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 evaluated prices obtained from third-party 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”)

Corporate bonds, notes & loans; convertible securities

Standard inputs and underlying equity of the issuer

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

The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, and terms of the contract.

American Funds Mortgage Fund

26


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 the fund’s investment adviser and approved by the 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, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, 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 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 designated 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 “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports 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.

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 fund’s valuation levels as of August 31, 2026, were as follows (dollars in thousands): 

Investment securities

Level 1

Level 2

Level 3

Total

Assets:

Bonds, notes & other debt instruments:

Mortgage-backed obligations

$—

$8,158,033

$—

$8,158,033

U.S. Treasury bonds & notes

—

1,187,153

—

1,187,153

Asset-backed obligations

—

175,840

—

175,840

Short-term securities

1,806,613

4,475,050

—

6,281,663

Total

$1,806,613

$13,996,076

$—

$15,802,689

Other investments*

Level 1

Level 2

Level 3

Total

Assets:

Unrealized appreciation on centrally cleared interest rate swaps

$—

$34,793

$—

$34,793

Liabilities:

Value of options written (equity style)

(2,158

)

—

—

(2,158

)

Unrealized depreciation on futures contracts

(38,323

)

—

—

(38,323

)

Total

$(40,481

)

$34,793

$—

$(5,688

)

*

Options written, futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

27

American Funds Mortgage Fund


4. Risk factors


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

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. 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.

American Funds Mortgage Fund

28


Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

Investing in securities backed by the U.S. government — U.S. government securities are subject to market risk, interest rate risk and credit risk. 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 and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. Securities issued by U.S. 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.

Investments in future delivery contracts — The fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When the fund purchases these contracts, this can increase the fund’s market exposure because the value of securities the fund contracts to purchase is reflected each day in determining the fund’s net asset value and the fund is not required to pay for or obtain the securities until settlement date. When the fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), the fund may or may not hold the types of mortgage-backed securities required to be delivered. The fund may choose to roll these transactions in lieu of settling them.

When the fund rolls the purchase of these types of future delivery transactions, the fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predetermined price. When the fund rolls the sale of these transactions rather than settling them, the fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of the fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for the fund.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce the fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

29

American Funds Mortgage Fund


Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Leverage risk — Certain transactions of the fund may give rise to leverage. These transactions may include, among others, derivatives, future delivery contracts and when-issued, delayed delivery or forward commitment transactions. As a result, increases and decreases in the value of the fund’s portfolio may be magnified, and the fund may be exposed to a heightened risk of loss and increased costs.

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, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques


Index-linked bonds — The fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — The fund has entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund’s financial highlights table.                                                    

Option contracts — The fund has entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or cash settles) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

American Funds Mortgage Fund

30


The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option’s underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option’s underlying currency or instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund’s statement of assets and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in the fund’s statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund’s statement of operations and statements of changes in net assets.

Option contracts can take different forms. The fund has entered into the following types of option contracts:

Options on futures — The fund has entered into options on futures contracts to seek to manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. The average month-end notional amount of options on futures while held was $2,545,688,000.

Futures contracts — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM“), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $10,917,682,000.

Swap contracts — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

31

American Funds Mortgage Fund


On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund’s statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund’s statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund’s statement of operations.

Swap agreements can take different forms. The fund has entered into the following types of swap agreements:

Interest rate swaps — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $438,819,000.

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of option contracts, futures contracts and interest rate swaps as of, or for the year ended, August 31, 2026 (dollars in thousands): 

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Options written

(equity style)

Interest

Options written, at value

$—

Options written, at value

$2,158

Futures

Interest

Unrealized appreciation*

—

Unrealized depreciation*

38,323

Swap (centrally

cleared)

Interest

Unrealized appreciation*

34,793

Unrealized depreciation*

—

$34,793

$40,481

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of operations

Value

Location on statement of operations

Value

Options purchased

(equity style)

Interest

Net realized gain (loss) on investments

$(2,108

)

Net unrealized appreciation (depreciation)

on investments

$1,919

Options written

(equity style)

Interest

Net realized gain (loss) on options written

104

Net unrealized appreciation (depreciation)

on options written

(143

)

Futures

Interest

Net realized gain (loss) on futures contracts

(185,674

)

Net unrealized appreciation (depreciation)

on futures contracts

(57,826

)

Swap

Interest

Net realized gain (loss) on swap contracts

759

Net unrealized appreciation (depreciation)

on swap contracts

24,451

$(186,919

)

$(31,599

)

*

Includes cumulative appreciation/depreciation on futures contracts and centrally cleared interest rate swaps as reported in the applicable tables following the fund’s investment portfolio. Only current day’s variation margin is reported within the fund’s statement of assets and liabilities.

