Purchase Restrictions: Class 529-F-2 share funds are available only for CollegeAmerica accounts sold through Registered Investment Advisors.

Summary

Internal Prompt
Quality, income and diversification. With a focus on high-quality mortgage-backed securities that are either guaranteed or sponsored by the U.S. government, this fund may provide a higher level of income than U.S. Treasuries as well as diversification during equity market downturns.
Price at NAV $8.61 as of 1/21/2025 (updated daily)
Fund Assets (millions) $11,199.3
Portfolio Managers
1
3
Expense Ratio
(Gross/Net %)
2
0.48 / 0.43%
Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds95.1%
Non-U.S. Bonds0.0%
Cash & Equivalents
3
4.9%
As of 12/31/2024 (updated monthly)

Growth of 10K
4

High & Low Prices

Fund Statistics

6.4 years
Effective Duration
5.3%
Average Yield
to Worst
4.5%
Average Coupon
% of net assets as of 12/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income
5

High Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 12/31/24 (updated quarterly)

Description

Fund Objective
The fund's investment objective is to provide current income and preservation of capital.
Distinguishing Characteristics
With a focus on high-quality mortgage-backed securities that are either guaranteed or sponsored by the U.S. government, this fund may provide a higher level of income than U.S. Treasuries as well as diversification during equity market downturns. This fund seeks to add value by actively managing sector allocation, security selection, duration and yield curve.
Types of Investments
Primarily mortgage-related securities guaranteed by the U.S. government, mortgage-related securities issued by government-sponsored entities but not backed by the full faith and credit of the U.S. government, and non-government mortgage-related securities rated AAA/Aaa or unrated but determined to be of equivalent quality by the fund’s investment adviser. Up to 5% of assets may be invested in securities (excluding securities that are sponsored or guaranteed by the U.S. government, its agencies and instrumentalities) rated AA/Aa or A, or unrated but of equivalent quality.
Holdings Outside the U.S.
Up to 10% of assets may be invested in high-quality, U.S. dollar-denominated mortgage-related securities from issuers outside the U.S.
Maturity
Not required to maintain any particular maturity.
Portfolio Restrictions
Normally, at least 80% of the fund’s assets will be invested in mortgage-related securities.

Fund Facts

Fund Inception 11/01/2010
Fund Assets (millions)
As of 12/31/2024
$11,199.3
Companies/Issuers
Holdings are as of 12/31/2024 (updated monthly).
73+
Shareholder Accounts
Shareholder accounts are as of 12/31/2024
649
Regular Dividends Paid
6
Monthly
Minimum Initial Investment $250
Capital Gains Paid
6
Dec
Portfolio Turnover (2024) 824%
Fiscal Year-End Aug
Prospectus Date 11/01/2024
CUSIP 02630V 741
Fund Number 1642

Returns

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Month-End Returns as of 12/31/24

Quarter-End Returns as of 12/31/24

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Volatility & Return

Read important investment disclosures

Fixed-Income

For Class 529-F-2 Shares, this chart tracks the 10-year standard deviation
8
and 10-year annualized return of the fixed income funds
FFMFX
Bloomberg U.S. Mortgage Backed Securities Index
Other AF Funds
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

Prices and returns will vary, so investors may lose money. View .

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 , which can be obtained from a financial professional and should be read carefully before investing. Similar information is contained in the , which can be obtained from a financial professional and should be read carefully before investing. CollegeAmerica is distributed by Capital Client Group, Inc., and sold through unaffiliated intermediaries.

Depending on your state of residence, there may be an in-state plan that provides state tax and other state benefits, such as financial aid, scholarship funds and protection from creditors, not available through CollegeAmerica. Before investing in any state's 529 plan, investors should consult a tax advisor. CollegeAmerica is a nationwide plan sponsored by Commonwealth Savers. 

The return of principal for bond portfolios and for portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.

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.

Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.

While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.

Investments in mortgage-related securities involve additional risks, such as prepayment risk.

Interests in Capital Group's U.S. Government Securities portfolios are not guaranteed by the U.S. government.

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.

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

  1. Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Capital Client Group, Inc.

Use of this website is intended for U.S. residents only.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

© 2025 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Terms and Definitions

Standard Deviation: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.

