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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Visteon Corporation | NASDAQ:VC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.68 | 1.51% | 112.85 | 112.63 | 112.85 | 114.12 | 111.99 | 112.38 | 65,876 | 18:08:51 |
|
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In this report
|
|
Special feature
|
|
4
|
The mortgage market: a history of growth and adaptation
|
Throughout its history, the secondary mortgage market has weathered crises, adapted to
|
|
change and continued to provide income for investors.
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Contents
|
|
1
|
Letter to investors
|
3
|
The value of a $10,000 investment
|
8
|
Summary investment
|
portfolio
|
|
11
|
Financial statements
|
27
|
Board of trustees and
|
other officers
|
Month
|
The fund
at net
asset value
|
The fund at maximum
offering price
|
Barclays U.S. Mortgage Backed Securities Index
3
|
Lipper U.S. Mortgage Funds Average
2
|
Consumer
Price Index
4
(inflation)
|
|||||||||||||||
ended
|
|
|||||||||||||||||||
11/1/10
|
$ | 10,000 | $ | 9,625 | $ | 10,000 | $ | 10,000 | $ | 10,000 | ||||||||||
11/30/10
|
$ | 9,930 | $ | 9,557 | $ | 9,979 | $ | 9,973 | $ | 10,004 | ||||||||||
12/31/10
|
$ | 9,820 | $ | 9,451 | $ | 9,924 | $ | 9,905 | $ | 10,021 | ||||||||||
1/31/11
|
$ | 9,814 | $ | 9,446 | $ | 9,929 | $ | 9,935 | $ | 10,069 | ||||||||||
2/28/11
|
$ | 9,815 | $ | 9,446 | $ | 9,954 | $ | 9,958 | $ | 10,119 | ||||||||||
3/31/11
|
$ | 9,829 | $ | 9,460 | $ | 9,982 | $ | 9,970 | $ | 10,217 | ||||||||||
4/30/11
|
$ | 9,955 | $ | 9,581 | $ | 10,092 | $ | 10,088 | $ | 10,283 | ||||||||||
5/31/11
|
$ | 10,079 | $ | 9,701 | $ | 10,200 | $ | 10,196 | $ | 10,332 | ||||||||||
6/30/11
|
$ | 10,063 | $ | 9,685 | $ | 10,210 | $ | 10,185 | $ | 10,321 | ||||||||||
7/31/11
|
$ | 10,177 | $ | 9,795 | $ | 10,304 | $ | 10,282 | $ | 10,330 | ||||||||||
8/31/11
|
$ | 10,340 | $ | 9,952 | $ | 10,433 | $ | 10,389 | $ | 10,358 | ||||||||||
9/30/11
|
$ | 10,388 | $ | 9,998 | $ | 10,451 | $ | 10,405 | $ | 10,374 | ||||||||||
10/31/11
|
$ | 10,376 | $ | 9,987 | $ | 10,450 | $ | 10,400 | $ | 10,353 | ||||||||||
11/30/11
|
$ | 10,391 | $ | 10,001 | $ | 10,469 | $ | 10,414 | $ | 10,344 | ||||||||||
12/31/11
|
$ | 10,477 | $ | 10,084 | $ | 10,543 | $ | 10,477 | $ | 10,318 | ||||||||||
1/31/12
|
$ | 10,541 | $ | 10,145 | $ | 10,586 | $ | 10,549 | $ | 10,364 | ||||||||||
2/29/12
|
$ | 10,541 | $ | 10,145 | $ | 10,595 | $ | 10,577 | $ | 10,409 | ||||||||||
3/31/12
|
$ | 10,550 | $ | 10,154 | $ | 10,602 | $ | 10,597 | $ | 10,488 | ||||||||||
4/30/12
|
$ | 10,599 | $ | 10,201 | $ | 10,671 | $ | 10,668 | $ | 10,520 | ||||||||||
5/31/12
|
$ | 10,641 | $ | 10,241 | $ | 10,705 | $ | 10,699 | $ | 10,508 | ||||||||||
6/30/12
|
$ | 10,660 | $ | 10,260 | $ | 10,717 | $ | 10,721 | $ | 10,492 | ||||||||||
7/31/12
|
$ | 10,733 | $ | 10,330 | $ | 10,803 | $ | 10,817 | $ | 10,475 | ||||||||||
8/31/12
|
$ | 10,744 | $ | 10,341 | $ | 10,816 | $ | 10,853 | $ | 10,533 |
|
1
As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $100,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
|
|
2
Results of the Lipper U.S. Mortgage Funds Average do not reflect any sales charges.
|
|
3
The index is unmanaged and, therefore, has no expenses.
|
|
4
Computed from data supplied by the U.S. Department of Labor, Bureau of Labor Statistics.
|
|
5
Date the fund commenced operations.
