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, 2021

Gregory F. Niland

American Funds Portfolio Series

5300 Robin Hood Road

Norfolk, Virginia 23513

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds
Portfolio Series^SM   Semi-annual report
for the six months ended
April 30, 2021

Invest in portfolios
designed to pursue
real-life objectives

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, by Capital Group, is one of the nation’s largest mutual fund families. For nearly 90 years, Capital Group 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2021 (the most recent calendar quarter-end). Also shown are the gross expense ratios as of the series prospectus dated January 1, 2021. The expense ratios are restated to reflect current fees.

	Cumulative total returns			Average annual total returns						Gross
Class A shares	1 year			5 years			Lifetime (since 5/18/12)			expense ratio
Reflecting 5.75% maximum initial sales charge:
American Funds Global Growth PortfolioSM		53.28	%		14.05	%		12.62	%		0.82	%
American Funds Growth PortfolioSM		51.65			14.55			13.70			0.73
American Funds Growth and Income PortfolioSM		34.54			10.53			10.46			0.66
American Funds Moderate Growth and Income PortfolioSM		26.25			8.91			9.20			0.66
American Funds Conservative Growth and Income PortfolioSM		17.96			6.47			6.77			0.60
Reflecting 3.75% maximum initial sales charge:
American Funds Tax-Aware Conservative Growth and Income PortfolioSM		21.00			7.60			8.06			0.66
Reflecting 2.50% maximum initial sales charge:
American Funds Preservation PortfolioSM		–0.41			1.56			1.34			0.66
American Funds Tax-Exempt Preservation PortfolioSM		0.92			1.36			1.79			0.67	*

* The net expense ratio for American Funds Tax-Exempt Preservation Portfolio was 0.66% as of the series prospectus dated January 1, 2021.

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 investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Preservation Portfolio, and has in the past reimbursed certain expenses for other funds. Fund results and the net expense ratio reflect the reimbursements, without which the results would have been lower and the expenses would have been higher. After January 1, 2022, the adviser may modify or terminate the reimbursements. 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.

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

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

Fellow investors:

Results for American Funds Portfolio Series for the periods ended April 30, 2021, are shown in the table on the next page, as well as results of each fund’s benchmarks and peer groups.

For additional information about the series, its investment results, holdings and the Portfolio Solutions Committee, visit capitalgroup.com/individual/investments. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

2	Results at a glance
3	Investment portfolios
14	Financial statements
28	Notes to financial statements
51	Financial highlights

Investment allocations may not achieve fund objectives. 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.

American Funds Portfolio Series 1

Results at a glance

For periods ended April 30, 2021, with all distributions reinvested for Class A shares

	Cummulative total returns						Average annual total returns
	6 months			1 year			5 years			Lifetime (since 5/18/12)
American Funds Global Growth Portfolio		27.85	%		52.96	%		16.26	%		13.83	%
MSCI All Country World Index*,†		28.29			45.75			13.85			12.21
Lipper Global Large-Cap Growth Funds Index		23.44			45.85			17.17			14.08
American Funds Growth Portfolio		28.64			50.34			16.74			14.96
Standard & Poor’s 500 Composite Index*		28.85			45.98			17.42			16.32
MSCI All Country World ex USA Index*,†		27.40			42.98			9.83			8.27
Lipper Global Multi-Cap Growth Funds Index		26.78			58.00			18.09			14.53
American Funds Growth and Income Portfolio		22.75			35.32			12.32			11.53
Standard & Poor’s 500 Composite Index*		28.85			45.98			17.42			16.32
MSCI All Country World ex USA Index*,†		27.40			42.98			9.83			8.27
Bloomberg Barclays Global Aggregate Index*		–0.17			3.95			2.64			2.01
Lipper Mixed-Asset Target Allocation Growth Funds Index		21.60			36.11			12.01			11.00
American Funds Moderate Growth and Income Portfolio		18.74			28.35			10.60			10.20
Standard & Poor’s 500 Composite Index*		28.85			45.98			17.42			16.32
MSCI All Country World ex USA Index*,†		27.40			42.98			9.83			8.27
Bloomberg Barclays U.S. Aggregate Index*		–1.52			–0.27			3.19			2.90
Lipper Mixed-Asset Target Allocation Growth Funds Index		21.60			36.11			12.01			11.00
American Funds Conservative Growth and Income Portfolio		15.66			21.44			7.93			7.67
Standard & Poor’s 500 Composite Index*		28.85			45.98			17.42			16.32
MSCI All Country World ex USA Index*,†		27.40			42.98			9.83			8.27
Bloomberg Barclays U.S. Aggregate Index*		–1.52			–0.27			3.19			2.90
Lipper Mixed-Asset Target Allocation Moderate Funds Index		17.67			28.75			9.74			8.86
American Funds Tax-Aware Conservative Growth and Income Portfolio		15.29			24.53			8.69			8.72
Standard & Poor’s 500 Composite Index*		28.85			45.98			17.42			16.32
MSCI All Country World ex USA Index*,†		27.40			42.98			9.83			8.27
Bloomberg Barclays Municipal Bond Index*		2.62			7.75			3.51			3.63
Lipper Mixed-Asset Target Allocation Moderate Funds Index		17.67			28.75			9.74			8.86
American Funds Preservation Portfolio		–0.05			1.51			2.07			1.65
Bloomberg Barclays 1–5 Year U.S. Government/Credit A+ Index*		–0.15			0.52			2.15			1.78
Lipper Short-Intermediate Investment-Grade Debt Funds Index		0.69			4.43			2.94			2.43
American Funds Tax-Exempt Preservation Portfolio		1.00			4.36			1.88			2.10
Bloomberg Barclays Municipal Bond 1–7 Year Blend Index*		1.04			4.55			2.25			2.12
Lipper Short-Intermediate Municipal Debt Funds Index		1.41			5.10			2.14			1.87

*	Sources: Bloomberg Index Services Ltd., MSCI, S&P Dow Jones Indices LLC and Refinitiv Lipper. 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 (ACWI) is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 40 developed and emerging equity markets. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results of more than 40 global developed and emerging markets, excluding the United States. The S&P 500 is a market capitalization-weighted index based on the average weighted results of approximately 500 widely held common stocks. Lipper Global Large-Cap Growth Funds Index is an equally weighted index of funds that invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper’s global large-cap floor. Global large-cap growth funds typically have above-average characteristics compared to their large-cap-specific subset of the MSCI World Index. Lipper Global Multi-Cap Growth Funds Index is an equally weighted index of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap growth funds typically have above-average characteristics compared to the MSCI World Index. Lipper Mixed-Asset Target Allocation Moderate Funds Index is an equally weighted index of funds that seeks to maintain a mix of between 40%–60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Lipper Mixed-Asset Target Allocation Growth Funds Index is an equally weighted index of funds that seeks to maintain a mix of between 60%–80% equity securities, with the remainder invested in bonds, cash and cash equivalents. 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/Baa and above) with dollar-weighted average maturities of one to five years. Lipper Short-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. Bloomberg Barclays Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Bloomberg Barclays 1–5 Year U.S. Government/ Credit A+ 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 five years, including A-rated securities and above. Bloomberg Barclays Municipal Bond 1–7 Year Blend Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to seven years.

2 American Funds Portfolio Series

American Funds Global Growth Portfolio	unaudited
Investment portfolio April 30, 2021

 

Growth funds 80%	Shares		Value (000)
New Perspective Fund, Class R-6		17,932,472	$	1,166,865
The Growth Fund of America, Class R-6		11,988,140		876,453
SMALLCAP World Fund, Inc., Class R-6		9,723,584		875,123
The New Economy Fund, Class R-6		13,886,605		874,162
EuroPacific Growth Fund, Class R-6		12,225,976		874,157
				4,666,760
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		18,230,837		1,165,862
Total investment securities 100% (cost: $4,047,018,000)				5,832,622
Other assets less liabilities 0%				(1,423	)
Net assets 100%			$	5,831,199

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
New Perspective Fund, Class R-6	$	1,063,521	$	123,327	$	283,511	$	52,936	$	210,592	$	1,166,865	$	4,990	$	49,549
The Growth Fund of America, Class R-6		643,393		81,045		2,484		26		154,473		876,453		3,898		29,895
SMALLCAP World Fund, Inc., Class R-6		431,312		295,796		2,620		107		150,528		875,123		—		8,155
The New Economy Fund, Class R-6		649,541		86,962		591		20		138,230		874,162		2,247		18,427
EuroPacific Growth Fund, Class R-6		638,716		78,337		294		46		157,352		874,157		3,136		—
												4,666,760
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		849,152		97,185		7,315		58		226,782		1,165,862		7,570		—
Total 100%							$	53,193	$	1,037,957	$	5,832,622	$	21,841	$	106,026

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

American Funds Portfolio Series 3

American Funds Growth Portfolio	unaudited
Investment portfolio April 30, 2021

Growth funds 80%	Shares		Value (000)
The Growth Fund of America, Class R-6		48,332,069	$	3,533,557
AMCAP Fund, Class R-6		64,853,816		2,832,815
SMALLCAP World Fund, Inc., Class R-6		23,519,787		2,116,781
New Perspective Fund, Class R-6		21,674,184		1,410,339
The New Economy Fund, Class R-6		22,394,491		1,409,733
				11,303,225
Growth-and-income funds 20%
Fundamental Investors, Class R-6		37,095,719		2,837,823
Total investment securities 100% (cost: $9,782,118,000)				14,141,048
Other assets less liabilities 0%				(3,697	)
Net assets 100%			$	14,137,351

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
The Growth Fund of America, Class R-6	$	2,622,652	$	285,297	$	2,050	$	46	$	627,612	$	3,533,557	$	15,851	$	121,569
AMCAP Fund, Class R-6		2,601,955		251,243		648,116		104,325		523,408		2,832,815		13,226		64,922
SMALLCAP World Fund, Inc., Class R-6		1,061,816		706,393		20,443		585		368,430		2,116,781		—		20,063
New Perspective Fund, Class R-6		1,053,901		95,436		—		—		261,002		1,410,339		4,910		48,762
The New Economy Fund, Class R-6		1,057,136		130,146		316		32		222,735		1,409,733		3,606		29,576
												11,303,225
Growth-and-income funds 20%
Fundamental Investors, Class R-6		2,074,873		173,021		9,699		193		599,435		2,837,823		28,285		—
Total 100%							$	105,181	$	2,602,622	$	14,141,048	$	65,878	$	284,892

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

4 American Funds Portfolio Series

American Funds Growth and Income Portfolio	unaudited
Investment portfolio April 30, 2021

Growth funds 15%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6		12,191,550	$	1,097,239
The Growth Fund of America, Class R-6		13,205,909		965,484
				2,062,723
Growth-and-income funds 50%
The Investment Company of America, Class R-6		56,462,773		2,781,922
Capital World Growth and Income Fund, Class R-6		43,178,120		2,761,240
Washington Mutual Investors Fund, Class R-6		24,971,954		1,407,919
				6,951,081
Equity-income funds 10%
Capital Income Builder, Class R-6		20,564,930		1,387,105
Balanced funds 15%
American Balanced Fund, Class R-6		64,840,793		2,085,928
Fixed income funds 10%
The Bond Fund of America, Class R-6		51,811,816		695,833
American Funds Strategic Bond Fund, Class R-6		61,309,280		694,021
				1,389,854
Total investment securities 100% (cost: $10,918,617,000)				13,876,691
Other assets less liabilities 0%				(3,615	)
Net assets 100%			$	13,873,076

American Funds Portfolio Series 5

American Funds Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 15%
SMALLCAP World Fund, Inc., Class R-6	$	563,013	$	349,977	$	9,614	$	194		$	193,669		$	1,097,239	$	—	$	10,628
The Growth Fund of America, Class R-6		1,094,771		57,129		441,043		168,088			86,539			965,484		6,576		50,433
														2,062,723
Growth-and-income funds 50%
The Investment Company of America, Class R-6		2,704,335		26,280		665,139		117,219			599,227			2,781,922		26,297		—
Capital World Growth and Income Fund, Class R-6		2,705,218		30,711		677,410		131,901			570,820			2,761,240		22,821		—
Washington Mutual Investors Fund, Class R-6		—		1,393,033		—		—			14,886			1,407,919		—		—
														6,951,081
Equity-income funds 10%
Capital Income Builder, Class R-6		1,049,808		129,433		—		—			207,864			1,387,105		21,478		—
Balanced funds 15%
American Balanced Fund, Class R-6		1,602,121		256,628		—		—			227,179			2,085,928		14,777		44,004
Fixed income funds 10%
The Bond Fund of America, Class R-6		1,084,750		284,257		622,266		(2,359	)		(48,549	)		695,833		9,550		36,207
American Funds Strategic Bond Fund, Class R-6		—		693,151		—		—			870			694,021		—		—
														1,389,854
Total 100%							$	415,043		$	1,852,505		$	13,876,691	$	101,499	$	141,272

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

6 American Funds Portfolio Series

American Funds Moderate Growth and Income Portfolio	unaudited
Investment portfolio April 30, 2021

Growth funds 10%	Shares		Value (000)
New Perspective Fund, Class R-6		9,388,542	$	610,913
SMALLCAP World Fund, Inc., Class R-6		6,785,959		610,736
				1,221,649
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		32,942,948		1,857,323
Capital World Growth and Income Fund, Class R-6		19,121,707		1,222,833
				3,080,156
Equity-income funds 10%
The Income Fund of America, Class R-6		48,452,615		1,234,573
Balanced funds 40%
American Balanced Fund, Class R-6		95,896,535		3,084,991
American Funds Global Balanced Fund, Class R-6		47,391,442		1,840,684
				4,925,675
Fixed income funds 15%
The Bond Fund of America, Class R-6		92,195,170		1,238,181
American Funds Strategic Bond Fund, Class R-6		54,787,812		620,198
				1,858,379
Total investment securities 100% (cost: $9,775,048,000)				12,320,432
Other assets less liabilities 0%				(2,876	)
Net assets 100%			$	12,317,556