American Funds Mortgage Fund

32


Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of option contracts, futures contracts, interest rate swaps and future delivery contracts. For options on futures, futures contracts and centrally cleared interest rate swaps, the fund pledges collateral for initial and variation margin by contract. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.

6. Taxation and distributions


Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies 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.

As of and during the year ended August 31, 2026, 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 year, the fund did not incur any significant interest or penalties.

The fund’s tax returns are generally 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 typically three years after the date of filing but can be extended in certain jurisdictions.

Distributions — Distributions determined on a tax basis 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; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. 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.

As of August 31, 2026, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands): 

Undistributed ordinary income

$1,984

Capital loss carryforward1

(1,319,555

)

Gross unrealized appreciation on investments

88,578

Gross unrealized depreciation on investments

(275,310

)

Net unrealized appreciation (depreciation) on investments

(186,732

)

Cost of investments

15,983,733

1

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

33

American Funds Mortgage Fund


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

Year ended August 31,

Share class

2026

2025

Class A

$7,407

$7,551

Class C

204

248

Class T2

—

3

—

3

Class F-1

1,061

1,431

Class F-2

18,291

16,959

Class F-3

4,744

4,228

Class 529-A

745

797

Class 529-C

28

30

Class 529-E

28

27

Class 529-T2

—

3

1

Class 529-F-12

—

3

—

3

Class 529-F-2

242

289

Class 529-F-3

—

3

1

Class R-1

115

199

Class R-2

90

95

Class R-2E

4

5

Class R-3

1,748

1,847

Class R-4

459

482

Class R-5E

35

43

Class R-5

28

21

Class R-6

519,738

503,970

Total

$554,967

$538,224

2

Effective 6/26/2026, Class T, 529-T, and 529-F-1 shares were closed and deregistered.

3

Amount less than one thousand.

7. Fees and transactions with related parties


CRMC, the fund’s investment adviser, is the parent company of Capital Client Group, Inc. (“CCG”), the principal underwriter of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, CCG 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. From September 1, 2025 through February 28, 2026, the investment advisory services fee consisted of both an asset-based component and an income component. The asset-based component was calculated based on a series of decreasing annual rates, beginning with 0.155% on the first $15 billion of daily net assets and decreasing to 0.130% on such assets in excess of $15 billion. The income component was calculated based on a series of decreasing rates, beginning with 3.00% on the first $3,333,333 of the fund’s monthly gross income and decreasing to 2.00% on such income in excess of $8,333,333. On November 25, 2025, shareholders of the fund approved an amendment to the investment advisory and service agreement to remove the income component and revise the advisory fee schedule, effective March 1, 2026. From March 1, 2026 through August 31, 2026, the fees were based on a series of decreasing annual rates, beginning with 0.224% on the first $15 billion of daily net assets and decreasing to 0.195% on such assets in excess of $15 billion. During the year ended August 31, 2026, CRMC waived investment advisory services fees of $1,486,000. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $30,332,000, which were equivalent to an annualized rate of 0.240% of average daily net assets, were reduced to $28,846,000, which were equivalent to an annualized rate of 0.228% of average daily net assets.

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:

American Funds Mortgage Fund

34


Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-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 0.30% 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 up to 0.25% of average daily net assets to pay service fees, or to compensate CCG for paying service fees, to firms that have entered into agreements with CCG 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

0.25

%

0.30

%

Class 529-A

0.25

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 F-1 and R-4

0.25

0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of August 31, 2026, unreimbursed expenses subject to reimbursement totaled $68,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 529-A shares.

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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders. For the year ended August 31, 2026, AFS waived transfer agent services fees of less than $1,000 for Class R-2E and less than $1,000 for Class R-5E. AFS does not intend to recoup the waiver.

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates 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 provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

529 plan services — Each 529 share class is subject to service fees to compensate the Commonwealth Savers Plan (formerly, Virginia529) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Commonwealth Savers Plan through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Commonwealth Savers Plan is not considered a related party to the fund.

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are 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. For the year ended August 31, 2026, the 529 plan services fees were $14,000, which were equivalent to 0.051% of the average daily net assets of each 529 share class.