|
Investment mix by security type
|
Percent of net assets
|
|||
Mortgage-backed obligations
|
86.0 | % | ||
Federal agency bonds & notes
|
3.3 | |||
Municipals
|
0.2 | |||
Short-term securities & other assets less liabilities
|
10.5 |
Breakdown of mortgage-backed obligations
|
Percent of net assets | ||||||||
30-year pass-throughs:
|
|||||||||
Fannie Mae
|
41.5 | % | |||||||
Ginnie Mae
|
20.1 | ||||||||
Freddie Mac
|
6.2 | 67.8 | % | ||||||
15-year pass-throughs
|
10.9 | ||||||||
Other
|
7.3 | ||||||||
Total
|
86.0 | % |
Quality breakdown*
|
Percent of net assets
|
|||
Federal agencies
|
67.1 | % | ||
U.S. government obligations
†
|
20.0 | |||
AAA
|
2.2 | |||
AA
|
0.2 | |||
Short-term securities & other assets less liabilities
|
10.5 | |||
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's, Standard & Poor's and/or Fitch as an indication of an issuer's creditworthiness. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund's investment policies. The ratings are not covered by the Report
of Indepdent Registered Public Accounting Firm.
|
||||
†
These securities are guaranteed by the full faith and credit of the United States government.
|
Principal
|
Percent
|
|||||||||||||
amount
|
Value
|
of net
|
||||||||||||
Bonds & notes - 89.53%
|
(000 | ) | (000 | ) |
assets
|
|||||||||
Mortgage-backed obligations - 85.97%
|
||||||||||||||
Federal agency mortgage-backed obligations (1) - 83.84%
|
||||||||||||||
Fannie Mae:
|
||||||||||||||
3.00 % 2026 | $ | 5,750 | $ | 6,075 | ||||||||||
4.50 % 2026 | 6,279 | 6,804 | ||||||||||||
3.00 % 2027 (2) | 34,412 | 36,310 | ||||||||||||
5.00 % 2035 | 13,267 | 14,557 | ||||||||||||
5.00 % 2036 | 7,316 | 8,028 | ||||||||||||
6.50 % 2037 | 4,450 | 5,082 | ||||||||||||
6.00 % 2038 | 15,053 | 16,630 | ||||||||||||
6.00 % 2038 | 9,304 | 10,284 | ||||||||||||
4.50 % 2040 | 11,505 | 12,491 | ||||||||||||
5.00 % 2040 | 7,761 | 8,554 | ||||||||||||
3.50 % 2041 | 3,784 | 4,015 | ||||||||||||
3.758 % 2041 (3) | 4,125 | 4,387 | ||||||||||||
4.00 % 2041 | 9,066 | 9,739 | ||||||||||||
4.00 % 2041 | 3,450 | 3,705 | ||||||||||||
4.50 % 2041 | 23,210 | 25,200 | ||||||||||||
4.50 % 2041 | 6,633 | 7,215 | ||||||||||||
3.50 % 2042 (2) | 51,730 | 54,858 | ||||||||||||
3.50 % 2042 | 5,507 | 5,891 | ||||||||||||
4.00 % 2042 (2) | 12,420 | 13,320 | ||||||||||||
4.50 % 2042 (2) | 16,972 | 18,372 | ||||||||||||
5.50 % 2042 (2) | 13,770 | 15,110 | ||||||||||||
6.00 % 2042 (2) | 4,040 | 4,453 | ||||||||||||
1.513%-6.00 % 2017-2042 (3) | 48,147 | 51,663 | 54.61 | % | ||||||||||
Government National Mortgage Assn.:
|
||||||||||||||
5.50 % 2035 | 3,253 | 3,606 | ||||||||||||
6.00 % 2038 | 3,279 | 3,692 | ||||||||||||
6.00 % 2039 | 8,504 | 9,466 | ||||||||||||
6.00 % 2039 | 3,385 | 3,768 | ||||||||||||
3.50 % 2040 | 3,224 | 3,499 | ||||||||||||
3.50 % 2041 | 13,793 | 14,936 | ||||||||||||
5.00 % 2041 | 3,987 | 4,288 | ||||||||||||
3.50 % 2042 (2) | 6,600 | 7,148 | ||||||||||||
4.00 % 2042 | 5,709 | 6,288 | ||||||||||||
3.50%-6.50 % 2032-2042 | 62,725 | 69,184 | 20.06 | |||||||||||
Freddie Mac:
|
||||||||||||||
5.00 % 2038 | 3,730 | 4,055 | ||||||||||||
5.50 % 2038 | 11,653 | 12,735 | ||||||||||||
6.00 % 2038 | 5,100 | 5,610 | ||||||||||||
3.266 % 2041 (3) | 3,631 | 3,828 | ||||||||||||
1.337%-6.00 % 2016-2041 (3) | 28,293 | 30,574 | 9.05 | |||||||||||
Other securities
|
782 | .12 | ||||||||||||
526,202 | 83.84 | |||||||||||||
Other mortgage-backed obligations - 2.13%
|
||||||||||||||
Other securities
|
13,383 | 2.13 | ||||||||||||
Total mortgage-backed obligations
|
539,585 | 85.97 | ||||||||||||
Federal agency bonds & notes - 3.33%
|
||||||||||||||
Freddie Mac 0.375% 2014