American Funds Portfolio Series 7

American Funds Moderate Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)			Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 10%
New Perspective Fund, Class R-6	$	1,008,101	$	51,401		$	690,471	$	266,585		$	(24,703	)	$	610,913	$	4,681	$	46,484
SMALLCAP World Fund, Inc., Class R-6		—		601,139			—		—			9,597			610,736		—		—
															1,221,649
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		1,474,700		39,973	��		55,110		7,193			390,567			1,857,323		17,922		22,051
Capital World Growth and Income Fund, Class R-6		1,003,061		9,575			51,276		10,517			250,956			1,222,833		8,478		—
															3,080,156
Equity-income funds 10%
The Income Fund of America, Class R-6		983,941		62,004			—		—			188,628			1,234,573		21,166		—
Balanced funds 40%
American Balanced Fund, Class R-6		2,464,675		276,569			—		—			343,747			3,084,991		22,356		67,336
American Funds Global Balanced Fund, Class R-6		1,469,051		138,306			—		—			233,327			1,840,684		15,743		—
															4,925,675
Fixed income funds 15%
The Bond Fund of America, Class R-6		1,510,772		305,796			509,486		(8,721	)		(60,180	)		1,238,181		13,156		49,648
American Funds Strategic Bond Fund, Class R-6		—		619,256			—		—			942			620,198		—		—
															1,858,379
Total 100%								$	275,574		$	1,332,881		$	12,320,432	$	103,502	$	185,519

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

8 American Funds Portfolio Series

American Funds Conservative Growth and Income Portfolio unaudited

Investment portfolio April 30, 2021

 

Growth funds 15%	Shares		Value (000)
American Funds Multi-Sector Income Fund, Class R-6		93,605,036	$	997,829
Growth-and-income funds 20%
Washington Mutual Investors Fund, Class R-6		11,767,751		663,466
American Mutual Fund, Class R-6		13,374,679		662,715
				1,326,181
Equity-income funds 40%
The Income Fund of America, Class R-6		51,924,159		1,323,028
Capital Income Builder, Class R-6		19,568,869		1,319,920
				2,642,948
Fixed income funds 25%
The Bond Fund of America, Class R-6		74,103,075		995,204
American High-Income Trust, Class R-6		63,901,868		664,580
				1,659,784
Total investment securities 100% (cost: $5,903,282,000)				6,626,742
Other assets less liabilities 0%				(1,295	)
Net assets 100%			$	6,625,447

American Funds Portfolio Series 9

American Funds Conservative Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 15%
American Funds Multi-Sector Income Fund, Class R-6	$	—	$	995,925	$	—	$	—		$	1,904		$	997,829	$	1,211	$	—
Growth-and-income funds 20%
Washington Mutual Investors Fund, Class R-6		—		656,884		—		—			6,582			663,466		—		—
American Mutual Fund, Class R-6		817,509		10,563		353,926		89,084			99,485			662,715		10,563		—
														1,326,181
Equity-income funds 40%
The Income Fund of America, Class R-6		1,376,935		29,478		343,791		33,482			226,924			1,323,028		29,477		—
Capital Income Builder, Class R-6		1,365,989		34,731		344,041		24,565			238,676			1,319,920		27,363		—
														2,642,948
Fixed income funds 25%
The Bond Fund of America, Class R-6		561,910		457,680		—		—			(24,386	)		995,204		5,113		17,949
American High-Income Trust, Class R-6		852,110		51,336		307,269		(25,384	)		93,787			664,580		26,984		—
Intermediate Bond Fund of America, Class R-6		563,289		81,571		629,548		(9,333	)		(5,976	)		—		2,790		11,920
														1,659,784
Total 100%							$	112,414		$	636,996		$	6,626,742	$	103,501	$	29,869

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

10 American Funds Portfolio Series

American Funds Tax-Aware Conservative Growth and Income Portfolio
Investment portfolio April 30, 2021	unaudited

Growth-and-income funds 50%	Shares		Value (000)
Capital World Growth and Income Fund, Class R-6		12,398,242	$	792,868
Washington Mutual Investors Fund, Class R-6		10,940,224		616,810
American Mutual Fund, Class R-6		12,018,011		595,492
				2,005,170
Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		58,539,813		986,981
The Tax-Exempt Bond Fund of America, Class R-6		43,218,217		589,497
Limited Term Tax-Exempt Bond Fund of America, Class R-6		24,172,727		390,873
				1,967,351
Total investment securities 100% (cost: $3,375,554,000)				3,972,521
Other assets less liabilities 0%				(887	)
Net assets 100%			$	3,971,634

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 50%
Capital World Growth and Income Fund, Class R-6	$	636,272	$	5,306	$	13,294	$	1,003	$	163,583	$	792,868	$	5,316	$	—
Washington Mutual Investors Fund, Class R-6		476,024		12,903		694		6		128,571		616,810		5,785		7,118
American Mutual Fund, Class R-6		475,986		7,814		—		—		111,692		595,492		6,161		—
												2,005,170
Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		812,519		135,790		—		—		38,672		986,981		14,486		1,301
The Tax-Exempt Bond Fund of America, Class R-6		483,951		96,327		—		—		9,219		589,497		6,188		774
Limited Term Tax-Exempt Bond Fund of America, Class R-6		320,223		69,931		—		—		719		390,873		2,259		1,918
												1,967,351
Total 100%							$	1,009	$	452,456	$	3,972,521	$	40,195	$	11,111

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

American Funds Portfolio Series 11

American Funds Preservation Portfolio	unaudited
Investment portfolio April 30, 2021

 

Fixed income funds 100%	Shares		Value (000)
Intermediate Bond Fund of America, Class R-6		123,864,352	$	1,714,283
Short-Term Bond Fund of America, Class R-6		123,931,511		1,246,751
American Funds Inflation Linked Bond Fund, Class R-6		14,337,063		155,844
				3,116,878
Total investment securities 100% (cost: $3,100,068,000)				3,116,878
Other assets less liabilities 0%				(563	)
Net assets 100%			$	3,116,315

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Fixed income funds 100%
Intermediate Bond Fund of America, Class R-6	$	1,748,989	$	243,086	$	232,783	$	(4,824	)	$	(40,185	)	$	1,714,283	$	9,286	$	36,298
Short-Term Bond Fund of America, Class R-6		1,165,993		143,843		50,085		(155	)		(12,845	)		1,246,751		4,784		11,373
American Funds Inflation Linked Bond Fund, Class R-6		—		154,966		—		—			878			155,844		—		—
Total 100%							$	(4,979	)	$	(52,152	)	$	3,116,878	$	14,070	$	47,671

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

12 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio	unaudited
Investment portfolio April 30, 2021

 

Tax-exempt fixed income funds 100%	Shares		Value (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		30,854,239	$	498,913
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		20,698,923		213,820
				712,733
Total investment securities 100% (cost: $705,716,000)				712,733
Other assets less liabilities 0%				(326	)
Net assets 100%			$	712,407

Investments in affiliates¹

	Value of affiliates at 11/1/2020 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6	$	423,472	$	85,533	$	10,939	$	(13	)	$	860		$	498,913	$	3,037	$	2,636
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		181,488		36,155		3,591		(4	)		(228	)		213,820		836		527
Total 100%							$	(17	)	$	632		$	712,733	$	3,873	$	3,163

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

American Funds Portfolio Series 13

Financial statements	unaudited
Statements of assets and liabilities at April 30, 2021	(dollars in thousands)

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	5,832,622	$	14,141,048	$	13,876,691
Receivables for:
Sales of fund’s shares		5,397		14,389		12,919
Dividends		—		—		1,483
Total assets		5,838,019		14,155,437		13,891,093
Liabilities:
Payables for:
Purchases of investments		3,049		5,149		6,967
Repurchases of fund’s shares		2,343		9,023		7,379
Services provided by related parties		1,366		3,753		3,551
Trustees’ deferred compensation		24		55		63
Other		38		106		57
Total liabilities		6,820		18,086		18,017
Net assets at April 30, 2021	$	5,831,199	$	14,137,351	$	13,873,076
Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,894,753	$	9,408,333	$	10,389,855
Total distributable earnings		1,936,446		4,729,018		3,483,221
Net assets at April 30, 2021	$	5,831,199	$	14,137,351	$	13,873,076
Investment securities of affiliated issuers, at cost	$	4,047,018	$	9,782,118	$	10,918,617

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

14 American Funds Portfolio Series

Financial statements (continued)	unaudited
Statements of assets and liabilities at April 30, 2021 (continued)	(dollars in thousands)

	Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	12,320,432	$	6,626,742	$	3,972,521
Receivables for:
Sales of fund’s shares		9,419		5,364		6,960
Dividends		2,147		5,628		4,016
Total assets		12,331,998		6,637,734		3,983,497
Liabilities:
Payables for:
Purchases of investments		3,042		6,183		9,492
Repurchases of fund’s shares		8,240		4,446		1,484
Services provided by related parties		3,068		1,607		870
Trustees’ deferred compensation		56		34		17
Other		36		17		—
Total liabilities		14,442		12,287		11,863
Net assets at April 30, 2021	$	12,317,556	$	6,625,447	$	3,971,634
Net assets consist of:
Capital paid in on shares of beneficial interest	$	9,345,806	$	5,783,190	$	3,361,365
Total distributable earnings		2,971,750		842,257		610,269
Net assets at April 30, 2021	$	12,317,556	$	6,625,447	$	3,971,634
Investment securities of affiliated issuers, at cost	$	9,775,048	$	5,903,282	$	3,375,554

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series 15

Financial statements (continued)	unaudited
Statements of assets and liabilities at April 30, 2021 (continued)	(dollars in thousands)

	Preservation Portfolio		Tax-Exempt Preservation Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	3,116,878	$	712,733
Receivables for:
Sales of fund’s shares		9,068		1,882
Dividends		2,753		588
Total assets		3,128,699		715,203
Liabilities:
Payables for:
Purchases of investments		4,935		1,369
Repurchases of fund’s shares		6,680		1,307
Services provided by related parties		742		117
Trustees’ deferred compensation		13		3
Other		14		—
Total liabilities		12,384		2,796
Net assets at April 30, 2021	$	3,116,315	$	712,407
Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,092,000	$	711,846
Total distributable earnings		24,315		561
Net assets at April 30, 2021	$	3,116,315	$	712,407
Investment securities of affiliated issuers, at cost	$	3,100,068	$	705,716

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

16 American Funds Portfolio Series

Financial statements (continued) unaudited

Statements of assets and liabilities
at April 30, 2021 (continued) (dollars and shares in thousands, except per-share amounts)

		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	$	3,133,557	$	8,228,873		$	8,863,735
	Shares outstanding		132,086		326,083			477,068
	Net asset value per share	$	23.72	$	25.24		$	18.58
Class C:	Net assets	$	501,708	$	1,383,111		$	1,455,664
	Shares outstanding		21,604		56,043			78,913
	Net asset value per share	$	23.22	$	24.68		$	18.45
Class T:	Net assets	$	16	$	16		$	13
	Shares outstanding		1		1			1
	Net asset value per share	$	23.75	$	25.26		$	18.58
Class F-1:	Net assets	$	73,935	$	121,045		$	201,611
	Shares outstanding		3,112		4,798			10,851
	Net asset value per share	$	23.76	$	25.23		$	18.58
Class F-2:	Net assets	$	680,063	$	1,086,822		$	1,098,369
	Shares outstanding		28,544		42,853			59,015
	Net asset value per share	$	23.82	$	25.36		$	18.61
Class F-3:	Net assets	$	227,922	$	250,269		$	229,250
	Shares outstanding		9,585		9,891			12,333
	Net asset value per share	$	23.78	$	25.30		$	18.59
Class 529-A:	Net assets	$	620,773	$	1,739,956		$	943,389
	Shares outstanding		26,220		69,077			50,802
	Net asset value per share	$	23.68	$	25.19		$	18.57
Class 529-C:	Net assets	$	56,544	$	151,737		$	96,695
	Shares outstanding		2,434		6,154			5,232
	Net asset value per share	$	23.23	$	24.66		$	18.48
Class 529-E:	Net assets	$	20,889	$	65,593		$	38,884
	Shares outstanding		887		2,624			2,099
	Net asset value per share	$	23.54	$	25.00		$	18.52
Class 529-T:	Net assets	$	19	$	19		$	16
	Shares outstanding		1		1			1
	Net asset value per share	$	23.74	$	25.25		$	18.58
Class 529-F-1:	Net assets	$	12	$	12		$	12
	Shares outstanding		1		—	*		1
	Net asset value per share	$	23.75	$	25.28		$	18.59
Class 529-F-2:	Net assets	$	86,113	$	238,197		$	97,553
	Shares outstanding		3,633		9,447			5,249
	Net asset value per share	$	23.71	$	25.21		$	18.58
Class 529-F-3:	Net assets	$	13	$	13		$	12
	Shares outstanding		1		—	*		1
	Net asset value per share	$	23.69	$	25.19		$	18.58
Class ABLE-A:	Net assets	$	1,629	$	4,882		$	3,873
	Shares outstanding		69		194			209
	Net asset value per share	$	23.61	$	25.13		$	18.57
Class ABLE-F-2:	Net assets	$	85	$	65		$	64
	Shares outstanding		4		3			3
	Net asset value per share	$	23.70	$	25.21		$	18.59