35

American Funds Mortgage Fund


For the year ended August 31, 2026, class-specific expenses under the agreements were as follows (dollars in thousands): 

Share class

Distribution

services

Transfer agent

services

Administrative

services

529 plan

services

Class A

$463

$295

$56

Not applicable

Class C

62

10

2

Not applicable

Class T*

—

—

†

—

†

Not applicable

Class F-1

65

34

8

Not applicable

Class F-2

Not applicable

507

128

Not applicable

Class F-3

Not applicable

—

†

32

Not applicable

Class 529-A

43

28

6

$10

Class 529-C

9

1

—

†

1

Class 529-E

4

1

—

†

—

†

Class 529-T*

—

—

†

—

†

—

†

Class 529-F-1*

—

—

†

—

†

—

†

Class 529-F-2

Not applicable

5

2

3

Class 529-F-3

Not applicable

—

—

†

—

†

Class R-1

35

4

1

Not applicable

Class R-2

20

9

1

Not applicable

Class R-2E

1

—

†

—

†

Not applicable

Class R-3

233

77

14

Not applicable

Class R-4

28

12

3

Not applicable

Class R-5E

Not applicable

2

—

†

Not applicable

Class R-5

Not applicable

1

—

†

Not applicable

Class R-6

Not applicable

20

3,543

Not applicable

Total class-specific expenses

$963

$1,006

$3,796

$14

*

Effective 6/26/2026, Class T, 529-T, and 529-F-1 shares were closed and deregistered.

†

Amount less than one thousand.

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 Capital Group Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $98,000 in the fund’s statement of operations reflects $78,000 in current fees (either paid in cash or deferred) and a net increase of $20,000 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, CCG and AFS. No affiliated officers or trustees received any compensation directly from the fund.

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The fund may purchase investment securities from, or sell investment 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. During the year ended August 31, 2026, the fund did not engage in any such purchase or sale transactions with any related funds.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended August 31, 2026.

American Funds Mortgage Fund

36


8. Indemnifications


The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

9. 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

Year ended August 31, 2026

Class A

$28,855

3,244

$7,297

824

$(33,153

)

(3,748

)

$2,999

320

Class C

1,255

144

203

23

(2,262

)

(258

)

(804

)

(91

)

Class T2

—

—

—

—

(9

)

(1

)

(9

)

(1

)

Class F-1

4,347

488

928

105

(18,774

)

(2,127

)

(13,499

)

(1,534

)

Class F-2

162,943

18,295

18,132

2,044

(321,060

)

(36,566

)

(139,985

)

(16,227

)

Class F-3

24,459

2,749

4,414

498

(34,690

)

(3,938

)

(5,817

)

(691

)

Class 529-A

3,654

411

742

84

(4,559

)

(515

)

(163

)

(20

)

Class 529-C

424

48

28

3

(387

)

(44

)

65

7

Class 529-E

375

42

28

3

(226

)

(26

)

177

19

Class 529-T2

—

—

—

3

—

3

(12

)

(1

)

(12

)

(1

)

Class 529-F-12

—

—

—

3

—

3

(10

)

(1

)

(10

)

(1

)

Class 529-F-2

941

106

240

27

(1,830

)

(206

)

(649

)

(73

)

Class 529-F-3

—

—

—

3

—

3

—

—

—

3

—

3

Class R-1

610

69

112

13

(3,798

)

(430

)

(3,076

)

(348

)

Class R-2

815

94

90

10

(855

)

(97

)

50

7

Class R-2E

19

2

3

—

3

(3

)

—

3

19

2

Class R-3

16,270

1,838

1,703

193

(48,777

)

(5,614

)

(30,804

)

(3,583

)

Class R-4

2,980

335

457

52

(2,873

)

(323

)

564

64

Class R-5E

262

30

35

4

(447

)

(50

)

(150

)

(16

)

Class R-5

513

59

28

3

(52

)

(6

)

489

56

Class R-6

2,110,964

238,038

519,723

58,702

(1,075,331

)

(121,496

)

1,555,356

175,244

Total net increase (decrease)

$2,359,686

265,992

$554,163

62,588

$(1,549,108

)

(175,447

)

$1,364,741

153,133

Refer to the end of the table(s) for footnote(s).

37

American Funds Mortgage Fund


Sales1

Reinvestments of

distributions

Repurchases1

Net increase

(decrease)

Share class

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Year ended August 31, 2025

Class A

$31,646

3,614

$7,437

847

$(34,128

)

(3,899

)

$4,955

562

Class C

1,114

128

246

28

(1,593

)

(184

)

(233

)

(28

)

Class T

—

—

—

—

—

—

—

—

Class F-1

7,754

888

1,201

136

(12,413

)

(1,417

)

(3,458

)

(393

)

Class F-2

183,378

20,946

16,755

1,907

(141,884

)

(16,180

)

58,249

6,673

Class F-3

73,375

8,348

3,983

454

(33,433

)

(3,838

)

43,925

4,964

Class 529-A

4,114

470

793

90

(4,732

)

(542

)

175

18

Class 529-C

388

45

30

4

(524

)

(61

)

(106

)

(12

)

Class 529-E

34

4

27

3

(134

)

(15

)

(73

)

(8

)

