American Funds Global Growth Portfolio Class F-1 (PGGFX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22656

American Funds Portfolio Series

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2014

Steven I. Koszalka

American Funds Portfolio Series

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

Copies to:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

American Funds
Portfolio Series^SM   Semi-annual report
for the six months ended
April 30, 2014

American Funds Portfolio Series seeks to help investors meet a wide range of investment goals, including preservation of capital, income, balance and growth. Each fund in the series is an objective-based portfolio of actively managed American Funds.

American Funds, from Capital Group, is one of the nation’s largest mutual fund families. For more than 80 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2014 (the most recent calendar quarter-end). Also shown are the gross and net expense ratios as of the series prospectus dated January 1, 2014:

			Lifetime
	1 year		total return		Gross		Net
Class A shares	total return		(since 5/18/12)		expense ratio		expense ratio
Reflecting 5.75% maximum initial sales charge:
American Funds Global Growth PortfolioSM	12.55	%	19.41	%	1.00	%	0.90	%
American Funds Growth PortfolioSM	15.23		20.60		0.89		0.79
American Funds Growth and Income PortfolioSM	9.68		15.15		0.80		0.70
American Funds Balanced PortfolioSM	7.40		12.89		0.79		0.69
American Funds Income PortfolioSM	3.24		8.79		0.78		0.68
Reflecting 3.75% maximum initial sales charge:
American Funds Tax-Advantaged Income PortfolioSM	5.92		10.93		0.92		0.82
Reflecting 2.50% maximum initial sales charge:
American Funds Preservation PortfolioSM	–2.78		–0.85		0.83		0.71
American Funds Tax-Exempt Preservation PortfolioSM	–2.58		0.24		0.89		0.76

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

The portfolio series’ funds invest in Class R-6 shares of the underlying funds. The series’ investment adviser is currently waiving its management fee of 0.10%, and reimbursing a portion of other expenses in all share classes for Preservation Portfolio and Tax-Exempt Preservation Portfolio. Investment results and net expense ratios shown reflect the waiver and/or reimbursements, without which the results would have been lower and the expenses would have been higher. Expense ratios are as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds. The waiver and reimbursements will remain in effect at least through December 31, 2014. After that time, the adviser may elect at its discretion to extend, modify or terminate the reimbursements. The waiver may only be modified or terminated with the approval of the series’ board.

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

Investment allocations may not achieve fund objectives. There are expenses associated with the underlying funds in addition to fund of funds expenses. The funds’ risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.

Contents
1	Letter to investors
4	Investment portfolios
12	Financial statements
20	Notes to financial statements
40	Financial highlights

Fellow investors:

We are pleased to present the semi-annual report for American Funds Portfolio Series, which covers the six months ended April 30, 2014. Each fund in the series advanced, with returns ranging from 0.68% to 6.52%. While we are happy that results were positive, we remind investors that this represents a very brief period of time; it’s more constructive to maintain a long-term perspective.

About the series

The series, which was launched on May 18, 2012, offers eight funds intended to help investors pursue various objectives. Each fund is composed of a blend of individual American Funds. The funds are aligned with three primary objectives — preservation, balance and appreciation. They can be used individually or in combination, based on an investor’s needs, risk tolerance and time horizon.

The series was created by our Portfolio Oversight Committee, a group of investment professionals with varied backgrounds, differing investment approaches and decades of experience. They regularly review the series to ensure that each fund remains aligned with its objectives.

The economy

The U.S. continued its economic recovery at an uneven pace during the reporting period. Gross domestic product (GDP) was up 2.6% in the fourth quarter of 2013, driven by strong corporate profits and an increase in consumer spending. The economy contracted in the first quarter of 2014, as harsh winter weather curtailed corporate spending and housing activity. Job growth rebounded in the spring, with 288,000 positions added in April to bring the unemployment rate to 6.3% — its lowest level since 2008. World economies were mixed, with developed markets posting generally favorable results, thanks to ongoing support from central banks.

The stock market

For the six months, U.S. stocks rallied solidly with Standard & Poor’s 500 Composite Index (a broad measure of the U.S. stock market) gaining 8.35%. Fourth quarter results were particularly strong, driven by upbeat economic signals. The rally slowed somewhat in the first part of 2014, as businesses were hampered by the winter slowdown. For the reporting period, international markets were generally positive, although not quite as strong as the U.S. The MSCI

American Funds Portfolio Series 1

World ex USA Index, a leading benchmark for developed markets excluding the U.S., advanced 4.51%. The market indexes shown in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

The bond market

The Federal Reserve began tapering its bond buying programs in January, signaling its confidence that economic expansion could be sustained. With new chairman Janet Yellen taking the helm, the Fed indicated that it would leave its target federal funds rate at an exceptionally low level for a considerable time.

Most sectors of the bond market posted positive results during the period, with the Barclays U.S. Aggregate Index (a measure of the broad fixed-income investment-grade market) gaining 1.74%. Lower rated/high-yield bonds led the way, with the Barclays U.S. Corporate High Yield 2% Issuer Capped Index climbing 4.72%. Municipals (investment-grade) notched solid returns as well, with the Barclays Municipal Index advancing 4.08%.

How the series fared

While all the funds saw gains, the best returns were achieved by those with balance as their objective. Underlying funds with a domestic equity focus (such as The Investment Company of America) were particularly helpful, as were those with an equity-income approach (such as The Income Fund of America). While returns for the funds in the series geared toward preservation may seem slight, keep in mind that the goal of these funds is to maintain the value of their assets, not to grow capital.

The funds in the series are designed as long-term investments. While lifetime results for each fund have been positive, as shown in the table on page 3, it is important to note that two years is a relatively brief investment period. We encourage investors to have a long-term outlook.

Moving forward

We remain cautiously optimistic about the economic prospects for the remainder of 2014. Solid corporate profits, growth in the housing market, improving employment figures and continued support from the Fed would seem to signal bright skies ahead. We are mindful, however, of the stop-start pace of the U.S. recovery, waning momentum in China and geopolitical risks in Eastern Europe.

American Funds remains committed to an objective-based approach to investing. We closely observe and evaluate companies in an effort to identify investments we believe may represent the best value over the long term.

Thank you for choosing to invest in American Funds Portfolio Series. We look forward to reporting to you again at the end of our fiscal year.

Cordially,

Bradley J. Vogt
Vice Chairman of the Board

Walter R. Burkley
President

June 13, 2014

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

2 American Funds Portfolio Series

Results at a glance

For periods ended April 30, 2014, with all distributions reinvested for Class A shares

	Cumulative total returns				Average annual total returns
	6 months		1 year		Lifetime (since 5/18/12)
American Funds Global Growth Portfolio	4.80	%	15.96	%	22.13	%
MSCI All Country World Index (ACWI)*†	5.28		14.40		20.83
Lipper Global Funds Index	6.03		16.66		22.39
American Funds Growth Portfolio	5.78		18.74		22.99
Standard & Poor’s 500 Composite Index*	8.35		20.42		23.90
Lipper Growth Funds Index	5.99		21.60		23.93
American Funds Growth and Income Portfolio	5.91		14.01		18.54
Standard & Poor’s 500 Composite Index*	8.35		20.42		23.90
Lipper Growth and Income Funds Index	6.43		16.22		21.06
American Funds Balanced Portfolio	5.11		12.02		16.15
Standard & Poor’s 500 Composite Index*	8.35		20.42		23.90
Lipper Balanced Funds Index	4.99		11.32		14.38
American Funds Income Portfolio	4.78		8.19		12.39
Standard & Poor’s 500 Composite Index*	8.35		20.42		23.90
Lipper Income Funds Index	4.28		7.11		10.43
American Funds Tax-Advantaged Income Portfolio	6.52		9.04		13.36
Barclays Municipal Bond Index*	4.08		0.50		2.49
Lipper Income Funds Index	4.28		7.11		10.43
American Funds Preservation Portfolio	0.68		–0.37		0.69
Barclays U.S. Government/Credit 1–7 Years ex BBB Index*	0.38		–0.11		0.97
Lipper Short-Intermediate Investment-Grade Debt Funds Index	1.13		0.30		2.06
American Funds Tax-Exempt Preservation Portfolio	2.27		0.16		1.99
Barclays Municipal Short-Intermediate 1–10 Years Index*	1.76		0.97		1.77
Lipper Intermediate Municipal Debt Funds Index	2.85		0.27		1.99

*	The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
†	Results reflect dividends net of withholding taxes.

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure results of more than 40 developed and emerging equity markets. The S&P 500 is a market capitalization-weighted index based on the average weighted results of 500 widely held common stocks.

Lipper Global Funds Index is an equally weighted index of funds that invest at least 25% of their portfolios in securities traded outside of the U.S. and may own U.S. securities as well. Lipper Growth Funds Index is an equally weighted index of growth funds. Lipper Growth and Income Funds Index is an equally weighted index of funds that combine a growth-of-earnings orientation and an income requirement for level and/or rising dividends. Lipper Balanced Funds Index is an equally weighted index of funds that seek to conserve principal by maintaining a balanced portfolio of both stocks and bonds. Lipper Income Funds Index is an equally weighted index of funds that normally seek a high level of current income through investing in income-producing stocks, bonds and money market instruments. Lipper Short-Intermediate Investment-Grade Debt Funds Index is an equally weighted index of funds that invest primarily in investment-grade debt issues (rated BBB and above) with dollar-weighted average maturities of one to five years. Lipper Intermediate Municipal Debt Funds Index is an equally weighted index of funds that invest in municipal debt issues with dollar-weighted average maturities of five to 10 years. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category.

Barclays Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. Barclays U.S. Government/Credit 1–7 Years ex BBB Index is a market-value-weighted index that tracks the total return results of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to seven years, excluding BBB-rated securities. Barclays Municipal Short-Intermediate 1–10 Years Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to 10 years.

American Funds Portfolio Series 3

American Funds Global Growth Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds 70.0%
The New Economy Fund, Class R-6		4,753,635	$	180,781			20.0	%
New Perspective Fund, Class R-6		7,211,998		271,171			30.0
New World Fund, Inc., Class R-6		3,054,761		180,781			20.0
				632,733			70.0
Growth-and-income funds 30.0%
Capital World Growth and Income Fund, Class R-6		5,842,946		271,171			30.0
Total investment securities (cost: $820,193,000)				903,904			100.0
Other assets less liabilities				(313	)		—
Net assets			$	903,591			100.0	%

See Notes to Financial Statements

4 American Funds Portfolio Series

American Funds Growth Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds 70.0%
AMCAP Fund, Class R-6		16,794,411	$	473,098			30.0	%
EuroPacific Growth Fund, Class R-6		7,998,556		394,249			25.0
SMALLCAP World Fund, Inc., Class R-6		4,877,305		236,549			15.0
				1,103,896			70.0
Growth-and-income funds 30.0%
Fundamental Investors, Class R-6		9,156,156		473,099			30.0
Total investment securities (cost: $1,421,443,000)				1,576,995			100.0
Other assets less liabilities				(514	)		—
Net assets			$	1,576,481			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series 5

American Funds Growth and Income Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds 20.0%
The Growth Fund of America, Class R-6		13,323,123	$	572,761			20.0	%
Growth-and-income funds 40.0%
Capital World Growth and Income Fund, Class R-6		12,342,474		572,815			20.0
The Investment Company of America, Class R-6		15,157,047		572,785			20.0
				1,145,600			40.0
Equity-income and Balanced funds 25.0%
Capital Income Builder, Class R-6		11,939,284		716,596			25.0
Bond funds 15.0%
Capital World Bond Fund, Class R-6		20,610,197		429,516			15.0
Total investment securities (cost: $2,609,595,000)				2,864,473			100.0
Other assets less liabilities				(976	)		—
Net assets			$	2,863,497			100.0	%

See Notes to Financial Statements

6 American Funds Portfolio Series

American Funds Balanced Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds 20.0%
New Perspective Fund, Class R-6		11,439,312	$	430,118			20.0	%
Growth-and-income funds 30.0%
Capital World Growth and Income Fund, Class R-6		6,957,115		322,880			15.0
Washington Mutual Investors Fund, Class R-6		7,981,123		322,597			15.0
				645,477			30.0
Equity-income and  Balanced funds 25.0%
American Balanced Fund, Class R-6		21,689,999		537,695			25.0
Bond funds 25.0%
The Bond Fund of America, Class R-6		42,471,646		537,691			25.0
Total investment securities (cost: $1,957,823,000)				2,150,981			100.0
Other assets less liabilities				(782	)		—
Net assets			$	2,150,199			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series 7

American Funds Income Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth-and-income  funds 20.0%
American Mutual Fund, Class R-6		10,940,885	$	389,168			20.0	%
Equity-income and  Balanced funds 40.0%
Capital Income Builder, Class R-6		6,483,960		389,167			20.0
The Income Fund of America, Class R-6		18,185,387		389,167			20.0
				778,334			40.0
Bond funds  40.0%
American High-Income Trust, Class R-6		33,870,085		389,167			20.0
U.S. Government Securities Fund, Class R-6*		28,180,107		389,167			20.0
				778,334			40.0
Total investment securities (cost: $1,817,736,000)				1,945,836			100.0
Other assets less liabilities				(766	)		—
Net assets			$	1,945,070			100.0	%

* U.S. Government Securities Fund is an affiliate of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of its outstanding voting shares. Further details on this holding and related transactions during the six months ended April 30, 2014, appear below.

	Beginning shares	Additions	Reductions	Ending shares		Dividend income (000)		Value of affiliate at 4/30/2014 (000)
U.S. Government Securities Fund, Class R-6	21,236,828	6,943,279	—		28,180,107	$	2,509	$	389,167

See Notes to Financial Statements

8 American Funds Portfolio Series

American Funds Tax-Advantaged Income Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth-and-income  funds  50.0%
Capital World Growth and Income Fund, Class R-6		1,967,388	$	91,307			25.0	%
Washington Mutual Investors Fund, Class R-6		2,258,943		91,306			25.0
				182,613			50.0
Tax-exempt  bond funds  50.0%
American High-Income Municipal Bond Fund, Class R-6		6,070,909		91,307			25.0
The Tax-Exempt Bond Fund of America, Class R-6		7,116,638		91,306			25.0
				182,613			50.0
Total investment securities (cost: $335,940,000)				365,226			100.0
Other assets less liabilities				(95	)		—
Net assets			$	365,131			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series 9

American Funds Preservation Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Bond funds  100.0%
The Bond Fund of America, Class R-6		8,344,421	$	105,641			20.0	%
Intermediate Bond Fund of America, Class R-6		15,602,005		210,939			40.0
Short-Term Bond Fund of America, Class R-6		21,066,197		210,662			40.0
Total investment securities (cost: $532,256,000)				527,242			100.0
Other assets less liabilities				(251	)		—
Net assets			$	526,991			100.0	%

See Notes to Financial Statements

10 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Tax-exempt bond funds 100.0%
Limited Term Tax-Exempt Bond Fund of America, Class R-6		7,540,843	$	121,182			70.0	%
The Tax-Exempt Bond Fund of America, Class R-6		4,053,013		52,000			30.0
Total investment securities (cost: $175,274,000)				173,182			100.0
Other assets less liabilities				(69	)		—
Net assets			$	173,113			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series 11

Financial statements

Statements of assets and liabilities
at April 30, 2014

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Assets:
Investment securities, at value:
Unaffiliated issuers	$	903,904		$	1,576,995		$	2,864,473
Affiliated issuer		—			—			—
Receivables for:
Sales of fund’s shares		2,256			3,543			5,562
Dividends		—			—			—
Total assets		906,160			1,580,538			2,870,035
Liabilities:
Payables for:
Purchases of investments		1,933			2,817			4,655
Repurchases of fund’s shares		323			682			879
Services provided by related parties		302			540			980
Trustees’ deferred compensation		1			1			2
Other		10			17			22
Total liabilities		2,569			4,057			6,538
Net assets at April 30, 2014	$	903,591		$	1,576,481		$	2,863,497
Net assets consist of:
Capital paid in on shares of beneficial interest	$	801,900		$	1,383,313		$	2,553,235
(Distributions in excess of) undistributed net investment income		(650	)		(843	)		565
Undistributed (accumulated) net realized gain (loss)		18,630			38,459			54,819
Net unrealized appreciation (depreciation)		83,711			155,552			254,878
Net assets at April 30, 2014	$	903,591		$	1,576,481		$	2,863,497
Investment securities, at cost:
Unaffiliated issuers	$	820,193		$	1,421,443		$	2,609,595
Affiliated issuer		—			—			—

*Amount less than one thousand.