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series 17

Financial statements (continued)	unaudited
Statements of assets and liabilities at April 30, 2021 (continued)	(dollars and shares in thousands, except per-share amounts)

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Class R-1:	Net assets	$	6,744	$	39,660	$	22,151
	Shares outstanding		289		1,603		1,199
	Net asset value per share	$	23.35	$	24.75	$	18.47
Class R-2:	Net assets	$	127,532	$	293,664	$	191,415
	Shares outstanding		5,511		11,908		10,392
	Net asset value per share	$	23.14	$	24.66	$	18.42
Class R-2E:	Net assets	$	5,966	$	11,228	$	20,409
	Shares outstanding		254		452		1,102
	Net asset value per share	$	23.46	$	24.87	$	18.52
Class R-3:	Net assets	$	84,754	$	208,922	$	157,635
	Shares outstanding		3,602		8,347		8,519
	Net asset value per share	$	23.53	$	25.03	$	18.50
Class R-4:	Net assets	$	45,075	$	95,244	$	84,272
	Shares outstanding		1,904		3,780		4,537
	Net asset value per share	$	23.68	$	25.20	$	18.57
Class R-5:	Net assets	$	15,113	$	36,582	$	28,936
	Shares outstanding		631		1,435		1,551
	Net asset value per share	$	23.96	$	25.49	$	18.65
Class R-5E:	Net assets	$	15,628	$	28,322	$	14,431
	Shares outstanding		660		1,124		778
	Net asset value per share	$	23.67	$	25.19	$	18.56
Class R-6:	Net assets	$	127,109	$	153,119	$	324,687
	Shares outstanding		5,294		6,021		17,436
	Net asset value per share	$	24.01	$	25.43	$	18.62

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

18 American Funds Portfolio Series

Financial statements (continued)	unaudited
Statements of assets and liabilities at April 30, 2021 (continued)	(dollars and shares in thousands, except per-share amounts)

		Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	7,837,809	$	4,733,948	$	2,870,583
	Shares outstanding		432,111		347,766		183,170
	Net asset value per share	$	18.14	$	13.61	$	15.67
Class C:	Net assets	$	1,297,895	$	688,069	$	380,984
	Shares outstanding		72,040		50,848		24,495
	Net asset value per share	$	18.02	$	13.53	$	15.55
Class T:	Net assets	$	13	$	11	$	12
	Shares outstanding		1		1		1
	Net asset value per share	$	18.15	$	13.62	$	15.67
Class F-1:	Net assets	$	134,434	$	87,172	$	271,799
	Shares outstanding		7,409		6,399		17,350
	Net asset value per share	$	18.14	$	13.62	$	15.67
Class F-2:	Net assets	$	1,093,256	$	471,756	$	365,868
	Shares outstanding		60,176		34,600		23,308
	Net asset value per share	$	18.17	$	13.63	$	15.70
Class F-3:	Net assets	$	239,797	$	84,271	$	82,388
	Shares outstanding		13,214		6,189		5,252
	Net asset value per share	$	18.15	$	13.62	$	15.69
Class 529-A:	Net assets	$	575,645	$	257,518
	Shares outstanding		31,742		18,930		Not applicable
	Net asset value per share	$	18.13	$	13.60
Class 529-C:	Net assets	$	70,401	$	32,977
	Shares outstanding		3,897		2,434		Not applicable
	Net asset value per share	$	18.06	$	13.55
Class 529-E:	Net assets	$	18,808	$	8,506
	Shares outstanding		1,039		625		Not applicable
	Net asset value per share	$	18.09	$	13.60
Class 529-T:	Net assets	$	15	$	14
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	18.14	$	13.61
Class 529-F-1:	Net assets	$	11	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	18.16	$	13.62
Class 529-F-2:	Net assets	$	71,305	$	44,023
	Shares outstanding		3,931		3,235		Not applicable
	Net asset value per share	$	18.14	$	13.61
Class 529-F-3:	Net assets	$	12	$	12
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	18.14	$	13.61
Class ABLE-A:	Net assets	$	3,022	$	1,519
	Shares outstanding		167		112		Not applicable
	Net asset value per share	$	18.14	$	13.60
Class ABLE-F-2:	Net assets	$	82	$	27
	Shares outstanding		4		2		Not applicable
	Net asset value per share	$	18.14	$	13.61

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series 19

Financial statements (continued) unaudited

Statements of assets and liabilities
at April 30, 2021 (continued) (dollars and shares in thousands, except per-share amounts)

		Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio
Class R-1:	Net assets	$	11,920	$	2,272
	Shares outstanding		660		168		Not applicable
	Net asset value per share	$	18.06	$	13.54
Class R-2:	Net assets	$	143,097	$	48,311
	Shares outstanding		7,942		3,571		Not applicable
	Net asset value per share	$	18.02	$	13.53
Class R-2E:	Net assets	$	11,176	$	721
	Shares outstanding		617		53		Not applicable
	Net asset value per share	$	18.13	$	13.61
Class R-3:	Net assets	$	165,366	$	42,510
	Shares outstanding		9,142		3,130		Not applicable
	Net asset value per share	$	18.09	$	13.58
Class R-4:	Net assets	$	103,926	$	33,311
	Shares outstanding		5,729		2,446		Not applicable
	Net asset value per share	$	18.14	$	13.62
Class R-5:	Net assets	$	27,000	$	8,423
	Shares outstanding		1,485		617		Not applicable
	Net asset value per share	$	18.18	$	13.65
Class R-5E:	Net assets	$	14,396	$	4,888
	Shares outstanding		793		359		Not applicable
	Net asset value per share	$	18.15	$	13.60
Class R-6:	Net assets	$	498,170	$	75,177
	Shares outstanding		27,398		5,511		Not applicable
	Net asset value per share	$	18.18	$	13.64

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

20 American Funds Portfolio Series

Financial statements (continued)	unaudited
Statements of assets and liabilities at April 30, 2021 (continued)	(dollars and shares in thousands, except per-share amounts)

		Preservation Portfolio		Tax-Exempt Preservation Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	1,854,785	$	491,429
	Shares outstanding		181,145		48,848
	Net asset value per share	$	10.24	$	10.06
Class C:	Net assets	$	162,503	$	38,923
	Shares outstanding		15,902		3,874
	Net asset value per share	$	10.22	$	10.05
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	10.24	$	10.06
Class F-1:	Net assets	$	56,293	$	6,993
	Shares outstanding		5,497		694
	Net asset value per share	$	10.24	$	10.07
Class F-2:	Net assets	$	440,318	$	146,488
	Shares outstanding		43,001		14,562
	Net asset value per share	$	10.24	$	10.06
Class F-3:	Net assets	$	191,899	$	28,564
	Shares outstanding		18,745		2,839
	Net asset value per share	$	10.24	$	10.06
Class 529-A:	Net assets	$	217,461
	Shares outstanding		21,246		Not applicable
	Net asset value per share	$	10.24
Class 529-C:	Net assets	$	19,319
	Shares outstanding		1,890		Not applicable
	Net asset value per share	$	10.22
Class 529-E:	Net assets	$	7,252
	Shares outstanding		709		Not applicable
	Net asset value per share	$	10.23
Class 529-T:	Net assets	$	11
	Shares outstanding		1		Not applicable
	Net asset value per share	$	10.24
Class 529-F-1:	Net assets	$	10
	Shares outstanding		1		Not applicable
	Net asset value per share	$	10.24
Class 529-F-2:	Net assets	$	40,409
	Shares outstanding		3,945		Not applicable
	Net asset value per share	$	10.24
Class 529-F-3:	Net assets	$	10
	Shares outstanding		1		Not applicable
	Net asset value per share	$	10.24
Class ABLE-A:	Net assets	$	650
	Shares outstanding		63		Not applicable
	Net asset value per share	$	10.24
Class ABLE-F-2:	Net assets	$	38
	Shares outstanding		4		Not applicable
	Net asset value per share	$	10.24

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series 21

Financial statements (continued)	unaudited
Statements of assets and liabilities at April 30, 2021 (continued)	(dollars and shares in thousands, except per-share amounts)

		Preservation Portfolio		Tax-Exempt Preservation Portfolio
Class R-1:	Net assets	$	676
	Shares outstanding		66		Not applicable
	Net asset value per share	$	10.23
Class R-2:	Net assets	$	22,317
	Shares outstanding		2,188		Not applicable
	Net asset value per share	$	10.20
Class R-2E:	Net assets	$	645
	Shares outstanding		63		Not applicable
	Net asset value per share	$	10.24
Class R-3:	Net assets	$	32,475
	Shares outstanding		3,175		Not applicable
	Net asset value per share	$	10.23
Class R-4:	Net assets	$	18,128
	Shares outstanding		1,770		Not applicable
	Net asset value per share	$	10.24
Class R-5:	Net assets	$	6,726
	Shares outstanding		657		Not applicable
	Net asset value per share	$	10.24
Class R-5E:	Net assets	$	2,658
	Shares outstanding		259		Not applicable
	Net asset value per share	$	10.25
Class R-6:	Net assets	$	41,722
	Shares outstanding		4,073		Not applicable
	Net asset value per share	$	10.24

* Amount less than one thousand.

See notes to financial statements.

22 American Funds Portfolio Series

Financial statements (continued)	unaudited
Statements of operations for the six months ended April 30, 2021	(dollars in thousands)

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	21,841		$	65,878		$	101,499
Fees and expenses*:
Distribution services		7,766			20,166			20,547
Transfer agent services		2,589			6,174			4,463
529 and ABLE plan services		211			588			322
Reports to shareholders		18			42			42
Registration statement and prospectus		245			514			466
Trustees’ compensation		10			23			23
Auditing and legal		1			5			5
Custodian		5			6			6
Other		5			13			13
Total fees and expenses before waivers/reimbursements		10,850			27,531			25,887
Less waivers/reimbursements of fees and expenses:
ABLE plan services waivers		—	†		1			1
Transfer agent services waivers		—	†		—	†		—	†
Transfer agent services reimbursements		—			—			—
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursements of fees and expenses		—	†		1			1
Total fees and expenses after waivers/reimbursements		10,850			27,530			25,886
Net investment income		10,991			38,348			75,613
Net realized gain and unrealized appreciation (depreciation):
Net realized gain (loss) on sale of investments in affiliated issuers		53,193			105,181			415,043
Capital gain distributions received from affiliated issuers		106,026			284,892			141,272
		159,219			390,073			556,315
Net unrealized appreciation (depreciation) on investments in affiliated issuers		1,037,957			2,602,622			1,852,505
Net realized gain and unrealized appreciation (depreciation)		1,197,176			2,992,695			2,408,820
Net increase (decrease) in net assets resulting from operations	$	1,208,167		$	3,031,043		$	2,484,433

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Portfolio Series 23

Financial statements (continued)	unaudited
Statements of operations for the six months ended April 30, 2021 (continued)	(dollars in thousands)

	Moderate Growth and Income Portfolio			Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and  Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	103,502		$	103,501		$	40,195
Fees and expenses*:
Distribution services		18,195			10,038			5,983
Transfer agent services		3,305			1,604			756
529 and ABLE plan services		204			94			—
Reports to shareholders		38			21			12
Registration statement and prospectus		418			266			179
Trustees’ compensation		22			12			7
Auditing and legal		16			3			1
Custodian		6			5			5
Other		12			6			4
Total fees and expenses before waivers/reimbursements		22,216			12,049			6,947
Less waivers/reimbursements of fees and expenses:
ABLE plan services waivers		1			—	†		—
Transfer agent services waivers		—	†		—	†		—
Transfer agent services reimbursements		—			—	†		—
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursements of fees and expenses		1			—	†		—
Total fees and expenses after waivers/reimbursements		22,215			12,049			6,947
Net investment income		81,287			91,452			33,248
Net realized gain and unrealized appreciation (depreciation):
Net realized gain (loss) on sale of investments in affiliated issuers		275,574			112,414			1,009
Capital gain distributions received from affiliated issuers		185,519			29,869			11,111
		461,093			142,283			12,120
Net unrealized appreciation (depreciation) on investments in affiliated issuers		1,332,881			636,996			452,456
Net realized gain and unrealized appreciation (depreciation)		1,793,974			779,279			464,576
Net increase (decrease) in net assets resulting from operations	$	1,875,261		$	870,731		$	497,824

See end of statements of operations for footnotes.

See notes to financial statements.

24 American Funds Portfolio Series

Financial statements (continued)	unaudited
Statements of operations for the six months ended April 30, 2021 (continued)	(dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	14,070		$	3,873
Fees and expenses*:
Distribution services		4,235			896
Transfer agent services		1,016			145
529 and ABLE plan services		84			—
Reports to shareholders		11			3
Registration statement and prospectus		469			93
Trustees’ compensation		6			1
Auditing and legal		1			—	†
Custodian		5			4
Other		3			1
Total fees and expenses before waivers/reimbursements		5,830			1,143
Less waivers/reimbursements of fees and expenses:
ABLE plan services waivers		—	†		—
Transfer agent services waivers		—	���		—
Transfer agent services reimbursements		—	†		—
Miscellaneous fee reimbursement		—			4
Total waivers/reimbursements of fees and expenses		—	†		4
Total fees and expenses after waivers/reimbursements		5,830			1,139
Net investment income		8,240			2,734
Net realized gain and unrealized appreciation (depreciation):
Net realized gain (loss) on sale of investments in affiliated issuers		(4,979	)		(17	)
Capital gain distributions received from affiliated issuers		47,671			3,163
		42,692			3,146
Net unrealized appreciation (depreciation) on investments in affiliated issuers		(52,152	)		632
Net realized gain and unrealized appreciation (depreciation)		(9,460	)		3,778
Net increase (decrease) in net assets resulting from operations	$	(1,220	)	$	6,512

*	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.

