American Funds Mortgage Fund Class F-1 (MFAEX) NPORT-P American Funds Mortgage Fund (May 2020 report)

American Funds Mortgage Fund^®

Investment portfolio

May 31, 2020

unaudited

Bonds, notes & other debt instruments 96.83% Mortgage-backed obligations 92.94% Federal agency mortgage-backed obligations 88.20%	Principal amount (000)	Value (000)
Fannie Mae 3.00% 20331	$383	$399
Fannie Mae 5.00% 20401	462	495
Fannie Mae 4.00% 20431	5,009	5,492
Fannie Mae 4.50% 20471	3,592	3,798
Fannie Mae Pool #AJ3602 3.00% 20261	7	7
Fannie Mae Pool #AJ0050 3.00% 20261	6	7
Fannie Mae Pool #AL1444 3.00% 20271	7	7
Fannie Mae Pool #AK3264 3.00% 20271	6	7
Fannie Mae Pool #AL2286 3.00% 20271	6	6
Fannie Mae Pool #AL7800 2.50% 20301	1,041	1,096
Fannie Mae Pool #BM4299 3.00% 20301	43	46
Fannie Mae Pool #AZ4646 3.50% 20301	105	111
Fannie Mae Pool #AZ0554 3.50% 20301	75	80
Fannie Mae Pool #AY1948 3.50% 20301	63	67
Fannie Mae Pool #AS7323 2.50% 20311	942	996
Fannie Mae Pool #AS8388 2.50% 20311	828	870
Fannie Mae Pool #BD2402 3.00% 20311	359	380
Fannie Mae Pool #FM1162 2.50% 20321	936	988
Fannie Mae Pool #BM1036 2.50% 20321	109	115
Fannie Mae Pool #BM1275 3.00% 20321	794	848
Fannie Mae Pool #BJ5987 3.00% 20321	686	724
Fannie Mae Pool #MA3218 3.00% 20321	32	34
Fannie Mae Pool #MA1640 2.50% 20331	1,681	1,754
Fannie Mae Pool #AB9299 2.50% 20331	311	323
Fannie Mae Pool #BJ4876 3.00% 20331	551	584
Fannie Mae Pool #BM5111 3.00% 20331	308	330
Fannie Mae Pool #BJ4856 3.00% 20331	148	157
Fannie Mae Pool #BJ4573 3.00% 20331	22	23
Fannie Mae Pool #BM3919 3.00% 20331	19	20
Fannie Mae Pool #BJ9000 3.50% 20331	232	245
Fannie Mae Pool #CA2106 3.50% 20331	51	54
Fannie Mae Pool #MA3490 4.00% 20331	73,167	77,546
Fannie Mae Pool #MA3439 4.00% 20331	9,651	10,234
Fannie Mae Pool #695412 5.00% 20331	4	5
Fannie Mae Pool #BO6247 2.50% 20341	9,307	9,777
Fannie Mae Pool #BP0033 2.50% 20341	8,740	9,157
Fannie Mae Pool #BO7771 2.50% 20341	3,889	4,074
Fannie Mae Pool #BO7207 2.50% 20341	1,028	1,080
Fannie Mae Pool #FM1490 3.50% 20341	2,658	2,818
Fannie Mae Pool #MA4042 2.00% 20351	8,025	8,290
Fannie Mae Pool #MA3955 2.50% 20351	13,015	13,635
Fannie Mae Pool #AD3566 5.00% 20351	49	54
Fannie Mae Pool #MA2746 4.00% 20361	4,840	5,234
Fannie Mae Pool #AS7224 4.00% 20361	4,136	4,465
Fannie Mae Pool #MA2717 4.00% 20361	2,959	3,201
Fannie Mae Pool #MA2819 4.00% 20361	2,749	2,973