|
10,850 | 10,872 | ||||||||||||
Freddie Mac 1.75% 2015
|
2,575 | 2,682 | 2.16 | |||||||||||
Federal Home Loan Bank, Series 2816, 1.00% 2017
|
4,000 | 4,056 | ||||||||||||
Federal Home Loan Bank 4.125% 2020
|
1,350 | 1,615 | .90 | |||||||||||
Other securities
|
1,660 | .27 | ||||||||||||
20,885 | 3.33 | |||||||||||||
Municipals - 0.23%
|
||||||||||||||
Other securities
|
1,454 | .23 | ||||||||||||
Total bonds & notes (cost: $549,503,000)
|
561,924 | 89.53 | ||||||||||||
Principal
|
Percent
|
|||||||||||||
amount
|
Value
|
of net
|
||||||||||||
Short-term securities - 34.00%
|
(000 | ) | (000 | ) |
assets
|
|||||||||
Federal Home Loan Bank 0.11%-0.135% due 10/10-11/9/2012
|
$ | 58,200 | $ | 58,190 | 9.27 | |||||||||
Freddie Mac 0.14%-0.19% due 1/11-4/23/2013
|
22,700 | 22,680 | 3.62 | |||||||||||
National Rural Utilities Cooperative Finance Corp. 0.13% due 9/25/2012
|
15,400 | 15,399 | 2.45 | |||||||||||
General Electric Co. 0.13% due 9/4/2012
|
15,200 | 15,200 | 2.42 | |||||||||||
Federal Farm Credit Banks 0.15% due 10/18/2012
|
14,000 | 13,998 | 2.23 | |||||||||||
Paccar Financial Corp. 0.11%-0.12% due 9/26-9/27/2012
|
12,800 | 12,798 | 2.04 | |||||||||||
Procter & Gamble Co. 0.12% due 10/1/2012 (4)
|
12,800 | 12,799 | 2.04 | |||||||||||
U.S. Treasury Bill 0.16% due 9/6/2012
|
12,000 | 12,000 | 1.91 | |||||||||||
eBay Inc. 0.17% due 9/19/2012 (4)
|
12,000 | 11,999 | 1.91 | |||||||||||
NetJets Inc. 0.12% due 9/5/2012 (4)
|
11,800 | 11,800 | 1.88 | |||||||||||
Private Export Funding Corp. 0.16% due 11/19/2012 (4)
|
9,400 | 9,394 | 1.50 | |||||||||||
Variable Funding Capital Corp. 0.16% due 9/24/2012 (4)
|
6,100 | 6,099 | .97 | |||||||||||
Abbott Laboratories 0.13% due 9/27/2012 (4)
|
5,000 | 5,000 | .80 | |||||||||||
Other securities
|
5,999 | .96 | ||||||||||||
Total short-term securities (cost: $213,354,000)
|
213,355 | 34.00 | ||||||||||||
Total investment securities (cost: $762,857,000)
|
775,279 | 123.53 | ||||||||||||
Other assets less liabilities
|
(147,662 | ) | (23.53 | ) | ||||||||||
Net assets
|
$ | 627,617 | 100.00 | % |
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio.
|
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) A portion or all of the security purchased on a TBA basis.
|
(3) Coupon rate may change periodically.
|
(4) 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, including those in "Other securities," was $73,673,000, which represented 11.74% of the net assets of the fund.
|
Key to abbreviation
|
TBA = To be announced
|
See Notes to Financial Statements
|
Statement of assets and liabilities
|
||||||||
at August 31, 2012
|
(dollars in thousands) | |||||||
Assets:
|
||||||||
Investment securities, at value (cost: $762,857)
|
$ | 775,279 | ||||||
Cash
|
110 | |||||||
Receivables for:
|
||||||||
Sales of investments
|
$ | 21,768 | ||||||
Sales of fund's shares
|
847 | |||||||
Interest
|
1,679 | 24,294 | ||||||
799,683 | ||||||||
Liabilities:
|
||||||||
Payables for:
|
||||||||
Purchases of investments
|
170,731 | |||||||
Repurchases of fund's shares
|
858 | |||||||
Dividends on fund's shares
|
91 | |||||||
Investment advisory services
|
124 | |||||||
Services provided by related parties
|
220 | |||||||
Trustees' deferred compensation
|
- | * | ||||||
Other
|
42 | 172,066 | ||||||
Net assets at August 31, 2012
|
$ | 627,617 | ||||||
Net assets consist of:
|
||||||||
Capital paid in on shares of beneficial interest
|
$ | 607,817 | ||||||
Undistributed net investment income
|
37 | |||||||
Undistributed net realized gain
|
7,341 | |||||||
Net unrealized appreciation
|
12,422 | |||||||
Net assets at August 31, 2012
|
$ | 627,617 |
1.