American Funds Portfolio Series 25

Financial statements (continued)
Statements of changes in net assets	(dollars in thousands)

	Global Growth Portfolio						Growth Portfolio						Growth and Income Portfolio
	Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020
Operations:
Net investment income	$	10,991		$	30,041		$	38,348		$	58,928		$	75,613		$	178,910
Net realized gain		159,219			38,562			390,073			400,318			556,315			327,832
Net unrealized appreciation (depreciation)		1,037,957			444,196			2,602,622			834,065			1,852,505			250,988
Net increase (decrease) in net assets resulting from operations		1,208,167			512,799			3,031,043			1,293,311			2,484,433			757,730
Distributions paid to shareholders		(40,280	)		(186,431	)		(409,182	)		(501,361	)		(394,003	)		(543,758	)
Net capital share transactions		388,990			196,437			1,046,697			1,095,758			982,160			634,341
Total increase in net assets		1,556,877			522,805			3,668,558			1,887,708			3,072,590			848,313
Net assets:
Beginning of period		4,274,322			3,751,517			10,468,793			8,581,085			10,800,486			9,952,173
End of period	$	5,831,199		$	4,274,322		$	14,137,351		$	10,468,793		$	13,873,076		$	10,800,486

	Moderate Growth and Income Portfolio						Conservative Growth and Income Portfolio						Tax-Aware Conservative Growth and Income Portfolio
	Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020
Operations:
Net investment income	$	81,287		$	158,162		$	91,452		$	176,068		$	33,248		$	69,122
Net realized gain		461,093			110,312			142,283			139,990			12,120			23,298
Net unrealized appreciation (depreciation)		1,332,881			252,807			636,996			(323,440	)		452,456			(51,906	)
Net increase (decrease) in net assets resulting from operations		1,875,261			521,281			870,731			(7,382	)		497,824			40,514
Distributions paid to shareholders		(206,505	)		(356,867	)		(233,673	)		(254,486	)		(53,346	)		(112,907	)
Net capital share transactions		737,372			514,803			452,347			289,242			323,038			349,636
Total increase in net assets		2,406,128			679,217			1,089,405			27,374			767,516			277,243
Net assets:
Beginning of period		9,911,428			9,232,211			5,536,042			5,508,668			3,204,118			2,926,875
End of period	$	12,317,556		$	9,911,428		$	6,625,447		$	5,536,042		$	3,971,634		$	3,204,118

See end of statements of changes in net assets for footnotes.

See notes to financial statements.

26 American Funds Portfolio Series

Financial statements (continued)
Statements of changes in net assets (continued)	(dollars in thousands)

	Preservation Portfolio						Tax-Exempt Preservation Portfolio
	Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020
Operations:
Net investment income	$	8,240		$	24,901		$	2,734		$	6,184
Net realized gain		42,692			8,563			3,146			833
Net unrealized appreciation (depreciation)		(52,152	)		63,792			632			6,463
Net increase (decrease) in net assets resulting from operations		(1,220	)		97,256			6,512			13,480
Distributions paid to shareholders		(44,824	)		(27,179	)		(4,612	)		(6,863	)
Net capital share transactions		247,842			1,278,506			105,684			157,303
Total increase in net assets		201,798			1,348,583			107,584			163,920
Net assets:
Beginning of period		2,914,517			1,565,934			604,823			440,903
End of period	$	3,116,315		$	2,914,517		$	712,407		$	604,823

* Unaudited.

See notes to financial statements.

American Funds Portfolio Series 27

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 Moderate Growth and Income Portfolio	Seeks current income and long-term growth of capital and income.
American Funds Conservative Growth and Income Portfolio	Seeks current income and, secondarily, long-term growth of capital.
American Funds Tax-Aware Conservative Growth and 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 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, Moderate Growth and Income Portfolio, Conservative Growth and Income Portfolio and Preservation Portfolio each have 23 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3), two tax-advantaged share classes for individuals with disabilities (Classes ABLE-A and ABLE-F-2) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The Tax-Aware Conservative Growth and Income Portfolio and Tax-Exempt Preservation Portfolio each have six retail share classes (Classes A, C, T, F-1, F-2 and F-3). 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, 529-A and ABLE-A	Up to 2.50% for Tax-Aware Conservative Growth and Income Portfolio, Preservation Portfolio and Tax-Exempt Preservation Portfolio; up to 3.50% for all other funds	None (except 1% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years.
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2, 529-F-3 and ABLE-F-2	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

* Class T and 529-T shares 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 and transfer agent 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.

28 American Funds Portfolio Series

2. Significant accounting policies

Each fund in the series is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies in this section, 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.

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.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation 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 and transfer agent services, are charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions 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. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Processes and structure — The series’ board of trustees has delegated authority to the series’ 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. 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, 2021, all of the investment securities held by each fund were classified as Level 1.

American Funds Portfolio Series 29

4. Risk factors

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

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

Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as each fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by each fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

Underlying fund risks — Because each fund’s investments consist of underlying funds, each fund’s 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, as described below and on the following pages.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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 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. These risks may be even greater in the case of smaller capitalization stocks.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

30 American Funds Portfolio Series

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

Investing in lower rated debt instruments — 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 junk bonds.

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. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. 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. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. 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 accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund. 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, emerging market 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. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. 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-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and

American Funds Portfolio Series 31

borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in inflation linked bonds — The values of inflation linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation linked securities may decline and result in losses to the underlying fund.

Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

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 municipal securities — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund’s investments in municipal securities may be adversely affected by events tied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developments and negative changes in the financial conditions of municipal securities issuers and the economy. To the extent the fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of a municipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporate securities.

Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple 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 underlying fund has greater risk of volatility, and greater risk of loss, from these investments.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the underlying fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.

Management — The investment adviser to each fund 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, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

32 American Funds Portfolio Series

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. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2021, 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 their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; net capital losses and amortization of premiums and discounts. 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.

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

										Moderate
	Global						Growth and			Growth and
	Growth			Growth			Income			Income
	Portfolio			Portfolio			Portfolio			Portfolio
As of October 31, 2020
Undistributed ordinary income	$	—		$	—		$	—		$	5,777
Late year ordinary loss deferral1		(1,512	)		(7,342	)		—			—
Undistributed long-term capital gains		26,548			360,908			291,169			89,899
As of April 30, 2021
Gross unrealized appreciation on investments		1,782,700			4,356,632			2,956,978			2,540,102
Gross unrealized depreciation on investments		—			—			—			—
Net unrealized appreciation on investments		1,782,700			4,356,632			2,956,978			2,540,102
Cost of investments		4,049,922			9,784,416			10,919,713			9,780,330
				Tax-Aware
	Conservative			Conservative
	Growth and			Growth and						Tax-Exempt
	Income			Income			Preservation			Preservation
	Portfolio			Portfolio			Portfolio			Portfolio
As of October 31, 2020
Undistributed ordinary income	$	5,906		$	1,619		$	881		$	—
Undistributed tax-exempt income		—			2,503			—			235
Undistributed long-term capital gains		120,342			18,858			1,955			—
Capital loss carryforward2		—			—			—			(5,967	)
As of April 30, 2021
Gross unrealized appreciation on investments		738,023			595,308			15,657			5,010
Gross unrealized depreciation on investments		(18,210	)		—			(693	)		—
Net unrealized appreciation on investments		719,813			595,308			14,964			5,010
Cost of investments		5,906,929			3,377,213			3,101,914			707,723

1	These deferrals are considered incurred in the subsequent year.
2	Capital loss carryforwards will be used to offset any capital gains realized by the funds in the current year or in subsequent years. The funds will not make distributions from capital gains while a capital loss carryforwards remains.

American Funds Portfolio Series 33

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Portfolio

	Six months ended April 30, 2021									Year ended October 31, 2020
							Total									Total
	Ordinary			Long-term			distributions			Ordinary			Long-term			distributions
Share class	income			capital gains			paid			income			capital gains			paid
Class A	$	7,261		$	14,221		$	21,482		$	18,527		$	84,004		$	102,531
Class C		—			2,502			2,502			673			15,949			16,622
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		279			562			841			752			3,386			4,138
Class F-2		2,672			2,923			5,595			4,800			17,030			21,830
Class F-3		939			869			1,808			969			3,136			4,105
Class 529-A		1,369			2,796			4,165			3,099			14,439			17,538
Class 529-C		—			284			284			79			3,257			3,336
Class 529-E		12			95			107			94			566			660
Class 529-T		—	3		—	3		—	3		—	3		1			1
Class 529-F-1		—	3		—	3		—	3		462			1,708			2,170
Class 529-F-24		308			363			671			—			—			—
Class 529-F-34		—	3		—	3		—	3		—			—			—
Class ABLE-A		4			6			10			5			21			26
Class ABLE-F-24		—	3		—	3		—	3		—			—			—
Class R-1		—			32			32			16			222			238
Class R-2		—			610			610			245			3,756			4,001
Class R-2E		—			35			35			17			184			201
Class R-3		40			386			426			323			2,122			2,445
Class R-4		114			199			313			282			1,187			1,469
Class R-5E		54			61			115			70			253			323
Class R-5		69			69			138			116			391			507
Class R-6		593			553			1,146			1,011			3,279			4,290
Total	$	13,714		$	26,566		$	40,280		$	31,540		$	154,891		$	186,431
Growth Portfolio
	Six months ended April 30, 2021									Year ended October 31, 2020
							Total									Total
	Ordinary			Long-term			distributions			Ordinary			Long-term			distributions
Share class	income			capital gains			paid			income			capital gains			paid
Class A	$	30,791		$	208,109		$	238,900		$	42,333		$	248,155		$	290,488
Class C		—			37,952			37,952			1,592			50,959			52,551
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		566			3,947			4,513			847			5,030			5,877
Class F-2		5,961			27,178			33,139			6,764			30,543			37,307
Class F-3		1,367			5,529			6,896			1,554			6,426			7,980
Class 529-A		6,122			43,631			49,753			7,728			46,899			54,627
Class 529-C		—			4,270			4,270			142			10,002			10,144
Class 529-E		126			1,597			1,723			255			1,990			2,245
Class 529-T		—	3		—	3		—	3		—	3		1			1
Class 529-F-1		—	3		—	3		—	3		1,310			6,127			7,437
Class 529-F-24		1,185			5,760			6,945			—			—			—
Class 529-F-34		—	3		—	3		—	3		—			—			—
Class ABLE-A		17			101			118			13			69			82
Class ABLE-F-24		—	3		1			1			—			—			—
Class R-1		—			1,010			1,010			67			1,222			1,289
Class R-2		—	3		7,924			7,924			450			10,380			10,830
Class R-2E		4			373			377			55			560			615
Class R-3		352			5,300			5,652			823			6,643			7,466
Class R-4		360			2,403			2,763			520			3,008			3,528
Class R-5E		179			845			1,024			179			820			999
Class R-5		223			953			1,176			270			1,163			1,433
Class R-6		998			4,048			5,046			1,256			5,206			6,462
Total	$	48,251		$	360,931		$	409,182		$	66,158		$	435,203		$	501,361

See end of tables for footnotes.

34 American Funds Portfolio Series

Growth and Income Portfolio

	Six months ended April 30, 2021									Year ended October 31, 2020
							Total										Total
	Ordinary			Long-term			distributions			Ordinary			Long-term				distributions
Share class	income			capital gains			paid			income			capital gains				paid
Class A	$	68,335		$	184,686		$	253,021		$	121,219		$	225,240			$	346,459
Class C		6,951			33,024			39,975			14,515			45,387				59,902
Class T		—	3		—	3		—	3		—	3		—	3			—	3
Class F-1		1,774			5,318			7,092			3,471			6,501				9,972
Class F-2		9,329			22,261			31,590			15,622			25,803				41,425
Class F-3		1,681			3,383			5,064			2,471			3,964				6,435
Class 529-A		7,178			19,812			26,990			11,698			21,453				33,151
Class 529-C		432			2,215			2,647			1,625			5,899				7,524
Class 529-E		261			831			1,092			465			977				1,442
Class 529-T		—	3		—	3		—	3		—	3		—	3			—	3
Class 529-F-1		—	3		—	3		—	3		1,245			1,995				3,240
Class 529-F-24		784			1,876			2,660			—			—				—
Class 529-F-34		—	3		—	3		—	3		—			—				—
Class ABLE-A		28			68			96			32			46				78
Class ABLE-F-24		1			2			3			—			—				—
Class R-1		100			460			560			175			513				688
Class R-2		896			4,236			5,132			1,814			5,596				7,410
Class R-2E		113			409			522			213			543				756
Class R-3		977			3,186			4,163			1,767			3,944				5,711
Class R-4		628			1,722			2,350			1,337			2,549				3,886
Class R-5E		150			407			557			255			389				644
Class R-5		237			559			796			468			770				1,238
Class R-6		2,951			6,742			9,693			5,361			8,436				13,797
Total	$	102,806		$	291,197		$	394,003		$	183,753		$	360,005			$	543,758
Moderate Growth and Income Portfolio
	Six months ended April 30, 2021									Year ended October 31, 2020
							Total										Total
	Ordinary			Long-term			distributions			Ordinary			Long-term				distributions
Share class	income			capital gains			paid			income			capital gains				paid
Class A	$	75,895		$	56,689		$	132,584		$	111,360		$	111,980			$	223,340
Class C		8,882			10,109			18,991			13,787			23,299				37,086
Class T		—	3		—	3		—	3		—	3		—	3			—	3
Class F-1		1,629			1,338			2,967			2,810			2,998				5,808
Class F-2		11,456			7,737			19,193			16,544			15,161				31,705
Class F-3		2,136			1,299			3,435			3,164			2,745				5,909
Class 529-A		5,525			4,178			9,703			7,564			7,667				15,231
Class 529-C		472			564			1,036			1,173			2,316				3,489
Class 529-E		164			139			303			263			322				585
Class 529-T		—	3		—	3		—	3		—	3		—	3			—	3
Class 529-F-1		—	3		—	3		—	3		1,111			997				2,108
Class 529-F-24		760			522			1,282			—			—				—
Class 529-F-34		—	3		—	3		—	3		—			—				—
Class ABLE-A		26			17			43			25			21				46
Class ABLE-F-24		1			1			2			—			—		��		—
Class R-1		78			90			168			122			232				354
Class R-2		961			1,105			2,066			1,445			2,464				3,909
Class R-2E		91			91			182			151			205				356
Class R-3		1,410			1,256			2,666			2,143			2,617				4,760
Class R-4		1,068			821			1,889			1,789			1,930				3,719
Class R-5E		166			125			291			281			279				560
Class R-5		304			206			510			477			438				915
Class R-6		5,557			3,637			9,194			9,000			7,987				16,987
Total	$	116,581		$	89,924		$	206,505		$	173,209		$	183,658			$	356,867

See end of tables for footnotes.