American Funds Mortgage Fund — Page 1 of 15

unaudited

Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued)	Principal amount (000)	Value (000)
Fannie Mae Pool #MA2787 4.00% 20361	$1,391	$1,504
Fannie Mae Pool #MA2630 4.00% 20361	589	638
Fannie Mae Pool #MA3186 4.00% 20371	11,011	11,852
Fannie Mae Pool #MA3099 4.00% 20371	5,210	5,663
Fannie Mae Pool #889101 3.254% 20381,2	849	877
Fannie Mae Pool #964279 4.499% 20381,2	648	660
Fannie Mae Pool #964708 4.64% 20381,2	85	85
Fannie Mae Pool #AC0794 5.00% 20391	239	275
Fannie Mae Pool #931768 5.00% 20391	39	45
Fannie Mae Pool #AE7629 3.724% 20401,2	812	852
Fannie Mae Pool #AL9335 3.943% 20401,2	33,084	34,741
Fannie Mae Pool #932606 5.00% 20401	122	140
Fannie Mae Pool #AL9326 3.757% 20411,2	41,109	43,287
Fannie Mae Pool #AL9327 3.764% 20411,2	28,801	30,317
Fannie Mae Pool #AE0789 3.788% 20411,2	4,275	4,501
Fannie Mae Pool #AL0073 3.796% 20411,2	3,368	3,542
Fannie Mae Pool #AE0844 3.825% 20411,2	3,884	4,089
Fannie Mae Pool #AL9531 3.871% 20411,2	37,478	39,449
Fannie Mae Pool #AJ1873 4.00% 20411	264	291
Fannie Mae Pool #AE1248 5.00% 20411	298	339
Fannie Mae Pool #AE1274 5.00% 20411	228	263
Fannie Mae Pool #AE1277 5.00% 20411	125	141
Fannie Mae Pool #AE1283 5.00% 20411	78	87
Fannie Mae Pool #AP7553 3.00% 20421	37,814	40,485
Fannie Mae Pool #AL9533 3.677% 20421,2	21,346	22,389
Fannie Mae Pool #AL9532 3.722% 20421,2	49,079	51,285
Fannie Mae Pool #AL9530 3.806% 20421,2	34,296	36,042
Fannie Mae Pool #AL1941 3.813% 20421,2	6,316	6,593
Fannie Mae Pool #AL2000 3.90% 20421,2	5,356	5,591
Fannie Mae Pool #AP7819 3.91% 20421,2	4,156	4,332
Fannie Mae Pool #AL2184 4.204% 20421,2	7,846	8,196
Fannie Mae Pool #AE1290 5.00% 20421	181	205
Fannie Mae Pool #AU0626 2.275% 20431	180	184
Fannie Mae Pool #AT7470 2.275% 20431	117	120
Fannie Mae Pool #AU8121 2.275% 20431	101	103
Fannie Mae Pool #AU8120 2.275% 20431	79	81
Fannie Mae Pool #AU0627 2.525% 20431	203	211
Fannie Mae Pool #AU3962 2.525% 20431	135	141
Fannie Mae Pool #AU1583 2.525% 20431	129	135
Fannie Mae Pool #AT4747 2.525% 20431	126	131
Fannie Mae Pool #AU1575 2.525% 20431	124	129
Fannie Mae Pool #AU1584 2.525% 20431	113	117
Fannie Mae Pool #AU3963 2.525% 20431	97	100
Fannie Mae Pool #AU8122 2.525% 20431	92	96
Fannie Mae Pool #AT7476 2.525% 20431	91	95
Fannie Mae Pool #AU8124 2.525% 20431	81	84
Fannie Mae Pool #AU8123 2.525% 20431	77	80
Fannie Mae Pool #AU6340 2.525% 20431	75	78
Fannie Mae Pool #AU1585 2.525% 20431	64	67
Fannie Mae Pool #AU3961 2.525% 20431	63	65
Fannie Mae Pool #AU4814 2.525% 20431	47	49
Fannie Mae Pool #AU1577 2.775% 20431	338	357
Fannie Mae Pool #AU8126 2.775% 20431	337	356
Fannie Mae Pool #AU4816 2.775% 20431	284	298

American Funds Mortgage Fund — Page 2 of 15

unaudited

Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued)	Principal amount (000)	Value (000)
Fannie Mae Pool #AT9853 2.775% 20431	$213	$223
Fannie Mae Pool #AU3964 2.775% 20431	200	209
Fannie Mae Pool #AU4817 2.775% 20431	134	140
Fannie Mae Pool #AU1587 2.775% 20431	122	127
Fannie Mae Pool #AT9852 2.775% 20431	99	104
Fannie Mae Pool #AU8125 2.775% 20431	93	97
Fannie Mae Pool #AU1576 2.775% 20431	72	75
Fannie Mae Pool #AU3965 2.775% 20431	58	60
Fannie Mae Pool #AT8826 2.775% 20431	56	58
Fannie Mae Pool #AU8127 2.775% 20431	53	55
Fannie Mae Pool #AT8825 2.775% 20431	42	44
Fannie Mae Pool #AT5898 3.00% 20431	14,936	15,995
Fannie Mae Pool #AU3966 3.025% 20431	324	342
Fannie Mae Pool #AT7457 3.025% 20431	197	207
Fannie Mae Pool #AU3968 3.025% 20431	180	189
Fannie Mae Pool #AU3967 3.025% 20431	129	136
Fannie Mae Pool #AU8129 3.025% 20431	101	106
Fannie Mae Pool #AU4819 3.025% 20431	86	91
Fannie Mae Pool #AU1588 3.025% 20431	82	87
Fannie Mae Pool #AU6343 3.025% 20431	78	82
Fannie Mae Pool #AU0630 3.025% 20431	73	77
Fannie Mae Pool #AU6342 3.025% 20431	42	44
Fannie Mae Pool #AU6344 3.275% 20431	136	144
Fannie Mae Pool #AT8820 3.275% 20431	68	72
Fannie Mae Pool #AU8131 3.275% 20431	58	61
Fannie Mae Pool #AU1591 3.275% 20431	31	32
Fannie Mae Pool #AL3829 3.50% 20431	2,324	2,545
Fannie Mae Pool #AT7161 3.50% 20431	1,101	1,199
Fannie Mae Pool #AR1512 3.50% 20431	498	550
Fannie Mae Pool #AT0412 3.50% 20431	250	274
Fannie Mae Pool #AT3954 3.50% 20431	144	158
Fannie Mae Pool #AT0300 3.50% 20431	91	98
Fannie Mae Pool #AX8521 3.50% 20441	216	236
Fannie Mae Pool #AY1829 3.50% 20441	160	175
Fannie Mae Pool #AW8240 3.50% 20441	32	34
Fannie Mae Pool #BE5017 3.50% 20451	1,338	1,455
Fannie Mae Pool #BE5009 3.50% 20451	1,235	1,332
Fannie Mae Pool #BE8740 3.50% 20471	1,222	1,329
Fannie Mae Pool #BD2440 3.50% 20471	1,047	1,120
Fannie Mae Pool #BE8742 3.50% 20471	341	375
Fannie Mae Pool #BH2848 3.50% 20471	206	224
Fannie Mae Pool #BH2847 3.50% 20471	160	176
Fannie Mae Pool #BH2846 3.50% 20471	156	171
Fannie Mae Pool #BH2597 4.00% 20471	13,729	14,711
Fannie Mae Pool #BJ5015 4.00% 20471	3,131	3,475
Fannie Mae Pool #BH3122 4.00% 20471	97	106
Fannie Mae Pool #BM4488 3.418% 20481,2	22,140	23,082
Fannie Mae Pool #BJ4901 3.50% 20481	707	774
Fannie Mae Pool #FM2669 4.00% 20481	5,022	5,367
Fannie Mae Pool #CA2850 4.00% 20481	3,444	3,873
Fannie Mae Pool #BK6840 4.00% 20481	2,073	2,298
Fannie Mae Pool #BK5232 4.00% 20481	1,395	1,547
Fannie Mae Pool #BK9743 4.00% 20481	600	665
Fannie Mae Pool #BM2006 4.00% 20481	68	72