Class 529-T

—

—

—

3

—

3

—

—

—

3

—

3

Class 529-F-1

—

—

—

3

—

3

—

—

—

3

—

3

Class 529-F-2

1,791

205

287

32

(2,282

)

(260

)

(204

)

(23

)

Class 529-F-3

—

—

—

3

—

3

—

—

—

3

—

3

Class R-1

1,033

119

199

23

(1,570

)

(182

)

(338

)

(40

)

Class R-2

705

82

95

11

(494

)

(58

)

306

35

Class R-2E

19

2

5

1

(124

)

(14

)

(100

)

(11

)

Class R-3

8,054

922

1,835

210

(13,097

)

(1,501

)

(3,208

)

(369

)

Class R-4

2,841

325

479

54

(3,578

)

(409

)

(258

)

(30

)

Class R-5E

363

41

43

6

(342

)

(40

)

64

7

Class R-5

90

10

21

3

(32

)

(4

)

79

9

Class R-6

1,120,146

128,255

503,975

57,395

(792,311

)

(90,264

)

831,810

95,386

Total net increase (decrease)

$1,436,845

164,404

$537,411

61,204

$(1,042,671

)

(118,868

)

$931,585

106,740

1

Includes exchanges between share classes of the fund.

2

Effective 6/26/2026, Class T, 529-T, and 529-F-1 shares were closed and deregistered.

3

Amount less than one thousand.

10. Investment transactions


The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $57,059,980,000 and $58,825,941,000, respectively, during the year ended August 31, 2026.

11. Ownership concentration


As of August 31, 2026, three shareholders held more than 10% of the fund’s outstanding shares. The three shareholders were American Funds 2025 Target Date Retirement Income Fund, American Funds 2030 Target Date Retirement Fund and American Funds 2035 Target Date Retirement Fund, with aggregate ownership of the fund’s outstanding shares of 14%, 21% and 22%, respectively. CRMC is the investment adviser to the three target date retirement funds.

American Funds Mortgage Fund

38


Financial highlights

Income (loss) from investment operations1

Dividends and distributions

Year ended

Net asset

value,

beginning

of year

Net

investment

income

(loss)

Net gains

(losses) on

securities

(both

realized and

unrealized)

Total from

investment

operations

Dividends

(from net

investment

income)

Distributions

(from capital

gains)

Total

dividends

and

distributions

Net asset

value,

end

of year

Total return2,3

Net assets,

end of

year

(in millions)

Ratio of

expenses to

average net

assets before

waivers/

reimburse-

ments4

Ratio of

expenses to

average net

assets after

waivers/

reimburse-

ments3,4

Ratio of

net income

(loss) to

average

net assets3

Class A:

8/31/2026

$8.88

$.36

$(.26

)

$.10

$(.35

)

$—

$(.35

)

$8.63

1.14

%

$178

.69

%

.68

%

4.01

%

8/31/2025

8.94

.39

(.07

)

.32

(.38

)

—

(.38

)

8.88

3.70

180

.73

.69

4.47

8/31/2024

8.75

.40

.17

.57

(.38

)

—

(.38

)

8.94

6.74

177

.75

.71

4.63

8/31/2023

9.33

.30

(.58

)

(.28

)

(.30

)

—

(.30

)

8.75

(3.08

)

174

.72

.69

3.36

8/31/2022

10.23

.09

(.89

)

(.80

)

(.10

)

—

(.10

)

9.33

(7.82

)

203

.64

.64

.92

Class C:

8/31/2026

8.78

.29

(.25

)

.04

(.28

)

—

(.28

)

8.54

.48

6

1.44

1.42

3.27

8/31/2025

8.84

.32

(.07

)

.25

(.31

)

—

(.31

)

8.78

2.92

7

1.48

1.44

3.72

8/31/2024

8.66

.33

.16

.49

(.31

)

—

(.31

)

8.84

5.85

7

1.50

1.46

3.88

8/31/2023

9.23

.23

(.57

)

(.34

)

(.23

)

—

(.23

)

8.66

(3.76

)

8

1.47

1.44

2.58

8/31/2022

10.14

.01

(.86

)

(.85

)

(.06

)

—

(.06

)

9.23

(8.42

)

11

1.39

1.39

.11

Class F-1:

8/31/2026

8.88

.36

(.24

)

.12

(.36

)

—

(.36

)

8.64

1.29

16

.66

.65

4.06

8/31/2025

8.94

.40

(.08

)

.32

(.38

)

—

(.38

)

8.88

3.76

30

.67

.63

4.53

8/31/2024

8.75

.41

.17

.58

(.39

)

—

(.39

)

8.94

6.82

33

.67

.63

4.72

8/31/2023

9.34

.32

(.61

)