American Funds Portfolio Series 35

Conservative Growth and Income Portfolio

	Six months ended April 30, 2021									Year ended October 31, 2020
							Total									Total
	Ordinary			Long-term			distributions			Ordinary			Long-term			distributions
Share class	income			capital gains			paid			income			capital gains			paid
Class A	$	82,019		$	85,317		$	167,336		$	129,596		$	50,345		$	179,941
Class C		10,143			13,261			23,404			17,757			9,165			26,922
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		1,697			1,887			3,584			2,999			1,202			4,201
Class F-2		8,533			8,406			16,939			13,792			5,369			19,161
Class F-3		1,417			1,272			2,689			2,197			748			2,945
Class 529-A		4,385			4,583			8,968			6,234			2,350			8,584
Class 529-C		480			632			1,112			1,207			697			1,904
Class 529-E		141			156			297			218			88			306
Class 529-T		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-1		—	3		—	3		—	3		1,230			446			1,676
Class 529-F-24		785			776			1,561			—			—			—
Class 529-F-34		—	3		—	3		—	3		—			—			—
Class ABLE-A		24			23			47			28			8			36
Class ABLE-F-24		—	3		—	3		—	3		—			—			—
Class R-1		34			46			80			50			24			74
Class R-2		708			927			1,635			1,140			570			1,710
Class R-2E		9			9			18			19			10			29
Class R-3		671			766			1,437			1,081			464			1,545
Class R-4		634			699			1,333			1,169			470			1,639
Class R-5E		127			145			272			225			73			298
Class R-5		144			133			277			250			100			350
Class R-6		1,370			1,314			2,684			2,338			827			3,165
Total	$	113,321		$	120,352		$	233,673		$	181,530		$	72,956		$	254,486
Tax-Aware Conservative Growth and Income Portfolio
	Six months ended April 30, 2021									Year ended October 31, 2020
							Total									Total
	Ordinary			Long-term			distributions			Ordinary			Long-term			distributions
Share class	income5			capital gains			paid			income5			capital gains			paid
Class A	$	25,469		$	13,600		$	39,069		$	49,890		$	30,160		$	80,050
Class C		2,314			1,936			4,250			5,407			4,896			10,303
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		2,383			1,334			3,717			5,581			3,796			9,377
Class F-2		3,505			1,660			5,165			6,840			4,076			10,916
Class F-3		793			352			1,145			1,469			792			2,261
Total	$	34,464		$	18,882		$	53,346		$	69,187		$	43,720		$	112,907

See end of tables for footnotes.

36 American Funds Portfolio Series

Preservation Portfolio

	Six months ended April 30, 2021									Year ended October 31, 2020
							Total								Total
	Ordinary			Long-term			distributions			Ordinary			Long-term		distributions
Share class	income			capital gains			paid			income			capital gains		paid
Class A	$	26,167		$	1,226		$	27,393		$	17,795		$	—	$	17,795
Class C		1,959			117			2,076			968			—		968
Class T		—	3		—	3		—	3		—	3		—		—	3
Class F-1		914			43			957			484			—		484
Class F-2		6,655			285			6,940			3,221			—		3,221
Class F-3		1,351			44			1,395			419			—		419
Class 529-A		3,062			143			3,205			2,244			—		2,244
Class 529-C		231			14			245			214			—		214
Class 529-E		96			5			101			73			—		73
Class 529-T		—	3		—	3		—	3		—	3		—		—	3
Class 529-F-1		—	3		—	3		—	3		534			—		534
Class 529-F-24		619			27			646			—			—		—
Class 529-F-34		—	3		—	3		—	3		—			—		—
Class ABLE-A		7			—	3		7			4			—		4
Class ABLE-F-24		—	3		—	3		—	3		—			—		—
Class R-1		8			—	3		8			3			—		3
Class R-2		263			16			279			133			—		133
Class R-2E		12			1			13			13			—		13
Class R-3		388			20			408			263			—		263
Class R-4		249			11			260			200			—		200
Class R-5E		43			2			45			33			—		33
Class R-5		102			4			106			57			—		57
Class R-6		710			30			740			521			—		521
Total	$	42,836		$	1,988		$	44,824		$	27,179		$	—	$	27,179
Tax-Exempt Preservation Portfolio
	Six months ended April 30, 2021									Year ended October 31, 2020
							Total								Total
	Ordinary			Long-term			distributions			Ordinary			Long-term		distributions
Share class	income5			capital gains			paid			income5			capital gains		paid
Class A	$	3,194		$	—		$	3,194		$	5,122		$	—	$	5,122
Class C		140			—			140			279			—		279
Class T		—	3		—			—	3		—	3		—		—	3
Class F-1		47			—			47			80			—		80
Class F-2		1,007			—			1,007			1,200			—		1,200
Class F-3		224			—			224			182			—		182
Total	$	4,612		$	—		$	4,612		$	6,863		$	—	$	6,863

3	Amount less than one thousand.
4	Class 529-F-2, 529-F-3 and ABLE-F-2 shares began investment operations on October 30, 2020.
5	Ordinary income may include both taxable and tax-exempt income.

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. 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.

American Funds Portfolio Series 37

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 of each fund, except Class F-2, F-3, 529-F-2, 529-F-3, ABLE-F-2, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate 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	%
Classes 529-A and ABLE-A		0.30			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A, 529-A and ABLE-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 limits are not exceeded. As of April 30, 2021, unreimbursed expenses subject to reimbursement for the funds’ Class A, 529-A and ABLE-A shares were as follows (dollars in thousands):

	Class A		Class 529-A		Class ABLE-A
Global Growth Portfolio	$	—	$	—	$	—
Growth Portfolio		—		—		—
Growth and Income Portfolio		—		—		—
Moderate Growth and Income Portfolio		—		—		—
Conservative Growth and Income Portfolio		—		—		—
Tax-Aware Conservative Growth and Income Portfolio		751		Not applicable		Not applicable
Preservation Portfolio		1,848		—		—
Tax-Exempt Preservation Portfolio		1,118		Not applicable		Not applicable

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. For the six months ended April 30, 2021, AFS waived transfer agent services fees of less than $1,000 total for Class 529-F-3 and ABLE-F-2 shares of Global Growth Portfolio, Growth Portfolio, Growth and Income Portfolio, Moderate Growth and Income Portfolio, Conservative Growth and Income Portfolio and Preservation Portfolio. In addition, CRMC reimbursed transfer agent services fees of less than $1,000 total for Class R-2E shares of Conservative Growth and Income Portfolio and Preservation Portfolio. Neither AFS nor CRMC intend to recoup these waivers or reimbursements.

38 American Funds Portfolio Series

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to the series. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the series and market developments that impact underlying fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. CRMC receives administrative services fees at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC’s provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

529 and ABLE plan services — Each 529 and ABLE share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan and ABLEAmerica^®tax-advantaged savings program. The quarterly fee is based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. Virginia529 is currently waiving the portion of its fee attributable to Class ABLE shares. The waivers are expected to remain in effect until the date on which total net assets invested in ABLEAmerica^® reach $300 million or June 30, 2023, whichever is earlier. Virginia529 does not intend to recoup these waivers. The waivers are reflected as ABLE plan services waivers in each fund’s statement of operations. Virginia529 is not considered a related party to the fund.

American Funds Portfolio Series 39

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2021, were as follows (dollars in thousands):

Global Growth Portfolio

Share class	Distribution services			Transfer agent services			529 and ABLE plan services
Class A		$3,608			$1,375		Not applicable
Class C		2,362			235		Not applicable
Class T		—			—	*	Not applicable
Class F-1		108			57		Not applicable
Class F-2		Not applicable			308		Not applicable
Class F-3		Not applicable			2		Not applicable
Class 529-A		650			249		$167
Class 529-C		266			25		16
Class 529-E		46			5		6
Class 529-T		—			—	*	—	*
Class 529-F-1		—	*		—	*	—	*
Class 529-F-2		Not applicable			37		22
Class 529-F-3		Not applicable			—	*	—	*
Class ABLE-A		1			—	*	—	*
Class ABLE-F-2		Not applicable			—	*	—	*
Class R-1		29			2		Not applicable
Class R-2		440			201		Not applicable
Class R-2E		18			6		Not applicable
Class R-3		188			56		Not applicable
Class R-4		50			16		Not applicable
Class R-5E		Not applicable			9		Not applicable
Class R-5		Not applicable			4		Not applicable
Class R-6		Not applicable			2		Not applicable
Total class-specific expenses		$7,766			$2,589		$211

Growth Portfolio

Share class	Distribution services			Transfer agent services			529 and ABLE plan services
Class A		$9,227			$3,459		Not applicable
Class C		6,401			613		Not applicable
Class T		—			—	*	Not applicable
Class F-1		153			74		Not applicable
Class F-2		Not applicable			491		Not applicable
Class F-3		Not applicable			2		Not applicable
Class 529-A		1,731			675		$464
Class 529-C		710			65		44
Class 529-E		142			13		17
Class 529-T		—			—	*	—	*
Class 529-F-1		—	*		—	*	—	*
Class 529-F-2		Not applicable			96		62
Class 529-F-3		Not applicable			—	*	—	*
Class ABLE-A		2			1		1
Class ABLE-F-2		Not applicable			—	*	—	*
Class R-1		174			16		Not applicable
Class R-2		1,012			451		Not applicable
Class R-2E		34			12		Not applicable
Class R-3		473			137		Not applicable
Class R-4		107			39		Not applicable
Class R-5E		Not applicable			20		Not applicable
Class R-5		Not applicable			8		Not applicable
Class R-6		Not applicable			2		Not applicable
Total class-specific expenses		$20,166			$6,174		$588

Growth and Income Portfolio

Share class	Distribution services			Transfer agent services			529 and ABLE plan services
Class A		$10,548			$2,596		Not applicable
Class C		6,906			456		Not applicable
Class T		—			—	*	Not applicable
Class F-1		256			121		Not applicable
Class F-2		Not applicable			495		Not applicable
Class F-3		Not applicable			2		Not applicable
Class 529-A		1,019			256		$257
Class 529-C		461			28		28
Class 529-E		89			6		11
Class 529-T		—			—	*	—	*
Class 529-F-1		—	*		—	*	—	*
Class 529-F-2		Not applicable			26		25
Class 529-F-3		Not applicable			—	*	—	*
Class ABLE-A		2			1		1
Class ABLE-F-2		Not applicable			—	*	—	*
Class R-1		99			9		Not applicable
Class R-2		670			290		Not applicable
Class R-2E		54			18		Not applicable
Class R-3		349			103		Not applicable
Class R-4		94			35		Not applicable
Class R-5E		Not applicable			11		Not applicable
Class R-5		Not applicable			7		Not applicable
Class R-6		Not applicable			3		Not applicable
Total class-specific expenses		$20,547			$4,463		$322

Moderate Growth and Income Portfolio

Share class	Distribution services			Transfer agent services			529 and ABLE plan services
Class A		$9,704			$1,822		Not applicable
Class C		6,183			320		Not applicable
Class T		—			—	*	Not applicable
Class F-1		183			83		Not applicable
Class F-2		Not applicable			500		Not applicable
Class F-3		Not applicable			1		Not applicable
Class 529-A		637			123		$158
Class 529-C		339			17		21
Class 529-E		43			2		5
Class 529-T		—			—	*	—	*
Class 529-F-1		—	*		—	*	—	*
Class 529-F-2		Not applicable			17		19
Class 529-F-3		Not applicable			—	*	—	*
Class ABLE-A		1			—	*	1
Class ABLE-F-2		Not applicable			—	*	—	*
Class R-1		55			6		Not applicable
Class R-2		508			221		Not applicable
Class R-2E		32			11		Not applicable
Class R-3		384			109		Not applicable
Class R-4		126			50		Not applicable
Class R-5E		Not applicable			11		Not applicable
Class R-5		Not applicable			7		Not applicable
Class R-6		Not applicable			5		Not applicable
Total class-specific expenses		$18,195			$3,305		$204

See end of tables for footnote.