|
Organization
|
Share class
|
Initial sales charge
|
Contingent deferred sales charge upon redemption
|
Conversion feature
|
Classes A and 529-A
|
Up to 3.75%
|
None (except 1% for certain redemptions within one year of purchase without an initial sales charge)
|
None
|
Classes B and 529-B*
|
None
|
Declines from 5% to 0% for redemptions within six years of purchase
|
Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
|
Class C
|
None
|
1% for redemptions within one year of purchase
|
Class C converts to Class F-1 after 10 years
|
Class 529-C
|
None
|
1% for redemptions within one year of purchase
|
None
|
Class 529-E
|
None
|
None
|
None
|
Classes F-1, F-2 and 529-F-1
|
None
|
None
|
None
|
Classes R-1, R-2, R-3, R-4, R-5 and R-6
|
None
|
None
|
None
|
2.
|
Significant accounting policies
|
3.
|
Valuation
|
4.
|
Risk factors
|
5.
|
Certain investment techniques
|
6.
|
Taxation and distributions
|
(dollars in thousands) | ||||
Undistributed ordinary income
|
$ | 4,223 | ||
Undistributed long-term capital gain
|
3,247 | |||
Gross unrealized appreciation on investment securities
|
12,461 | |||
Gross unrealized depreciation on investment securities
|
(39 | ) | ||
Net unrealized appreciation on investment securities
|
12,422 | |||
Cost of investment securities
|
762,857 |
Share class
|
Year ended
August 31, 2012
|
For the period November 1, 2010* to August 31, 2011
|
||||||
Class A
|
$ | 3,446 | $ | 1,063 | ||||
Class B
|
20 | 4 | ||||||
Class C
|
321 | 60 | ||||||
Class F-1
|
201 | 34 | ||||||
Class F-2
|
1,059 | 21 | ||||||
Class 529-A
|
81 | 13 | ||||||
Class 529-B
|
3 | - | † | |||||
Class 529-C
|
24 | 4 | ||||||
Class 529-E
|
5 | 2 | ||||||
Class 529-F-1
|
17 | 2 | ||||||
Class R-1
|
59 | 10 | ||||||
Class R-2
|
23 | 9 | ||||||
Class R-3
|
25 | 11 | ||||||
Class R-4
|
21 | 10 | ||||||
Class R-5
|
122 | 22 | ||||||
Class R-6
|
7,150 | 4,891 | ||||||
Total
|
$ | 12,577 | $ | 6,156 | ||||
(*)
Commencement of operations.
|
||||||||
(†)
Amount less than one thousand.
|
7.
|
Fees and transactions with related parties
|
Share class
|
Currently approved limits
|
Plan limits
|
Class A
|
0.25%
|
0.30%
|
Class 529-A
|
0.25
|
0.50
|
Classes B and 529-B
|
1.00
|
1.00
|
Classes C, 529-C and R-1
|
1.00
|
1.00
|
Class R-2
|
0.75
|
1.00
|
Classes 529-E and R-3
|
0.50
|
0.75
|
Classes F-1, 529-F-1 and R-4
|
0.25
|
0.50
|
8.
|
Capital share transactions
|
9.
|
Investment transactions
|
10.
|
Ownership concentration
|
Income from investment operations
(1)
|
Dividends and distributions
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period
|
Net investment income (loss)
|
Net gains 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 period
|
Total return
(2) (3)
|
Net assets, end of period (in thousands)
|
Ratio of expenses to average net assets before reimbursements
|
Ratio of expenses to average net assets after reimbursements
(3)
|
Ratio of net income (loss) to average net assets
(3)
|
||||||||||||||||||||||||||||||||||||||||
Class A:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
$ | 10.16 | $ | .05 | $ | .34 | $ | .39 | $ | (.14 | ) | $ | (.11 | ) | $ | (.25 | ) | $ | 10.30 | 3.90 | % | $ | 198,417 | .65 | % | .65 | % | .49 | % | |||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .18 | .15 | .33 | (.17 | ) | - | (.17 | ) | 10.16 | 3.40 | 87,631 | .73 | (6) | .66 | (6) | 2.21 | (6) | ||||||||||||||||||||||||||||||||||
Class B:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | (.04 | ) | .34 | .30 | (.05 | ) | (.11 | ) | (.16 | ) | 10.30 | 3.07 | 1,500 | 1.45 | 1.45 | (.28 | ) | ||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .13 | .15 | .28 | (.12 | ) | - | (.12 | ) | 10.16 | 2.88 | 773 | 1.50 | (6) | 1.43 | (6) | 1.63 | (6) | ||||||||||||||||||||||||||||||||||