(.29

)

(.30

)

—

(.30

)

8.75

(3.12

)

25

.65

.63

3.52

8/31/2022

10.23

.10

(.88

)

(.78

)

(.11

)

—

(.11

)

9.34

(7.69

)

22

.61

.61

1.02

Class F-2:

8/31/2026

8.88

.38

(.24

)

.14

(.38

)

—

(.38

)

8.64

1.56

259

.40

.39

4.31

8/31/2025

8.94

.42

(.07

)

.35

(.41

)

—

(.41

)

8.88

4.02

411

.42

.38

4.78

8/31/2024

8.76

.43

.16

.59

(.41

)

—

(.41

)

8.94

6.97

354

.41

.37

4.97

8/31/2023

9.34

.34

(.59

)

(.25

)

(.33

)

—

(.33

)

8.76

(2.76

)

199

.40

.37

3.75

8/31/2022

10.23

.13

(.89

)

(.76

)

(.13

)

—

(.13

)

9.34

(7.45

)

206

.35

.35

1.30

Class F-3:

8/31/2026

8.88

.39

(.24

)

.15

(.39

)

—

(.39

)

8.64

1.68

94

.28

.27

4.42

8/31/2025

8.94

.43

(.07

)

.36

(.42

)

—

(.42

)

8.88

4.14

103

.30

.26

4.90

8/31/2024

8.76

.44

.16

.60

(.42

)

—

(.42

)

8.94

7.10

60

.31

.27

5.07

8/31/2023

9.34

.36

(.60

)

(.24

)

(.34

)

—

(.34

)

8.76

(2.65

)

381

.29

.26

4.07

8/31/2022

10.23

.18

(.93

)

(.75

)

(.14

)

—

(.14

)

9.34

(7.35

)

64

.24

.24

1.88

Class 529-A:

8/31/2026

8.88

.35

(.25

)

.10

(.35

)

—

(.35

)

8.63

1.13

18

.71

.69

3.99

8/31/2025

8.93

.39

(.06

)

.33

(.38

)

—

(.38

)

8.88

3.80

18

.74

.70

4.46

8/31/2024

8.75

.40

.16

.56

(.38

)

—

(.38

)

8.93

6.59

19

.78

.73

4.60

8/31/2023

9.33

.30

(.59

)

(.29

)

(.29

)

—

(.29

)

8.75

(3.11

)

20

.75

.73

3.32

8/31/2022

10.22

.09

(.88

)

(.79

)

(.10

)

—

(.10

)

9.33

(7.75

)

25

.67

.67

.89

Class 529-C:

8/31/2026

8.76

.28

(.24

)

.04

(.28

)

—

(.28

)

8.52

.43

1

1.48

1.46

3.22

8/31/2025

8.82

.32

(.08

)

.24

(.30

)

—

(.30

)

8.76

2.87

1

1.52

1.48

3.68

8/31/2024

8.64

.33

.16

.49

(.31

)

—

(.31

)

8.82

5.81

1

1.54

1.50

3.85

8/31/2023

9.21

.22

(.57

)

(.35

)

(.22

)

—

(.22

)

8.64

(3.82

)

1

1.52

1.50

2.52

8/31/2022

10.12

.01

(.86

)

(.85

)

(.06

)

—

(.06

)

9.21

(8.46

)

2

1.44

1.44

.09

Refer to the end of the table(s) for footnote(s).

39

American Funds Mortgage Fund


Financial highlights (continued)

Income (loss) from investment operations1

Dividends and distributions

Year ended

Net asset

value,

beginning

of year

Net

investment

income

(loss)

Net gains

(losses) on

securities

(both

realized and

unrealized)

Total from

investment

operations

Dividends

(from net

investment

income)

Distributions

(from capital

gains)

Total

dividends

and

distributions

Net asset

value,

end

of year

Total return2,3

Net assets,

end of

year

(in millions)

Ratio of

expenses to

average net

assets before

waivers/

reimburse-

ments4

Ratio of

expenses to

average net

assets after

waivers/

reimburse-

ments3,4

Ratio of

net income

(loss) to

average

net assets3

Class 529-E:

8/31/2026

$8.87

$.33

$(.24

)

$.09

$(.33

)

$—

$(.33

)

$8.63

1.02

%

$1

.93

%

.91

%

3.75

%

8/31/2025

8.93

.37

(.07

)

.30

(.36

)

—

(.36

)

8.87

3.45

1

.96

.93

4.24

8/31/2024

8.75

.39

.15

.54

(.36

)

—

(.36

)

8.93

6.43

1

.93

.89

4.45

8/31/2023

9.33

.28

(.58

)

(.30

)

(.28

)

—

(.28

)