40 American Funds Portfolio Series

Conservative Growth and Income Portfolio

Share class	Distribution services			Transfer agent services			529 and ABLE plan services
Class A		$5,854			$991		Not applicable
Class C		3,294			153		Not applicable
Class T		—			—	*	Not applicable
Class F-1		111			50		Not applicable
Class F-2		Not applicable			216		Not applicable
Class F-3		Not applicable			1		Not applicable
Class 529-A		278			48		$70
Class 529-C		157			7		10
Class 529-E		20			1		2
Class 529-T		—			—	*	—	*
Class 529-F-1		—	*		—	*	—	*
Class 529-F-2		Not applicable			12		12
Class 529-F-3		Not applicable			—	*	—	*
Class ABLE-A		1			—	*	—	*
Class ABLE-F-2		Not applicable			—	*	—	*
Class R-1		11			1		Not applicable
Class R-2		173			75		Not applicable
Class R-2E		2			1		Not applicable
Class R-3		97			25		Not applicable
Class R-4		40			15		Not applicable
Class R-5E		Not applicable			5		Not applicable
Class R-5		Not applicable			2		Not applicable
Class R-6		Not applicable			1		Not applicable
Total class-specific expenses		$10,038			$1,604		$94

Tax-Aware Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services
Class A		$3,881		$387
Class C		1,790		54
Class T		—		—	*
Class F-1		312		150
Class F-2		Not applicable		165
Class F-3		Not applicable		—	*
Total class-specific expenses		$5,983		$756

Preservation Portfolio

Share class	Distribution services			Transfer agent services			529 and ABLE plan services
Class A		$2,756			$543		Not applicable
Class C		853			51		Not applicable
Class T		—			—	*	Not applicable
Class F-1		76			37		Not applicable
Class F-2		Not applicable			229		Not applicable
Class F-3		Not applicable			1		Not applicable
Class 529-A		243			59		$64
Class 529-C		99			6		6
Class 529-E		17			1		2
Class 529-T		—			—	*	—	*
Class 529-F-1		—			—	*	—	*
Class 529-F-2		Not applicable			13		12
Class 529-F-3		Not applicable			—	*	—	*
Class ABLE-A		—	*		—	*	—	*
Class ABLE-F-2		Not applicable			—	*	—	*
Class R-1		4			1		Not applicable
Class R-2		86			40		Not applicable
Class R-2E		3			1		Not applicable
Class R-3		76			21		Not applicable
Class R-4		22			8		Not applicable
Class R-5E		Not applicable			2		Not applicable
Class R-5		Not applicable			2		Not applicable
Class R-6		Not applicable			1		Not applicable
Total class-specific expenses		$4,235			$1,016		$84

* Amount less than one thousand.

Tax-Exempt Preservation Portfolio

Share class	Distribution services		Transfer agent services
Class A		$690		$71
Class C		197		6
Class T		—		—	*
Class F-1		9		5
Class F-2		Not applicable		63
Class F-3		Not applicable		—	*
Total class-specific expenses		$896		$145

American Funds Portfolio Series 41

Miscellaneous fee reimbursement — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of Tax-Exempt Preservation Portfolio. At its discretion the adviser may elect to extend, modify or terminate the reimbursement. Fees and expenses in Tax-Exempt Preservation Portfolio’s statement of operations are presented gross of any reimbursement from CRMC. The amount reimbursed by CRMC is reflected as a miscellaneous fee reimbursement in the fund’s statement of operations. For the six months ended April 30, 2021, CRMC reimbursed miscellaneous fees of $4,000 for Tax-Exempt Preservation Portfolio. CRMC may recoup all or a portion of this reimbursement by the end of the current fiscal year.

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 shown on the accompanying financial statements reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Portfolio	$	7	$	3		$	10
Growth Portfolio		16		7			23
Growth and Income Portfolio		16		7			23
Moderate Growth and Income Portfolio		15		7			22
Conservative Growth and Income Portfolio		8		4			12
Tax-Aware Conservative Growth and Income Portfolio		5		2			7
Preservation Portfolio		4		2			6
Tax-Exempt Preservation Portfolio		1		—	*		1

* Amount less than one thousand.

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 of the funds in the series.

7. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

8. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2021, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	762,652	$	296,814
Growth Portfolio		1,641,535		680,624
Growth and Income Portfolio		3,220,597		2,415,472
Moderate Growth and Income Portfolio		2,104,020		1,306,343
Conservative Growth and Income Portfolio		2,318,166		1,978,574
Tax-Aware Conservative Growth and Income Portfolio		328,069		13,987
Preservation Portfolio		541,894		282,867
Tax-Exempt Preservation Portfolio		121,688		14,531

42 American Funds Portfolio Series

9. Capital share transactions

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

Global Growth Portfolio

	Sales1				Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	381,776		16,977	$	21,383			978		$	(191,358	)		(8,550	)	$	211,801			9,405
Class C		51,968		2,358		2,500			116			(62,522	)		(2,834	)		(8,054	)		(360	)
Class T		—		—		—			—			—			—			—			—
Class F-1		13,311		595		840			38			(53,578	)		(2,336	)		(39,427	)		(1,703	)
Class F-2		136,130		6,017		5,550			253			(54,737	)		(2,420	)		86,943			3,850
Class F-3		72,233		3,161		1,800			82			(26,971	)		(1,203	)		47,062			2,040
Class 529-A		73,187		3,274		4,164			191			(29,064	)		(1,313	)		48,287			2,152
Class 529-C		6,267		284		284			13			(9,222	)		(422	)		(2,671	)		(125	)
Class 529-E		2,282		102		107			5			(755	)		(33	)		1,634			74
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		—		—		—	2		—	2		(9	)		—	2		(9	)		—	2
Class 529-F-2		17,000		764		671			31			(2,975	)		(135	)		14,696			660
Class 529-F-3		—		—		—	2		—	2		—			—			—	2		—	2
Class ABLE-A		490		22		10			1			(58	)		(3	)		442			20
Class ABLE-F-2		57		3		—	2		—	2		—			—			57			3
Class R-1		1,037		47		31			2			(863	)		(40	)		205			9
Class R-2		17,688		808		610			29			(15,182	)		(697	)		3,116			140
Class R-2E		726		32		35			2			(1,880	)		(85	)		(1,119	)		(51	)
Class R-3		16,036		718		427			20			(11,348	)		(511	)		5,115			227
Class R-4		6,964		310		313			14			(2,556	)		(114	)		4,721			210
Class R-5E		4,301		192		115			5			(1,056	)		(47	)		3,360			150
Class R-5		1,934		85		137			6			(947	)		(41	)		1,124			50
Class R-6		20,861		917		1,145			52			(10,299	)		(458	)		11,707			511
Total net increase (decrease)	$	824,248		36,666	$	40,122			1,838		$	(475,380	)		(21,242	)	$	388,990			17,262
Year ended October 31, 2020
Class A	$	375,307		21,996	$	102,209			5,798		$	(401,550	)		(23,889	)	$	75,966			3,905
Class C		63,354		3,781		16,587			955			(93,639	)		(5,517	)		(13,698	)		(781	)
Class T		—		—		—			—			—			—			—			—
Class F-1		23,967		1,383		4,128			234			(26,853	)		(1,567	)		1,242			50
Class F-2		160,347		9,421		21,634			1,223			(169,020	)		(10,373	)		12,961			271
Class F-3		82,264		4,895		4,098			232			(30,453	)		(1,844	)		55,909			3,283
Class 529-A		104,300		5,916		17,533			996			(52,292	)		(3,005	)		69,541			3,907
Class 529-C		10,350		611		3,335			192			(51,776	)		(2,944	)		(38,091	)		(2,141	)
Class 529-E		3,233		188		660			37			(3,264	)		(191	)		629			34
Class 529-T		—		—		1			—	2		—			—			1			—	2
Class 529-F-1		13,410		771		2,170			123			(60,322	)		(3,235	)		(44,742	)		(2,341	)
Class 529-F-23		55,592		2,973		—			—			—			—			55,592			2,973
Class 529-F-33		10		1		—			—			—			—			10			1
Class ABLE-A		514		30		26			1			(115	)		(7	)		425			24
Class ABLE-F-23		19		1		—			—			—			—			19			1
Class R-1		1,313		79		234			13			(2,187	)		(122	)		(640	)		(30	)
Class R-2		23,248		1,374		3,996			231			(25,471	)		(1,512	)		1,773			93
Class R-2E		971		58		201			11			(766	)		(44	)		406			25
Class R-3		18,033		1,048		2,445			140			(14,854	)		(853	)		5,624			335
Class R-4		13,854		800		1,468			84			(10,327	)		(600	)		4,995			284
Class R-5E		3,806		224		322			18			(1,369	)		(80	)		2,759			162
Class R-5		2,276		132		507			29			(1,927	)		(116	)		856			45
Class R-6		22,853		1,297		4,290			241			(22,243	)		(1,310	)		4,900			228
Total net increase (decrease)	$	979,021		56,979	$	185,844			10,558		$	(968,428	)		(57,209	)	$	196,437			10,328

See end of tables for footnotes.

American Funds Portfolio Series 43

Growth Portfolio

	Sales1						Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	911,596			38,412		$	238,109			10,407		$	(488,430	)		(20,664	)	$	661,275			28,155
Class C		133,274			5,733			37,904			1,689			(155,860	)		(6,713	)		15,318			709
Class T		—			—			—			—			—			—			—			—
Class F-1		18,626			785			4,503			197			(43,896	)		(1,838	)		(20,767	)		(856	)
Class F-2		182,592			7,676			32,994			1,435			(105,241	)		(4,430	)		110,345			4,681
Class F-3		61,707			2,581			6,885			301			(21,609	)		(910	)		46,983			1,972
Class 529-A		193,611			8,200			49,738			2,178			(74,027	)		(3,140	)		169,322			7,238
Class 529-C		18,218			787			4,269			190			(27,788	)		(1,203	)		(5,301	)		(226	)
Class 529-E		8,489			359			1,721			76			(2,118	)		(90	)		8,092			345
Class 529-T		—			—			1			—	2		—			—			1			—	2
Class 529-F-1		—	2		—	2		—	2		—	2		(37	)		(2	)		(37	)		(2	)
Class 529-F-2		35,411			1,491			6,945			304			(11,428	)		(477	)		30,928			1,318
Class 529-F-3		—			—			—	2		—	2		—			—			—	2		—	2
Class ABLE-A		1,386			59			117			5			(62	)		(3	)		1,441			61
Class ABLE-F-2		46			2			1			—	2		(14	)		—	2		33			2
Class R-1		3,947			168			1,010			45			(1,904	)		(84	)		3,053			129
Class R-2		36,641			1,573			7,924			353			(37,611	)		(1,622	)		6,954			304
Class R-2E		792			35			377			17			(3,002	)		(129	)		(1,833	)		(77	)
Class R-3		36,428			1,545			5,648			249			(30,644	)		(1,298	)		11,432			496
Class R-4		10,861			462			2,760			121			(7,878	)		(338	)		5,743			245
Class R-5E		8,044			339			1,021			45			(11,053	)		(478	)		(1,988	)		(94	)
Class R-5		3,211			134			1,176			51			(3,487	)		(146	)		900			39
Class R-6		26,021			1,096			5,036			218			(26,254	)		(1,121	)		4,803			193
Total net increase (decrease)	$	1,690,901			71,437		$	408,139			17,881		$	(1,052,343	)		(44,686	)	$	1,046,697			44,632
Year ended October 31, 2020
Class A	$	1,221,318			66,018		$	289,769			15,100		$	(813,139	)		(44,071	)	$	697,948			37,047
Class C		208,104			11,486			52,452			2,778			(236,845	)		(12,804	)		23,711			1,460
Class T		—			—			—			—			—			—			—			—
Class F-1		31,831			1,717			5,866			306			(32,431	)		(1,736	)		5,266			287
Class F-2		307,024			16,779			37,085			1,926			(235,379	)		(13,073	)		108,730			5,632
Class F-3		58,965			3,285			7,966			415			(44,432	)		(2,400	)		22,499			1,300
Class 529-A		312,800			16,345			54,623			2,851			(114,450	)		(6,058	)		252,973			13,138
Class 529-C		31,258			1,708			10,142			537			(124,959	)		(6,519	)		(83,559	)		(4,274	)
Class 529-E		8,578			464			2,242			118			(7,328	)		(383	)		3,492			199
Class 529-T		—			—			1			—	2		—			—			1			—	2
Class 529-F-1		47,884			2,473			7,437			387			(181,912	)		(8,979	)		(126,591	)		(6,119	)
Class 529-F-23		165,016			8,129			—			—			(7	)		—	2		165,009			8,129
Class 529-F-33		10			—	2		—			—			—			—			10			—	2
Class ABLE-A		1,274			68			82			4			(109	)		(6	)		1,247			66
Class ABLE-F-23		23			1			—			—			—			—			23			1
Class R-1		5,842			315			1,287			68			(3,205	)		(166	)		3,924			217
Class R-2		58,345			3,167			10,825			574			(56,264	)		(3,056	)		12,906			685
Class R-2E		1,620			87			614			32			(2,698	)		(149	)		(464	)		(30	)
Class R-3		42,013			2,278			7,465			391			(32,939	)		(1,770	)		16,539			899
Class R-4		22,345			1,216			3,525			184			(20,404	)		(1,072	)		5,466			328
Class R-5E		9,940			555			999			52			(4,326	)		(229	)		6,613			378
Class R-5		6,902			370			1,433			74			(5,676	)		(316	)		2,659			128
Class R-6		41,448			2,237			6,460			335			(70,552	)		(3,715	)		(22,644	)		(1,143	)
Total net increase (decrease)	$	2,582,540			138,698		$	500,273			26,132		$	(1,987,055	)		(106,502	)	$	1,095,758			58,328

See end of tables for footnotes.