American Funds Mortgage Fund — Page 3 of 15

unaudited

Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued)	Principal amount (000)	Value (000)
Fannie Mae Pool #BK7665 4.50% 20481	$10,695	$12,004
Fannie Mae Pool #BK0951 4.50% 20481	7,852	8,811
Fannie Mae Pool #BK9761 4.50% 20481	587	662
Fannie Mae Pool #BN1576 4.50% 20481	246	266
Fannie Mae Pool #CA1574 5.00% 20481	19,487	21,312
Fannie Mae Pool #CA4867 3.00% 20491	95,430	102,392
Fannie Mae Pool #CA4420 3.00% 20491	21,702	23,064
Fannie Mae Pool #BO5176 3.00% 20491	7,035	7,579
Fannie Mae Pool #CA4543 3.00% 20491	2,228	2,393
Fannie Mae Pool #CA4151 3.50% 20491	10,906	12,058
Fannie Mae Pool #FM1062 3.50% 20491	10,614	11,686
Fannie Mae Pool #BN6708 3.50% 20491	10,501	11,324
Fannie Mae Pool #FM1443 3.50% 20491	8,786	9,618
Fannie Mae Pool #BM5446 3.50% 20491	7,376	7,780
Fannie Mae Pool #BJ8411 3.50% 20491	2,543	2,784
Fannie Mae Pool #BJ8402 3.546% 20491,2	3,724	3,898
Fannie Mae Pool #BN6006 4.50% 20491	957	1,034
Fannie Mae Pool #CA5701 2.50% 20501	14,581	15,281
Fannie Mae Pool #BK2239 2.50% 20501	1,150	1,215
Fannie Mae Pool #CA5539 3.00% 20501	129,353	137,551
Fannie Mae Pool #CA5220 3.00% 20501	115,130	123,635
Fannie Mae Pool #CA5496 3.00% 20501	89,640	96,650
Fannie Mae Pool #CA5517 3.00% 20501	21,401	22,704
Fannie Mae Pool #CA5536 3.00% 20501	18,223	19,423
Fannie Mae Pool #CA5229 3.00% 20501	10,854	11,656
Fannie Mae Pool #CA5540 3.00% 20501	9,331	9,922
Fannie Mae Pool #CA5338 3.00% 20501	5,077	5,349
Fannie Mae Pool #FM2839 3.50% 20501	13,704	14,777
Fannie Mae Pool #FM2664 3.50% 20501	9,711	10,624
Fannie Mae Pool #MA4026 4.00% 20501	4,784	5,118
Fannie Mae Pool #AS0745 3.50% 20531	1,709	1,772
Freddie Mac 2.50% 20331	114	119
Freddie Mac 4.00% 20361	1,190	1,288
Freddie Mac 4.00% 20361	1,054	1,137
Freddie Mac 4.00% 20361	870	941
Freddie Mac 3.50% 20461	236	246
Freddie Mac 4.50% 20461	1,288	1,410
Freddie Mac 4.00% 20471	2,325	2,419
Freddie Mac 5.00% 20481	2,332	2,554
Freddie Mac Pool #ZA2598 3.00% 20251	4	4
Freddie Mac Pool #ZA2593 3.00% 20251	3	4
Freddie Mac Pool #ZS6339 3.00% 20261	7	7
Freddie Mac Pool #ZK2925 3.00% 20261	7	7
Freddie Mac Pool #ZK2882 3.00% 20261	6	6
Freddie Mac Pool #ZK3788 3.00% 20261	4	4
Freddie Mac Pool #ZK3541 3.00% 20261	2	2
Freddie Mac Pool #ZK3935 3.00% 20271	6	6
Freddie Mac Pool #ZK3848 3.00% 20271	4	4
Freddie Mac Pool #ZK7590 3.00% 20291	13	14
Freddie Mac Pool #ZT1332 3.00% 20301	2,503	2,663
Freddie Mac Pool #ZK8180 2.50% 20311	1,132	1,193
Freddie Mac Pool #G16634 3.00% 20311	3,744	4,008
Freddie Mac Pool #C91593 2.50% 20321	78	81
Freddie Mac Pool #ZS8675 2.50% 20321	22	23