Class C:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | (.04 | ) | .34 | .30 | (.05 | ) | (.11 | ) | (.16 | ) | 10.30 | 3.03 | 31,444 | 1.48 | 1.48 | (.35 | ) | ||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .13 | .15 | .28 | (.12 | ) | - | (.12 | ) | 10.16 | 2.84 | 14,706 | 1.54 | (6) | 1.50 | (6) | 1.58 | (6) | ||||||||||||||||||||||||||||||||||
Class F-1:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .04 | .34 | .38 | (.13 | ) | (.11 | ) | (.24 | ) | 10.30 | 3.85 | 11,439 | .68 | .68 | .42 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .18 | .15 | .33 | (.17 | ) | - | (.17 | ) | 10.16 | 3.37 | 3,020 | .78 | (6) | .71 | (6) | 2.21 | (6) | ||||||||||||||||||||||||||||||||||
Class F-2:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .07 | .34 | .41 | (.16 | ) | (.11 | ) | (.27 | ) | 10.30 | 4.10 | 57,707 | .45 | .45 | .66 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .20 | .15 | .35 | (.19 | ) | - | (.19 | ) | 10.16 | 3.57 | 1,741 | .54 | (6) | .46 | (6) | 2.37 | (6) | ||||||||||||||||||||||||||||||||||
Class 529-A:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .04 | .34 | .38 | (.13 | ) | (.11 | ) | (.24 | ) | 10.30 | 3.80 | 7,758 | .74 | .74 | .32 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .18 | .15 | .33 | (.17 | ) | - | (.17 | ) | 10.16 | 3.36 | 1,320 | .77 | (6) | .71 | (6) | 2.37 | (6) | ||||||||||||||||||||||||||||||||||
Class 529-B:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | (.05 | ) | .34 | .29 | (.04 | ) | (.11 | ) | (.15 | ) | 10.30 | 2.96 | 595 | 1.54 | 1.54 | (.51 | ) | ||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .13 | .15 | .28 | (.12 | ) | - | (.12 | ) | 10.16 | 2.79 | 146 | 1.64 | (6) | 1.54 | (6) | 1.44 | (6) | ||||||||||||||||||||||||||||||||||
Class 529-C:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | (.05 | ) | .34 | .29 | (.04 | ) | (.11 | ) | (.15 | ) | 10.30 | 2.95 | 8,038 | 1.52 | 1.52 | (.58 | ) | ||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .13 | .15 | .28 | (.12 | ) | - | (.12 | ) | 10.16 | 2.78 | 581 | 1.63 | (6) | 1.57 | (6) | 1.53 | (6) | ||||||||||||||||||||||||||||||||||
Class 529-E:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .01 | .34 | .35 | (.10 | ) | (.11 | ) | (.21 | ) | 10.30 | 3.49 | 595 | 1.04 | 1.04 | .02 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .16 | .15 | .31 | (.15 | ) | - | (.15 | ) | 10.16 | 3.13 | 125 | 1.12 | (6) | 1.05 | (6) | 2.04 | (6) | ||||||||||||||||||||||||||||||||||
Class 529-F-1:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
$ | 10.16 | $ | .05 | $ | .34 | $ | .39 | $ | (.14 | ) | $ | (.11 | ) | $ | (.25 | ) | $ | 10.30 | 3.99 | % | $ | 1,121 | .56 | % | .56 | % | .53 | % | |||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .19 | .15 | .34 | (.18 | ) | - | (.18 | ) | 10.16 | 3.49 | 333 | .62 | (6) | .57 | (6) | 2.43 | (6) | ||||||||||||||||||||||||||||||||||
Class R-1:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | (.02 | ) | .34 | .32 | (.07 | ) | (.11 | ) | (.18 | ) | 10.30 | 3.20 | 2,629 | 1.33 | 1.33 | (.12 | ) | ||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .13 | .15 | .28 | (.12 | ) | - | (.12 | ) | 10.16 | 2.87 | 3,371 | 1.43 | (6) | 1.32 | (6) | 1.36 | (6) | ||||||||||||||||||||||||||||||||||
Class R-2:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | (.02 | ) | .34 | .32 | (.07 | ) | (.11 | ) | (.18 | ) | 10.30 | 3.26 | 2,316 | 1.27 | 1.27 | (.14 | ) | ||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .14 | .15 | .29 | (.13 | ) | - | (.13 | ) | 10.16 | 2.95 | 913 | 1.32 | (6) | 1.18 | (6) | 1.48 | (6) | ||||||||||||||||||||||||||||||||||
Class R-3:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .02 | .34 | .36 | (.11 | ) | (.11 | ) | (.22 | ) | 10.30 | 3.63 | 2,097 | .89 | .89 | .23 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .16 | .15 | .31 | (.15 | ) | - | (.15 | ) | 10.16 | 3.18 | 885 | 1.03 | (6) | .92 | (6) | 1.76 | (6) | ||||||||||||||||||||||||||||||||||