44 American Funds Portfolio Series

Growth and Income Portfolio

	Sales1						Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	933,852			52,726		$	251,712			14,687		$	(501,749	)		(28,472	)	$	683,815			38,941
Class C		125,592			7,160			39,871			2,347			(180,395	)		(10,281	)		(14,932	)		(774	)
Class T		—			—			—			—			—			—			—			—
Class F-1		35,095			1,981			7,000			409			(73,865	)		(4,170	)		(31,770	)		(1,780	)
Class F-2		206,124			11,635			31,064			1,809			(117,747	)		(6,657	)		119,441			6,787
Class F-3		93,324			5,256			5,050			294			(16,142	)		(910	)		82,232			4,640
Class 529-A		95,016			5,385			26,988			1,575			(50,473	)		(2,860	)		71,531			4,100
Class 529-C		10,146			579			2,647			156			(17,805	)		(1,018	)		(5,012	)		(283	)
Class 529-E		2,689			152			1,090			64			(1,560	)		(89	)		2,219			127
Class 529-T		—			—			—	2		—	2		—			—			—	2		—	2
Class 529-F-1		—	2		—	2		—	2		—	2		(118	)		(7	)		(118	)		(7	)
Class 529-F-2		18,520			1,043			2,658			155			(4,234	)		(242	)		16,944			956
Class 529-F-3		—			—			—	2		—	2		—			—			—	2		—	2
Class ABLE-A		1,061			60			96			6			(145	)		(8	)		1,012			58
Class ABLE-F-2		1			—	2		2			—	2		—			—			3			—	2
Class R-1		2,948			167			560			33			(1,907	)		(110	)		1,601			90
Class R-2		20,802			1,188			5,122			302			(22,966	)		(1,318	)		2,958			172
Class R-2E		3,465			194			522			31			(2,239	)		(127	)		1,748			98
Class R-3		31,726			1,802			4,164			244			(18,644	)		(1,063	)		17,246			983
Class R-4		10,331			580			2,344			136			(5,538	)		(313	)		7,137			403
Class R-5E		3,301			188			550			32			(6,870	)		(396	)		(3,019	)		(176	)
Class R-5		5,658			312			796			46			(1,663	)		(94	)		4,791			264
Class R-6		46,626			2,636			9,693			564			(31,986	)		(1,809	)		24,333			1,391
Total net increase (decrease)	$	1,646,277			93,044		$	391,929			22,890		$	(1,056,046	)		(59,944	)	$	982,160			55,990
Year ended October 31, 2020
Class A	$	1,159,987			76,817		$	344,745			22,492		$	(1,038,097	)		(69,819	)	$	466,635			29,490
Class C		188,283			12,534			59,706			3,903			(298,326	)		(19,839	)		(50,337	)		(3,402	)
Class T		—			—			—			—			—			—			—			—
Class F-1		58,491			3,883			9,812			640			(54,535	)		(3,641	)		13,768			882
Class F-2		295,361			19,661			40,615			2,649			(245,971	)		(16,712	)		90,005			5,598
Class F-3		45,610			2,969			6,420			420			(38,998	)		(2,668	)		13,032			721
Class 529-A		186,945			12,144			33,136			2,163			(95,968	)		(6,271	)		124,113			8,036
Class 529-C		23,866			1,576			7,523			491			(112,826	)		(7,331	)		(81,437	)		(5,264	)
Class 529-E		6,141			409			1,442			95			(4,865	)		(325	)		2,718			179
Class 529-T		—			—			1			—	2		—			—			1			—	2
Class 529-F-1		16,462			1,072			3,238			211			(76,517	)		(4,903	)		(56,817	)		(3,620	)
Class 529-F-23		67,135			4,293			—			—			—			—			67,135			4,293
Class 529-F-33		10			1			—			—			—			—			10			1
Class ABLE-A		1,357			89			78			5			(210	)		(14	)		1,225			80
Class ABLE-F-23		51			3			—			—			—			—			51			3
Class R-1		5,471			364			676			44			(3,512	)		(234	)		2,635			174
Class R-2		37,119			2,463			7,402			484			(43,669	)		(2,918	)		852			29
Class R-2E		3,613			232			756			49			(2,709	)		(188	)		1,660			93
Class R-3		29,796			1,963			5,710			373			(30,342	)		(2,002	)		5,164			334
Class R-4		15,720			1,039			3,884			254			(27,005	)		(1,749	)		(7,401	)		(456	)
Class R-5E		5,680			382			644			42			(2,452	)		(157	)		3,872			267
Class R-5		4,622			308			1,236			81			(7,409	)		(490	)		(1,551	)		(101	)
Class R-6		85,804			5,583			13,796			900			(60,592	)		(4,042	)		39,008			2,441
Total net increase (decrease)	$	2,237,524			147,785		$	540,820			35,296		$	(2,144,003	)		(143,303	)	$	634,341			39,778

See end of tables for footnotes.

American Funds Portfolio Series 45

Moderate Growth and Income Portfolio

	Sales1				Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	882,588		50,790	$	131,731			7,751		$	(468,404	)		(27,047	)	$	545,915			31,494
Class C		119,187		6,904		18,939			1,125			(155,183	)		(9,003	)		(17,057	)		(974	)
Class T		—		—		—			—			—			—			—			—
Class F-1		16,141		936		2,943			173			(55,432	)		(3,179	)		(36,348	)		(2,070	)
Class F-2		198,237		11,410		18,941			1,112			(105,581	)		(6,059	)		111,597			6,463
Class F-3		83,855		4,774		3,420			201			(16,820	)		(972	)		70,455			4,003
Class 529-A		73,183		4,219		9,700			571			(41,653	)		(2,409	)		41,230			2,381
Class 529-C		8,350		483		1,036			61			(13,969	)		(809	)		(4,583	)		(265	)
Class 529-E		1,574		92		303			18			(1,331	)		(78	)		546			32
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		—		—		—	2		—	2		(119	)		(7	)		(119	)		(7	)
Class 529-F-2		10,226		592		1,282			76			(6,100	)		(351	)		5,408			317
Class 529-F-3		—		—		—	2		—	2		—			—			—	2		—	2
Class ABLE-A		943	��	54		43			3			(108	)		(6	)		878			51
Class ABLE-F-2		27		1		1			—	2		—			—			28			1
Class R-1		1,090		63		169			10			(1,137	)		(66	)		122			7
Class R-2		16,265		947		2,065			122			(17,311	)		(1,007	)		1,019			62
Class R-2E		2,232		128		182			11			(3,025	)		(176	)		(611	)		(37	)
Class R-3		26,185		1,500		2,663			157			(26,677	)		(1,543	)		2,171			114
Class R-4		11,831		685		1,889			111			(19,513	)		(1,132	)		(5,793	)		(336	)
Class R-5E		4,578		264		291			17			(6,074	)		(353	)		(1,205	)		(72	)
Class R-5		2,623		150		509			30			(2,615	)		(149	)		517			31
Class R-6		63,823		3,664		9,194			540			(49,815	)		(2,878	)		23,202			1,326
Total net increase (decrease)	$	1,522,938		87,656	$	205,301			12,089		$	(990,867	)		(57,224	)	$	737,372			42,521
Year ended October 31, 2020
Class A	$	1,210,016		79,371	$	222,019			14,431		$	(918,527	)		(61,246	)	$	513,508			32,556
Class C		176,493		11,668		36,901			2,399			(277,930	)		(18,410	)		(64,536	)		(4,343	)
Class T		—		—		—			—			—			—			—			—
Class F-1		37,782		2,474		5,771			375			(50,314	)		(3,321	)		(6,761	)		(472	)
Class F-2		297,495		19,614		31,382			2,039			(260,512	)		(17,363	)		68,365			4,290
Class F-3		63,975		4,146		5,902			385			(64,505	)		(4,248	)		5,372			283
Class 529-A		133,854		8,657		15,215			989			(84,105	)		(5,518	)		64,964			4,128
Class 529-C		16,779		1,098		3,489			227			(75,228	)		(4,898	)		(54,960	)		(3,573	)
Class 529-E		3,987		261		566			36			(4,327	)		(288	)		226			9
Class 529-T		—		—		1			—	2		—			—			1			—	2
Class 529-F-1		14,626		944		2,107			137			(66,960	)		(4,298	)		(50,227	)		(3,217	)
Class 529-F-23		56,274		3,614		—			—			—			—			56,274			3,614
Class 529-F-33		10		1		—			—			—			—			10			1
Class ABLE-A		1,022		67		46			3			(167	)		(11	)		901			59
Class ABLE-F-23		44		3		—			—			—			—			44			3
Class R-1		2,540		168		355			23			(5,553	)		(365	)		(2,658	)		(174	)
Class R-2		29,898		1,975		3,908			254			(37,700	)		(2,519	)		(3,894	)		(290	)
Class R-2E		1,813		121		356			23			(3,020	)		(195	)		(851	)		(51	)
Class R-3		30,595		2,028		4,753			309			(32,408	)		(2,146	)		2,940			191
Class R-4		19,665		1,280		3,719			242			(27,691	)		(1,833	)		(4,307	)		(311	)
Class R-5E		3,934		261		559			36			(5,690	)		(371	)		(1,197	)		(74	)
Class R-5		3,830		253		913			59			(4,467	)		(307	)		276			5
Class R-6		68,195		4,458		16,986			1,103			(93,868	)		(6,181	)		(8,687	)		(620	)
Total net increase (decrease)	$	2,172,827		142,462	$	354,948			23,070		$	(2,012,972	)		(133,518	)	$	514,803			32,014

See end of tables for footnotes.

46 American Funds Portfolio Series

Conservative Growth and Income Portfolio

	Sales1				Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	539,817		40,922	$	165,056			12,821		$	(332,862	)		(25,322	)	$	372,011			28,421
Class C		72,868		5,557		23,296			1,822			(99,246	)		(7,585	)		(3,082	)		(206	)
Class T		—		—		—			—			—			—			—			—
Class F-1		8,104		614		3,544			275			(21,384	)		(1,626	)		(9,736	)		(737	)
Class F-2		93,009		7,032		16,584			1,287			(69,603	)		(5,288	)		39,990			3,031
Class F-3		25,247		1,921		2,689			209			(11,373	)		(863	)		16,563			1,267
Class 529-A		42,589		3,233		8,966			697			(26,829	)		(2,046	)		24,726			1,884
Class 529-C		5,318		406		1,110			87			(6,477	)		(494	)		(49	)		(1	)
Class 529-E		1,252		95		297			23			(977	)		(74	)		572			44
Class 529-T		—		—		1			—	2		—			—			1			—	2
Class 529-F-1		—		—		—	2		—	2		(9	)		(1	)		(9	)		(1	)
Class 529-F-2		6,726		511		1,559			121			(4,600	)		(351	)		3,685			281
Class 529-F-3		—		—		—	2		—	2		—			—			—	2		—	2
Class ABLE-A		374		28		47			4			(71	)		(5	)		350			27
Class ABLE-F-2		15		1		1			—	2		—			—			16			1
Class R-1		221		17		80			6			(341	)		(26	)		(40	)		(3	)
Class R-2		6,290		480		1,634			128			(6,946	)		(534	)		978			74
Class R-2E		401		31		18			1			(70	)		(5	)		349			27
Class R-3		8,158		624		1,437			112			(6,171	)		(472	)		3,424			264
Class R-4		4,651		353		1,332			104			(9,457	)		(731	)		(3,474	)		(274	)
Class R-5E		680		52		272			21			(3,488	)		(269	)		(2,536	)		(196	)
Class R-5		2,493		190		276			21			(1,454	)		(111	)		1,315			100
Class R-6		16,291		1,239		2,684			208			(11,682	)		(892	)		7,293			555
Total net increase (decrease)	$	834,504		63,306	$	230,883			17,947		$	(613,040	)		(46,695	)	$	452,347			34,558
Year ended October 31, 2020
Class A	$	829,298		66,791	$	177,323			14,312		$	(710,070	)		(58,216	)	$	296,551			22,887
Class C		114,062		9,224		26,707			2,159			(183,652	)		(15,009	)		(42,883	)		(3,626	)
Class T		—		—		—			—			—			—			—			—
Class F-1		26,117		2,121		4,145			334			(28,502	)		(2,340	)		1,760			115
Class F-2		151,363		12,236		18,819			1,515			(173,724	)		(14,291	)		(3,542	)		(540	)
Class F-3		32,282		2,606		2,944			238			(27,532	)		(2,290	)		7,694			554
Class 529-A		85,681		6,890		8,579			693			(53,328	)		(4,313	)		40,932			3,270
Class 529-C		14,372		1,157		1,896			153			(37,801	)		(3,078	)		(21,533	)		(1,768	)
Class 529-E		3,271		262		306			25			(2,601	)		(211	)		976			76
Class 529-T		—		—		1			—	2		—			—			1			—	2
Class 529-F-1		12,492		993		1,673			135			(44,565	)		(3,624	)		(30,400	)		(2,496	)
Class 529-F-23		36,153		2,954		—			—			—			—			36,153			2,954
Class 529-F-33		10		1		—			—			—			—			10			1
Class ABLE-A		620		49		36			3			(94	)		(7	)		562			45
Class ABLE-F-23		10		1		—			—			—			—			10			1
Class R-1		733		59		74			6			(379	)		(30	)		428			35
Class R-2		11,910		979		1,709			138			(13,296	)		(1,072	)		323			45
Class R-2E		198		15		28			2			(577	)		(46	)		(351	)		(29	)
Class R-3		14,788		1,194		1,545			125			(14,013	)		(1,152	)		2,320			167
Class R-4		10,145		803		1,639			132			(13,206	)		(1,074	)		(1,422	)		(139	)
Class R-5E		2,690		215		297			24			(1,354	)		(109	)		1,633			130
Class R-5		1,558		126		350			28			(2,920	)		(245	)		(1,012	)		(91	)
Class R-6		25,968		2,101		3,165			256			(28,101	)		(2,279	)		1,032			78
Total net increase (decrease)	$	1,373,721		110,777	$	251,236			20,278		$	(1,335,715	)		(109,386	)	$	289,242			21,669

See end of tables for footnotes.