See Notes to Financial Statements

12 American Funds Portfolio Series

unaudited

(dollars in thousands)

Balanced Portfolio		Income Portfolio		Tax-Advantaged Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
$	2,150,981	$	1,556,669	$	365,226		$	527,242		$	173,182
	—		389,167		—			—			—
	4,171		5,737		2,198			995			169
	1,076		2,241		622			576			442
	2,156,228		1,953,814		368,046			528,813			173,793
	4,121		7,249		2,788			797			512
	1,064		705		32			774			100
	827		781		93			243			66
	1		1		—	*		1			—	*
	16		8		2			7			2
	6,029		8,744		2,915			1,822			680
$	2,150,199	$	1,945,070	$	365,131		$	526,991		$	173,113
$	1,936,403	$	1,806,175	$	334,336		$	533,182		$	177,666
	173		1,629		502			8			57
	20,465		9,166		1,007			(1,185	)		(2,518	)
	193,158		128,100		29,286			(5,014	)		(2,092	)
$	2,150,199	$	1,945,070	$	365,131		$	526,991		$	173,113
$	1,957,823	$	1,420,829	$	335,940		$	532,256		$	175,274
	—		396,907		—			—			—

American Funds Portfolio Series 13

Statements of assets and liabilities
at April 30, 2014 (continued)

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	568,657	$	1,011,777	$	2,007,150
	Shares outstanding		39,433		68,803		150,746
	Net asset value per share	$	14.42	$	14.71	$	13.31
Class B:	Net assets	$	2,477	$	5,616	$	10,440
	Shares outstanding		173		385		786
	Net asset value per share	$	14.33	$	14.59	$	13.28
Class C:	Net assets	$	102,885	$	192,767	$	375,128
	Shares outstanding		7,201		13,230		28,291
	Net asset value per share	$	14.29	$	14.57	$	13.26
Class F-1:	Net assets	$	34,084	$	29,248	$	49,858
	Shares outstanding		2,364		1,990		3,744
	Net asset value per share	$	14.42	$	14.70	$	13.32
Class F-2:	Net assets	$	30,491	$	46,960	$	51,146
	Shares outstanding		2,109		3,186		3,837
	Net asset value per share	$	14.45	$	14.74	$	13.33
Class 529-A:	Net assets	$	74,885	$	141,445	$	180,192
	Shares outstanding		5,197		9,623		13,538
	Net asset value per share	$	14.41	$	14.70	$	13.31
Class 529-B:	Net assets	$	597	$	1,169	$	1,481
	Shares outstanding		42		80		111
	Net asset value per share	$	14.32	$	14.59	$	13.28
Class 529-C:	Net assets	$	26,705	$	52,757	$	76,913
	Shares outstanding		1,870		3,620		5,799
	Net asset value per share	$	14.28	$	14.57	$	13.26
Class 529-E:	Net assets	$	2,327	$	8,051	$	9,012
	Shares outstanding		162		550		678
	Net asset value per share	$	14.38	$	14.64	$	13.29
Class 529-F-1:	Net assets	$	2,282	$	6,909	$	13,450
	Shares outstanding		158		469		1,010
	Net asset value per share	$	14.44	$	14.72	$	13.32
Class R-1:	Net assets	$	1,361	$	3,727	$	5,628
	Shares outstanding		95		255		424
	Net asset value per share	$	14.31	$	14.60	$	13.27
Class R-2:	Net assets	$	14,383	$	26,021	$	29,150
	Shares outstanding		1,007		1,785		2,199
	Net asset value per share	$	14.29	$	14.58	$	13.26
Class R-3:	Net assets	$	9,709	$	16,275	$	21,159
	Shares outstanding		676		1,110		1,592
	Net asset value per share	$	14.36	$	14.66	$	13.29
Class R-4:	Net assets	$	2,576	$	3,731	$	6,514
	Shares outstanding		178		254		489
	Net asset value per share	$	14.43	$	14.70	$	13.31
Class R-5:	Net assets	$	23,148	$	22,258	$	21,546
	Shares outstanding		1,600		1,509		1,616
	Net asset value per share	$	14.47	$	14.75	$	13.33
Class R-6:	Net assets	$	7,024	$	7,770	$	4,730
	Shares outstanding		484		527		355
	Net asset value per share	$	14.52	$	14.75	$	13.33

See Notes to Financial Statements

14 American Funds Portfolio Series

unaudited

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

Balanced Portfolio		Income Portfolio		Tax-Advantaged Income Portfolio		Preservation Portfolio		Tax-Exempt Preservation Portfolio
$	1,405,842	$	1,408,925	$	299,625	$	353,918	$	126,360
	108,672		119,388		24,749		35,673		12,758
$	12.94	$	11.80	$	12.11	$	9.92	$	9.90
$	7,464	$	6,491	$	367	$	1,736	$	71
	578		551		30		175		7
$	12.90	$	11.77	$	12.08	$	9.92	$	9.91
$	311,821	$	296,164	$	42,244	$	72,278	$	35,669
	24,202		25,191		3,503		7,293		3,606
$	12.88	$	11.76	$	12.06	$	9.91	$	9.89
$	56,539	$	52,592	$	13,568	$	6,709	$	3,651
	4,371		4,455		1,121		676		369
$	12.94	$	11.81	$	12.11	$	9.92	$	9.91
$	46,548	$	42,939	$	9,327	$	6,205	$	7,362
	3,594		3,634		770		625		743
$	12.95	$	11.81	$	12.12	$	9.92	$	9.90
$	114,572	$	50,464			$	38,241
	8,858		4,278				3,855
$	12.93	$	11.80			$	9.92
$	938	$	799			$	497
	73		68				50
$	12.91	$	11.78			$	9.92
$	61,476	$	36,358			$	19,324
	4,769		3,093				1,949
$	12.89	$	11.76			$	9.91
$	4,111	$	4,071			$	2,286
	318		345				231
$	12.92	$	11.79			$	9.91
$	11,447	$	3,683			$	5,928
	884		312				598
$	12.94	$	11.81			$	9.92
$	5,346	$	1,082			$	670
	415		92				68
$	12.90	$	11.76			$	9.92
$	27,706	$	12,669			$	6,628
	2,149		1,077				669
$	12.89	$	11.77			$	9.90
$	26,611	$	10,093			$	5,224
	2,060		856				527
$	12.92	$	11.79			$	9.92
$	33,585	$	6,062			$	2,389
	2,596		513				241
$	12.94	$	11.81			$	9.92
$	16,943	$	9,770			$	4,850
	1,308		827				489
$	12.95	$	11.82			$	9.92
$	19,250	$	2,908			$	108
	1,486		246				11
$	12.95	$	11.82			$	9.92

American Funds Portfolio Series 15

Statements of operations
for the six months ended April 30, 2014

	Global Growth Portfolio		Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	7,283	$	7,097		$	33,619
Affiliated issuer		—		—			—
		7,283		7,097			33,619
Fees and expenses*:
Investment advisory services		372		633			1,183
Distribution services		1,236		2,053			3,928
Transfer agent services		372		633			1,173
Reports to shareholders		12		21			38
Registration statement and prospectus		201		254			358
Trustees’ compensation		2		4			7
Auditing and legal		1		1			2
Custodian		6		6			6
Other		45		87			125
Total fees and expenses before reimbursements/waivers		2,247		3,692			6,820
Less reimbursements/waivers of fees and expenses:
Investment advisory services		372		633			1,183
Other		—		—			—
Total fees and expenses after reimbursements/waivers		1,875		3,059			5,637
Net investment income		5,408		4,038			27,982
Net realized gain (loss) and unrealized appreciation on investments:
Net realized loss on sale of investments		—		(2	)		—
Capital gain distributions received		18,725		38,600			54,901
Net realized gain (loss)		18,725		38,598			54,901
Net unrealized appreciation on investments		8,979		22,049			57,087
Net realized gain (loss) and unrealized appreciation on investments		27,704		60,647			111,988
Net increase in net assets resulting from operations	$	33,112	$	64,685		$	139,970

*	Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.
†	Amount less than one thousand.

See Notes to Financial Statements

16 American Funds Portfolio Series

unaudited

(dollars in thousands)

Balanced Portfolio		Income Portfolio		Tax-Advantaged Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
$	20,999	$	28,757	$	5,198		$	3,720		$	2,658
	—		2,509		—			—			—
	20,999		31,266		5,198			3,720			2,658
	899		834		151			248			84
	3,066		2,950		525			896			368
	898		823		144			249			80
	29		27		5			9			2
	302		295		93			169			75
	5		5		1			2			1
	1		2		—	†		—	†		—	†
	6		6		6			6			6
	87		47		1			31			1
	5,293		4,989		926			1,610			617
	899		834		151			248			84
	—		—		—			39			35
	4,394		4,155		775			1,323			498
	16,605		27,111		4,423			2,397			2,160
	—		—		(232	)		(261	)		(752	)
	20,567		9,256		1,381			—			—
	20,567		9,256		1,149			(261	)		(752	)
	52,067		45,638		13,985			732			2,357
	72,634		54,894		15,134			471			1,605
$	89,239	$	82,005	$	19,557		$	2,868		$	3,765

American Funds Portfolio Series 17

Statements of changes in net assets 

	Global Growth Portfolio						Growth Portfolio						Growth and Income Portfolio
	Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013
Operations:
Net investment income	$	5,408		$	2,323		$	4,038		$	2,879		$	27,982		$	23,458
Net realized gain (loss)		18,725			786			38,598			3,333			54,901			2,674
Net unrealized appreciation (depreciation) on investments		8,979			69,290			22,049			126,286			57,087			187,635
Net increase (decrease) in net assets resulting from operations		33,112			72,399			64,685			132,498			139,970			213,767
Dividends and distributions paid to shareholders:
Dividends from net investment income		(6,949	)		(1,568	)		(5,546	)		(2,296	)		(28,925	)		(22,744	)
Distributions from net realized gain on investments		(676	)		(57	)		(3,125	)		—			(2,049	)		—
Total dividends and distributions paid to shareholders		(7,625	)		(1,625	)		(8,671	)		(2,296	)		(30,974	)		(22,744	)
Net capital share transactions		290,664			428,990			527,067			691,573			786,816			1,353,734
Total increase (decrease) in net assets		316,151			499,764			583,081			821,775			895,812			1,544,757
Net assets:
Beginning of period		587,440			87,676			993,400			171,625			1,967,685			422,928
End of period	$	903,591		$	587,440		$	1,576,481		$	993,400		$	2,863,497		$	1,967,685
(Distributions in excess of) undistributed net investment income	$	(650	)	$	891		$	(843	)	$	665		$	565		$	1,508

* Unaudited

See Notes to Financial Statements

18 American Funds Portfolio Series

(dollars in thousands)

Balanced Portfolio						Income Portfolio						Tax-Advantaged Income Portfolio						Preservation Portfolio						Tax-Exempt Preservation Portfolio
Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013
$	16,605		$	15,046		$	27,111		$	30,429		$	4,423		$	5,210		$	2,397		$	4,210		$	2,160		$	4,347
	20,567			(6	)		9,256			2,784			1,149			(52	)		(261	)		(922	)		(752	)		(1,759	)
	52,067			132,399			45,638			76,562			13,985			12,560			732			(6,315	)		2,357			(5,164	)
	89,239			147,439			82,005			109,775			19,557			17,718			2,868			(3,027	)		3,765			(2,576	)
	(17,359	)		(14,398	)		(27,744	)		(30,515	)		(4,464	)		(4,843	)		(2,469	)		(4,213	)		(2,158	)		(4,352	)
	—			—			(832	)		—			—			(51	)		—			—			—			—
	(17,359	)		(14,398	)		(28,576	)		(30,515	)		(4,464	)		(4,894	)		(2,469	)		(4,213	)		(2,158	)		(4,352	)
	562,411			1,024,039			419,376			965,081			85,754			173,334			37,175			255,789			(3,003	)		66,660
	634,291			1,157,080			472,805			1,044,341			100,847			186,158			37,574			248,549			(1,396	)		59,732
	1,515,908			358,828			1,472,265			427,924			264,284			78,126			489,417			240,868			174,509			114,777
$	2,150,199		$	1,515,908		$	1,945,070		$	1,472,265		$	365,131		$	264,284		$	526,991		$	489,417		$	173,113		$	174,509
$	173		$	927		$	1,629		$	2,262		$	502		$	543		$	8		$	80		$	57		$	55

American Funds Portfolio Series 19

Notes to financial statements unaudited

1. Organization

American Funds Portfolio Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The series consists of eight funds (the “funds”). The assets of each fund are segregated, with each fund accounted for separately. The funds’ investment objectives are as follows:

American Funds Global Growth Portfolio	Seeks long-term growth of capital.
American Funds Growth Portfolio	Seeks long-term growth of capital.
American Funds Growth and Income Portfolio	Seeks long-term growth of capital while providing current income.
American Funds Balanced Portfolio	Seeks current income and long-term growth of capital and income.
American Funds Income Portfolio	Seeks current income and, secondarily, long-term growth of capital.
American Funds Tax-Advantaged Income Portfolio	Seeks current income, a portion of which is exempt from regular federal income tax, while secondarily striving for long-term growth of capital.
American Funds Preservation Portfolio	Seeks current income, consistent with the preservation of capital.
American Funds Tax-Exempt Preservation Portfolio	Seeks current income that is exempt from regular federal income tax, consistent with preservation of capital.

Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. Capital Research and Management Company (“CRMC”), the series’ investment adviser, is also the investment adviser to the underlying funds.

The Global Growth Portfolio, Growth Portfolio, Growth and Income Portfolio, Balanced Portfolio, Income Portfolio and Preservation Portfolio each have 16 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) and six retirement plan share classes (Classes R-1, R-2, R-3, R-4, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The Tax-Advantaged Income Portfolio and Tax-Exempt Preservation Portfolio each have five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2). The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 2.50% for Preservation Portfolio and Tax-Exempt Preservation Portfolio; up to 3.75% for Tax-Advantaged Income Portfolio; up to 5.75% for all other funds	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

* Class B and 529-B shares of the funds are not available for purchase.

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

20 American Funds Portfolio Series

2. Significant accounting policies

Each fund’s financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The funds follow the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the Financial Highlights tables on pages 40 to 53.

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

Dividends and distributions to shareholders — Dividends and distributions to shareholders are recorded on each fund’s ex-dividend date.

3. Valuation

Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. Generally, the funds and the underlying funds determine the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Processes and structure — The series’ board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods. 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 series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method 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. 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. At April 30, 2014, all of the investment securities held by each fund were classified as Level 1.

American Funds Portfolio Series 21

4. Risk factors

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

Allocation risk — Investments in the funds are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the funds’ assets could cause the funds to lose value or their results to lag relevant benchmarks or other funds with similar objectives.

Fund structure — The funds invest in underlying funds and incur expenses related to the underlying funds. In addition, investors in the funds will incur fees to pay for certain expenses related to the operations of the funds. An investor holding the underlying funds directly and in the same proportions as the funds would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the funds.

Because the funds’ investments consist of underlying funds, the funds’ risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.

Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp, short-term declines in value. Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests.

Investing in growth-oriented stocks — Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments.

Investing in income-oriented stocks — Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests.

Investing in bonds — Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the underlying fund having to reinvest the proceeds in lower yielding securities.

Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/ or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.

Investing in lower rated bonds — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in bonds rated Ba1 or BB+ or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.” The value of the underlying funds may be similarly affected.

22 American Funds Portfolio Series

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. In addition, the prices of these stocks may be more volatile than stocks of larger, more established companies.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations outside the U.S., may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuers operate. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the U.S. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Additionally, there may be increased settlement risks for transactions in local securities.

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

Investing in mortgage-backed and asset-backed securities — Many types of bonds and other debt securities, including mortgage-backed securities, are subject to prepayment risk as well as the risks associated with investing in debt securities in general. If interest rates fall and the loans underlying these securities are prepaid faster than expected, the underlying fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the fund’s income. Conversely, if interest rates increase and the loans underlying the securities are prepaid more slowly than expected, the time in which the securities are expected to be paid off could be extended. This may reduce the fund’s cash for potential reinvestment in higher yielding securities.

Thinly traded securities — There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the underlying fund could cause the values of these securities to decline.

Investing in similar municipal bonds — Investing significantly in municipal obligations of issuers in the same state or backed by revenues of similar types of projects or industries may make an underlying fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the underlying fund’s share price may increase.

Management — The investment adviser to the funds and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

American Funds Portfolio Series 23

5. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and each intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed.

As of and during the period ended April 30, 2014, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the period, none of the funds incurred any significant interest or penalties.

The series is not subject to examination by U.S. federal and state tax authorities for tax years before 2012, the year the series commenced operations.

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2013, the components of distributable earnings on a tax basis for each fund were as follows (dollars in thousands):

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio		Balanced Portfolio			Income Portfolio		Tax- Advantaged Income Portfolio		Preservation Portfolio			Tax-Exempt Preservation Portfolio
Undistributed ordinary income	$	891	$	665	$	1,508	$	928		$	2,262	$	220	$	81		$	—
Undistributed tax-exempt income		—		—		—		—			—		322		—			55
Undistributed long-term capital gain		685		3,177		2,059		—			841		—		—			—
Capital loss carryforward		—		—		—		(1	)		—		—		(18	)		(1,219	)

As of April 30, 2014, the tax basis unrealized appreciation (depreciation) and cost of investment securities for each fund were as follows (dollars in thousands):

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio		Balanced Portfolio			Income Portfolio			Tax- Advantaged Income Portfolio			Preservation  Portfolio			Tax-Exempt Preservation Portfolio
Gross unrealized appreciation on investment securities	$	83,607	$	155,360	$	254,786	$	194,469		$	135,742		$	29,157		$	—		$	—
Gross unrealized depreciation on investment securities		—		—		—		(1,412	)		(7,740	)		(262	)		(6,185	)		(3,042	)
Net unrealized appreciation (depreciation) on investment securities		83,607		155,360		254,786		193,057			128,002			28,895			(6,185	)		(3,042	)
Cost of investment securities		820,297		1,421,635		2,609,687		1,957,924			1,817,834			336,331			533,427			176,224

24 American Funds Portfolio Series

The tax character of distributions paid to shareholders was as follows (dollars in thousands):

	Six months ended April 30, 2014						Year ended October 31, 2013
	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Global Growth Portfolio
Class A	$	4,658	$	429	$	5,087	$	1,014		$	—	$	1,014
Class B		10		2		12		5			—		5
Class C		509		74		583		127			—		127
Class F-1		285		27		312		31			—		31
Class F-2		276		22		298		43			—		43
Class 529-A		576		54		630		174			—		174
Class 529-B		3		1		4		2			—		2
Class 529-C		114		19		133		34			—		34
Class 529-E		16		2		18		3			—		3
Class 529-F-1		17		1		18		7			—		7
Class R-1		6		1		7		2			—		2
Class R-2		68		9		77		10			—		10
Class R-3		69		8		77		9			—		9
Class R-4		20		2		22		9			—		9
Class R-5		264		21		285		155			—		155
Class R-6		58		4		62		—	*		—		—	*
Total	$	6,949	$	676	$	7,625	$	1,625		$	—	$	1,625
Growth Portfolio
Class A	$	4,140	$	2,016	$	6,156	$	1,500		$	—	$	1,500
Class B		—		14		14		13			—		13
Class C		191		358		549		168			—		168
Class F-1		122		62		184		49			—		49
Class F-2		230		94		324		38			—		38
Class 529-A		551		285		836		278			—		278
Class 529-B		—		3		3		3			—		3
Class 529-C		2		107		109		79			—		79
Class 529-E		20		15		35		13			—		13
Class 529-F-1		34		14		48		14			—		14
Class R-1		—		8		8		10			—		10
Class R-2		30		45		75		19			—		19
Class R-3		31		28		59		6			—		6
Class R-4		15		7		22		6			—		6
Class R-5		147		57		204		99			—		99
Class R-6		33		12		45		1			—		1
Total	$	5,546	$	3,125	$	8,671	$	2,296		$	—	$	2,296

See page 27 for footnote.