Class R-4:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .05 | .34 | .39 | (.14 | ) | (.11 | ) | (.25 | ) | 10.30 | 3.91 | 1,437 | .62 | .62 | .51 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .18 | .15 | .33 | (.17 | ) | - | (.17 | ) | 10.16 | 3.37 | 665 | .77 | (6) | .69 | (6) | 1.93 | (6) | ||||||||||||||||||||||||||||||||||
Class R-5:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .07 | .34 | .41 | (.16 | ) | (.11 | ) | (.27 | ) | 10.30 | 4.14 | 9,114 | .39 | .39 | .70 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .20 | .15 | .35 | (.19 | ) | - | (.19 | ) | 10.16 | 3.58 | 2,220 | .49 | (6) | .44 | (6) | 2.40 | (6) | ||||||||||||||||||||||||||||||||||
Class R-6:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 8/31/2012
|
10.16 | .07 | .34 | .41 | (.16 | ) | (.11 | ) | (.27 | ) | 10.30 | 4.19 | 291,410 | .37 | .37 | .82 | ||||||||||||||||||||||||||||||||||||
Period from 11/1/2010
(4)
to 8/31/2011
(5)
|
10.00 | .20 | .15 | .35 | (.19 | ) | - | (.19 | ) | 10.16 | 3.61 | 256,098 | .51 | (6) | .41 | (6) | 2.55 | (6) |
Year ended
|
Period ended
|
|||||||
August 31, 2012
|
11/1/2010
(4)
to 8/31/2011
(5)
|
|||||||
Portfolio turnover rate for all share classes
|
442 | % | 240 | % |
(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, if any, of certain reimbursements from CRMC. During some of the periods shown, CRMC reimbursed other fees and expenses.
|
|||||||||||||
(4)
Commencement of operations.
|
|||||||||||||
(5)
Based on operations for the period shown and, accordingly, is not representative of a full year.
|
|||||||||||||
(6)
Annualized.
|
|||||||||||||
See Notes to Financial Statements
|
U.S. government income that may be exempt from state taxation
|
$ | 83,000 |
Average annual total returns for periods ended September 30, 2012 (the most recent calendar quarter-end):
|
||||||||
1 year
|
Life of class
|
|||||||
Class B shares
1
— first sold 11/1/10
|
||||||||
Reflecting applicable contingent deferred sales charge
|
||||||||
(CDSC), maximum of 5%, payable only if shares
|
||||||||
are sold within six years of purchase
|
–2.12 | % | 1.17 | % | ||||
Not reflecting CDSC
|
2.88 | 3.22 | ||||||
Class C shares
— first sold 11/1/10
|
||||||||
Reflecting CDSC, maximum of 1%, payable only
|
||||||||
if shares are sold within one year of purchase
|
1.84 | 3.18 | ||||||
Not reflecting CDSC
|
2.84 | 3.18 | ||||||
Class F-1 shares
2
— first sold 11/1/10
|
||||||||
Not reflecting annual asset-based fee charged
|
||||||||
by sponsoring firm
|
3.66 | 3.93 | ||||||
Class F-2 shares
2
— first sold 11/1/10
|
||||||||
Not reflecting annual asset-based fee charged
|
||||||||
by sponsoring firm
|
3.91 | 4.17 | ||||||
Class 529-A shares
3
— first sold 11/1/10
|
||||||||
Reflecting 3.75% maximum sales charge
|
–0.30 | 1.84 | ||||||
Not reflecting maximum sales charge
|
3.61 | 3.89 | ||||||
Class 529-B shares
1,3
— first sold 11/1/10
|
||||||||
Reflecting applicable CDSC, maximum of 5%, payable
|
||||||||
only if shares are sold within six years of purchase
|
–2.23 | 1.06 | ||||||
Not reflecting CDSC
|
2.77 | 3.11 | ||||||
Class 529-C shares
3
— first sold 11/1/10
|
||||||||
Reflecting CDSC, maximum of 1%, payable only
|
||||||||
if shares are sold within one year of purchase
|
1.77 | 3.11 | ||||||
Not reflecting CDSC
|
2.77 | 3.11 | ||||||
Class 529-E shares
2,3
— first sold 11/1/10
|
3.29 | 3.59 | ||||||
Class 529-F-1 shares
2,3
— first sold 11/1/10
|
||||||||
Not reflecting annual asset-based fee charged
|
||||||||
by sponsoring firm
|
3.79 | 4.06 |
|
1
These shares are not available for purchase.
|
|
2
These shares are sold without any initial or contingent deferred sales charge.
|
|
3
Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee.