American Funds Mortgage Fund — Page 4 of 15

unaudited

Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued)	Principal amount (000)	Value (000)
Freddie Mac Pool #G18655 3.00% 20321	$610	$644
Freddie Mac Pool #ZS8087 2.50% 20331	61	64
Freddie Mac Pool #V61960 3.00% 20331	2,254	2,391
Freddie Mac Pool #ZS8710 3.00% 20331	5	6
Freddie Mac Pool #QN1197 2.50% 20341	8,689	9,128
Freddie Mac Pool #QN1174 2.50% 20341	390	409
Freddie Mac Pool #SB8041 3.00% 20351	2	2
Freddie Mac Pool #G03699 6.00% 20381	98	113
Freddie Mac Pool #840222 4.048% 20401,2	7,665	8,069
Freddie Mac Pool #Q05343 4.00% 20411	346	370
Freddie Mac Pool #Q18236 3.50% 20431	1,050	1,143
Freddie Mac Pool #Q19133 3.50% 20431	629	685
Freddie Mac Pool #Q17696 3.50% 20431	576	632
Freddie Mac Pool #Q15874 4.00% 20431	53	57
Freddie Mac Pool #Q28558 3.50% 20441	3,372	3,687
Freddie Mac Pool #760012 3.109% 20451,2	1,982	2,076
Freddie Mac Pool #760013 3.189% 20451,2	1,270	1,325
Freddie Mac Pool #760014 3.533% 20451,2	9,791	10,166
Freddie Mac Pool #760015 3.222% 20471,2	3,129	3,216
Freddie Mac Pool #Q52069 3.50% 20471	1,826	1,987
Freddie Mac Pool #Q51622 3.50% 20471	1,389	1,519
Freddie Mac Pool #Q47615 3.50% 20471	1,163	1,272
Freddie Mac Pool #Q55056 3.50% 20481	2,302	2,483
Freddie Mac Pool #Q54709 3.50% 20481	1,264	1,375
Freddie Mac Pool #Q54701 3.50% 20481	1,202	1,308
Freddie Mac Pool #Q54782 3.50% 20481	1,127	1,226
Freddie Mac Pool #Q54781 3.50% 20481	1,034	1,133
Freddie Mac Pool #Q56591 3.50% 20481	907	977
Freddie Mac Pool #Q54700 3.50% 20481	880	964
Freddie Mac Pool #Q55060 3.50% 20481	742	801
Freddie Mac Pool #Q56590 3.50% 20481	644	697
Freddie Mac Pool #Q56589 3.50% 20481	580	635
Freddie Mac Pool #Q54698 3.50% 20481	479	530
Freddie Mac Pool #Q54699 3.50% 20481	446	491
Freddie Mac Pool #Q54831 3.50% 20481	349	384
Freddie Mac Pool #G67711 4.00% 20481	17,265	19,148
Freddie Mac Pool #Q56599 4.00% 20481	2,239	2,483
Freddie Mac Pool #Q56175 4.00% 20481	1,550	1,719
Freddie Mac Pool #Q55971 4.00% 20481	1,331	1,476
Freddie Mac Pool #SI2002 4.00% 20481	1,113	1,188
Freddie Mac Pool #Q56576 4.00% 20481	920	981
Freddie Mac Pool #Q55970 4.00% 20481	653	730
Freddie Mac Pool #Q58411 4.50% 20481	3,544	3,996
Freddie Mac Pool #Q58436 4.50% 20481	1,382	1,566
Freddie Mac Pool #Q58378 4.50% 20481	1,339	1,479
Freddie Mac Pool #Q57242 4.50% 20481	1,040	1,145
Freddie Mac Pool #RA1339 3.00% 20491	43,288	45,997
Freddie Mac Pool #QA4673 3.00% 20491	9,838	10,525
Freddie Mac Pool #SD0175 3.00% 20491	2,961	3,177
Freddie Mac Pool #SD7503 3.50% 20491	90,865	98,208
Freddie Mac Pool #QA5131 3.50% 20491	36,825	39,514
Freddie Mac Pool #RA1580 3.50% 20491	7,398	8,179
Freddie Mac Pool #RA1463 3.50% 20491	7,328	8,102
Freddie Mac Pool #QA0284 3.50% 20491	5,015	5,491

American Funds Mortgage Fund — Page 5 of 15

unaudited

Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued)	Principal amount (000)	Value (000)
Freddie Mac Pool #QA2748 3.50% 20491	$990	$1,084
Freddie Mac Pool #QA8953 2.50% 20501	3,418	3,611
Freddie Mac Pool #RA2596 2.50% 20501	2,998	3,115
Freddie Mac Pool #RA2595 2.50% 20501	1,998	2,076
Freddie Mac Pool #RA2597 2.50% 20501	1,999	2,076
Freddie Mac Pool #QA8952 2.50% 20501	1,356	1,438
Freddie Mac Pool #QA8516 2.50% 20501	537	568
Freddie Mac Pool #QA8528 3.00% 20501	69,656	74,070
Freddie Mac Pool #SD7512 3.00% 20501	12,927	13,797
Freddie Mac Pool #RA2319 3.00% 20501	8,701	9,169
Freddie Mac Pool #RA2408 3.00% 20501	5,470	5,874
Freddie Mac Pool #SD0187 3.00% 20501	5,032	5,421
Freddie Mac Pool #SD7514 3.50% 20501	102,862	110,768
Freddie Mac Pool #RA1996 3.50% 20501	34,906	37,589
Freddie Mac Pool #QA7760 3.50% 20501	100	106
Freddie Mac, Series 2019-2, Class MT, 3.50% 20581	1,793	1,965
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 20231	458	475
Freddie Mac, Series K027, Class A2, Multi Family, 2.637% 20231	10,000	10,458
Freddie Mac, Series K032, Class A2, Multi Family, 3.31% 20231	11,250	12,087
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 20231	2,460	2,621
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 20231,2	5,281	5,717
Freddie Mac, Series K036, Class A2, Multi Family, 3.527% 20231	1,592	1,734
Freddie Mac, Series K038, Class A2, Multi Family, 3.389% 20241	5,000	5,474
Freddie Mac, Series K037, Class A2, Multi Family, 3.49% 20241	5,000	5,465
Freddie Mac, Series K052, Class A2, Multi Family, 3.151% 20251	12,933	14,416
Freddie Mac, Series K050, Class A2, Multi Family, 3.334% 20251	10,000	11,203
Freddie Mac, Series K060, Class A2, Multi Family, 3.30% 20261	3,500	3,979
Freddie Mac, Series K095, Class A1, Multi Family, 2.631% 20281	9,015	9,809
Freddie Mac, Series K078, Class A2, Multi Family, 3.854% 20281	2,500	2,971
Freddie Mac, Series K081, Class A2, Multi Family, 3.90% 20281,2	24,375	29,256
Freddie Mac, Series K082, Class A2, Multi Family, 3.92% 20281,2	19,500	23,366
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 20281,2	20,100	24,309
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 20561	16,227	17,265
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,2	14,188	14,925
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561	13,885	14,639
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,2	10,384	10,924
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 20561,2	19,343	20,544
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561	2,982	3,218
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571	15,647	16,686
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,2	100,537	103,909
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571	63,040	69,003
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571	34,849	38,184
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571	3,795	4,055
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MT, 3.50% 20571	2,432	2,667
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20581	7,362	7,903
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581	1,230	1,337
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20591	43,948	46,047
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281	78,601	83,347
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281	18,628	19,677
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291	64,797	68,166
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 20291	114,100	122,464
Government National Mortgage Assn. 3.75% 20341	999	1,073
Government National Mortgage Assn. 4.25% 20341	1,009	1,097
Government National Mortgage Assn. 3.25% 20351	2,366	2,528