American Funds Portfolio Series 25

	Six months ended April 30, 2014						Year ended October 31, 2013
	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Growth and Income Portfolio
Class A	$	21,454	$	1,445	$	22,899	$	17,103	$	—	$	17,103
Class B		90		9		99		103		—		103
Class C		2,768		254		3,022		1,753		—		1,753
Class F-1		500		34		534		348		—		348
Class F-2		561		34		595		342		���		342
Class 529-A		1,904		134		2,038		1,725		—		1,725
Class 529-B		11		1		12		15		—		15
Class 529-C		561		57		618		478		—		478
Class 529-E		89		7		96		68		—		68
Class 529-F-1		156		10		166		115		—		115
Class R-1		42		4		46		41		—		41
Class R-2		214		20		235		116		—		116
Class R-3		182		14		196		131		—		131
Class R-4		71		5		76		20		—		20
Class R-5		280		19		298		376		—		376
Class R-6		42		2		44		10		—		10
Total	$	28,925	$	2,049	$	30,974	$	22,744	$	—	$	22,744
Balanced Portfolio
Class A	$	12,319	$	—	$	12,319	$	10,395	$	—	$	10,395
Class B		45		—		45		51		—		51
Class C		1,682		—		1,682		1,123		—		1,123
Class F-1		484		—		484		335		—		335
Class F-2		406		—		406		321		—		321
Class 529-A		988		—		988		1,071		—		1,071
Class 529-B		6		—		6		7		—		7
Class 529-C		317		—		317		265		—		265
Class 529-E		30		—		30		33		—		33
Class 529-F-1		109		—		109		95		—		95
Class R-1		31		—		31		31		—		31
Class R-2		136		—		136		85		—		85
Class R-3		182		—		182		156		—		156
Class R-4		279		—		279		133		—		133
Class R-5		182		—		182		188		—		188
Class R-6		163		—		163		109		—		109
Total	$	17,359	$	—	$	17,359	$	14,398	$	—	$	14,398

26 American Funds Portfolio Series

	Six months ended April 30, 2014							Year ended October 31, 2013
	Ordinary income		Long-term capital gains			Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Income Portfolio
Class A	$	20,929	$	603		$	21,532	$	22,756	$	—	$	22,756
Class B		83		3			86		119		—		119
Class C		3,404		123			3,527		3,636		—		3,636
Class F-1		793		24			817		1,015		—		1,015
Class F-2		669		19			688		767		—		767
Class 529-A		747		22			769		886		—		886
Class 529-B		9		—	*		9		13		—		13
Class 529-C		412		16			428		511		—		511
Class 529-E		46		1			47		65		—		65
Class 529-F-1		51		1			52		59		—		59
Class R-1		12		1			13		14		—		14
Class R-2		146		5			151		149		—		149
Class R-3		130		4			134		133		—		133
Class R-4		98		4			102		137		—		137
Class R-5		172		5			177		234		—		234
Class R-6		43		1			44		21		—		21
Total	$	27,744	$	832		$	28,576	$	30,515	$	—	$	30,515
Tax-Advantaged Income Portfolio†
Class A	$	3,780	$	—		$	3,780	$	4,230	$	—	$	4,230
Class B		3		—			3		4		—		4
Class C		396		—			396		367		—		367
Class F-1		177		—			177		182		—		182
Class F-2		108		—			108		111		—		111
Total	$	4,464	$	—		$	4,464	$	4,894	$	—	$	4,894
Preservation Portfolio
Class A	$	1,940	$	—		$	1,940	$	3,296	$	—	$	3,296
Class B		3		—			3		9		—		9
Class C		127		—			127		224		—		224
Class F-1		32		—			32		75		—		75
Class F-2		41		—			41		80		—		80
Class 529-A		180		—			180		303		—		303
Class 529-B		1		—			1		1		—		1
Class 529-C		25		—			25		43		—		43
Class 529-E		9		—			9		17		—		17
Class 529-F-1		36		—			36		39		—		39
Class R-1		1		—			1		3		—		3
Class R-2		10		—			10		16		—		16
Class R-3		18		—			18		30		—		30
Class R-4		13		—			13		17		—		17
Class R-5		32		—			32		56		—		56
Class R-6		1		—			1		4		—		4
Total	$	2,469	$	—		$	2,469	$	4,213	$	—	$	4,213
Tax-Exempt Preservation Portfolio†
Class A	$	1,624	$	—		$	1,624	$	3,108	$	—	$	3,108
Class B		1		—			1		2		—		2
Class C		363		—			363		699		—		699
Class F-1		57		—			57		211		—		211
Class F-2		113		—			113		332		—		332
Total	$	2,158	$	—		$	2,158	$	4,352	$	—	$	4,352

*	Amount less than one thousand.
†	Ordinary income for the Tax-Advantaged Income Portfolio and the Tax-Exempt Preservation Portfolio may include both taxable and tax-exempt income.

American Funds Portfolio Series 27

6. Fees and transactions with related parties

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

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees, accrued daily. These fees are based on an annual rate of 0.10% of daily net assets. CRMC is currently waiving these fees. This waiver can only be modified or terminated with the approval of the series’ board of trustees. Investment advisory services fees are presented in the statements of operations gross of the waiver from CRMC. CRMC receives fees from the underlying funds for investment advisory services. These fees are included in the net effective expense ratios that are provided as supplementary information in the Financial Highlights tables on pages 40 to 53.

Other reimbursements — CRMC has agreed to reimburse a portion of the fees and expenses of Preservation Portfolio and Tax-Exempt Preservation Portfolio during the funds’ startup period. At its discretion, the adviser may elect to extend, modify or terminate the reimbursements. Fees and expenses in the statements of operations are presented gross of the reimbursement from CRMC. The amounts reimbursed by CRMC are reflected as other reimbursements.

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

Distribution services — The series has plans of distribution for all share classes, except Class F-2, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Class 529-A		0.30			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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of April 30, 2014, unreimbursed expenses subject to reimbursement for the funds’ Class A and 529-A shares were as follows (dollars in thousands):

	Class A		Class 529-A
Global Growth Portfolio	$	—		$—
Growth Portfolio		—		—
Growth and Income Portfolio		—		—
Balanced Portfolio		—		—
Income Portfolio		—		—
Tax-Advantaged Income Portfolio		—		Not applicable
Preservation Portfolio		—		—
Tax-Exempt Preservation Portfolio		251		Not applicable

28 American Funds Portfolio Series

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

Administrative services — The series has an administrative services agreement with CRMC for providing administrative services to all of the funds’ share classes. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. CRMC receives administrative services fees of 0.05% of average daily net assets from the Class R-6 shares of the underlying funds for administrative services provided to the series.

529 plan services — For funds with 529 share classes, each 529 share class is subject to service fees to compensate the Commonwealth of Virginia for the maintenance of the 529 college savings plan. During the period November 1, 2013, to March 31, 2014, the quarterly fee was based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. Effective April 1, 2014, the quarterly fee was amended to provide for reduced annual rates of 0.07%, 0.06% and 0.05% over $30 billion, $50 billion and $70 billion, respectively, of the net assets invested in Class 529 shares of the American Funds. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the funds’ statements of operations. The Commonwealth of Virginia is not considered a related party to the series.

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2014, were as follows:

	Distribution services		Transfer agent services		529 plan services
Global Growth Portfolio
Class A		$528,147		$225,727	Not applicable
Class B		10,470		1,096	Not applicable
Class C		409,141		39,240	Not applicable
Class F-1		36,397		17,090	Not applicable
Class F-2		Not applicable		14,060	Not applicable
Class 529-A		70,389		28,386	$28,922
Class 529-B		2,973		295	285
Class 529-C		106,713		9,763	10,208
Class 529-E		4,962		608	950
Class 529-F-1		—		703	820
Class R-1		4,981		528	Not applicable
Class R-2		39,290		19,765	Not applicable
Class R-3		20,289		7,601	Not applicable
Class R-4		2,616		992	Not applicable
Class R-5		Not applicable		6,056	Not applicable
Class R-6		Not applicable		315	Not applicable
Total class-specific expenses		$1,236,368		$372,225	$41,185
Growth Portfolio
Class A		$799,972		$389,000	Not applicable
Class B		25,786		2,721	Not applicable
Class C		740,528		70,425	Not applicable
Class F-1		30,285		14,198	Not applicable
Class F-2		Not applicable		21,081	Not applicable
Class 529-A		99,921		54,597	$55,350
Class 529-B		4,952		488	474
Class 529-C		214,419		19,620	20,517
Class 529-E		15,400		1,865	2,946
Class 529-F-1		—		2,316	2,613
Class R-1		15,254		1,698	Not applicable
Class R-2		73,286		36,795	Not applicable
Class R-3		29,369		10,239	Not applicable
Class R-4		3,810		1,503	Not applicable
Class R-5		Not applicable		6,090	Not applicable
Class R-6		Not applicable		362	Not applicable
Total class-specific expenses		$2,052,982		$632,998	$81,900

American Funds Portfolio Series 29

	Distribution services		Transfer agent services		529 plan services
Growth and Income Portfolio
Class A		$1,674,176		$797,249	Not applicable
Class B		50,398		5,355	Not applicable
Class C		1,487,396		142,758	Not applicable
Class F-1		49,515		23,242	Not applicable
Class F-2		Not applicable		23,089	Not applicable
Class 529-A		157,877		72,815	$73,444
Class 529-B		6,931		691	665
Class 529-C		324,879		29,901	31,107
Class 529-E		19,325		2,333	3,701
Class 529-F-1		—		5,042	5,617
Class R-1		23,554		2,581	Not applicable
Class R-2		86,133		45,066	Not applicable
Class R-3		41,855		15,228	Not applicable
Class R-4		6,277		2,252	Not applicable
Class R-5		Not applicable		5,599	Not applicable
Class R-6		Not applicable		161	Not applicable
Total class-specific expenses		$3,928,316		$1,173,362	$114,534
Balanced Portfolio
Class A		$1,168,233		$565,705	Not applicable
Class B		35,226		3,732	Not applicable
Class C		1,244,930		118,869	Not applicable
Class F-1		60,519		28,403	Not applicable
Class F-2		Not applicable		20,301	Not applicable
Class 529-A		93,034		47,424	$47,915
Class 529-B		4,854		484	466
Class 529-C		257,041		23,587	24,608
Class 529-E		9,123		1,110	1,748
Class 529-F-1		—		4,291	4,799
Class R-1		23,756		2,585	Not applicable
Class R-2		78,787		41,049	Not applicable
Class R-3		54,898		20,357	Not applicable
Class R-4		35,101		14,962	Not applicable
Class R-5		Not applicable		4,352	Not applicable
Class R-6		Not applicable		941	Not applicable
Total class-specific expenses		$3,065,502		$898,152	$79,536
Income Portfolio
Class A		$1,323,354		$577,884	Not applicable
Class B		31,813		3,381	Not applicable
Class C		1,243,275		119,280	Not applicable
Class F-1		58,318		27,301	Not applicable
Class F-2		Not applicable		21,222	Not applicable
Class 529-A		49,015		20,793	$21,082
Class 529-B		3,540		343	339
Class 529-C		159,449		14,726	15,277
Class 529-E		7,493		863	1,433
Class 529-F-1		—		1,189	1,375
Class R-1		4,531		490	Not applicable
Class R-2		41,431		23,043	Not applicable
Class R-3		20,133		7,060	Not applicable
Class R-4		7,798		3,303	Not applicable
Class R-5		Not applicable		2,379	Not applicable
Class R-6		Not applicable		161	Not applicable
Total class-specific expenses		$2,950,150		$823,418	$39,506

30 American Funds Portfolio Series

	Distribution services		Transfer agent services		529 plan services
Tax-Advantaged Income Portfolio
Class A		$342,117		$117,990
Class B		1,418		140
Class C		167,055		15,879
Class F-1		14,397		6,640
Class F-2		Not applicable		3,628
Total class-specific expenses		$524,987		$144,277
Preservation Portfolio
Class A		$361,274		$160,747	Not applicable
Class B		9,964		1,059	Not applicable
Class C		342,192		32,972	Not applicable
Class F-1		7,363		3,261	Not applicable
Class F-2		Not applicable		3,319	Not applicable
Class 529-A		38,140		16,070	$16,485
Class 529-B		2,553		247	245
Class 529-C		89,311		8,161	8,561
Class 529-E		5,252		603	1,006
Class 529-F-1		—		2,436	2,723
Class R-1		2,562		287	Not applicable
Class R-2		22,509		12,888	Not applicable
Class R-3		12,127		5,069	Not applicable
Class R-4		2,949		1,107	Not applicable
Class R-5		Not applicable		1,082	Not applicable
Class R-6		Not applicable		9	Not applicable
Total class-specific expenses		$896,196		$249,317	$29,020
Tax-Exempt Preservation Portfolio
Class A		$180,974		$56,197
Class B		436		46
Class C		180,787		17,243
Class F-1		5,406		2,357
Class F-2		Not applicable		4,010
Total class-specific expenses		$367,603		$79,853

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in shares of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected American Funds. Trustees’ compensation in the funds’ statements of operations includes current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows:

	Current fees		Increase in value of deferred amounts		Total trustees’ compensation
Global Growth Portfolio		$2,054		$26		$2,080
Growth Portfolio		3,501		45		3,546
Growth and Income Portfolio		6,627		99		6,726
Balanced Portfolio		5,069		81		5,150
Income Portfolio		4,747		87		4,834
Tax-Advantaged Income Portfolio		854		16		870
Preservation Portfolio		1,475		42		1,517
Tax-Exempt Preservation Portfolio		508		18		526

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

American Funds Portfolio Series 31

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2014, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	307,304	$	—
Growth Portfolio		561,566		328
Growth and Income Portfolio		839,060		—
Balanced Portfolio		582,529		—
Income Portfolio		427,424		—
Tax-Advantaged Income Portfolio		91,863		4,733
Preservation Portfolio		51,059		14,022
Tax-Exempt Preservation Portfolio		18,357		21,355

8. Capital share transactions

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

	Sales*				Reinvestments of dividends and distributions						Repurchases*						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Global Growth Portfolio
Six months ended April 30, 2014
Class A	$	206,644		14,553	$	5,057			355		$	(36,182	)		(2,551	)	$	175,519		12,357
Class B		999		71		12			1			(407	)		(29	)		604		43
Class C		42,997		3,054		582			41			(5,182	)		(368	)		38,397		2,727
Class F-1		11,406		802		312			22			(1,502	)		(105	)		10,216		719
Class F-2		10,744		754		292			20			(1,971	)		(138	)		9,065		636
Class 529-A		28,899		2,038		630			44			(1,558	)		(110	)		27,971		1,972
Class 529-B		107		8		3			—	†		(99	)		(7	)		11		1
Class 529-C		10,588		755		133			9			(866	)		(62	)		9,855		702
Class 529-E		685		49		18			1			(122	)		(9	)		581		41
Class 529-F-1		1,208		85		18			1			(158	)		(11	)		1,068		75
Class R-1		616		44		6			—	†		(35	)		(3	)		587		41
Class R-2		7,812		554		77			5			(652	)		(46	)		7,237		513
Class R-3		3,388		240		76			5			(495	)		(35	)		2,969		210
Class R-4		998		71		22			2			(74	)		(5	)		946		68
Class R-5		2,964		209		285			20			(1,475	)		(103	)		1,774		126
Class R-6		3,994		279		62			4			(192	)		(13	)		3,864		270
Total net increase (decrease)	$	334,049		23,566	$	7,585			530		$	(50,970	)		(3,595	)	$	290,664		20,501
Year ended October 31, 2013
Class A	$	304,908		24,347	$	1,006			88		$	(26,966	)		(2,138	)	$	278,948		22,297
Class B		1,508		122		5			1			(449	)		(36	)		1,064		87
Class C		51,036		4,097		126			11			(4,063	)		(319	)		47,099		3,789
Class F-1		21,325		1,711		28			2			(2,782	)		(216	)		18,571		1,497
Class F-2		19,675		1,578		33			3			(2,727	)		(215	)		16,981		1,366
Class 529-A		30,887		2,497		174			15			(1,095	)		(88	)		29,966		2,424
Class 529-B		396		31		2			—	†		(56	)		(4	)		342		27
Class 529-C		12,768		1,031		34			3			(578	)		(46	)		12,224		988
Class 529-E		1,358		108		3			—	†		(52	)		(4	)		1,309		104
Class 529-F-1		889		73		7			1			(166	)		(14	)		730		60
Class R-1		631		51		2			—	†		(113	)		(9	)		520		42
Class R-2		7,466		606		10			1			(1,899	)		(154	)		5,577		453
Class R-3		6,067		494		9			1			(635	)		(49	)		5,441		446
Class R-4		1,330		109		9			1			(317	)		(26	)		1,022		84
Class R-5		9,429		747		155			13			(3,089	)		(241	)		6,495		519
Class R-6		2,755		216		—	†		—	†		(54	)		(4	)		2,701		212
Total net increase (decrease)	$	472,428		37,818	$	1,603			140		$	(45,041	)		(3,563	)	$	428,990		34,395

See page 39 for footnotes.

32 American Funds Portfolio Series

	Sales*				Reinvestments of dividends and distributions					Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount		Shares
Growth Portfolio
Six months ended April 30, 2014
Class A	$	376,791		25,986	$	6,129		422		$	(53,836	)		(3,719	)	$	329,084		22,689
Class B		1,948		135		14		1			(1,264	)		(87	)		698		49
Class C		89,408		6,214		547		38			(11,652	)		(811	)		78,303		5,441
Class F-1		11,608		802		184		12			(2,694	)		(185	)		9,098		629
Class F-2		16,486		1,130		322		22			(2,801	)		(193	)		14,007		959
Class 529-A		49,392		3,411		836		58			(3,852	)		(264	)		46,376		3,205
Class 529-B		371		25		2		—	†		(145	)		(10	)		228		15
Class 529-C		20,155		1,406		109		8			(2,229	)		(156	)		18,035		1,258
Class 529-E		3,198		221		35		2			(277	)		(19	)		2,956		204
Class 529-F-1		2,800		193		48		3			(490	)		(34	)		2,358		162
Class R-1		1,398		97		7		1			(273	)		(19	)		1,132		79
Class R-2		13,587		940		75		5			(1,837	)		(126	)		11,825		819
Class R-3		7,772		534		59		4			(977	)		(67	)		6,854		471
Class R-4		1,343		93		22		2			(158	)		(11	)		1,207		84
Class R-5		2,415		167		204		14			(1,773	)		(122	)		846		59
Class R-6		4,546		314		45		3			(531	)		(36	)		4,060		281
Total net increase (decrease)	$	603,218		41,668	$	8,638		595		$	(84,789	)		(5,859	)	$	527,067		36,404
Year ended October 31, 2013
Class A	$	499,761		39,881	$	1,486		132		$	(46,759	)		(3,705	)	$	454,488		36,308
Class B		3,536		286		13		1			(1,018	)		(81	)		2,531		206
Class C		87,876		7,046		166		15			(7,265	)		(573	)		80,777		6,488
Class F-1		15,254		1,223		49		4			(1,876	)		(153	)		13,427		1,074
Class F-2		29,964		2,436		35		3			(4,741	)		(380	)		25,258		2,059
Class 529-A		59,326		4,780		278		25			(3,551	)		(285	)		56,053		4,520
Class 529-B		444		36		3		—	†		(213	)		(17	)		234		19
Class 529-C		21,624		1,759		79		7			(1,669	)		(137	)		20,034		1,629
Class 529-E		3,556		287		13		1			(25	)		(2	)		3,544		286
Class 529-F-1		3,021		237		14		1			(242	)		(19	)		2,793		219
Class R-1		1,663		137		10		1			(358	)		(30	)		1,315		108
Class R-2		11,240		892		19		2			(810	)		(65	)		10,449		829
Class R-3		8,493		692		6		—	†		(1,266	)		(99	)		7,233		593
Class R-4		1,962		158		6		—	†		(119	)		(9	)		1,849		149
Class R-5		10,082		789		99		9			(1,770	)		(140	)		8,411		658
Class R-6		3,999		299		1		—	†		(823	)		(59	)		3,177		240
Total net increase (decrease)	$	761,801		60,938	$	2,277		201		$	(72,505	)		(5,754	)	$	691,573		55,385