8.75

(3.29

)

1

.94

.92

3.15

8/31/2022

10.22

.07

(.88

)

(.81

)

(.08

)

—

(.08

)

9.33

(7.90

)

1

.87

.87

.69

Class 529-F-2:

8/31/2026

8.88

.38

(.24

)

.14

(.38

)

—

(.38

)

8.64

1.53

5

.42

.41

4.29

8/31/2025

8.94

.42

(.08

)

.34

(.40

)

—

(.40

)

8.88

3.98

6

.46

.42

4.74

8/31/2024

8.76

.43

.15

.58

(.40

)

—

(.40

)

8.94

6.91

6

.47

.43

4.90

8/31/2023

9.34

.34

(.59

)

(.25

)

(.33

)

—

(.33

)

8.76

(2.74

)

7

.38

.35

3.73

8/31/2022

10.23

.11

(.87

)

(.76

)

(.13

)

—

(.13

)

9.34

(7.49

)

7

.39

.39

1.16

Class 529-F-3:

8/31/2026

8.88

.39

(.24

)

.15

(.39

)

—

(.39

)

8.64

1.64

—

5

.31

.30

4.39

8/31/2025

8.94

.43

(.08

)

.35

(.41

)

—

(.41

)

8.88

4.12

—

5

.33

.30

4.87

8/31/2024

8.76

.44

.16

.60

(.42

)

—

(.42

)

8.94

7.05

—

5

.35

.30

5.04

8/31/2023

9.34

.34

(.59

)

(.25

)

(.33

)

—

(.33

)

8.76

(2.71

)

—

5

.34

.32

3.77

8/31/2022

10.23

.13

(.88

)

(.75

)

(.14

)

—

(.14

)

9.34

(7.40

)

—

5

.29

.29

1.29

Class R-1:

8/31/2026

8.78

.30

(.25

)

.05

(.29

)

—

(.29

)

8.54

.51

2

1.41

1.39

3.36

8/31/2025

8.84

.33

(.08

)

.25

(.31

)

—

(.31

)

8.78

2.98

5

1.42

1.38

3.78

8/31/2024

8.65

.34

.17

.51

(.32

)

—

(.32

)

8.84

6.04

6

1.43

1.39

3.95

8/31/2023

9.23

.24

(.59

)

(.35

)

(.23

)

—

(.23

)

8.65

(3.81

)

5

1.41

1.39

2.69

8/31/2022

10.14

.02

(.87

)

(.85

)

(.06

)

—

(.06

)

9.23

(8.40

)

5

1.36

1.36

.19

Class R-2:

8/31/2026

8.77

.29

(.24

)

.05

(.29

)

—

(.29

)

8.53

.54

3

1.37

1.36

3.33

8/31/2025

8.83

.33

(.07

)

.26

(.32

)

—

(.32

)

8.77

3.00

3

1.40

1.36

3.80

8/31/2024

8.65

.34

.16

.50

(.32

)

—

(.32

)

8.83

5.95

3

1.40

1.36

3.98

8/31/2023

9.22

.24

(.58

)

(.34

)

(.23

)

—

(.23

)

8.65

(3.69

)

2

1.39

1.37

2.67

8/31/2022

10.13

.03

(.88

)

(.85

)

(.06

)

—

(.06

)

9.22

(8.39

)

3

1.33

1.33

.26

Class R-2E:

8/31/2026

8.85

.33

(.24

)

.09

(.33

)

—

(.33

)

8.61

.95

6

—

5

1.01

6

.98

6

3.70

6

8/31/2025

8.91

.36

(.07

)

.29

(.35

)

—

(.35

)

8.85

3.35

6

—

5

1.09

6

1.04

6

4.14

6

8/31/2024

8.72

.37

.17

.54

(.35

)

—

(.35

)

8.91

6.38

—

5

1.10

1.06

4.28

8/31/2023

9.30

.28

(.60

)

(.32

)

(.26

)

—

(.26

)

8.72

(3.43

)

—

5

1.06

1.04

3.09

8/31/2022

10.20

.06

(.88

)

(.82

)

(.08

)

—

(.08

)

9.30

(8.09

)

—

5

1.02

1.01

.60

Class R-3:

8/31/2026

8.85

.33

(.24

)

.09

(.33

)

—

(.33

)

8.61

.86

13

.94

.93

3.77

8/31/2025

8.91

.37

(.07

)

.30

(.36

)

—

(.36

)

8.85

3.45

45

.96

.92

4.24

8/31/2024

8.72

.38

.17

.55

(.36

)

—

(.36

)

8.91

6.51

48

.97

.92

4.42

8/31/2023

9.30

.28

(.59

)

(.31

)

(.27

)

—

(.27

)

8.72

(3.32

)

37

.95

.93

3.17

8/31/2022

10.20

.06

(.88

)

(.82

)

(.08

)

—

(.08

)

9.30

(8.03

)

36

.90

.90

.66

Refer to the end of the table(s) for footnote(s).