American Funds Mortgage Fund — Page 6 of 15

unaudited

Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued)	Principal amount (000)	Value (000)
Government National Mortgage Assn. 3.25% 20351	$1,656	$1,770
Government National Mortgage Assn. 3.25% 20351	1,335	1,427
Government National Mortgage Assn. 3.25% 20351	1,242	1,328
Government National Mortgage Assn. 3.25% 20401	1,020	1,092
Government National Mortgage Assn. 3.25% 20401	851	909
Government National Mortgage Assn. 3.25% 20401	596	637
Government National Mortgage Assn. 5.00% 20401	57	62
Government National Mortgage Assn. 5.00% 20411	2,251	2,485
Government National Mortgage Assn. 2.75% 20421	506	536
Government National Mortgage Assn. 2.75% 20421	373	394
Government National Mortgage Assn. 2.75% 20421	240	254
Government National Mortgage Assn. 2.75% 20421	237	250
Government National Mortgage Assn. 2.75% 20421	227	240
Government National Mortgage Assn. 2.75% 20421	65	68
Government National Mortgage Assn. 2.75% 20421	56	60
Government National Mortgage Assn. 3.50% 20421	571	613
Government National Mortgage Assn. 3.50% 20431	870	936
Government National Mortgage Assn. 3.50% 20431	806	867
Government National Mortgage Assn. 4.00% 20431	898	951
Government National Mortgage Assn. 3.75% 20441	1,422	1,534
Government National Mortgage Assn. 4.25% 20441	752	838
Government National Mortgage Assn. 4.00% 20461	3,405	3,581
Government National Mortgage Assn. 4.00% 20471	99,447	107,176
Government National Mortgage Assn. 4.00% 20471	6,598	7,133
Government National Mortgage Assn. 4.00% 20481	682	735
Government National Mortgage Assn. 4.00% 20481	388	416
Government National Mortgage Assn. 4.00% 20481	339	364
Government National Mortgage Assn. 4.50% 20491	46,666	50,195
Government National Mortgage Assn. 2.50% 20501,3	96,701	101,204
Government National Mortgage Assn. 3.00% 20501,3	11,492	12,140
Government National Mortgage Assn. 3.50% 20501,3	127,627	135,075
Government National Mortgage Assn. 4.50% 20501,3	53,193	57,199
Government National Mortgage Assn. Pool #778208 4.00% 20321	732	792
Government National Mortgage Assn. Pool #778205 4.00% 20321	520	562
Government National Mortgage Assn. Pool #796771 6.50% 20321	634	740
Government National Mortgage Assn. Pool #AC2887 5.00% 20351	400	438
Government National Mortgage Assn. Pool #AA7288 3.75% 20371	396	426
Government National Mortgage Assn. Pool #773549 6.50% 20381	340	406
Government National Mortgage Assn. Pool #AA4803 6.50% 20381	54	59
Government National Mortgage Assn. Pool #783690 6.00% 20391	2,004	2,290
Government National Mortgage Assn. Pool #783689 5.50% 20401	2,194	2,509
Government National Mortgage Assn. Pool #MA0273 4.00% 20411	1,046	1,085
Government National Mortgage Assn. Pool #783687 4.50% 20411	1,080	1,173
Government National Mortgage Assn. Pool #AC2904 4.50% 20411	727	792
Government National Mortgage Assn. Pool #MA0310 4.50% 20411	588	632
Government National Mortgage Assn. Pool #AB3621 4.50% 20411	272	294
Government National Mortgage Assn. Pool #MA0274 4.50% 20411	219	236
Government National Mortgage Assn. Pool #783688 5.00% 20411	1,726	1,940
Government National Mortgage Assn. Pool #005158 5.00% 20411	707	775
Government National Mortgage Assn. Pool #005165 6.50% 20411	78	90
Government National Mortgage Assn. Pool #792276 3.50% 20421	480	518
Government National Mortgage Assn. Pool #770241 4.00% 20421	509	559
Government National Mortgage Assn. Pool #770242 4.00% 20421	510	556
Government National Mortgage Assn. Pool #AC2872 4.00% 20421	458	494