American Funds Portfolio Series 33

	Sales*				Reinvestments of dividends and distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Growth and Income Portfolio
Six months ended April 30, 2014
Class A	$	607,584		46,814	$	22,695		1,745	$	(94,019	)		(7,239	)	$	536,260		41,320
Class B		2,097		162		99		8		(2,065	)		(160	)		131		10
Class C		140,084		10,827		3,004		232		(19,108	)		(1,478	)		123,980		9,581
Class F-1		18,747		1,440		493		38		(3,779	)		(291	)		15,461		1,187
Class F-2		19,968		1,536		582		45		(4,129	)		(320	)		16,421		1,261
Class 529-A		47,446		3,665		2,038		157		(5,264	)		(406	)		44,220		3,416
Class 529-B		306		23		12		1		(298	)		(23	)		20		1
Class 529-C		21,120		1,638		617		47		(3,448	)		(267	)		18,289		1,418
Class 529-E		2,733		212		96		7		(373	)		(29	)		2,456		190
Class 529-F-1		3,228		250		166		13		(478	)		(37	)		2,916		226
Class R-1		1,741		135		46		3		(314	)		(24	)		1,473		114
Class R-2		12,589		972		234		18		(2,290	)		(176	)		10,533		814
Class R-3		7,963		615		196		15		(1,284	)		(99	)		6,875		531
Class R-4		4,383		341		76		6		(504	)		(39	)		3,955		308
Class R-5		2,086		160		299		23		(1,679	)		(130	)		706		53
Class R-6		3,183		246		44		3		(107	)		(8	)		3,120		241
Total net increase (decrease)	$	895,258		69,036	$	30,697		2,361	$	(139,139	)		(10,726	)	$	786,816		60,671
Year ended October 31, 2013
Class A	$	1,049,902		89,576	$	16,966		1,470	$	(108,692	)		(9,186	)	$	958,176		81,860
Class B		7,409		639		103		9		(2,558	)		(218	)		4,954		430
Class C		191,382		16,304		1,744		152		(16,446	)		(1,389	)		176,680		15,067
Class F-1		27,432		2,323		320		28		(4,854	)		(414	)		22,898		1,937
Class F-2		28,985		2,446		333		28		(3,283	)		(276	)		26,035		2,198
Class 529-A		82,784		7,111		1,725		150		(5,059	)		(430	)		79,450		6,831
Class 529-B		954		82		15		1		(346	)		(29	)		623		54
Class 529-C		37,895		3,262		477		42		(3,252	)		(275	)		35,120		3,029
Class 529-E		4,539		392		68		6		(146	)		(13	)		4,461		385
Class 529-F-1		7,940		674		114		10		(266	)		(22	)		7,788		662
Class R-1		3,557		307		41		4		(885	)		(76	)		2,713		235
Class R-2		17,196		1,473		116		10		(2,762	)		(234	)		14,550		1,249
Class R-3		12,302		1,055		131		11		(1,467	)		(124	)		10,966		942
Class R-4		2,343		197		20		2		(325	)		(27	)		2,038		172
Class R-5		8,367		708		376		33		(2,793	)		(236	)		5,950		505
Class R-6		1,398		115		9		1		(75	)		(6	)		1,332		110
Total net increase (decrease)	$	1,484,385		126,664	$	22,558		1,957	$	(153,209	)		(12,955	)	$	1,353,734		115,666

See page 39 for footnotes.

34 American Funds Portfolio Series

	Sales*				Reinvestments of dividends				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Balanced Portfolio
Six months ended April 30, 2014
Class A	$	404,587		31,883	$	12,249		964	$	(68,578	)		(5,411	)	$	348,258			27,436
Class B		2,329		184		45		3		(1,826	)		(144	)		548			43
Class C		119,599		9,463		1,669		132		(16,278	)		(1,287	)		104,990			8,308
Class F-1		18,342		1,449		483		38		(3,807	)		(300	)		15,018			1,187
Class F-2		19,657		1,551		405		31		(4,156	)		(327	)		15,906			1,255
Class 529-A		25,104		1,981		986		77		(5,260	)		(415	)		20,830			1,643
Class 529-B		190		15		6		1		(279	)		(22	)		(83	)		(6	)
Class 529-C		18,764		1,485		317		25		(3,116	)		(247	)		15,965			1,263
Class 529-E		1,170		93		30		2		(535	)		(42	)		665			53
Class 529-F-1		2,430		190		109		9		(807	)		(64	)		1,732			135
Class R-1		1,759		139		31		3		(944	)		(75	)		846			67
Class R-2		13,604		1,076		136		11		(1,977	)		(156	)		11,763			931
Class R-3		11,809		931		182		14		(4,339	)		(340	)		7,652			605
Class R-4		9,539		749		279		22		(1,636	)		(129	)		8,182			642
Class R-5		3,217		253		182		14		(1,766	)		(139	)		1,633			128
Class R-6		12,611		996		163		13		(4,268	)		(336	)		8,506			673
Total net increase (decrease)	$	664,711		52,438	$	17,272		1,359	$	(119,572	)		(9,434	)	$	562,411			44,363
Year ended October 31, 2013
Class A	$	771,451		66,757	$	10,336		898	$	(99,271	)		(8,512	)	$	682,516			59,143
Class B		4,959		433		50		4		(2,286	)		(198	)		2,723			239
Class C		155,059		13,390		1,115		98		(15,480	)		(1,325	)		140,694			12,163
Class F-1		39,454		3,404		334		29		(7,528	)		(647	)		32,260			2,786
Class F-2		23,091		1,991		320		28		(2,912	)		(247	)		20,499			1,772
Class 529-A		52,180		4,543		1,071		94		(6,801	)		(585	)		46,450			4,052
Class 529-B		755		66		7		1		(389	)		(34	)		373			33
Class 529-C		27,828		2,419		265		23		(2,862	)		(247	)		25,231			2,195
Class 529-E		2,328		204		33		3		(275	)		(23	)		2,086			184
Class 529-F-1		7,980		685		95		8		(796	)		(69	)		7,279			624
Class R-1		4,444		390		31		3		(1,411	)		(120	)		3,064			273
Class R-2		14,330		1,246		84		7		(3,121	)		(272	)		11,293			981
Class R-3		16,761		1,470		156		14		(5,238	)		(463	)		11,679			1,021
Class R-4		24,326		2,074		133		11		(2,216	)		(186	)		22,243			1,899
Class R-5		8,416		718		188		16		(2,081	)		(178	)		6,523			556
Class R-6		11,890		1,043		109		9		(2,873	)		(244	)		9,126			808
Total net increase (decrease)	$	1,165,252		100,833	$	14,327		1,246	$	(155,540	)		(13,350	)	$	1,024,039			88,729

American Funds Portfolio Series 35

	Sales*				Reinvestments of dividends and distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Income Portfolio
Six months ended April 30, 2014
Class A	$	373,252		32,324	$	21,134		1,831	$	(90,976	)		(7,893	)	$	303,410			26,262
Class B		1,588		138		86		7		(1,616	)		(140	)		58			5
Class C		90,007		7,823		3,475		302		(19,699	)		(1,714	)		73,783			6,411
Class F-1		14,798		1,282		802		70		(6,270	)		(545	)		9,330			807
Class F-2		11,584		999		678		59		(6,047	)		(523	)		6,215			535
Class 529-A		13,772		1,195		764		66		(4,321	)		(375	)		10,215			886
Class 529-B		294		26		9		1		(193	)		(17	)		110			10
Class 529-C		8,639		751		428		37		(3,178	)		(277	)		5,889			511
Class 529-E		1,513		131		47		4		(236	)		(21	)		1,324			114
Class 529-F-1		1,534		133		52		5		(300	)		(26	)		1,286			112
Class R-1		322		28		12		1		(65	)		(6	)		269			23
Class R-2		3,894		338		150		13		(1,480	)		(128	)		2,564			223
Class R-3		3,924		340		134		11		(580	)		(50	)		3,478			301
Class R-4		985		85		102		9		(1,631	)		(141	)		(544	)		(47	)
Class R-5		2,833		244		176		15		(2,042	)		(177	)		967			82
Class R-6		1,434		125		44		4		(456	)		(40	)		1,022			89
Total net increase (decrease)	$	530,373		45,962	$	28,093		2,435	$	(139,090	)		(12,073	)	$	419,376			36,324
Year ended October 31, 2013
Class A	$	809,037		73,704	$	22,180		2,035	$	(128,313	)		(11,623	)	$	702,904			64,116
Class B		5,294		485		118		11		(2,030	)		(184	)		3,382			312
Class C		170,549		15,571		3,586		330		(28,087	)		(2,550	)		146,048			13,351
Class F-1		37,498		3,427		1,005		92		(17,261	)		(1,577	)		21,242			1,942
Class F-2		28,396		2,578		759		69		(5,268	)		(479	)		23,887			2,168
Class 529-A		28,137		2,579		886		81		(5,514	)		(502	)		23,509			2,158
Class 529-B		505		46		13		1		(231	)		(21	)		287			26
Class 529-C		21,254		1,947		511		47		(2,827	)		(256	)		18,938			1,738
Class 529-E		2,020		187		65		6		(468	)		(43	)		1,617			150
Class 529-F-1		1,784		165		59		6		(151	)		(14	)		1,692			157
Class R-1		797		72		14		2		(215	)		(19	)		596			55
Class R-2		7,943		723		149		14		(835	)		(75	)		7,257			662
Class R-3		7,715		706		133		12		(3,754	)		(338	)		4,094			380
Class R-4		5,304		484		137		12		(207	)		(19	)		5,234			477
Class R-5		7,688		697		234		22		(5,257	)		(478	)		2,665			241
Class R-6		1,788		158		21		2		(80	)		(7	)		1,729			153
Total net increase (decrease)	$	1,135,709		103,529	$	29,870		2,742	$	(200,498	)		(18,185	)	$	965,081			88,086

See page 39 for footnotes.

36 American Funds Portfolio Series

	Sales*				Reinvestments of dividends and distributions					Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount		Shares
Tax-Advantaged Income Portfolio
Six months ended April 30, 2014
Class A	$	82,504		6,999	$	3,738		318		$	(19,590	)		(1,675	)	$	66,652		5,642
Class B		138		11		3		—	†		(13	)		(1	)		128		10
Class C		15,444		1,314		392		33			(2,458	)		(209	)		13,378		1,138
Class F-1		5,024		427		177		15			(3,027	)		(260	)		2,174		182
Class F-2		3,686		311		107		10			(371	)		(32	)		3,422		289
Total net increase (decrease)	$	106,796		9,062	$	4,417		376		$	(25,459	)		(2,177	)	$	85,754		7,261
Year ended October 31, 2013
Class A	$	162,396		14,592	$	4,173		377		$	(23,156	)		(2,067	)	$	143,413		12,902
Class B		183		17		4		—	†		(49	)		(4	)		138		13
Class C		21,721		1,951		363		33			(3,670	)		(329	)		18,414		1,655
Class F-1		9,528		850		180		16			(2,214	)		(198	)		7,494		668
Class F-2		4,925		439		103		9			(1,153	)		(102	)		3,875		346
Total net increase (decrease)	$	198,753		17,849	$	4,823		435		$	(30,242	)		(2,700	)	$	173,334		15,584

American Funds Portfolio Series 37

	Sales*				Reinvestments of dividends					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Preservation Portfolio
Six months ended April 30, 2014
Class A	$	94,641		9,563	$	1,919		194		$	(75,827	)		(7,665	)	$	20,733			2,092
Class B		215		22		3		—	†		(839	)		(85	)		(621	)		(63	)
Class C		21,479		2,173		126		13			(16,620	)		(1,682	)		4,985			504
Class F-1		3,390		342		30		3			(2,412	)		(244	)		1,008			101
Class F-2		1,995		201		40		4			(1,907	)		(193	)		128			12
Class 529-A		10,558		1,068		180		18			(5,086	)		(515	)		5,652			571
Class 529-B		190		19		1		—	†		(194	)		(20	)		(3	)		(1	)
Class 529-C		5,658		572		25		2			(3,781	)		(382	)		1,902			192
Class 529-E		478		49		9		1			(278	)		(28	)		209			22
Class 529-F-1		745		75		36		4			(568	)		(57	)		213			22
Class R-1		414		42		1		—	†		(377	)		(38	)		38			4
Class R-2		2,486		252		10		1			(1,575	)		(160	)		921			93
Class R-3		1,450		147		18		2			(967	)		(98	)		501			51
Class R-4		1,500		152		13		2			(600	)		(61	)		913			93
Class R-5		1,941		196		32		4			(1,375	)		(139	)		598			61
Class R-6		19		2		1		—	†		(22	)		(2	)		(2	)		—
Total net increase (decrease)	$	147,159		14,875	$	2,444		248		$	(112,428	)		(11,369	)	$	37,175			3,754
Year ended October 31, 2013
Class A	$	363,415		36,357	$	3,241		325		$	(192,138	)		(19,305	)	$	174,518			17,377
Class B		2,671		267		9		1			(1,881	)		(189	)		799			79
Class C		61,809		6,190		222		22			(26,523	)		(2,668	)		35,508			3,544
Class F-1		7,456		746		71		7			(8,488	)		(852	)		(961	)		(99	)
Class F-2		8,520		852		79		8			(5,465	)		(549	)		3,134			311
Class 529-A		25,165		2,516		303		31			(9,231	)		(930	)		16,237			1,617
Class 529-B		442		44		1		—	†		(465	)		(46	)		(22	)		(2	)
Class 529-C		13,466		1,348		43		4			(4,311	)		(434	)		9,198			918
Class 529-E		1,924		192		17		2			(1,170	)		(119	)		771			75
Class 529-F-1		5,529		554		39		4			(497	)		(50	)		5,071			508
Class R-1		1,475		147		3		—	†		(1,103	)		(110	)		375			37
Class R-2		7,316		730		16		2			(2,944	)		(295	)		4,388			437
Class R-3		10,963		1,095		30		3			(6,478	)		(646	)		4,515			452
Class R-4		2,698		270		17		1			(1,496	)		(150	)		1,219			121
Class R-5		4,066		407		56		6			(3,176	)		(320	)		946			93
Class R-6		474		47		4		1			(385	)		(39	)		93			9
Total net increase (decrease)	$	517,389		51,762	$	4,151		417		$	(265,751	)		(26,702	)	$	255,789			25,477

38 American Funds Portfolio Series

	Sales*				Reinvestments of dividends					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Tax-Exempt Preservation Portfolio
Six months ended April 30, 2014
Class A	$	27,310		2,779	$	1,587		162		$	(26,145	)		(2,668	)	$	2,752			273
Class B		20		2		1		—	†		(62	)		(6	)		(41	)		(4	)
Class C		6,753		687		359		36			(10,122	)		(1,031	)		(3,010	)		(308	)
Class F-1		314		32		56		6			(2,082	)		(212	)		(1,712	)		(174	)
Class F-2		1,511		154		112		11			(2,615	)		(267	)		(992	)		(102	)
Total net increase (decrease)	$	35,908		3,654	$	2,115		215		$	(41,026	)		(4,184	)	$	(3,003	)		(315	)
Year ended October 31, 2013
Class A	$	123,762		12,285	$	3,061		308		$	(70,980	)		(7,161	)	$	55,843			5,432
Class B		103		10		2		—	†		(91	)		(9	)		14			1
Class C		31,805		3,156		695		70			(14,848	)		(1,505	)		17,652			1,721
Class F-1		5,734		567		208		21			(9,484	)		(949	)		(3,542	)		(361	)
Class F-2		9,858		975		330		33			(13,495	)		(1,353	)		(3,307	)		(345	)
Total net increase (decrease)	$	171,262		16,993	$	4,296		432		$	(108,898	)		(10,977	)	$	66,660			6,448

* Includes exchanges between share classes of the fund.

^† Amount less than one thousand.

American Funds Portfolio Series 39

Financial highlights

American Funds Global Growth Portfolio

			Income from investment operations1							Dividends and distributions
Period ended	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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income (loss) to average net assets3
Class A:
4/30/146,7	$	13.92	$	.11		$	.55	$	.66	$	(.15	)	$	(.01	)	$	(.16	)	$	14.42		4.80	%	$	568,657		.48	%8		.38	%8		.87	%8		1.59	%8
10/31/13		11.17		.11			2.79		2.90		(.14	)		(.01	)		(.15	)		13.92		26.18			376,948		.50			.40			.90			.85
10/31/126,9		10.00		.03			1.14		1.17		—			—			—			11.17		11.70			53,354		.25			.20			.71			.29
Class B:
4/30/146,7		13.81		.06			.54		.60		(.07	)		(.01	)		(.08	)		14.33		4.41			2,477		1.26	8		1.16	8		1.65	8		.84	8
10/31/13		11.13		.02			2.78		2.80		(.11	)		(.01	)		(.12	)		13.81		25.32			1,795		1.28			1.18			1.68			.13
10/31/126,9		10.00		(.01	)		1.14		1.13		—			—			—			11.13		11.30			485		.56			.51			1.02			(.08	)
Class C:
4/30/146,7		13.79		.05			.56		.61		(.10	)		(.01	)		(.11	)		14.29		4.43			102,885		1.26	8		1.16	8		1.65	8		.78	8
10/31/13		11.13		.01			2.78		2.79		(.12	)		(.01	)		(.13	)		13.79		25.27			61,707		1.26			1.16			1.66			.04
10/31/126,9		10.00		(.02	)		1.15		1.13		—			—			—			11.13		11.30			7,627		.56			.51			1.02			(.17	)
Class F-1:
4/30/146,7		13.92		.11			.55		.66		(.15	)		(.01	)		(.16	)		14.42		4.79			34,084		.53	8		.43	8		.92	8		1.55	8
10/31/13		11.17		.08			2.82		2.90		(.14	)		(.01	)		(.15	)		13.92		26.23			22,907		.53			.43			.93			.59
10/31/126,9		10.00		.03			1.14		1.17		—			—			—			11.17		11.70			1,653		.19			.14			.65			.28
Class F-2:
4/30/146,7		13.96		.13			.54		.67		(.17	)		(.01	)		(.18	)		14.45		4.85			30,491		.27	8		.17	8		.66	8		1.80	8
10/31/13		11.18		.12			2.82		2.94		(.15	)		(.01	)		(.16	)		13.96		26.57			20,566		.27			.17			.67			.96
10/31/126,9		10.00		.04			1.14		1.18		—			—			—			11.18		11.80			1,196		.11			.06			.57			.37
Class 529-A:
4/30/146,7		13.91		.10			.56		.66		(.15	)		(.01	)		(.16	)		14.41		4.79			74,885		.58	8		.48	8		.97	8		1.43	8
10/31/13		11.16		.12			2.78		2.90		(.14	)		(.01	)		(.15	)		13.91		26.27			44,876		.50			.40			.90			.96
10/31/126,9		10.00		.02			1.14		1.16		—			—			—			11.16		11.60			8,942		.23			.18			.69			.21
Class 529-B:
4/30/146,7		13.80		.06			.54		.60		(.07	)		(.01	)		(.08	)		14.32		4.38			597		1.35	8		1.25	8		1.74	8		.79	8
10/31/13		11.14		.03			2.75		2.78		(.11	)		(.01	)		(.12	)		13.80		25.11			565		1.38			1.28			1.78			.21
10/31/126,9		10.00		(.03	)		1.17		1.14		—			—			—			11.14		11.40			157		.59			.54			1.05			(.26	)
Class 529-C:
4/30/146,7		13.78		.05			.54		.59		(.08	)		(.01	)		(.09	)		14.28		4.35			26,705		1.35	8		1.25	8		1.74	8		.68	8
10/31/13		11.12		(.01	)		2.80		2.79		(.12	)		(.01	)		(.13	)		13.78		25.23			16,092		1.36			1.26			1.76			(.06	)
10/31/126,9		10.00		(.02	)		1.14		1.12		—			—			—			11.12		11.20			2,000		.60			.56			1.07			(.18	)
Class 529-E:
4/30/146,7		13.88		.09			.55		.64		(.13	)		(.01	)		(.14	)		14.38		4.64			2,327		.82	8		.72	8		1.21	8		1.22	8
10/31/13		11.16		.06			2.80		2.86		(.13	)		(.01	)		(.14	)		13.88		25.89			1,676		.82			.72			1.22			.49
10/31/126,9		10.00		.01			1.15		1.16		—			—			—			11.16		11.60			188		.33			.29			.80			.08
Class 529-F-1:
4/30/146,7		13.94		.12			.55		.67		(.16	)		(.01	)		(.17	)		14.44		4.87			2,282		.34	8		.24	8		.73	8		1.66	8
10/31/13		11.18		.16			2.76		2.92		(.15	)		(.01	)		(.16	)		13.94		26.37			1,162		.37			.27			.77			1.26
10/31/126,9		10.00		.03			1.15		1.18		—			—			—			11.18		11.80			258		.16			.11			.62			.23

See page 53 for footnotes.