|
“Independent” trustees
1
|
||
Year first
|
||
elected a
|
||
trustee of
|
||
Name and age
|
the fund
2
|
Principal occupation(s) during past five years
|
William H. Baribault, 67
|
2010
|
Chairman of the Board and CEO, Oakwood
|
Enterprises (private investment and consulting)
|
||
James G. Ellis, 65
|
2010
|
Dean and Professor of Marketing, Marshall School of
|
Business, University of Southern California
|
||
Leonard R. Fuller, 66
|
2010
|
President and CEO, Fuller Consulting (financial
|
management consulting firm)
|
||
W. Scott Hedrick, 67
|
2010
|
Founding General Partner, InterWest Partners
|
(venture capital firm)
|
||
R. Clark Hooper, 66
|
2010
|
Private investor
|
Chairman of the Board
|
||
(Independent and Non-Executive)
|
||
Merit E. Janow, 54
|
2010
|
Professor, Columbia University, School of
|
International and Public Affairs; former Member,
|
||
World Trade Organization Appellate Body
|
||
Laurel B. Mitchell, Ph.D., 57
|
2010
|
Clinical Professor and Director, Accounting Program,
|
University of Redlands
|
||
Frank M. Sanchez, 69
|
2010
|
Principal, The Sanchez Family Corporation dba
|
McDonald’s Restaurants (McDonald’s licensee)
|
||
Margaret Spellings, 54
|
2010
|
President and CEO, Margaret Spellings & Company
|
(public policy and strategic consulting); President,
|
||
U.S. Forum for Policy Innovation and Senior Advisor
|
||
to the President and CEO, U.S. Chamber of
|
||
Commerce; former United States Secretary of
|
||
Education, United States Department of Education
|
||
Steadman Upham, Ph.D., 63
|
2010
|
President and University Professor,
|
The University of Tulsa
|
||
“Independent” trustees
1
|
||
Number of
|
||
portfolios
|
||
in fund
|
||
complex
3
|
||
overseen by
|
||
Name and age
|
trustee
|
Other directorships
4
held by trustee
|
William H. Baribault, 67
|
58
|
None
|
James G. Ellis, 65
|
62
|
Quiksilver, Inc.
|
Leonard R. Fuller, 66
|
62
|
None
|
W. Scott Hedrick, 67
|
58
|
Hot Topic, Inc.; Office Depot, Inc.
|
R. Clark Hooper, 66
|
64
|
JPMorgan Value Opportunities Fund, Inc.;
|
Chairman of the Board
|
The Swiss Helvetia Fund, Inc.
|
|
(Independent and Non-Executive)
|
||
Merit E. Janow, 54
|
61
|
The NASDAQ Stock Market LLC;
|
Trimble Navigation Limited
|
||
Laurel B. Mitchell, Ph.D., 57
|
58
|
None
|
Frank M. Sanchez, 69
|
58
|
None
|
Margaret Spellings, 54
|
61
|
None
|
Steadman Upham, Ph.D., 63
|
61
|
None
|
“Interested” trustee
5,6
|
||
Year first
|
||
elected a
|
||
trustee or
|
Principal occupation(s) during past five years
|
|
Name, age and
|
officer of
|
and positions held with affiliated entities or the
|
position with fund
|
the fund
2
|
principal underwriter of the fund
|
John H. Smet, 56
|
2010
|
Senior Vice President — Fixed Income, Capital
|
President
|
Research and Management Company; Director,
|
|
The Capital Group Companies, Inc.
7
|
||
“Interested” trustee
5,6
|
||
Number of
|
||
portfolios in
|
||
fund complex
3
|
||
Name, age and
|
overseen
|
|
position with fund
|
by trustee
|
Other directorships
4
held by trustee
|
John H. Smet, 56
|
17
|
None
|
President
|
Other officers
6
|
||
Year first
|
||
elected
|
Principal occupation(s) during past five years
|
|
Name, age and
|
an officer
|
and positions held with affiliated entities or the
|
position with fund
|
of the fund
2
|
principal underwriter of the fund
|
Fergus N. MacDonald, 42
|
2010
|
Senior Vice President — Fixed Income, Capital
|
Senior Vice President
|
Research Company;
7
Director, Capital Research
|
|
Company;
7
Director, Capital International Research,
|
||
Inc.
7
|
||
Kristine M. Nishiyama, 42
|
2010
|
Senior Vice President and Senior Counsel — Fund
|
Senior Vice President
|
Business Management Group, Capital Research and Management Company; Vice President and Senior Counsel, Capital Bank and Trust Company
7
|
|
Wesley K.-S. Phoa, 46
|
2010
|
Senior Vice President — Fixed Income, Capital
|
Senior Vice President
|
Research Company;
7
Senior Vice President, Capital International Research, Inc.;
7
Vice President, Capital Strategy Research, Inc.