American Funds Mortgage Fund — Page 7 of 15

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Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Federal agency mortgage-backed obligations (continued)	Principal amount (000)	Value (000)
Government National Mortgage Assn. Pool #AB2159 4.50% 20421	$1,248	$1,358
Government National Mortgage Assn. Pool #MA5020 4.00% 20481	1,397	1,512
Government National Mortgage Assn. Pool #MA5651 4.00% 20481	538	574
Government National Mortgage Assn. Pool #MA5398 4.00% 20481	406	434
Government National Mortgage Assn. Pool #MA5264 4.00% 20481	157	169
Government National Mortgage Assn. Pool #MA6040 4.00% 20491	1,704	1,814
Government National Mortgage Assn. Pool #MA5877 4.50% 20491	15,392	16,561
Government National Mortgage Assn. Pool #MA6092 4.50% 20491	12,708	13,665
Government National Mortgage Assn. Pool #MA6041 4.50% 20491	1,468	1,579
Government National Mortgage Assn. Pool #MA6042 5.00% 20491	67	72
Government National Mortgage Assn. Pool #MA6542 3.50% 20501	836	889
Government National Mortgage Assn. Pool #MA6411 4.00% 20501	5,571	5,942
Government National Mortgage Assn. Pool #MA6543 4.00% 20501	1,489	1,587
Government National Mortgage Assn. Pool #721640 4.81% 20611	—4	—4
Government National Mortgage Assn. Pool #773441 4.883% 20621	7	8
Government National Mortgage Assn. Pool #AG8235 5.336% 20641	2	3
Government National Mortgage Assn. Pool #AI2366 4.761% 20651	88	90
Government National Mortgage Assn. Pool #AQ8290 4.794% 20661	16	17
Government National Mortgage Assn. Pool #AQ8292 5.047% 20661	10	11
Government National Mortgage Assn., Series 2011-H02, Class BA, 4.45% 20611,2	8	8
Government National Mortgage Assn., Series 2016-H04, Class CI, interest only, 2.483% 20621,2	252	4
Government National Mortgage Assn., Series 2016-H13, Class IO, interest only, 0.63% 20661,2	74,258	1,971
Uniform Mortgage-Backed Security 2.00% 20351,3	795,622	818,154
Uniform Mortgage-Backed Security 2.00% 20351,3	237,516	244,678
Uniform Mortgage-Backed Security 2.50% 20351,3	169,033	176,904
Uniform Mortgage-Backed Security 2.50% 20351,3	60,761	63,491
Uniform Mortgage-Backed Security 3.00% 20351,3	821,549	865,419
Uniform Mortgage-Backed Security 3.00% 20351,3	244,756	258,026
Uniform Mortgage-Backed Security 2.00% 20501,3	6,000	6,121
Uniform Mortgage-Backed Security 2.50% 20501,3	11,409	11,835
Uniform Mortgage-Backed Security 3.00% 20501,3	42,000	44,086
Uniform Mortgage-Backed Security 3.50% 20501,3	321,582	339,078
Uniform Mortgage-Backed Security 3.50% 20501,3	24,349	25,690
Uniform Mortgage-Backed Security 4.00% 20501,3	5,500	5,855
Uniform Mortgage-Backed Security 4.50% 20501,3	129,244	139,624
Uniform Mortgage-Backed Security 4.50% 20501,3	37,000	39,871
Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 20281	3,606	3,679
		6,376,607
Collateralized mortgage-backed obligations (privately originated) 4.53%
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 20481,2,5	3,183	3,246
Arroyo Mortgage Trust, Series 2019-1, Class A1, 3.805% 20491,2,5	207	211
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 20291,2,5	4,816	4,819
Cascade Funding Mortgage Trust, Series 2020-HB3, Class A, 3.042% 20301,2,5	27,691	27,830
Cascade Funding Mortgage Trust, Series 2020-HBA, Class A, 3.405% 20301,2,5	14,939	14,901
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A, 3.369% 20351,5	5,000	5,256
Credit Suisse Mortgage Trust, Series 2019-RPL1, Class A1A, 3.65% 20581,2,5	4,029	4,182
Finance of America HECM Buyout, Series 2020-HB1, Class A, 2.012% 20301,2,5	16,294	16,406
Finance of America HECM Buyout, Series 2019-AB1, Class A, 2.656% 20491,5	9,742	9,682
Finance of America Structured Securities Trust, Series 2019-HB1, Class A, 3.279% 20291,2,5	12,345	12,395
Homeward Opportunities Fund Trust, Series 2018-1, 3.766% 20481,2,5	4,825	4,889
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 20501,2,5	11,749	12,090
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 20501,2,5	10,508	10,813

American Funds Mortgage Fund — Page 8 of 15

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Bonds, notes & other debt instruments (continued) Mortgage-backed obligations (continued) Collateralized mortgage-backed obligations (privately originated) (continued)	Principal amount (000)	Value (000)
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.918% 20521,2,5	$22,507	$22,385
Mello Warehouse Securitization Trust, Series 2019-1, Class A, 0.968% 20521,2,5	6,710	6,676
Mill City Mortgage Trust, Series 2018-1, Class A1, 3.25% 20621,2,5	883	911
Mortgage Repurchase Agreement Financing Trust, Series 2020-2, Class A1, (1-month USD-LIBOR + 1.75%) 1.924% 20221,2,5	30,304	30,383
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.222% 20221,2,5	14,696	14,734
Nationstar HECM Loan Trust, Series 2018-2, Class A, 3.188% 20281,2,5	1,615	1,617
Nationstar HECM Loan Trust, Series 2018-3A, Class A, 3.555% 20281,2,5	2,350	2,353
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.272% 20291,2,5	9,209	9,214
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 20291,2,5	8,060	8,061
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20491,2,5	9,035	9,406
Progress Residential Trust, Series 2020-SFR2, Class A, 2.078% 20371,5	3,605	3,615
Reverse Mortgage Investment Trust, Series 2018-1, Class A, 3.436% 20281,2,5	1,056	1,058
Reverse Mortgage Investment Trust, Series 2020-1, Class A, 2.158% 20301,2,5	1,535	1,536
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20631,2,5	24,590	24,168
Starwood Mortgage Residential Trust, Series 2020-2, Class A1, 2.718% 20601,2	13,495	13,495
Station Place Securitization Trust, Series 2019-WL1, Class A, (1-month USD-LIBOR + 0.65%) 0.818% 20521,2,5	21,327	21,398
Towd Point Mortgage Trust, Series 2016-2, Class A1A, 2.75% 20551,2,5	1,769	1,800
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,2,5	2,209	2,238
Towd Point Mortgage Trust, Series 2017-5, Class A1, 0.768% 20571,2,5	1,401	1,383
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20571,2,5	4,675	4,799
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20571,2,5	4,585	4,669
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 20571,2,5	3,007	3,080
Towd Point Mortgage Trust, Series 2015-2, Class 2A11, 3.00% 20571,2,5	4,087	4,120
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20581,2,5	5,506	5,712
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20581,2,5	1,814	1,881
		327,412
Commercial mortgage-backed securities 0.21%
Bank of America Merrill Lynch Large Loan Inc., Series 2012-Park, Class A, 2.959% 20301,5	10,663	11,103
DBUBS Mortgage Trust, Series 2011-LC2A, Class A1, 4.537% 20441,5	3,996	4,065
		15,168
Total mortgage-backed obligations		6,719,187
U.S. Treasury bonds & notes 2.75% U.S. Treasury 1.61%
U.S. Treasury 2.00% 2021	12,000	12,345
U.S. Treasury 2.875% 20236	26,866	29,239
U.S. Treasury 3.125% 2048	7,000	9,794
U.S. Treasury 3.375% 2048	406	596
U.S. Treasury 1.25% 2050	67,000	64,268
		116,242
U.S. Treasury inflation-protected securities 1.14%
U.S. Treasury Inflation-Protected Security 2.125% 20417	566	830
U.S. Treasury Inflation-Protected Security 0.75% 20426,7	34,631	40,757
U.S. Treasury Inflation-Protected Security 1.00% 20496,7	31,185	40,880
		82,467
Total U.S. Treasury bonds & notes		198,709