40 American Funds Portfolio Series

			Income from investment operations1							Dividends and distributions
Period ended	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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income (loss) to average net assets3
Class R-1:
4/30/146,7	$	13.81	$	.05		$	.55	$	.60	$	(.09	)	$	(.01	)	$	(.10	)	$	14.31		4.38	%	$	1,361		1.27	%8		1.17	%8		1.66	%8		.73	%8
10/31/13		11.14		.02			2.78		2.80		(.12	)		(.01	)		(.13	)		13.81		25.28			740		1.25			1.15			1.65			.13
10/31/126,9		10.00		—	10		1.14		1.14		—			—			—			11.14		11.40			134		.51			.47			.98			(.04	)
Class R-2:
4/30/146,7		13.80		.05			.55		.60		(.10	)		(.01	)		(.11	)		14.29		4.41			14,383		1.29	8		1.19	8		1.68	8		.70	8
10/31/13		11.15		(.02	)		2.81		2.79		(.13	)		(.01	)		(.14	)		13.80		25.24			6,809		1.27			1.17			1.67			(.18	)
10/31/126,9		10.00		(.02	)		1.17		1.15		—			—			—			11.15		11.50			445		.47			.42			.93			(.21	)
Class R-3:
4/30/146,7		13.86		.09			.54		.63		(.12	)		(.01	)		(.13	)		14.36		4.61			9,709		.85	8		.75	8		1.24	8		1.26	8
10/31/13		11.16		.05			2.80		2.85		(.14	)		(.01	)		(.15	)		13.86		25.77			6,460		.83			.73			1.23			.36
10/31/126,9		10.00		.04			1.12		1.16		—			—			—			11.16		11.60			227		.33			.29			.80			.39
Class R-4:
4/30/146,7		13.93		.11			.55		.66		(.15	)		(.01	)		(.16	)		14.43		4.79			2,576		.51	8		.41	8		.90	8		1.54	8
10/31/13		11.18		.14			2.77		2.91		(.15	)		(.01	)		(.16	)		13.93		26.27			1,557		.49			.39			.89			1.11
10/31/126,9		10.00		—	10		1.18		1.18		—			—			—			11.18		11.80			318		.21			.16			.67			(.02	)
Class R-5:
4/30/146,7		13.97		.14			.54		.68		(.17	)		(.01	)		(.18	)		14.47		4.95			23,148		.21	8		.11	8		.60	8		1.94	8
10/31/13		11.18		.18			2.77		2.95		(.15	)		(.01	)		(.16	)		13.97		26.66			20,587		.23			.13			.63			1.47
10/31/126,9		10.00		.03			1.15		1.18		—			—			—			11.18		11.80			10,674		.10			.05			.56			.30
Class R-6:
4/30/146,7		14.02		.12			.57		.69		(.18	)		(.01	)		(.19	)		14.52		4.96			7,024		.18	8		.08	8		.57	8		1.71	8
10/31/13		11.17		.10			2.85		2.95		(.09	)		(.01	)		(.10	)		14.02		26.57			2,993		.18			.08			.58			.79
10/31/126,9		10.00		.05			1.12		1.17		—			—			—			11.17		11.70			18		.13			.08			.59			.52

American Funds Portfolio Series 41

Financial highlights(continued)

American Funds Growth Portfolio

			Income from investment operations1							Dividends and distributions
Period ended	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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income (loss) to average net assets3
Class A:
4/30/146,7	$	14.02	$	.06		$	.75	$	.81	$	(.08	)	$	(.04	)	$	(.12	)	$	14.71		5.78	%	$	1,011,777		.44	%8		.34	%8		.77	%8		.79	%8
10/31/13		11.02		.09		��	3.02		3.11		(.11	)		—			(.11	)		14.02		28.45			646,413		.45			.35			.79			.67
10/31/126,9		10.00		.02			1.00		1.02		—			—			—			11.02		10.20			108,024		.24			.19			.64			.15
Class B:
4/30/146,7		13.89		—	10		.74		.74		—			(.04	)		(.04	)		14.59		5.32			5,616		1.25	8		1.15	8		1.58	8		.02	8
10/31/13		10.98		—	10		3.00		3.00		(.09	)		—			(.09	)		13.89		27.47			4,674		1.26			1.16			1.60			(.04	)
10/31/126,9		10.00		(.02	)		1.00		.98		—			—			—			10.98		9.80			1,427		.55			.51			.96			(.23	)
Class C:
4/30/146,7		13.89		—	10		.74		.74		(.02	)		(.04	)		(.06	)		14.57		5.33			192,767		1.24	8		1.14	8		1.57	8		(.04	)8
10/31/13		10.98		(.02	)		3.02		3.00		(.09	)		—			(.09	)		13.89		27.52			108,168		1.24			1.14			1.58			(.17	)
10/31/126,9		10.00		(.03	)		1.01		.98		—			—			—			10.98		9.80			14,284		.55			.50			.95			(.27	)
Class F-1:
4/30/146,7		14.01		.05			.76		.81		(.08	)		(.04	)		(.12	)		14.70		5.76			29,248		.51	8		.41	8		.84	8		.74	8
10/31/13		11.02		.08			3.02		3.10		(.11	)		—			(.11	)		14.01		28.41			19,066		.51			.41			.85			.64
10/31/126,9		10.00		.02			1.00		1.02		—			—			—			11.02		10.20			3,161		.19			.15			.60			.19
Class F-2:
4/30/146,7		14.05		.07			.76		.83		(.10	)		(.04	)		(.14	)		14.74		5.88			46,960		.26	8		.16	8		.59	8		.96	8
10/31/13		11.03		.08			3.06		3.14		(.12	)		—			(.12	)		14.05		28.75			31,290		.26			.16			.60			.64
10/31/126,9		10.00		.03			1.00		1.03		—			—			—			11.03		10.30			1,851		.09			.05			.50			.27
Class 529-A:
4/30/146,7		14.01		.05			.76		.81		(.08	)		(.04	)		(.12	)		14.70		5.75			141,445		.51	8		.41	8		.84	8		.71	8
10/31/13		11.01		.09			3.02		3.11		(.11	)		—			(.11	)		14.01		28.49			89,932		.49			.39			.83			.71
10/31/126,9		10.00		.01			1.00		1.01		—			—			—			11.01		10.10			20,903		.23			.18			.63			.09
Class 529-B:
4/30/146,7		13.89		(.01	)		.75		.74		—			(.04	)		(.04	)		14.59		5.32			1,169		1.34	8		1.24	8		1.67	8		(.13	)8
10/31/13		10.98		.01			2.97		2.98		(.07	)		—			(.07	)		13.89		27.33			896		1.36			1.26			1.70			.04
10/31/126,9		10.00		(.02	)		1.00		.98		—			—			—			10.98		9.80			507		.59			.55			1.00			(.23	)
Class 529-C:
4/30/146,7		13.88		(.01	)		.74		.73		—10			(.04	)		(.04	)		14.57		5.26			52,757		1.33	8		1.23	8		1.66	8		(.11	)8
10/31/13		10.98		(.02	)		3.00		2.98		(.08	)		—			(.08	)		13.88		27.35			32,778		1.34			1.24			1.68			(.15	)
10/31/126,9		10.00		(.03	)		1.01		.98		—			—			—			10.98		9.80			8,041		.60			.55			1.00			(.30	)
Class 529-E:
4/30/146,7		13.96		.03			.74		.77		(.05	)		(.04	)		(.09	)		14.64		5.54			8,051		.80	8		.70	8		1.13	8		.41	8
10/31/13		11.00		.05			3.02		3.07		(.11	)		—			(.11	)		13.96		28.14			4,826		.80			.70			1.14			.39
10/31/126,9		10.00		(.01	)		1.01		1.00		—			—			—			11.00		10.00			657		.35			.30			.75			(.05	)
Class 529-F-1:
4/30/146,7		14.04		.07			.74		.81		(.09	)		(.04	)		(.13	)		14.72		5.78			6,909		.33	8		.23	8		.66	8		.91	8
10/31/13		11.03		.11			3.02		3.13		(.12	)		—			(.12	)		14.04		28.73			4,311		.34			.24			.68			.90
10/31/126,9		10.00		.02			1.01		1.03		—			—			—			11.03		10.20			969		.14			.10			.55			.16

See page 53 for footnotes.

42 American Funds Portfolio Series

			Income from investment operations1							Dividends and distributions
Period ended	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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net (loss) income to average net assets3
Class R-1:
4/30/146,7	$	13.90	$	—	10	$	.74	$	.74	$	—		$	(.04	)	$	(.04	)	$	14.60		5.32	%	$	3,727		1.26	%8		1.16	%8		1.59	%8		(.05	)%8
10/31/13		10.99		.01			2.99		3.00		(.09	)		—			(.09	)		13.90		27.52			2,447		1.24			1.14			1.58			.11
10/31/126,9		10.00		(.04	)		1.03		.99		—			—			—			10.99		9.90			752		.56			.51			.96			(.34	)
Class R-2:
4/30/146,7		13.90		(.01	)		.76		.75		(.03	)		(.04	)		(.07	)		14.58		5.36			26,021		1.27	8		1.17	8		1.60	8		(.10	)8
10/31/13		11.00		(.03	)		3.03		3.00		(.10	)		—			(.10	)		13.90		27.44			13,430		1.24			1.14			1.58			(.22	)
10/31/126,9		10.00		(.03	)		1.03		1.00		—			—			—			11.00		10.00			1,509		.48			.44			.89			(.27	)
Class R-3:
4/30/146,7		13.97		.03			.74		.77		(.04	)		(.04	)		(.08	)		14.66		5.54			16,275		.82	8		.72	8		1.15	8		.38	8
10/31/13		11.01		.01			3.05		3.06		(.10	)		—			(.10	)		13.97		28.02			8,931		.81			.71			1.15			.06
10/31/126,9		10.00		.02			.99		1.01		—			—			—			11.01		10.10			505		.32			.27			.72			.19
Class R-4:
4/30/146,7		14.02		.05			.75		.80		(.08	)		(.04	)		(.12	)		14.70		5.69			3,731		.49	8		.39	8		.82	8		.72	8
10/31/13		11.03		.08			3.03		3.11		(.12	)		—			(.12	)		14.02		28.45			2,389		.46			.36			.80			.62
10/31/126,9		10.00		—	10		1.03		1.03		—			—			—			11.03		10.30			227		.18			.13			.58			.04
Class R-5:
4/30/146,7		14.06		.08			.75		.83		(.10	)		(.04	)		(.14	)		14.75		5.91			22,258		.20	8		.10	8		.53	8		1.09	8
10/31/13		11.03		.14			3.01		3.15		(.12	)		—			(.12	)		14.06		28.84			20,387		.20			.10			.54			1.12
10/31/126,9		10.00		.03			1.00		1.03		—			—			—			11.03		10.30			8,737		.09			.04			.49			.24
Class R-6:
4/30/146,7		14.07		.07			.75		.82		(.10	)		(.04	)		(.14	)		14.75		5.87			7,770		.16	8		.06	8		.49	8		.92	8
10/31/13		11.03		.07			3.08		3.15		(.11	)		—			(.11	)		14.07		28.84			3,462		.15			.05			.49			.52
10/31/126,9		10.00		.05			.98		1.03		—			—			—			11.03		10.30			71		.12			.07			.52			.46

American Funds Portfolio Series 43

Financial highlights(continued)

American Funds Growth and Income Portfolio

			Income from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income (loss) to average net assets3
Class A:
4/30/146,7	$	12.74	$	.16	$	.59	$	.75	$	(.17	)	$	(.01	)	$	(.18	)	$	13.31		5.91	%	$	2,007,150		.43	%8		.33	%8		.71	%8		2.51	%8
10/31/13		10.88		.26		1.88		2.14		(.28	)		—			(.28	)		12.74		20.01			1,394,069		.43			.33			.70			2.19
10/31/126,9		10.00		.09		.87		.96		(.08	)		—			(.08	)		10.88		9.63			299,962		.23			.18			.56			.89
Class B:
4/30/146,7		12.71		.10		.59		.69		(.11	)		(.01	)		(.12	)		13.28		5.50			10,440		1.24	8		1.14	8		1.52	8		1.71	8
10/31/13		10.86		.17		1.88		2.05		(.20	)		—			(.20	)		12.71		19.08			9,863		1.25			1.15			1.52			1.47
10/31/126,9		10.00		.06		.87		.93		(.07	)		—			(.07	)		10.86		9.30			3,761		.55			.50			.88			.59
Class C:
4/30/146,7		12.69		.11		.59		.70		(.12	)		(.01	)		(.13	)		13.26		5.56			375,128		1.23	8		1.13	8		1.51	8		1.71	8
10/31/13		10.86		.16		1.88		2.04		(.21	)		—			(.21	)		12.69		19.03			237,496		1.22			1.12			1.49			1.36
10/31/126,9		10.00		.06		.87		.93		(.07	)		—			(.07	)		10.86		9.30			39,558		.54			.50			.88			.53
Class F-1:
4/30/146,7		12.74		.16		.59		.75		(.16	)		(.01	)		(.17	)		13.32		5.96			49,858		.50	8		.40	8		.78	8		2.43	8
10/31/13		10.88		.26		1.88		2.14		(.28	)		—			(.28	)		12.74		19.98			32,573		.49			.39			.76			2.16
10/31/126,9		10.00		.08		.88		.96		(.08	)		—			(.08	)		10.88		9.66			6,749		.20			.15			.53			.79
Class F-2:
4/30/146,7		12.75		.18		.59		.77		(.18	)		(.01	)		(.19	)		13.33		6.07			51,146		.25	8		.15	8		.53	8		2.73	8
10/31/13		10.89		.28		1.88		2.16		(.30	)		—			(.30	)		12.75		20.22			32,850		.24			.14			.51			2.31
10/31/126,9		10.00		.11		.87		.98		(.09	)		—			(.09	)		10.89		9.81			4,114		.09			.04			.42			1.06
Class 529-A:
4/30/146,7		12.74		.15		.59		.74		(.16	)		(.01	)		(.17	)		13.31		5.86			180,192		.53	8		.43	8		.81	8		2.40	8
10/31/13		10.88		.26		1.88		2.14		(.28	)		—			(.28	)		12.74		19.95			128,915		.49			.39			.76			2.17
10/31/126,9		10.00		.09		.87		.96		(.08	)		—			(.08	)		10.88		9.61			35,800		.26			.22			.60			.84
Class 529-B:
4/30/146,7		12.71		.10		.59		.69		(.11	)		(.01	)		(.12	)		13.28		5.44			1,481		1.33	8		1.23	8		1.61	8		1.55	8
10/31/13		10.86		.17		1.87		2.04		(.19	)		—			(.19	)		12.71		18.99			1,398		1.34			1.24			1.61			1.45
10/31/126,9		10.00		.06		.86		.92		(.06	)		—			(.06	)		10.86		9.25			604		.59			.54			.92			.53
Class 529-C:
4/30/146,7		12.69		.10		.59		.69		(.11	)		(.01	)		(.12	)		13.26		5.50			76,913		1.32	8		1.22	8		1.60	8		1.61	8
10/31/13		10.86		.16		1.86		2.02		(.19	)		—			(.19	)		12.69		18.86			55,610		1.33			1.23			1.60			1.33
10/31/126,9		10.00		.05		.88		.93		(.07	)		—			(.07	)		10.86		9.29			14,675		.59			.54			.92			.49
Class 529-E:
4/30/146,7		12.72		.15		.58		.73		(.15	)		(.01	)		(.16	)		13.29		5.75			9,012		.79	8		.69	8		1.07	8		2.15	8
10/31/13		10.87		.21		1.89		2.10		(.25	)		—			(.25	)		12.72		19.61			6,206		.79			.69			1.06			1.80
10/31/126,9		10.00		.07		.88		.95		(.08	)		—			(.08	)		10.87		9.52			1,115		.34			.30			.68			.63
Class 529-F-1:
4/30/146,7		12.75		.17		.58		.75		(.17	)		(.01	)		(.18	)		13.32		5.96			13,450		.32	8		.22	8		.60	8		2.59	8
10/31/13		10.89		.29		1.87		2.16		(.30	)		—			(.30	)		12.75		20.14			10,000		.32			.22			.59			2.41
10/31/126,9		10.00		.10		.87		.97		(.08	)		—			(.08	)		10.89		9.78			1,331		.14			.09			.47			.89

See page 53 for footnotes.