7
|
|
Courtney R. Taylor, 37
|
2010
|
Assistant Vice President — Fund Business
|
Secretary
|
Management Group, Capital Research and Management Company
|
|
Brian C. Janssen, 40
|
2012
|
Vice President — Fund Business Management
|
Treasurer
|
Group, Capital Research and Management Company
|
|
Steven I. Koszalka, 48
|
2010
|
Vice President — Fund Business Management
|
Assistant Secretary
|
Group, Capital Research and Management Company
|
|
Karl C. Grauman, 44
|
2010
|
Vice President — Fund Business Management
|
Assistant Treasurer
|
Group, Capital Research and Management Company
|
|
Dori Laskin, 61
|
2010
|
Vice President — Fund Business Management
|
Assistant Treasurer
|
Group, Capital Research and Management Company
|
|
1
The term “independent” trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
|
|
2
Trustees and officers of the fund serve until their resignation, removal or retirement.
|
|
3
Capital Research and Management Company manages the American Funds. Capital Research and Management Company also manages American Funds Insurance Series,
®
which is composed of 19 funds and serves as the underlying investment vehicle for certain variable insurance contracts; American Funds Target Date Retirement Series,
®
which is composed of 10 funds and is available through tax-deferred retirement plans and IRAs; American Funds Portfolio Series,
SM
which is composed of eight funds; and American Funds College Target Date Series,
SM
which is composed of seven funds.
|
|
4
This includes all directorships (other than those in the American Funds or other funds managed by Capital Research and Management Company) that are held by each trustee as a trustee or director of a public company or a registered investment company.
|
|
5
“Interested persons” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
|
|
6
All of the officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
|
|
7
Company affiliated with Capital Research and Management Company.
|
|
|
|
1
As of 12/31/11.
|
|
2
Based on Class A share results for periods through 12/31/11. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date.
|
|
3
Based on management fees for the 20-year period ended 12/31/11 versus comparable Lipper categories, excluding funds of funds.
|
|
•Growth funds
|
|
AMCAP Fund
®
|
|
EuroPacific Growth Fund
®
|
|
The Growth Fund of America
®
|
|
The New Economy Fund
®
|
|
New Perspective Fund
®
|
|
New World Fund
®
|
|
SMALLCAP World Fund
®
|
|
•Growth-and-income funds
|
|
American Mutual Fund
®
|
|
Capital World Growth and Income Fund
®
|
|
Fundamental Investors
SM
|
|
International Growth and Income Fund
SM
|
|
The Investment Company of America
®
|
|
Washington Mutual Investors Fund
SM
|
|
•Equity-income funds
|
|
Capital Income Builder
®
|
|
The Income Fund of America
®
|
|
•Balanced funds
|
|
American Balanced Fund
®
|
|
American Funds Global Balanced Fund
SM
|
|
•Bond funds
|
|
American Funds Mortgage Fund
®
|
|
American High-Income Trust
®
|
|
The Bond Fund of America
®
|
|
Capital World Bond Fund
®
|
|
Intermediate Bond Fund of America
®
|
|
Short-Term Bond Fund of America
®
|
|
U.S. Government Securities Fund
®
|
|
•Tax-exempt bond funds
|
|
American Funds Short-Term Tax-Exempt Bond Fund
®
|
|
American High-Income Municipal Bond Fund
®
|
|
Limited Term Tax-Exempt Bond Fund of America
®
|
|
The Tax-Exempt Bond Fund of America
®
|
|
State-specific tax-exempt funds
|
|
American Funds Tax-Exempt Fund of New York
®
|
|
The Tax-Exempt Fund of California
®
|
|
The Tax-Exempt Fund of Maryland
®
|
|
The Tax-Exempt Fund of Virginia
®
|
|
•Money market fund
|
|
American Funds Money Market Fund
®
|
|
•American Funds Portfolio Series
SM
|
|
American Funds Global Growth Portfolio
SM
|
|
American Funds Growth Portfolio
SM
|
|
American Funds Growth and Income Portfolio
SM
|
|
American Funds Balanced Portfolio
SM
|
|
American Funds Income Portfolio
SM
|
|
American Funds Tax-Advantaged Income Portfolio
SM
|
|
American Funds Preservation Portfolio
SM
|
|
American Funds Tax-Exempt Preservation Portfolio
SM
|
|
•American Funds Target Date Retirement Series
®
|
|
•American Funds College Target Date Series
SM
|
|
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.
|
|
3
A portion or all of the security purchased on a TBA basis.
|
|
4
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 $73,673,000, which represented 11.74% of the net assets of the fund.
|
(a)
|
The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
|
(b)
|
There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of 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.
|
(a)(1)
|
The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
|
(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.
|
AMERICAN FUNDS MORTGAGE FUND
|
|
By
/s/ John H. Smet
|
|
John H. Smet, President and
Principal Executive Officer
|
|
Date: October 31, 2012
|
By
/s/ John H. Smet
|
John H. Smet, President and
Principal Executive Officer
|
Date: October 31, 2012
|
By
/s/
Brian C. Janssen
|
Brian C. Janssen, Treasurer and
Principal Financial Officer
|
Date: October 31, 2012
|
1 Year Visteon Chart |
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