American Funds Mortgage Fund

40


Financial highlights (continued)

Income (loss) from investment operations1

Dividends and distributions

Year ended

Net asset

value,

beginning

of year

Net

investment

income

(loss)

Net gains

(losses) on

securities

(both

realized and

unrealized)

Total from

investment

operations

Dividends

(from net

investment

income)

Distributions

(from capital

gains)

Total

dividends

and

distributions

Net asset

value,

end

of year

Total return2,3

Net assets,

end of

year

(in millions)

Ratio of

expenses to

average net

assets before

waivers/

reimburse-

ments4

Ratio of

expenses to

average net

assets after

waivers/

reimburse-

ments3,4

Ratio of

net income

(loss) to

average

net assets3

Class R-4:

8/31/2026

$8.88

$.36

$(.24

)

$.12

$(.36

)

$—

$(.36

)

$8.64

1.31

%

$11

.64

%

.62

%

4.06

%

8/31/2025

8.94

.40

(.08

)

.32

(.38

)

—

(.38

)

8.88

3.76

11

.66

.63

4.54

8/31/2024

8.76

.41

.16

.57

(.39

)

—

(.39

)

8.94

6.70

11

.67

.63

4.71

8/31/2023

9.34

.32

(.60

)

(.28

)

(.30

)

—

(.30

)

8.76

(3.00

)

12

.64

.62

3.53

8/31/2022

10.23

.11

(.89

)

(.78

)

(.11

)

—

(.11

)

9.34

(7.67

)

12

.59

.59

1.08

Class R-5E:

8/31/2026

8.88

.38

(.24

)

.14

(.38

)

—

(.38

)

8.64

1.52

1

.51

.42

4.27

8/31/2025

8.94

.42

(.08

)

.34

(.40

)

—

(.40

)

8.88

3.97

1

.50

.42

4.74

8/31/2024

8.75

.43

.16

.59

(.40

)

—

(.40

)

8.94

7.03

1

.48

.44

4.90

8/31/2023

9.33

.34

(.60

)

(.26

)

(.32

)

—

(.32

)

8.75

(2.81

)

1

.44

.41

3.80

8/31/2022

10.23

.13

(.90

)

(.77

)

(.13

)

—

(.13

)

9.33

(7.50

)

1

.39

.39

1.33

Class R-5:

8/31/2026

8.88

.38

(.23

)

.15

(.39

)

—

(.39

)

8.64

1.61

1

.34

.33

4.36

8/31/2025

8.94

.42

(.07

)

.35

(.41

)

—

(.41

)

8.88

4.07

1

.37

.33

4.83

8/31/2024

8.76

.43

.16

.59

(.41

)

—

(.41

)

8.94

7.02

—

5

.38

.33

5.01

8/31/2023

9.34

.32

(.57

)

(.25

)

(.33

)

—

(.33

)

8.76

(2.71

)

1

.34

.33

3.50

8/31/2022

10.23

.13

(.88

)

(.75

)

(.14

)

—

(.14

)

9.34

(7.40

)

1

.29

.29

1.30

Class R-6:

8/31/2026

8.88

.39

(.25

)

.14

(.39

)

—

(.39

)

8.63

1.56

12,306

.28

.27

4.42

8/31/2025

8.94

.43

(.07

)

.36

(.42

)

—

(.42

)

8.88

4.14

11,099

.30

.26

4.90

8/31/2024

8.75

.44

.17

.61

(.42

)

—

(.42

)

8.94

7.21

10,319

.31

.26

5.07

8/31/2023

9.33

.35

(.59

)

(.24

)

(.34

)

—

(.34

)

8.75

(2.76

)

8,463

.28

.26

3.87

8/31/2022

10.23

.13

(.89

)

(.76

)

(.14

)

—

(.14

)

9.33

(7.35

)

7,845

.24

.24

1.35

Refer to the end of the table(s) for footnote(s).

41

American Funds Mortgage Fund


Financial highlights (continued)

Portfolio turnover rate for all share classes7,8

Year ended August 31,

20269

2025

2024

2023

2022

Excluding mortgage dollar roll transactions

62

%

58

%

37

%

86

%

42

%

Including mortgage dollar roll transactions

556

%

428

%

824

%

1,185

%

1,147

%

1

Based on average shares outstanding.

2

Total returns exclude any applicable sales charges, including contingent deferred sales charges.

3

This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

4

Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

5

Amount less than $1 million.

6

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.