44 American Funds Portfolio Series

			Income from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class R-1:
4/30/146,7	$	12.70	$	.11	$	.59	$	.70	$	(.12	)	$	(.01	)	$	(.13	)	$	13.27		5.53	%	$	5,628		1.25	%8		1.15	%8		1.53	%8		1.69	%8
10/31/13		10.86		.16		1.89		2.05		(.21	)		—			(.21	)		12.70		19.12			3,936		1.23			1.13			1.50			1.38
10/31/126,9		10.00		.08		.85		.93		(.07	)		—			(.07	)		10.86		9.28			816		.54			.50			.88			.79
Class R-2:
4/30/146,7		12.69		.11		.59		.70		(.12	)		(.01	)		(.13	)		13.26		5.55			29,150		1.28	8		1.18	8		1.56	8		1.71	8
10/31/13		10.86		.14		1.90		2.04		(.21	)		—			(.21	)		12.69		19.09			17,575		1.24			1.14			1.51			1.21
10/31/126,9		10.00		.06		.87		.93		(.07	)		—			(.07	)		10.86		9.38			1,484		.48			.43			.81			.52
Class R-3:
4/30/146,7		12.72		.13		.59		.72		(.14	)		(.01	)		(.15	)		13.29		5.73			21,159		.82	8		.72	8		1.10	8		2.09	8
10/31/13		10.87		.21		1.89		2.10		(.25	)		—			(.25	)		12.72		19.67			13,492		.80			.70			1.07			1.79
10/31/126,9		10.00		.12		.83		.95		(.08	)		—			(.08	)		10.87		9.52			1,298		.31			.27			.65			1.09
Class R-4:
4/30/146,7		12.74		.17		.58		.75		(.17	)		(.01	)		(.18	)		13.31		5.92			6,514		.48	8		.38	8		.76	8		2.67	8
10/31/13		10.89		.24		1.90		2.14		(.29	)		—			(.29	)		12.74		19.95			2,308		.44			.34			.71			1.97
10/31/126,9		10.00		.11		.86		.97		(.08	)		—			(.08	)		10.89		9.78			93		.16			.11			.49			1.02
Class R-5:
4/30/146,7		12.76		.18		.58		.76		(.18	)		(.01	)		(.19	)		13.33		6.01			21,546		.19	8		.09	8		.47	8		2.76	8
10/31/13		10.89		.30		1.88		2.18		(.31	)		—			(.31	)		12.76		20.35			19,937		.18			.08			.45			2.58
10/31/126,9		10.00		.10		.88		.98		(.09	)		—			(.09	)		10.89		9.81			11,519		.08			.03			.41			.96
Class R-6:
4/30/146,7		12.75		.17		.60		.77		(.18	)		(.01	)		(.19	)		13.33		6.12			4,730		.15	8		.05	8		.43	8		2.63	8
10/31/13		10.89		.27		1.90		2.17		(.31	)		—			(.31	)		12.75		20.26			1,457		.14			.04			.41			2.27
10/31/126,9		10.00		.11		.86		.97		(.08	)		—			(.08	)		10.89		9.78			49		.14			.10			.48			1.02

American Funds Portfolio Series 45

Financial highlights(continued)

American Funds Balanced Portfolio

			Income from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class A:
4/30/146,7	$	12.44	$	.13	$	.50	$	.63	$	(.13	)	$	12.94		5.11	%	$	1,405,842		.43	%8		.33	%8		.67	%8		2.01	%8
10/31/13		10.80		.21		1.64		1.85		(.21	)		12.44		17.29			1,010,259		.45			.35			.69			1.76
10/31/126,9		10.00		.08		.78		.86		(.06	)		10.80		8.62			238,580		.23			.18			.53			.73
Class B:
4/30/146,7		12.41		.08		.49		.57		(.08	)		12.90		4.61			7,464		1.24	8		1.14	8		1.48	8		1.22	8
10/31/13		10.78		.12		1.63		1.75		(.12	)		12.41		16.38			6,636		1.25			1.15			1.49			1.03
10/31/126,9		10.00		.04		.79		.83		(.05	)		10.78		8.29			3,190		.55			.50			.85			.37
Class C:
4/30/146,7		12.39		.07		.51		.58		(.09	)		12.88		4.67			311,821		1.24	8		1.14	8		1.48	8		1.19	8
10/31/13		10.78		.11		1.64		1.75		(.14	)		12.39		16.32			196,946		1.23			1.13			1.47			.96
10/31/126,9		10.00		.04		.79		.83		(.05	)		10.78		8.30			40,201		.54			.50			.85			.37
Class F-1:
4/30/146,7		12.43		.12		.52		.64		(.13	)		12.94		5.15			56,539		.51	8		.41	8		.75	8		1.94	8
10/31/13		10.80		.19		1.65		1.84		(.21	)		12.43		17.20			39,594		.50			.40			.74			1.61
10/31/126,9		10.00		.08		.78		.86		(.06	)		10.80		8.64			4,298		.19			.15			.50			.79
Class F-2:
4/30/146,7		12.45		.14		.50		.64		(.14	)		12.95		5.18			46,548		.25	8		.15	8		.49	8		2.15	8
10/31/13		10.81		.23		1.64		1.87		(.23	)		12.45		17.51			29,111		.25			.15			.49			1.96
10/31/126,9		10.00		.09		.79		.88		(.07	)		10.81		8.80			6,126		.09			.04			.39			.88
Class 529-A:
4/30/146,7		12.43		.12		.51		.63		(.13	)		12.93		5.06			114,572		.52	8		.42	8		.76	8		1.93	8
10/31/13		10.79		.21		1.63		1.84		(.20	)		12.43		17.27			89,698		.49			.39			.73			1.77
10/31/126,9		10.00		.07		.78		.85		(.06	)		10.79		8.51			34,148		.27			.23			.58			.66
Class 529-B:
4/30/146,7		12.41		.07		.50		.57		(.07	)		12.91		4.63			938		1.33	8		1.23	8		1.57	8		1.18	8
10/31/13		10.78		.11		1.63		1.74		(.11	)		12.41		16.23			982		1.34			1.24			1.58			.91
10/31/126,9		10.00		.04		.78		.82		(.04	)		10.78		8.25			495		.59			.54			.89			.38
Class 529-C:
4/30/146,7		12.40		.07		.50		.57		(.08	)		12.89		4.61			61,476		1.33	8		1.23	8		1.57	8		1.09	8
10/31/13		10.78		.11		1.63		1.74		(.12	)		12.40		16.26			43,459		1.33			1.23			1.57			.91
10/31/126,9		10.00		.04		.78		.82		(.04	)		10.78		8.25			14,126		.59			.55			.90			.33
Class 529-E:
4/30/146,7		12.42		.10		.51		.61		(.11	)		12.92		4.91			4,111		.80	8		.70	8		1.04	8		1.64	8
10/31/13		10.79		.17		1.63		1.80		(.17	)		12.42		16.89			3,297		.80			.70			1.04			1.44
10/31/126,9		10.00		.06		.79		.85		(.06	)		10.79		8.49			876		.35			.30			.65			.61
Class 529-F-1:
4/30/146,7		12.44		.13		.51		.64		(.14	)		12.94		5.15			11,447		.32	8		.22	8		.56	8		2.13	8
10/31/13		10.80		.24		1.62		1.86		(.22	)		12.44		17.45			9,325		.32			.22			.56			2.03
10/31/126,9		10.00		.09		.77		.86		(.06	)		10.80		8.67			1,353		.14			.09			.44			.85

See page 53 for footnotes.

46 American Funds Portfolio Series

			Income from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class R-1:
4/30/146,7	$	12.40	$	.08	$	.50	$	.58	$	(.08	)	$	12.90		4.71	%	$	5,346		1.25	%8		1.15	%8		1.49	%8		1.24	%8
10/31/13		10.78		.11		1.64		1.75		(.13	)		12.40		16.40			4,312		1.24			1.14			1.48			.95
10/31/126,9		10.00		.04		.79		.83		(.05	)		10.78		8.32			807		.55			.50			.85			.36
Class R-2:
4/30/146,7		12.40		.07		.51		.58		(.09	)		12.89		4.65			27,706		1.28	8		1.18	8		1.52	8		1.12	8
10/31/13		10.79		.11		1.64		1.75		(.14	)		12.40		16.33			15,102		1.25			1.15			1.49			.90
10/31/126,9		10.00		.04		.81		.85		(.06	)		10.79		8.50			2,552		.48			.44			.79			.40
Class R-3:
4/30/146,7		12.42		.10		.51		.61		(.11	)		12.92		4.92			26,611		.82	8		.72	8		1.06	8		1.58	8
10/31/13		10.79		.16		1.64		1.80		(.17	)		12.42		16.86			18,071		.80			.70			1.04			1.36
10/31/126,9		10.00		.10		.75		.85		(.06	)		10.79		8.53			4,686		.31			.26			.61			.89
Class R-4:
4/30/146,7		12.44		.12		.51		.63		(.13	)		12.94		5.07			33,585		.50	8		.40	8		.74	8		1.93	8
10/31/13		10.80		.20		1.65		1.85		(.21	)		12.44		17.33			24,301		.43			.33			.67			1.71
10/31/126,9		10.00		.10		.76		.86		(.06	)		10.80		8.61			596		.20			.15			.50			.92
Class R-5:
4/30/146,7		12.45		.14		.51		.65		(.15	)		12.95		5.21			16,943		.19	8		.09	8		.43	8		2.28	8
10/31/13		10.81		.24		1.63		1.87		(.23	)		12.45		17.56			14,689		.18			.08			.42			2.06
10/31/126,9		10.00		.09		.79		.88		(.07	)		10.81		8.80			6,741		.08			.03			.38			.83
Class R-6:
4/30/146,7		12.45		.15		.50		.65		(.15	)		12.95		5.23			19,250		.15	8		.05	8		.39	8		2.30	8
10/31/13		10.81		.24		1.64		1.88		(.24	)		12.45		17.57			10,126		.14			.04			.38			2.01
10/31/126,9		10.00		.10		.77		.87		(.06	)		10.81		8.77			53		.13			.08			.43			.93

American Funds Portfolio Series 47

Financial highlights(continued)

American Funds Income Portfolio

			Income from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class A:
4/30/146,7	$	11.46	$	.19	$	.36	$	.55	$	(.20	)	$	(.01	)	$	(.21	)	$	11.80		4.78	%	$	1,408,925		.46	%8		.36	%8		.67	%8		3.39	%8
10/31/13		10.57		.36		.90		1.26		(.37	)		—			(.37	)		11.46		12.19			1,066,759		.48			.38			.68			3.28
10/31/126,9		10.00		.16		.52		.68		(.11	)		—			(.11	)		10.57		6.84			306,501		.23			.18			.49			1.54
Class B:
4/30/146,7		11.43		.15		.35		.50		(.15	)		(.01	)		(.16	)		11.77		4.36			6,491		1.25	8		1.15	8		1.46	8		2.59	8
10/31/13		10.55		.28		.90		1.18		(.30	)		—			(.30	)		11.43		11.35			6,237		1.25			1.15			1.45			2.51
10/31/126,9		10.00		.13		.51		.64		(.09	)		—			(.09	)		10.55		6.47			2,472		.55			.50			.81			1.26
Class C:
4/30/146,7		11.41		.15		.36		.51		(.15	)		(.01	)		(.16	)		11.76		4.50			296,164		1.24	8		1.14	8		1.45	8		2.62	8
10/31/13		10.54		.28		.90		1.18		(.31	)		—			(.31	)		11.41		11.35			214,367		1.23			1.13			1.43			2.51
10/31/126,9		10.00		.12		.52		.64		(.10	)		—			(.10	)		10.54		6.41			57,237		.54			.50			.81			1.20
Class F-1:
4/30/146,7		11.46		.19		.36		.55		(.19	)		(.01	)		(.20	)		11.81		4.83			52,592		.51	8		.41	8		.72	8		3.34	8
10/31/13		10.57		.37		.89		1.26		(.37	)		—			(.37	)		11.46		12.17			41,800		.51			.41			.71			3.31
10/31/126,9		10.00		.16		.52		.68		(.11	)		—			(.11	)		10.57		6.85			18,026		.20			.16			.47			1.50
Class F-2:
4/30/146,7		11.46		.21		.35		.56		(.20	)		(.01	)		(.21	)		11.81		4.94			42,939		.25	8		.15	8		.46	8		3.58	8
10/31/13		10.57		.39		.90		1.29		(.40	)		—			(.40	)		11.46		12.44			35,534		.25			.15			.45			3.50
10/31/126,9		10.00		.17		.52		.69		(.12	)		—			(.12	)		10.57		6.90			9,843		.09			.04			.35			1.61
Class 529-A:
4/30/146,7		11.45		.19		.36		.55		(.19	)		(.01	)		(.20	)		11.80		4.82			50,464		.55	8		.45	8		.76	8		3.30	8
10/31/13		10.56		.35		.91		1.26		(.37	)		—			(.37	)		11.45		12.14			38,848		.55			.45			.75			3.20
10/31/126,9		10.00		.16		.51		.67		(.11	)		—			(.11	)		10.56		6.72			13,033		.25			.20			.51			1.56
Class 529-B:
4/30/146,7		11.43		.14		.37		.51		(.15	)		(.01	)		(.16	)		11.78		4.42			799		1.33	8		1.23	8		1.54	8		2.52	8
10/31/13		10.55		.27		.90		1.17		(.29	)		—			(.29	)		11.43		11.23			666		1.34			1.24			1.54			2.45
10/31/126,9		10.00		.12		.53		.65		(.10	)		—			(.10	)		10.55		6.50			335		.58			.53			.84			1.12
Class 529-C:
4/30/146,7		11.41		.14		.37		.51		(.15	)		(.01	)		(.16	)		11.76		4.44			36,358		1.33	8		1.23	8		1.54	8		2.51	8
10/31/13		10.54		.27		.89		1.16		(.29	)		—			(.29	)		11.41		11.23			29,463		1.33			1.23			1.53			2.42
10/31/126,9		10.00		.13		.51		.64		(.10	)		—			(.10	)		10.54		6.41			8,891		.59			.54			.85			1.20
Class 529-E:
4/30/146,7		11.44		.17		.37		.54		(.18	)		(.01	)		(.19	)		11.79		4.70			4,071		.80	8		.70	8		1.01	8		3.04	8
10/31/13		10.56		.33		.89		1.22		(.34	)		—			(.34	)		11.44		11.80			2,648		.80			.70			1.00			2.98
10/31/126,9		10.00		.15		.52		.67		(.11	)		—			(.11	)		10.56		6.69			856		.35			.30			.61			1.47
Class 529-F-1:
4/30/146,7		11.46		.20		.36		.56		(.20	)		(.01	)		(.21	)		11.81		4.92			3,683		.32	8		.22	8		.53	8		3.57	8
10/31/13		10.57		.39		.89		1.28		(.39	)		—			(.39	)		11.46		12.36			2,293		.33			.23			.53			3.54
10/31/126,9		10.00		.17		.52		.69		(.12	)		—			(.12	)		10.57		6.89			456		.14			.09			.40			1.63

See page 53 for footnotes.

48 American Funds Portfolio Series

			Income from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class R-1:
4/30/146,7	$	11.42	$	.15	$	.35	$	.50	$	(.15	)	$	(.01	)	$	(.16	)	$	11.76		4.39	%	$	1,082		1.25	%8		1.15	%8		1.46	%8		2.56	%8
10/31/13		10.55		.28		.90		1.18		(.31	)		—			(.31	)		11.42		11.36			783		1.23			1.13			1.43			2.57
10/31/126,9		10.00		.17		.49		.66		(.11	)		—			(.11	)		10.55		6.59			152		.48			.43			.74			1.63
Class R-2:
4/30/146,7		11.42		.14		.37		.51		(.15	)		(.01	)		(.16	)		11.77		4.45			12,669		1.31	8		1.21	8		1.52	8		2.52	8
10/31/13		10.56		.27		.90		1.17		(.31	)		—			(.31	)		11.42		11.26			9,757		1.25			1.15			1.45			2.44
10/31/126,9		10.00		.13		.53		.66		(.10	)		—			(.10	)		10.56		6.67			2,028		.50			.45			.76			1.28
Class R-3:
4/30/146,7		11.45		.18		.35		.53		(.18	)		(.01	)		(.19	)		11.79		4.61			10,093		.82	8		.72	8		1.03	8		3.11	8
10/31/13		10.56		.31		.92		1.23		(.34	)		—			(.34	)		11.45		11.86			6,348		.81			.71			1.01			2.83
10/31/126,9		10.00		.19		.48		.67		(.11	)		—			(.11	)		10.56		6.75			1,844		.31			.26			.57			1.85
Class R-4:
4/30/146,7		11.46		.19		.36		.55		(.19	)		(.01	)		(.20	)		11.81		4.81			6,062		.50	8		.40	8		.71	8		3.25	8
10/31/13		10.57		.37		.90		1.27		(.38	)		—			(.38	)		11.46		12.24			6,417		.45			.35			.65			3.37
10/31/126,9		10.00		.23		.46		.69		(.12	)		—			(.12	)		10.57		6.89			874		.18			.14			.45			2.21
Class R-5:
4/30/146,7		11.47		.21		.36		.57		(.21	)		(.01	)		(.22	)		11.82		4.97			9,770		.19	8		.09	8		.40	8		3.68	8
10/31/13		10.57		.39		.91		1.30		(.40	)		—			(.40	)		11.47		12.58			8,539		.19			.09			.39			3.54
10/31/126,9		10.00		.17		.52		.69		(.12	)		—			(.12	)		10.57		6.91			5,329		.08			.03			.34			1.68
Class R-6:
4/30/146,7		11.47		.21		.36		.57		(.21	)		(.01	)		(.22	)		11.82		4.99			2,908		.16	8		.06	8		.37	8		3.72	8
10/31/13		10.57		.37		.93		1.30		(.40	)		—			(.40	)		11.47		12.57			1,806		.13			.03			.33			3.29
10/31/126,9		10.00		.19		.50		.69		(.12	)		—			(.12	)		10.57		6.89			47		.14			.09			.40			1.79

American Funds Portfolio Series 49

Financial highlights (continued)

American Funds Tax-Advantaged Income Portfolio

			Income from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class A:
4/30/146,7	$	11.54	$	.18	$	.57	$	.75	$	(.18	)	$	—		$	(.18	)	$	12.11		6.52	%	$	299,625		.54	%8		.44	%8		.81	%8		3.01	%8
10/31/13		10.66		.33		.86		1.19		(.30	)		(.01	)		(.31	)		11.54		11.28			220,482		.55			.45			.82			2.93
10/31/126,9		10.00		.15		.62		.77		(.11	)		—			(.11	)		10.66		7.73			66,173		.24			.19			.55			1.45
Class B:
4/30/146,7		11.52		.13		.57		.70		(.14	)		—			(.14	)		12.08		6.11			367		1.27	8		1.17	8		1.54	8		2.28	8
10/31/13		10.66		.25		.85		1.10		(.23	)		(.01	)		(.24	)		11.52		10.38			225		1.28			1.18			1.55			2.24
10/31/126,9		10.00		.12		.63		.75		(.09	)		—			(.09	)		10.66		7.51			74		.52			.48			.84			1.20
Class C:
4/30/146,7		11.50		.13		.57		.70		(.14	)		—			(.14	)		12.06		6.11			42,244		1.27	8		1.17	8		1.54	8		2.29	8
10/31/13		10.64		.25		.85		1.10		(.23	)		(.01	)		(.24	)		11.50		10.45			27,188		1.27			1.17			1.54			2.21
10/31/126,9		10.00		.11		.63		.74		(.10	)		—			(.10	)		10.64		7.43			7,552		.55			.50			.86			1.01
Class F-1:
4/30/146,7		11.54		.18		.57		.75		(.18	)		—			(.18	)		12.11		6.51			13,568		.53	8		.43	8		.80	8		3.04	8
10/31/13		10.66		.33		.86		1.19		(.30	)		(.01	)		(.31	)		11.54		11.31			10,831		.53			.43			.80			2.92
10/31/126,9		10.00		.14		.63		.77		(.11	)		—			(.11	)		10.66		7.79			2,884		.19			.15			.51			1.30
Class F-2:
4/30/146,7		11.54		.19		.58		.77		(.19	)		—			(.19	)		12.12		6.73			9,327		.28	8		.18	8		.55	8		3.24	8
10/31/13		10.67		.36		.85		1.21		(.33	)		(.01	)		(.34	)		11.54		11.46			5,558		.28			.18			.55			3.21
10/31/126,9		10.00		.15		.64		.79		(.12	)		—			(.12	)		10.67		7.92			1,443		.10			.05			.41			1.48

See page 53 for footnotes.