American Funds Mortgage Fund — Page 9 of 15

unaudited

Bonds, notes & other debt instruments (continued) Asset-backed obligations 0.96%	Principal amount (000)	Value (000)
American Express Credit Account Master Trust, Series 2018-3, Class A, 0.504% 20251,2	$4,130	$4,125
American Express Credit Account Master Trust, Series 2017-7, Class A, 2.35% 20251	420	439
Chase Issuance Trust, Series 2020-A1, Class A1, 1.53% 20251	3,000	3,082
Citibank Credit Card Issuance Trust, Series 2017-A9, Class A9, 0.592% 20241,2	11,700	11,737
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20221,2,5	421	427
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20291,5	2,557	2,540
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 20221,5	3,825	3,840
Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.04% 20241	1,844	1,865
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 20241	14,000	13,947
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A2B, 1.717% 20231,2	3,569	3,594
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.49% 20241	1,587	1,621
Honda Auto Receivables Owner Trust, Series 2018-4, Class A4, 3.30% 20251	1,500	1,574
Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A2, 1.82% 20221	152	153
Nissan Auto Receivables Owner Trust, Series 2020-A, Class A2, 1.45% 20221	2,812	2,833
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20601,2,5	3,597	3,451
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 2.105% 20271,2,5	3,981	3,954
Santander Consumer Auto Receivables Trust, Series 2020-A, Class A, 1.37% 20241,5	2,260	2,260
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07% 20231	2,000	2,012
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 2.249% 20251,2,5	1,404	1,404
Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 1.36% 20241	1,500	1,523
Toyota Auto Receivables Owner Trust, Series 2019-A, Class A4, 3.00% 20241	1,645	1,731
Volkswagen Auto Lease Trust, Series 2019-A, Class A2A, 2.00% 20221	842	847
		68,959
Federal agency bonds & notes 0.18%
Fannie Mae 0.625% 2025	13,100	13,152
Total bonds, notes & other debt instruments (cost: $6,889,230,000)		7,000,007
Short-term securities 44.55% Federal agency discount notes 21.35%
Federal Home Loan Bank 0.09%-0.93% due 6/3/2020-8/21/2020	1,236,000	1,235,759
Freddie Mac 0.05%-1.13% due 7/17/2020-8/19/2020	195,000	194,952
Federal Farm Credit Banks 0.12%-0.22% due 7/10/2020-8/7/2020	62,800	62,780
Fannie Mae 0.28% due 7/15/2020	50,000	49,991
		1,543,482
U.S. Treasury bills 16.91%
U.S. Treasury Bills 0.07%-0.12% due 6/2/2020-8/4/2020	1,222,650	1,222,536
Commercial paper 5.95%
Chariot Funding, LLC 0.13%-0.15% due 6/19/2020-6/29/20205	190,000	189,983
CHARTA, LLC 0.75% due 6/11/20205	76,000	75,997
Nordea Bank AB 0.05% due 6/1/20205	50,000	50,000
Paccar Financial Corp. 0.07%-0.09% due 6/5/2020-6/8/2020	38,000	38,000
Total Capital SA 0.04% due 6/1/20205	26,100	26,100
Roche Holdings, Inc. 0.07% due 6/8/20205	25,000	24,997
Amazon.com, Inc. 0.14% due 7/20/20205	25,000	24,995
		430,072

American Funds Mortgage Fund — Page 10 of 15

unaudited

Short-term securities (continued) Bonds & notes of governments outside the U.S. 0.34%	Principal amount (000)	Value (000)
BNG Bank N.V. 0.04% due 6/2/20205	$25,000	$25,000
Total short-term securities (cost: $3,221,089,000)		3,221,090
Total investment securities141.38% (cost: $10,110,319,000)		10,221,097
Other assets less liabilities (41.38)%		(2,991,579)
Net assets100.00%		$7,229,518