7

Refer to Note 5 for more information on mortgage dollar rolls.

8

Rates do not include the fund’s portfolio activity with respect to any Central Funds.

9

Rates exclude in-kind transactions, if any.

Refer to the notes to financial statements.

American Funds Mortgage Fund

42


Report of Independent Registered Public Accounting Firm


To the Board of Trustees and Shareholders of American Funds Mortgage Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of American Funds Mortgage Fund (the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Los Angeles, California

October 14, 2026

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

43

American Funds Mortgage Fund


Tax informationunaudited


We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended August 31, 2026: 

Section 163(j) interest dividends

100%

U.S. government income that may be exempt from state taxation

$179,528,000

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2027, to determine the calendar year amounts to be included on their 2026 tax returns. Shareholders should consult their tax advisors.

American Funds Mortgage Fund

44


Changes in and disagreements with accountants


None

Matters submitted for shareholder vote


Results of special meeting of shareholders

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):
1,338,807,954

Total shares voting on November 25, 2025:
1,301,416,581 (97.2% of shares outstanding)

The proposal: To elect board members 

Board member

Votes for

Percent

of shares

voting for

Votes withheld

Percent

of shares

withheld

Gina F. Adams

1,295,778,967

99.6%

5,637,614

0.4%

Pramod Atluri

1,300,062,031

99.9%

1,354,550

0.1%

Francisco G. Cigarroa

1,300,120,790

99.9%

1,295,791

0.1%

Nariman Farvardin

1,300,125,059

99.9%

1,291,522

0.1%

Jennifer C. Feikin

1,300,322,755

99.9%

1,093,826

0.1%

Leslie Stone Heisz

1,300,361,226

99.9%

1,055,355

0.1%

Merit E. Janow

1,300,340,386

99.9%

1,076,195

0.1%

Martin E. Koehler

1,300,198,026

99.9%

1,218,555

0.1%

Benjamin R. Miller

1,300,199,870

99.9%

1,216,711

0.1%

Josette Sheeran

1,300,439,319

99.9%

977,262

0.1%

Margaret Spellings

1,300,363,806

99.9%

1,052,775

0.1%

Alexandra Trower

1,300,401,778

99.9%

1,014,803

0.1%

Paul S. Williams

1,300,160,219

99.9%

1,256,362

0.1%

Courtney K. Wolf

1,300,463,114

99.9%

953,467

0.1%

The proposal: To approve the proposed amendment of the Investment Advisory and Service Agreement to modify the fee schedule 

Votes for

Percent

of shares

voting for

Votes withheld

Percent

of shares

withheld

Votes abstaining

Percent

of shares

votes abstaining

1,263,509,189

97.1%

647,274

0.0%

1,203,423

0.1%

(broker non-votes = 36,056,695)

Remuneration paid to directors, officers and others


Refer to the Trustees’ deferred compensation disclosure in the Notes to financial statements.

45

American Funds Mortgage Fund


Approval of Investment Advisory and Service Agreement


At a meeting held in March 2026, the fund’s board approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an interim period through July 31, 2026. At a meeting held in June 2026, the fund’s board approved the continuation of the agreement with CRMC for an additional one-year term through July 31, 2027. The approval for an interim period aligns the renewal cycle for the fund’s agreement with the renewal cycle of other fixed income funds and exchange-traded funds managed by CRMC. The interim and one-year approvals are discussed below on a combined basis. In each case, the fund’s board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all 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 their interactions with CRMC and 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 they 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 (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, 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 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 considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. 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.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Morningstar index for the category in which the fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund’s lifetime) through December 31, 2025. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with the fund’s objective. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, 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 and expenses generally compared favorably to those of other similar funds included in the comparable Morningstar category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

American Funds Mortgage Fund

46


Approval of Investment Advisory and Service Agreement (continued)


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 CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. 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 a number of 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.

47

American Funds Mortgage Fund


ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies

None

ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies

The information is included as part of the material filed under Item 7 of this Form under Matters submitted for shareholder vote.

ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is included as part of the material filed under Item 7 of this Form within the Trustees' deferred compensation disclosure in the Notes to financial statements.

ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract

The information is included as part of the material filed under Item 7 of this Form under Approval of Investment Advisory and Service Agreement.

ITEM 12 - 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 13 - 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 14 - 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 15 - 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. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other 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 16 - 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) as of a date within 90 days of the filing date of this report, 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 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 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

ITEM 18 - Recovery of Erroneously Awarded Compensation

None

ITEM 19 - Exhibits

(a)(1) Code of Ethics - See Item 2

(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 Mortgage Fund

By   /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: October 30, 2026

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,

Principal Executive Officer

Date: October 30, 2026

By   /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: October 30, 2026

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