50 American Funds Portfolio Series

American Funds Preservation Portfolio

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class A:
4/30/146,7	$	9.91	$	.06	$	.01		$	.07		$	(.06	)	$	9.92		.68	%	$	353,918		.49	%8		.37	%8		.67	%8		1.13	%8
10/31/13		10.08		.11		(.17	)		(.06	)		(.11	)		9.91		(.59	)		332,931		.53			.41			.71			1.13
10/31/126,9		10.00		.06		.07			.13			(.05	)		10.08		1.26			163,334		.23			.19			.50			.60
Class B:
4/30/146,7		9.91		.02		.01			.03			(.02	)		9.92		.26			1,736		1.28	8		1.16	8		1.46	8		.35	8
10/31/13		10.08		.04		(.17	)		(.13	)		(.04	)		9.91		(1.32	)		2,357		1.28			1.17			1.47			.38
10/31/126,9		10.00		.03		.07			.10			(.02	)		10.08		.97			1,602		.55			.51			.82			.28
Class C:
4/30/146,7		9.90		.02		.01			.03			(.02	)		9.91		.29			72,278		1.27	8		1.16	8		1.46	8		.34	8
10/31/13		10.07		.04		(.17	)		(.13	)		(.04	)		9.90		(1.29	)		67,237		1.27			1.15			1.45			.39
10/31/126,9		10.00		.03		.06			.09			(.02	)		10.07		.93			32,688		.55			.50			.81			.28
Class F-1:
4/30/146,7		9.91		.05		.01			.06			(.05	)		9.92		.64			6,709		.54	8		.42	8		.72	8		1.08	8
10/31/13		10.08		.11		(.17	)		(.06	)		(.11	)		9.91		(.61	)		5,699		.54			.42			.72			1.13
10/31/126,9		10.00		.06		.07			.13			(.05	)		10.08		1.33			6,796		.20			.15			.46			.63
Class F-2:
4/30/146,7		9.91		.07		.01			.08			(.07	)		9.92		.77			6,205		.28	8		.17	8		.47	8		1.33	8
10/31/13		10.08		.14		(.17	)		(.03	)		(.14	)		9.91		(.34	)		6,072		.28			.17			.47			1.37
10/31/126,9		10.00		.07		.07			.14			(.06	)		10.08		1.40			3,043		.10			.05			.36			.74
Class 529-A:
4/30/146,7		9.91		.05		.01			.06			(.05	)		9.92		.62			38,241		.59	8		.47	8		.77	8		1.03	8
10/31/13		10.08		.11		(.17	)		(.06	)		(.11	)		9.91		(.61	)		32,550		.56			.44			.74			1.09
10/31/126,9		10.00		.06		.06			.12			(.04	)		10.08		1.25			16,801		.26			.22			.53			.57
Class 529-B:
4/30/146,7		9.92		.01		—	10		.01			(.01	)		9.92		.13			497		1.37	8		1.25	8		1.55	8		.25	8
10/31/13		10.08		.03		(.16	)		(.13	)		(.03	)		9.92		(1.33	)		500		1.38			1.26			1.56			.29
10/31/126,9		10.00		.02		.07			.09			(.01	)		10.08		.89			531		.59			.55			.86			.25
Class 529-C:
4/30/146,7		9.91		.01		—	10		.01			(.01	)		9.91		.14			19,324		1.36	8		1.25	8		1.55	8		.25	8
10/31/13		10.08		.03		(.17	)		(.14	)		(.03	)		9.91		(1.38	)		17,406		1.37			1.25			1.55			.29
10/31/126,9		10.00		.02		.07			.09			(.01	)		10.08		.93			8,453		.60			.55			.86			.24
Class 529-E:
4/30/146,7		9.91		.04		—	10		.04			(.04	)		9.91		.40			2,286		.83	8		.71	8		1.01	8		.78	8
10/31/13		10.07		.08		(.16	)		(.08	)		(.08	)		9.91		(.78	)		2,075		.83			.71			1.01			.83
10/31/126,9		10.00		.05		.06			.11			(.04	)		10.07		1.13			1,345		.35			.31			.62			.47
Class 529-F-1:
4/30/146,7		9.91		.06		.01			.07			(.06	)		9.92		.73			5,928		.36	8		.24	8		.54	8		1.26	8
10/31/13		10.08		.13		(.17	)		(.04	)		(.13	)		9.91		(.40	)		5,711		.35			.24			.54			1.28
10/31/126,9		10.00		.07		.07			.14			(.06	)		10.08		1.37			686		.14			.10			.41			.68

American Funds Portfolio Series 51

Financial highlights(continued)

American Funds Preservation Portfolio (continued)

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class R-1:
4/30/146,7	$	9.91	$	.02	$	.01		$	.03		$	(.02	)	$	9.92		.28	%	$	670		1.29	%8		1.17	%8		1.47	%8		.33	%8
10/31/13		10.08		.04		(.17	)		(.13	)		(.04	)		9.91		(1.32	)		633		1.27			1.15			1.45			.39
10/31/126,9		10.00		.03		.10			.13			(.05	)		10.08		1.30			271		.45			.41			.72			.35
Class R-2:
4/30/146,7		9.90		.01		.01			.02			(.02	)		9.90		.17			6,628		1.36	8		1.24	8		1.54	8		.26	8
10/31/13		10.07		.04		(.17	)		(.13	)		(.04	)		9.90		(1.30	)		5,702		1.29			1.17			1.47			.36
10/31/126,9		10.00		.03		.08			.11			(.04	)		10.07		1.11			1,401		.47			.42			.73			.33
Class R-3:
4/30/146,7		9.91		.04		.01			.05			(.04	)		9.92		.47			5,224		.89	8		.77	8		1.07	8		.73	8
10/31/13		10.08		.08		(.17	)		(.09	)		(.08	)		9.91		(.85	)		4,717		.83			.72			1.02			.80
10/31/126,9		10.00		.05		.07			.12			(.04	)		10.08		1.19			245		.33			.29			.60			.51
Class R-4:
4/30/146,7		9.92		.05		—	10		.05			(.05	)		9.92		.55			2,389		.52	8		.40	8		.70	8		1.10	8
10/31/13		10.08		.12		(.17	)		(.05	)		(.11	)		9.92		(.45	)		1,471		.49			.38			.68			1.16
10/31/126,9		10.00		.06		.08			.14			(.06	)		10.08		1.36			271		.17			.13			.44			.63
Class R-5:
4/30/146,7		9.91		.07		.01			.08			(.07	)		9.92		.80			4,850		.22	8		.11	8		.41	8		1.39	8
10/31/13		10.08		.14		(.17	)		(.03	)		(.14	)		9.91		(.28	)		4,246		.22			.10			.40			1.44
10/31/126,9		10.00		.07		.07			.14			(.06	)		10.08		1.42			3,377		.08			.04			.35			.75
Class R-6:
4/30/146,7		9.91		.07		.01			.08			(.07	)		9.92		.71			108		.19	8		.08	8		.38	8		1.41	8
10/31/13		10.08		.15		(.18	)		(.03	)		(.14	)		9.91		(.16	)		110		.20			.08			.38			1.45
10/31/126,9		10.00		.07		.06			.13			(.05	)		10.08		1.34			24		.13			.08			.39			.72

52 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
Class A:
4/30/146,7	$	9.81	$	.13	$	.09		$	.22		$	(.13	)	$	9.90		2.27	%	$	126,360		.60	%8		.45	%8		.76	%8		2.70	%8
10/31/13		10.11		.25		(.30	)		(.05	)		(.25	)		9.81		(.48	)		122,445		.58			.45			.76			2.54
10/31/126,9		10.00		.12		.09			.21			(.10	)		10.11		2.10			71,341		.24			.19			.50			1.22
Class B:
4/30/146,7		9.82		.10		.09			.19			(.10	)		9.91		1.90			71		1.30	8		1.16	8		1.47	8		1.98	8
10/31/13		10.12		.18		(.30	)		(.12	)		(.18	)		9.82		(1.21	)		111		1.29			1.16			1.47			1.83
10/31/126,9		10.00		.09		.09			.18			(.06	)		10.12		1.84			101		.53			.49			.80			.92
Class C:
4/30/146,7		9.80		.10		.09			.19			(.10	)		9.89		1.93			35,669		1.30	8		1.16	8		1.47	8		1.99	8
10/31/13		10.10		.18		(.30	)		(.12	)		(.18	)		9.80		(1.17	)		38,342		1.28			1.15			1.46			1.85
10/31/126,9		10.00		.09		.09			.18			(.08	)		10.10		1.77			22,159		.55			.51			.82			.89
Class F-1:
4/30/146,7		9.81		.13		.10			.23			(.13	)		9.91		2.39			3,651		.55	8		.42	8		.73	8		2.73	8
10/31/13		10.11		.26		(.31	)		(.05	)		(.25	)		9.81		(.49	)		5,324		.56			.42			.73			2.56
10/31/126,9		10.00		.12		.09			.21			(.10	)		10.11		2.13			9,144		.20			.16			.47			1.24
Class F-2:
4/30/146,7		9.81		.15		.09			.24			(.15	)		9.90		2.42			7,362		.30	8		.17	8		.48	8		2.98	8
10/31/13		10.11		.28		(.30	)		(.02	)		(.28	)		9.81		(.22	)		8,287		.30			.16			.47			2.82
10/31/126,9		10.00		.13		.09			.22			(.11	)		10.11		2.25			12,032		.10			.05			.36			1.34

	Six months ended			Period ended October 31
Portfolio turnover rate for all share classes	April 30, 20146,7			2013			20126,9,11
Global Growth Portfolio		—	%12		—	%12		40	%
Growth Portfolio		—	12		—	12		24
Growth and Income Portfolio		—	12		—	12		7
Balanced Portfolio		—	12		—	12		9
Income Portfolio		—	12		—	12		7
Tax-Advantaged Income Portfolio		2			2	11		45
Preservation Portfolio		3			11	11		16
Tax-Exempt Preservation Portfolio		11			28	11		36

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges.
3	This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services. During the periods shown, CRMC also reimbursed other fees and expenses for Preservation Portfolio and Tax-Exempt Preservation Portfolio.
4	This column does not include expenses of the underlying funds in which each fund invests.
5	This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See pages 54 to 60 for further information regarding fees and expenses.
6	Based on operations for the period shown and, accordingly, is not representative of a full year.
7	Unaudited for the six months ended April 30, 2014.
8	Annualized.
9	For the period May 18, 2012, commencement of operations, through October 31, 2012.
10	Amount less than $.01.
11	Portfolio turnover rates reflect the redemption (or removal) of CRMC’s initial capital investment, without which the portfolio turnover rates would have been lower.
12	Amount is either less than 1% or there is no turnover.

See Notes to Financial Statements

American Funds Portfolio Series 53

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2013, through April 30, 2014).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.

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

54 American Funds Portfolio Series

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds Global Growth Portfolio
Class A — actual return	$	1,000.00	$	1,048.00	$	1.93		.38	%	$	4.42		.87	%
Class A — assumed 5% return		1,000.00		1,022.91		1.91		.38			4.36		.87
Class B — actual return		1,000.00		1,044.11		5.88		1.16			8.36		1.65
Class B — assumed 5% return		1,000.00		1,019.04		5.81		1.16			8.25		1.65
Class C — actual return		1,000.00		1,044.31		5.88		1.16			8.36		1.65
Class C — assumed 5% return		1,000.00		1,019.04		5.81		1.16			8.25		1.65
Class F-1 — actual return		1,000.00		1,047.87		2.18		.43			4.67		.92
Class F-1 — assumed 5% return		1,000.00		1,022.66		2.16		.43			4.61		.92
Class F-2 — actual return		1,000.00		1,048.55		.86		.17			3.35		.66
Class F-2 — assumed 5% return		1,000.00		1,023.95		.85		.17			3.31		.66
Class 529-A — actual return		1,000.00		1,047.91		2.44		.48			4.93		.97
Class 529-A — assumed 5% return		1,000.00		1,022.41		2.41		.48			4.86		.97
Class 529-B — actual return		1,000.00		1,043.80		6.33		1.25			8.82		1.74
Class 529-B — assumed 5% return		1,000.00		1,018.60		6.26		1.25			8.70		1.74
Class 529-C — actual return		1,000.00		1,043.47		6.33		1.25			8.82		1.74
Class 529-C — assumed 5% return		1,000.00		1,018.60		6.26		1.25			8.70		1.74
Class 529-E — actual return		1,000.00		1,046.38		3.65		.72			6.14		1.21
Class 529-E — assumed 5% return		1,000.00		1,021.22		3.61		.72			6.06		1.21
Class 529-F-1 — actual return		1,000.00		1,048.72		1.22		.24			3.71		.73
Class 529-F-1 — assumed 5% return		1,000.00		1,023.60		1.20		.24			3.66		.73
Class R-1 — actual return		1,000.00		1,043.76		5.93		1.17			8.41		1.66
Class R-1 — assumed 5% return		1,000.00		1,018.99		5.86		1.17			8.30		1.66
Class R-2 — actual return		1,000.00		1,044.06		6.03		1.19			8.51		1.68
Class R-2 — assumed 5% return		1,000.00		1,018.89		5.96		1.19			8.40		1.68
Class R-3 — actual return		1,000.00		1,046.11		3.80		.75			6.29		1.24
Class R-3 — assumed 5% return		1,000.00		1,021.08		3.76		.75			6.21		1.24
Class R-4 — actual return		1,000.00		1,047.88		2.08		.41			4.57		.90
Class R-4 — assumed 5% return		1,000.00		1,022.76		2.06		.41			4.51		.90
Class R-5 — actual return		1,000.00		1,049.47		.56		.11			3.05		.60
Class R-5 — assumed 5% return		1,000.00		1,024.25		.55		.11			3.01		.60
Class R-6 — actual return		1,000.00		1,049.64		.41		.08			2.90		.57
Class R-6 — assumed 5% return		1,000.00		1,024.40		.40		.08			2.86		.57

See page 60 for footnotes.

American Funds Portfolio Series 55

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds Growth Portfolio
Class A — actual return	$	1,000.00	$	1,057.81	$	1.73		.34	%	$	3.93		.77	%
Class A — assumed 5% return		1,000.00		1,023.11		1.71		.34			3.86		.77
Class B — actual return		1,000.00		1,053.22		5.85		1.15			8.04		1.58
Class B — assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.90		1.58
Class C — actual return		1,000.00		1,053.31		5.80		1.14			7.99		1.57
Class C — assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.85		1.57
Class F-1 — actual return		1,000.00		1,057.59		2.09		.41			4.29		.84
Class F-1 — assumed 5% return		1,000.00		1,022.76		2.06		.41			4.21		.84
Class F-2 — actual return		1,000.00		1,058.82		.82		.16			3.01		.59
Class F-2 — assumed 5% return		1,000.00		1,024.00		.80		.16			2.96		.59
Class 529-A — actual return		1,000.00		1,057.52		2.09		.41			4.29		.84
Class 529-A — assumed 5% return		1,000.00		1,022.76		2.06		.41			4.21		.84
Class 529-B — actual return		1,000.00		1,053.22		6.31		1.24			8.50		1.67
Class 529-B — assumed 5% return		1,000.00		1,018.65		6.21		1.24			8.35		1.67
Class 529-C — actual return		1,000.00		1,052.61		6.26		1.23			8.45		1.66
Class 529-C — assumed 5% return		1,000.00		1,018.70		6.16		1.23			8.30		1.66
Class 529-E — actual return		1,000.00		1,055.35		3.57		.70			5.76		1.13
Class 529-E — assumed 5% return		1,000.00		1,021.32		3.51		.70			5.66		1.13
Class 529-F-1 — actual return		1,000.00		1,057.84		1.17		.23			3.37		.66
Class 529-F-1 — assumed 5% return		1,000.00		1,023.65		1.15		.23			3.31		.66
Class R-1 — actual return		1,000.00		1,053.19		5.91		1.16			8.09		1.59
Class R-1 — assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.95		1.59
Class R-2 — actual return		1,000.00		1,053.61		5.96		1.17			8.15		1.60
Class R-2 — assumed 5% return		1,000.00		1,018.99		5.86		1.17			8.00		1.60
Class R-3 — actual return		1,000.00		1,055.39		3.67		.72			5.86		1.15
Class R-3 — assumed 5% return		1,000.00		1,021.22		3.61		.72			5.76		1.15
Class R-4 — actual return		1,000.00		1,056.93		1.99		.39			4.18		.82
Class R-4 — assumed 5% return		1,000.00		1,022.86		1.96		.39			4.11		.82
Class R-5 — actual return		1,000.00		1,059.12		.51		.10			2.71		.53
Class R-5 — assumed 5% return		1,000.00		1,024.30		.50		.10			2.66		.53
Class R-6 — actual return		1,000.00		1,058.68		.31		.06			2.50		.49
Class R-6 — assumed 5% return		1,000.00		1,024.50		.30		.06			2.46		.49

See page 60 for footnotes.