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount8(000)	Value at 5/31/20209(000)	Unrealized (depreciation) appreciation at 5/31/2020 (000)
90 Day Euro Dollar Futures	Short	5,141	September 2020	$(1,285,250)	$(1,281,587)	$(201)
90 Day Euro Dollar Futures	Short	3,199	March 2021	(799,750)	(797,991)	14
2 Year U.S. Treasury Note Futures	Long	126	October 2020	25,200	27,826	6
5 Year U.S. Treasury Note Futures	Long	7,260	October 2020	726,000	912,038	1,280
10 Year U.S. Treasury Note Futures	Short	113	September 2020	(11,300)	(15,714)	(50)
10 Year Ultra U.S. Treasury Note Futures	Short	1,414	September 2020	(141,400)	(222,462)	(939)
20 Year U.S. Treasury Bond Futures	Long	399	September 2020	39,900	71,172	241
30 Year Ultra U.S. Treasury Bond Futures	Long	352	September 2020	35,200	76,747	189
						$540

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)	Value at 5/31/2020 (000)	Upfront premium paid (000)	Unrealized (depreciation) appreciation at 5/31/2020 (000)
3-month USD-LIBOR	2.322%	5/2/2024	$181,900	$(14,428)	$—	$(14,428)
3-month USD-LIBOR	2.325%	5/2/2024	418,100	(33,212)	—	(33,212)
U.S. EFFR	0.11%	5/18/2024	251,500	96	—	96
3-month USD-LIBOR	1.547%	10/25/2024	252,000	(13,376)	—	(13,376)
3-month USD-LIBOR	1.548%	10/28/2024	42,000	(2,241)	—	(2,241)
3-month USD-LIBOR	3.238%	8/8/2044	6,000	(3,151)	—	(3,151)
3-month USD-LIBOR	2.4945%	1/9/2045	7,000	(2,527)	—	(2,527)
3-month USD-LIBOR	2.454%	1/15/2045	7,000	(2,463)	—	(2,463)
3-month USD-LIBOR	2.525%	10/20/2045	10,000	(3,779)	—	(3,779)
3-month USD-LIBOR	2.516%	10/20/2045	15,000	(5,636)	—	(5,636)
3-month USD-LIBOR	2.5315%	10/26/2045	16,000	(6,076)	—	(6,076)
3-month USD-LIBOR	2.57067%	11/9/2045	6,600	(2,576)	—	(2,576)
3-month USD-LIBOR	2.6485%	11/16/2045	6,525	(2,670)	—	(2,670)
3-month USD-LIBOR	2.52822%	11/23/2045	13,350	(5,085)	—	(5,085)
3-month USD-LIBOR	2.59125%	12/16/2045	13,500	(5,354)	—	(5,354)
3-month USD-LIBOR	2.4095%	1/14/2046	10,000	(3,532)	—	(3,532)
3-month USD-LIBOR	1.9905%	6/13/2046	4,000	(1,030)	—	(1,030)
3-month USD-LIBOR	1.991%	6/13/2046	6,000	(1,546)	—	(1,546)
3-month USD-LIBOR	1.7985%	6/30/2046	12,000	(2,530)	—	(2,530)
3-month USD-LIBOR	1.935%	12/17/2049	2,910	(790)	—	(790)
3-month USD-LIBOR	2.007%	12/19/2049	8,800	(2,559)	—	(2,559)

American Funds Mortgage Fund — Page 11 of 15

unaudited

Swap contracts  (continued)

Interest rate swaps  (continued)

Receive	Pay	Expiration date	Notional (000)	Value at 5/31/2020 (000)	Upfront premium paid (000)	Unrealized (depreciation) appreciation at 5/31/2020 (000)
3-month USD-LIBOR	1.961%	1/9/2050	$24,200	$(6,729)	$—	$(6,729)
3-month USD-LIBOR	1.678%	2/21/2050	21,630	(4,389)	—	(4,389)
					$—	$(125,583)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

1	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2	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.
3	Purchased on a TBA basis.
4	Amount less than one thousand.
5	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $764,033,000, which represented 10.57% of the net assets of the fund.
6	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $57,683,000, which represented .80% of the net assets of the fund.
7	Index-linked bond whose principal amount moves with a government price index.
8	Notional amount is calculated based on the number of contracts and notional contract size.
9	Value is calculated based on the notional amount and current market price.

American Funds Mortgage Fund — Page 12 of 15

unaudited

Valuation disclosures

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.

Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amount of futures contracts while held was $2,885,833,000. Interest rate swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency. The average month-end notional amount of interest rate swaps while held was $11,443,056,000.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews

American Funds Mortgage Fund — Page 13 of 15

unaudited

changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of May 31, 2020 (dollars in thousands):

	Investment securities
	Level 1	Level 2	Level 3	Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$—	$6,719,187	$—	$6,719,187
U.S. Treasury bonds & notes	—	198,709	—	198,709
Asset-backed obligations	—	68,959	—	68,959
Federal agency bonds & notes	—	13,152	—	13,152
Short-term securities	—	3,221,090	—	3,221,090
Total	$—	$10,221,097	$—	$10,221,097

	Other investments*
	Level 1	Level 2	Level 3	Total
Assets:
Unrealized appreciation on futures contracts	$1,730	$—	$—	$1,730
Unrealized appreciation on interest rate swaps	—	96	—	96
Liabilities:
Unrealized depreciation on futures contracts	(1,190)	—	—	(1,190)
Unrealized depreciation on interest rate swaps	—	(125,679)	—	(125,679)
Total	$540	$(125,583)	$—	$(125,043)

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Key to abbrevations and symbol

CLO = Collateralized Loan Obligations

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

American Funds Mortgage Fund — Page 14 of 15

unaudited

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

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

American Funds Distributors, Inc., member FINRA.

© 2020 Capital Group. All rights reserved.

MFGEFPX-042-0720O-S78149 American Funds Mortgage Fund — Page 15 of 15