Standard Deviation as of 12/31/2024 (updated monthly) . Annualized return as of 12/31/2024 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
9
30-day SEC Yield
Fund at NAV 4.77% 4.60%
Fund at MOP N/A N/A
As of 12/31/2024 (updated monthly)

Portfolio Management
1

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
David J. Betanzos 11 23 27
Oliver V. Edmonds 5 21 22
Fergus N. MacDonald 14 21 32
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM
10


Overall Morningstar RatingTM
Funds rated(227)
3-yr. Morningstar RatingTM
(227 funds rated)
5-yr. Morningstar RatingTM
(216 funds rated)
10-yr. Morningstar RatingTM
(176 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category Intermediate Government
Ratings are based on risk-adjusted returns as of 12/31/2024 (updated monthly).

Risk Measures

Fund
Standard Deviation
8
4.66
Sharpe Ratio
8
-0.10
For the 10 Years ending 12/31/24 (updated monthly).
American Funds
Benchmark
11
Morningstar
Benchmark
8
Bloomberg U.S. Mortgage Backed Securities Index
Bloomberg US Agg Bond TR USD
R-squared 88 88
Beta 0.87 0.87
Capture Ratio (Downside/Upside) 76/79 76/79
American Funds Benchmark for the 10 Years ending 12/31/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 12/31/24 (updated monthly).
U.S. Treasuries/Agencies
10.1%
AAA/Aaa
84.1%
AA/Aa
0.2%
A
0.2%
Unrated
0.5%
Cash & equivalents
3
4.8%
% of net assets as of 12/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
23.8%
5-9.9 Years
62.9%
10-19.9 Years
8.3%
20-29.9 Years
0.1%
30+ Years
--
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
U.S. Treasury bonds & notes 12.8%
Asset-backed obligations 1.2%

% of net assets as of 12/31/2024 (updated quarterly)

Top Fixed-Income Issuers
12

Federal Home Loan Mortgage
39.9%
Fannie Mae
31.1%
U.S. Treasury
10.1%
Ginnie Mae II
4.3%
UMBS
4.2%
Freddie Mac Seasoned Credit Risk Transfer Trus ...
0.5%
Freddie Mac Gold
0.3%
Citigroup Commercial Mortgage Trust CGCMT_23-S ...
0.3%
BX Commercial Mortgage Trust BX_21-VOLT
0.2%
Seasoned Loans Structured Transaction Trust Se ...
0.2%

% of net assets as of 12/31/2024 (updated monthly)

Prices & Distributions

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Historical Prices Month-End

Historical Prices Year-End

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Historical Distributions as of 01/21/25

2024
Record
Date
Calculated
Date
Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/24 02/01/24 $0.0343566 $0.00 $0.00 $0.00 $8.91
Daily 02/29/24 03/01/24 $0.0328421 $0.00 $0.00 $0.00 $8.71
Daily 03/28/24 04/01/24 $0.033286 $0.00 $0.00 $0.00 $8.75
Daily 04/30/24 05/01/24 $0.0349464 $0.00 $0.00 $0.00 $8.46
Daily 05/31/24 06/03/24 $0.0339994 $0.00 $0.00 $0.00 $8.59
Daily 06/28/24 07/01/24 $0.0339356 $0.00 $0.00 $0.00 $8.65
Daily 07/31/24 08/01/24 $0.0358479 $0.00 $0.00 $0.00 $8.83
Daily 08/30/24 09/03/24 $0.0350877 $0.00 $0.00 $0.00 $8.94
Daily 09/30/24 10/01/24 $0.0346475 $0.00 $0.00 $0.00 $9.02
Daily 10/31/24 11/01/24 $0.0347035 $0.00 $0.00 $0.00 $8.71
Daily 11/29/24 12/02/24 $0.0329422 $0.00 $0.00 $0.00 $8.77
Daily 12/31/24 01/02/25 $0.0339491 $0.00 $0.00 $0.00 $8.61
2024 Year-to-Date: Dividends Subtotal: $0.41054378 Cap Gains Subtotal: $0.00
Total Distributions: $0.41054378

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.27%
Other Expenses 0.21%
Service 12b-1 --
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio
2

Gross Net
FFMFX 0.48% 0.43%
Lipper Intermediate U.S. Government Funds Average
13
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).