56 American Funds Portfolio Series

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds Growth and Income Portfolio
Class A — actual return	$	1,000.00	$	1,059.12	$	1.68		.33	%	$	3.62		.71	%
Class A — assumed 5% return		1,000.00		1,023.16		1.66		.33			3.56		.71
Class B — actual return		1,000.00		1,055.00		5.81		1.14			7.74		1.52
Class B — assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.60		1.52
Class C — actual return		1,000.00		1,055.59		5.76		1.13			7.70		1.51
Class C — assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.55		1.51
Class F-1 — actual return		1,000.00		1,059.58		2.04		.40			3.98		.78
Class F-1 — assumed 5% return		1,000.00		1,022.81		2.01		.40			3.91		.78
Class F-2 — actual return		1,000.00		1,060.71		.77		.15			2.71		.53
Class F-2 — assumed 5% return		1,000.00		1,024.05		.75		.15			2.66		.53
Class 529-A — actual return		1,000.00		1,058.64		2.19		.43			4.13		.81
Class 529-A — assumed 5% return		1,000.00		1,022.66		2.16		.43			4.06		.81
Class 529-B — actual return		1,000.00		1,054.35		6.27		1.23			8.20		1.61
Class 529-B — assumed 5% return		1,000.00		1,018.70		6.16		1.23			8.05		1.61
Class 529-C — actual return		1,000.00		1,054.95		6.22		1.22			8.15		1.60
Class 529-C — assumed 5% return		1,000.00		1,018.74		6.11		1.22			8.00		1.60
Class 529-E — actual return		1,000.00		1,057.47		3.52		.69			5.46		1.07
Class 529-E — assumed 5% return		1,000.00		1,021.37		3.46		.69			5.36		1.07
Class 529-F-1 — actual return		1,000.00		1,059.55		1.12		.22			3.06		.60
Class 529-F-1 — assumed 5% return		1,000.00		1,023.70		1.10		.22			3.01		.60
Class R-1 — actual return		1,000.00		1,055.31		5.86		1.15			7.80		1.53
Class R-1 — assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.65		1.53
Class R-2 — actual return		1,000.00		1,055.50		6.01		1.18			7.95		1.56
Class R-2 — assumed 5% return		1,000.00		1,018.94		5.91		1.18			7.80		1.56
Class R-3 — actual return		1,000.00		1,057.30		3.67		.72			5.61		1.10
Class R-3 — assumed 5% return		1,000.00		1,021.22		3.61		.72			5.51		1.10
Class R-4 — actual return		1,000.00		1,059.18		1.94		.38			3.88		.76
Class R-4 — assumed 5% return		1,000.00		1,022.91		1.91		.38			3.81		.76
Class R-5 — actual return		1,000.00		1,060.11		.46		.09			2.40		.47
Class R-5 — assumed 5% return		1,000.00		1,024.35		.45		.09			2.36		.47
Class R-6 — actual return		1,000.00		1,061.19		.26		.05			2.20		.43
Class R-6 — assumed 5% return		1,000.00		1,024.55		.25		.05			2.16		.43

American Funds Portfolio Series 57

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds Balanced Portfolio
Class A — actual return	$	1,000.00	$	1,051.05	$	1.68		.33	%	$	3.41		.67	%
Class A — assumed 5% return		1,000.00		1,023.16		1.66		.33			3.36		.67
Class B — actual return		1,000.00		1,046.10		5.78		1.14			7.51		1.48
Class B — assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.40		1.48
Class C — actual return		1,000.00		1,046.72		5.79		1.14			7.51		1.48
Class C — assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.40		1.48
Class F-1 — actual return		1,000.00		1,051.49		2.09		.41			3.81		.75
Class F-1 — assumed 5% return		1,000.00		1,022.76		2.06		.41			3.76		.75
Class F-2 — actual return		1,000.00		1,051.82		.76		.15			2.49		.49
Class F-2 — assumed 5% return		1,000.00		1,024.05		.75		.15			2.46		.49
Class 529-A — actual return		1,000.00		1,050.58		2.14		.42			3.86		.76
Class 529-A — assumed 5% return		1,000.00		1,022.71		2.11		.42			3.81		.76
Class 529-B — actual return		1,000.00		1,046.29		6.24		1.23			7.97		1.57
Class 529-B — assumed 5% return		1,000.00		1,018.70		6.16		1.23			7.85		1.57
Class 529-C — actual return		1,000.00		1,046.08		6.24		1.23			7.96		1.57
Class 529-C — assumed 5% return		1,000.00		1,018.70		6.16		1.23			7.85		1.57
Class 529-E — actual return		1,000.00		1,049.07		3.56		.70			5.28		1.04
Class 529-E — assumed 5% return		1,000.00		1,021.32		3.51		.70			5.21		1.04
Class 529-F-1 — actual return		1,000.00		1,051.45		1.12		.22			2.85		.56
Class 529-F-1 — assumed 5% return		1,000.00		1,023.70		1.10		.22			2.81		.56
Class R-1 — actual return		1,000.00		1,047.08		5.84		1.15			7.56		1.49
Class R-1 — assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.45		1.49
Class R-2 — actual return		1,000.00		1,046.50		5.99		1.18			7.71		1.52
Class R-2 — assumed 5% return		1,000.00		1,018.94		5.91		1.18			7.60		1.52
Class R-3 — actual return		1,000.00		1,049.16		3.66		.72			5.39		1.06
Class R-3 — assumed 5% return		1,000.00		1,021.22		3.61		.72			5.31		1.06
Class R-4 — actual return		1,000.00		1,050.70		2.03		.40			3.76		.74
Class R-4 — assumed 5% return		1,000.00		1,022.81		2.01		.40			3.71		.74
Class R-5 — actual return		1,000.00		1,052.07		.46		.09			2.19		.43
Class R-5 — assumed 5% return		1,000.00		1,024.35		.45		.09			2.16		.43
Class R-6 — actual return		1,000.00		1,052.28		.25		.05			1.98		.39
Class R-6 — assumed 5% return		1,000.00		1,024.55		.25		.05			1.96		.39

See page 60 for footnotes.

58 American Funds Portfolio Series

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds Income Portfolio
Class A — actual return	$	1,000.00	$	1,047.77	$	1.83		.36	%	$	3.40		.67	%
Class A — assumed 5% return		1,000.00		1,023.01		1.81		.36			3.36		.67
Class B — actual return		1,000.00		1,043.65		5.83		1.15			7.40		1.46
Class B — assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.30		1.46
Class C — actual return		1,000.00		1,044.99		5.78		1.14			7.35		1.45
Class C — assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.25		1.45
Class F-1 — actual return		1,000.00		1,048.26		2.08		.41			3.66		.72
Class F-1 — assumed 5% return		1,000.00		1,022.76		2.06		.41			3.61		.72
Class F-2 — actual return		1,000.00		1,049.44		.76		.15			2.34		.46
Class F-2 — assumed 5% return		1,000.00		1,024.05		.75		.15			2.31		.46
Class 529-A — actual return		1,000.00		1,048.22		2.29		.45			3.86		.76
Class 529-A — assumed 5% return		1,000.00		1,022.56		2.26		.45			3.81		.76
Class 529-B — actual return		1,000.00		1,044.25		6.23		1.23			7.81		1.54
Class 529-B — assumed 5% return		1,000.00		1,018.70		6.16		1.23			7.70		1.54
Class 529-C — actual return		1,000.00		1,044.36		6.23		1.23			7.81		1.54
Class 529-C — assumed 5% return		1,000.00		1,018.70		6.16		1.23			7.70		1.54
Class 529-E — actual return		1,000.00		1,046.95		3.55		.70			5.13		1.01
Class 529-E — assumed 5% return		1,000.00		1,021.32		3.51		.70			5.06		1.01
Class 529-F-1 — actual return		1,000.00		1,049.18		1.12		.22			2.69		.53
Class 529-F-1 — assumed 5% return		1,000.00		1,023.70		1.10		.22			2.66		.53
Class R-1 — actual return		1,000.00		1,043.90		5.83		1.15			7.40		1.46
Class R-1 — assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.30		1.46
Class R-2 — actual return		1,000.00		1,044.54		6.13		1.21			7.71		1.52
Class R-2 — assumed 5% return		1,000.00		1,018.79		6.06		1.21			7.60		1.52
Class R-3 — actual return		1,000.00		1,046.08		3.65		.72			5.23		1.03
Class R-3 — assumed 5% return		1,000.00		1,021.22		3.61		.72			5.16		1.03
Class R-4 — actual return		1,000.00		1,048.15		2.03		.40			3.61		.71
Class R-4 — assumed 5% return		1,000.00		1,022.81		2.01		.40			3.56		.71
Class R-5 — actual return		1,000.00		1,049.73		.46		.09			2.03		.40
Class R-5 — assumed 5% return		1,000.00		1,024.35		.45		.09			2.01		.40
Class R-6 — actual return		1,000.00		1,049.91		.30		.06			1.88		.37
Class R-6 — assumed 5% return		1,000.00		1,024.50		.30		.06			1.86		.37
American Funds Tax-Advantaged Income Portfolio
Class A — actual return	$	1,000.00	$	1,065.23	$	2.25		.44	%	$	4.15		.81	%
Class A — assumed 5% return		1,000.00		1,022.61		2.21		.44			4.06		.81
Class B — actual return		1,000.00		1,061.10		5.98		1.17			7.87		1.54
Class B — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.70		1.54
Class C — actual return		1,000.00		1,061.05		5.98		1.17			7.87		1.54
Class C — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.70		1.54
Class F-1 — actual return		1,000.00		1,065.10		2.20		.43			4.10		.80
Class F-1 — assumed 5% return		1,000.00		1,022.66		2.16		.43			4.01		.80
Class F-2 — actual return		1,000.00		1,067.25		.92		.18			2.82		.55
Class F-2 — assumed 5% return		1,000.00		1,023.90		.90		.18			2.76		.55

American Funds Portfolio Series 59

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds Preservation Portfolio
Class A — actual return	$	1,000.00	$	1,006.77	$	1.84		.37	%	$	3.33		.67	%
Class A — assumed 5% return		1,000.00		1,022.96		1.86		.37			3.36		.67
Class B — actual return		1,000.00		1,002.63		5.76		1.16			7.25		1.46
Class B — assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.30		1.46
Class C — actual return		1,000.00		1,002.86		5.76		1.16			7.25		1.46
Class C — assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.30		1.46
Class F-1 — actual return		1,000.00		1,006.43		2.09		.42			3.58		.72
Class F-1 — assumed 5% return		1,000.00		1,022.71		2.11		.42			3.61		.72
Class F-2 — actual return		1,000.00		1,007.66		.85		.17			2.34		.47
Class F-2 — assumed 5% return		1,000.00		1,023.95		.85		.17			2.36		.47
Class 529-A — actual return		1,000.00		1,006.21		2.34		.47			3.83		.77
Class 529-A — assumed 5% return		1,000.00		1,022.46		2.36		.47			3.86		.77
Class 529-B — actual return		1,000.00		1,001.34		6.20		1.25			7.69		1.55
Class 529-B — assumed 5% return		1,000.00		1,018.60		6.26		1.25			7.75		1.55
Class 529-C — actual return		1,000.00		1,001.43		6.20		1.25			7.69		1.55
Class 529-C — assumed 5% return		1,000.00		1,018.60		6.26		1.25			7.75		1.55
Class 529-E — actual return		1,000.00		1,004.03		3.53		.71			5.02		1.01
Class 529-E — assumed 5% return		1,000.00		1,021.27		3.56		.71			5.06		1.01
Class 529-F-1 — actual return		1,000.00		1,007.31		1.19		.24			2.69		.54
Class 529-F-1 — assumed 5% return		1,000.00		1,023.60		1.20		.24			2.71		.54
Class R-1 — actual return		1,000.00		1,002.82		5.81		1.17			7.30		1.47
Class R-1 — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.35		1.47
Class R-2 — actual return		1,000.00		1,001.65		6.15		1.24			7.64		1.54
Class R-2 — assumed 5% return		1,000.00		1,018.65		6.21		1.24			7.70		1.54
Class R-3 — actual return		1,000.00		1,004.72		3.83		.77			5.32		1.07
Class R-3 — assumed 5% return		1,000.00		1,020.98		3.86		.77			5.36		1.07
Class R-4 — actual return		1,000.00		1,005.53		1.99		.40			3.48		.70
Class R-4 — assumed 5% return		1,000.00		1,022.81		2.01		.40			3.51		.70
Class R-5 — actual return		1,000.00		1,007.97		.55		.11			2.04		.41
Class R-5 — assumed 5% return		1,000.00		1,024.25		.55		.11			2.06		.41
Class R-6 — actual return		1,000.00		1,007.09		.40		.08			1.89		.38
Class R-6 — assumed 5% return		1,000.00		1,024.40		.40		.08			1.91		.38
American Funds Tax-Exempt Preservation Portfolio
Class A — actual return	$	1,000.00		1,022.72	$	2.26		.45	%	$	3.81		.76	%
Class A — assumed 5% return		1,000.00		1,022.56		2.26		.45			3.81		.76
Class B — actual return		1,000.00		1,018.96		5.81		1.16			7.36		1.47
Class B — assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.35		1.47
Class C — actual return		1,000.00		1,019.31		5.81		1.16			7.36		1.47
Class C — assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.35		1.47
Class F-1 — actual return		1,000.00		1,023.92		2.11		.42			3.66		.73
Class F-1 — assumed 5% return		1,000.00		1,022.71		2.11		.42			3.66		.73
Class F-2 — actual return		1,000.00		1,024.24		.85		.17			2.41		.48
Class F-2 — assumed 5% return		1,000.00		1,023.95		.85		.17			2.41		.48

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. The annualized weighted average expense ratio of the underlying funds for the period reflects the net actual expense ratio of each underlying fund for the period, annualized and weighted for the fund’s relative average investment therein during the period.

60 American Funds Portfolio Series

Approval of Investment Advisory and Service Agreement

The American Funds Portfolio Series’ board has approved the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through December 31, 2014. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all of the series’ independent board members. The board and the committee determined that each fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of each fund and its shareholders.

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

1. Nature, extent and quality of service

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

2. Investment results

The board and the committee considered the investment results of each fund in light of its objective. They compared each fund’s investment results with those of other relevant funds (including funds that form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes, over various periods through June 30, 2013. This report, including the letter to shareholders and related disclosures, contains certain information about each fund’s investment results.

American Funds Global Growth Portfolio seeks to provide long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI All Country World Index, (ii) the Lipper Global Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End World Stock Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that the fund’s investment results were above the MSCI index and the Morningstar category over the three-month, the six-month and one-year periods, and over the lifetime of the fund since May 18, 2012, except for the Morningstar category for the six-month period. They also noted that the fund’s investment results were below the Lipper index for all such periods.

American Funds Growth Portfolio seeks to provide long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Standard & Poor’s 500 Composite Index, (ii) the Lipper Growth Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End World Stock Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that the fund’s investment results were above the Morningstar category for the three- and six-month, and one-year periods, as well as the lifetime of the fund since May 18, 2012, but were lower than the S&P 500 and Lipper index over each period.

American Funds Growth and Income Portfolio seeks to provide long-term growth of capital while providing current income. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500, (ii) the Lipper Growth and Income Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Aggressive Allocation Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that

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the fund’s investment results were above the Morningstar category for the three-month period and over the lifetime of the fund since May 18, 2012, but substantially below it for the six-month and one-year periods. They also noted that the fund’s investment results were substantially below the S&P 500 and the Lipper index for all such periods.

American Funds Balanced Portfolio seeks to provide current income and long-term growth of capital and income. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500, (ii) the Lipper Balanced Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Moderate Allocation Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that the fund’s investment results were above both the Lipper index and the Morningstar category for the three- and six-month, and one-year periods, as well as over the lifetime of the fund since May 18, 2012, but substantially below the S&P 500 for all such periods.

American Funds Income Portfolio seeks to provide current income and, secondarily, long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500, (ii) the Lipper Income Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Conservative Allocation Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that the fund’s investment results were above both the Lipper index and the Morningstar category for the three- and six-month, and one-year periods, as well as over the lifetime of the fund since May 18, 2012, but substantially below the S&P 500 for such periods.

American Funds Tax-Advantaged Income Portfolio seeks to provide current income, a portion of which is exempt from regular federal income tax, while secondarily striving for long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays Municipal Bond Index, (ii) the Lipper Income Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Conservative Allocation Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that the fund’s investment results were above each measurement for the three- and six-month, and one-year periods, as well as over the lifetime of the fund since May 18, 2012.

American Funds Preservation Portfolio seeks to provide current income, consistent with preservation of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays U.S. Government/Credit 1-7 Years ex BBB Index, (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Intermediate-Term Bond Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that the fund’s investment results were above both the Lipper index and the Morningstar category but below the Barclays index for the three-month period, above the Morningstar category, but below both the Barclays and Lipper indices for the six-month period, and below each of the measurements for both the one-year period and over the lifetime of the fund since May 18, 2012.

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American Funds Tax-Exempt Preservation Portfolio seeks to provide current income that is exempt from regular federal income tax, consistent with preservation of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays U.S. Government/Credit 1-10 Years Index, (ii) the Lipper Intermediate Municipal Debt Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Municipal National Intermediate Bond Category (the Morningstar category is composed of a group of similar funds whose results are averaged). They noted that the fund’s investment results were above both the Lipper index and the Morningstar category, but below the Barclays index over the three- and six-month periods, and above each of the measurements over the one-year period and lifetime of the fund since May 18, 2012.

The board and the committee concluded that in view of the funds’ short history, each fund’s investment results have been satisfactory and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund’s expenses were less than the median and average expenses of those of the other funds included in its Lipper category described above.

The board and the committee also reviewed the advisory fee schedule of the funds (including the fees and expenses of the underlying American Funds in which the funds invest) compared to those of other relevant funds. The board and the committee noted CRMC’s waiver of the entire advisory fee payable by the funds under the agreement and CRMC’s commitment not to remove the waiver without board approval. In addition, they reviewed information regarding the effective advisory fees charged to other clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the fund and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with each fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the funds’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of each fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the funds.

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5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.

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Office of the series
6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

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

Transfer agent for shareholder accounts

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

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

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

Custodian of assets

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

Counsel

Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106

Independent registered public accounting firm

Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626-7188

Principal underwriter

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

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

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

American Funds Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of American Funds Portfolio Series, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after June 30, 2014, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The American Funds Advantage

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

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 26 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System^SM

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

Superior long-term track record

Our equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 56% of 10-year periods and 57% of 20-year periods.² Our fund management fees have been among the lowest in the industry.³

1	Portfolio manager experience as of December 31, 2013.
2	Based on Class A share results for rolling periods through December 31, 2013. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except SMALLCAP World Fund, for which the Lipper average was used).
3	Based on management fees for the 20-year period ended December 31, 2013, versus comparable Lipper categories, excluding funds of funds.

 

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

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

SIGNATURES

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

AMERICAN FUNDS PORTFOLIO  SERIES

By /s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

Date: June 30, 2014

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

By /s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

Date: June 30, 2014

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2014