American Funds Portfolio Series 47

Tax-Aware Conservative Growth and Income Portfolio

	Sales1				Reinvestments of distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	333,453		22,033	$	38,622		2,594	$	(119,581	)		(7,968	)	$	252,494			16,659
Class C		39,215		2,610		4,237		287		(38,277	)		(2,561	)		5,175			336
Class T		—		—		—		—		—			—			—			—
Class F-1		36,388		2,394		3,702		249		(32,527	)		(2,172	)		7,563			471
Class F-2		70,531		4,650		5,143		345		(31,830	)		(2,116	)		43,844			2,879
Class F-3		17,835		1,175		1,128		75		(5,001	)		(333	)		13,962			917
Total net increase (decrease)	$	497,422		32,862	$	52,832		3,550	$	(227,216	)		(15,150	)	$	323,038			21,262
Year ended October 31, 2020
Class A	$	566,752		41,232	$	79,212		5,743	$	(330,848	)		(24,780	)	$	315,116			22,195
Class C		81,285		5,923		10,244		745		(79,929	)		(5,947	)		11,600			721
Class T		—		—		—		—		—			—			—			—
Class F-1		86,998		6,237		9,341		676		(101,871	)		(7,656	)		(5,532	)		(743	)
Class F-2		106,600		7,719		10,869		787		(97,383	)		(7,425	)		20,086			1,081
Class F-3		25,329		1,824		2,245		163		(19,208	)		(1,451	)		8,366			536
Total net increase (decrease)	$	866,964		62,935	$	111,911		8,114	$	(629,239	)		(47,259	)	$	349,636			23,790

See end of tables for footnotes.

48 American Funds Portfolio Series

Preservation Portfolio

	Sales1				Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	551,118		53,470	$	27,272			2,648		$	(500,791	)		(48,613	)	$	77,599			7,505
Class C		32,028		3,110		2,061			201			(43,031	)		(4,187	)		(8,942	)		(876	)
Class T		—		—		—			—			—			—			—			—
Class F-1		18,778		1,817		949			92			(27,882	)		(2,704	)		(8,155	)		(795	)
Class F-2		173,741		16,836		6,935			673			(145,573	)		(14,110	)		35,103			3,399
Class F-3		163,910		15,948		1,395			136			(24,575	)		(2,398	)		140,730			13,686
Class 529-A		43,293		4,203		3,203			311			(37,126	)		(3,602	)		9,370			912
Class 529-C		4,608		448		245			24			(6,474	)		(629	)		(1,621	)		(157	)
Class 529-E		1,436		139		100			10			(1,682	)		(163	)		(146	)		(14	)
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-2		6,738		653		646			62			(5,850	)		(567	)		1,534			148
Class 529-F-3		—		—		—	2		—	2		—			—			—	2		—	2
Class ABLE-A		337		33		8			1			(115	)		(12	)		230			22
Class ABLE-F-2		28		3		—	2		—	2		—			—			28			3
Class R-1		30		3		8			1			(373	)		(36	)		(335	)		(32	)
Class R-2		5,722		559		278			27			(7,899	)		(769	)		(1,899	)		(183	)
Class R-2E		44		4		13			1			(621	)		(60	)		(564	)		(55	)
Class R-3		10,647		1,035		408			40			(7,265	)		(706	)		3,790			369
Class R-4		4,702		456		261			25			(3,500	)		(339	)		1,463			142
Class R-5E		931		90		45			4			(1,190	)		(115	)		(214	)		(21	)
Class R-5		3,296		320		107			11			(2,511	)		(244	)		892			87
Class R-6		13,166		1,276		739			72			(14,926	)		(1,449	)		(1,021	)		(101	)
Total net increase (decrease)	$	1,034,553		100,403	$	44,673			4,339		$	(831,384	)		(80,703	)	$	247,842			24,039
Year ended October 31, 2020
Class A	$	1,159,450		112,695	$	17,672			1,734		$	(452,227	)		(44,170	)	$	724,895			70,259
Class C		102,494		9,984		956			94			(52,856	)		(5,159	)		50,594			4,919
Class T		—		—		—			—			—			—			—			—
Class F-1		62,819		6,070		477			46			(20,806	)		(2,013	)		42,490			4,103
Class F-2		416,097		40,286		3,219			314			(120,539	)		(11,722	)		298,777			28,878
Class F-3		48,675		4,719		406			40			(6,497	)		(627	)		42,584			4,132
Class 529-A		119,924		11,672		2,243			220			(48,981	)		(4,789	)		73,186			7,103
Class 529-C		18,421		1,805		214			21			(29,484	)		(2,866	)		(10,849	)		(1,040	)
Class 529-E		4,393		430		73			8			(2,685	)		(264	)		1,781			174
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		17,899		1,742		534			53			(48,238	)		(4,652	)		(29,805	)		(2,857	)
Class 529-F-23		39,486		3,797		—			—			—			—			39,486			3,797
Class 529-F-33		10		1		—			—			—			—			10			1
Class ABLE-A		276		27		4			—	2		(86	)		(8	)		194			19
Class ABLE-F-23		10		1		—			—			—			—			10			1
Class R-1		641		62		3			—	2		(130	)		(13	)		514			49
Class R-2		17,252		1,689		133			13			(10,733	)		(1,055	)		6,652			647
Class R-2E		1,418		139		13			1			(1,088	)		(105	)		343			35
Class R-3		20,917		2,043		262			26			(11,865	)		(1,159	)		9,314			910
Class R-4		13,692		1,327		200			19			(9,853	)		(957	)		4,039			389
Class R-5E		2,215		216		33			4			(825	)		(81	)		1,423			139
Class R-5		5,118		494		56			5			(1,694	)		(164	)		3,480			335
Class R-6		32,496		3,159		521			51			(13,629	)		(1,333	)		19,388			1,877
Total net increase (decrease)	$	2,083,703		202,358	$	27,019			2,649		$	(832,216	)		(81,137	)	$	1,278,506			123,870

See end of tables for footnotes.

American Funds Portfolio Series 49

Tax-Exempt Preservation Portfolio

	Sales1				Reinvestments of distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	125,074		12,415	$	3,145		312	$	(63,884	)		(6,347	)	$	64,335			6,380
Class C		6,264		622		139		14		(6,487	)		(645	)		(84	)		(9	)
Class T		—		—		—		—		—			—			—			—
Class F-1		2,264		224		46		5		(4,152	)		(412	)		(1,842	)		(183	)
Class F-2		60,596		6,020		1,005		100		(27,753	)		(2,756	)		33,848			3,364
Class F-3		15,080		1,496		224		22		(5,877	)		(583	)		9,427			935
Total net increase (decrease)	$	209,278		20,777	$	4,559		453	$	(108,153	)		(10,743	)	$	105,684			10,487
Year ended October 31, 2020
Class A	$	171,840		17,245	$	5,050		508	$	(88,699	)		(8,955	)	$	88,191			8,798
Class C		13,758		1,385		276		28		(14,687	)		(1,480	)		(653	)		(67	)
Class T		—		—		—		—		—			—			—			—
Class F-1		13,944		1,387		79		8		(9,482	)		(947	)		4,541			448
Class F-2		78,120		7,828		1,196		120		(26,472	)		(2,674	)		52,844			5,274
Class F-3		17,894		1,790		182		19		(5,696	)		(570	)		12,380			1,239
Total net increase (decrease)	$	295,556		29,635	$	6,783		683	$	(145,036	)		(14,626	)	$	157,303			15,692

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	Class 529-F-2, Class 529-F-3 and Class ABLE-F-2 shares began investment operations on October 30, 2020.

50 American Funds Portfolio Series

Financial highlights

Global Growth Portfolio

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
						Net gains																							expenses to			expenses to
						(losses) on																							average net			average net						Ratio of
	Net asset		Net			securities						Dividends						Total			Net asset								assets before			assets after			Net			net income
	value,		investment			(both			Total from			(from net			Distributions			dividends			value,					Net assets,			waivers/			waivers/			effective			(loss)
	beginning		income			realized and			investment			investment			(from capital			and			end		Total			end of period			reimburse-			reimburse-			expense			to average
Period ended	of period		(loss)			unrealized)			operations			income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5,6			net assets3
Class A:
4/30/20216,7	$	18.70	$	.05		$	5.14		$	5.19		$	(.06	)	$	(.11	)	$	(.17	)	$	23.72		27.85	%8	$	3,133			.36	%9		.36	%9		.78	%9		.47	%9
10/31/2020		17.19		.14			2.24			2.38			(.16	)		(.71	)		(.87	)		18.70		14.09			2,294			.38			.38			.82			.83
10/31/2019		16.01		.17			1.82			1.99			(.16	)		(.65	)		(.81	)		17.19		13.55			2,042			.40			.40			.83			1.04
10/31/2018		17.37		.11			(.42	)		(.31	)		(.12	)		(.93	)		(1.05	)		16.01		(2.09	)		1,737			.39			.39			.83			.63
10/31/2017		14.29		.16			3.44			3.60			(.15	)		(.37	)		(.52	)		17.37		26.05			1,471			.35			.35			.79			1.02
10/31/2016		14.58		.15			.11			.26			(.13	)		(.42	)		(.55	)		14.29		1.86			1,074			.35			.33			.82			1.11
Class C:
4/30/20216,7		18.33		(.03	)		5.03			5.00			—			(.11	)		(.11	)		23.22		27.35	8		502			1.11	9		1.11	9		1.53	9		(.26	)9
10/31/2020		16.87		.02			2.18			2.20			(.03	)		(.71	)		(.74	)		18.33		13.25			402			1.13			1.13			1.57			.10
10/31/2019		15.71		.05			1.81			1.86			(.05	)		(.65	)		(.70	)		16.87		12.74			384			1.15			1.15			1.58			.31
10/31/2018		17.08		(.02	)		(.42	)		(.44	)		—	10		(.93	)		(.93	)		15.71		(2.85	)		350			1.12			1.12			1.56			(.11	)
10/31/2017		14.05		.04			3.40			3.44			(.04	)		(.37	)		(.41	)		17.08		25.16			295			1.11			1.11			1.55			.28
10/31/2016		14.37		.04			.09			.13			(.03	)		(.42	)		(.45	)		14.05		.99			227			1.14			1.13			1.62			.30
Class T:
4/30/20216,7		18.74		.08			5.14			5.22			(.10	)		(.11	)		(.21	)		23.75		27.99	8,11		—	12		.13	9,11		.13	9,11		.55	9,11		.71	9,11
10/31/2020		17.22		.19			2.24			2.43			(.20	)		(.71	)		(.91	)		18.74		14.39	11		—	12		.14	11		.14	11		.58	11		1.11	11
10/31/2019		16.04		.22			1.82			2.04			(.21	)		(.65	)		(.86	)		17.22		13.87	11		—	12		.15	11		.15	11		.58	11		1.35	11
10/31/2018		17.40		.17			(.45	)		(.28	)		(.15	)		(.93	)		(1.08	)		16.04		(1.86	)11		—	12		.10	11		.10	11		.54	11		.99	11
10/31/20177,13		15.06		.05			2.29			2.34			—			—			—			17.40		15.54	8,11		—	12		.12	9,11		.12	9,11		.56	9,11		.52	9,11
Class F-1:
4/30/20216,7		18.73		.06			5.14			5.20			(.06	)		(.11	)		(.17	)		23.76		27.85	8		74			.39	9		.39	9		.81	9		.58	9
10/31/2020		17.21		.14			2.25			2.39			(.16	)		(.71	)		(.87	)		18.73		14.14			90			.38			.38			.82			.83
10/31/2019		16.02		.17			1.83			2.00			(.16	)		(.65	)		(.81	)		17.21		13.59			82			.40			.40			.83			1.07
10/31/2018		17.39		.11			(.44	)		(.33	)		(.11	)		(.93	)		(1.04	)		16.02		(2.15	)		75			.38			.38			.82			.61
10/31/2017		14.30		.15			3.45			3.60			(.14	)		(.37	)		(.51	)		17.39		26.01			58			.39			.39			.83			.99
10/31/2016		14.58		.15			.10			.25			(.11	)		(.42	)		(.53	)		14.30		1.77			40			.42			.40			.89			1.08
Class F-2:
4/30/20216,7		18.79		.08			5.16			5.24			(.10	)		(.11	)		(.21	)		23.82		28.04	8		680			.11	9		.11	9		.53	9		.71	9
10/31/2020		17.27		.19			2.24			2.43			(.20	)		(.71	)		(.91	)		18.79		14.36			464			.12			.12			.56			1.10
10/31/2019		16.08		.22			1.83			2.05			(.21	)		(.65	)		(.86	)		17.27		13.89			422			.14			.14			.57			1.34
10/31/2018		17.44		.14			(.42	)		(.28	)		(.15	)		(.93	)		(1.08	)		16.08		(1.88	)		395			.13			.13			.57			.84
10/31/2017		14.34		.17			3.48			3.65			(.18	)		(.37	)		(.55	)		17.44		26.37			249			.13			.13			.57			1.10
10/31/2016		14.64		.16			.12			.28			(.16	)		(.42	)		(.58	)		14.34		1.98			105			.15			.13			.62			1.15
Class F-3:
4/30/20216,7		18.76		.08			5.17			5.25			(.12	)		(.11	)		(.23	)		23.78		28.14	8		228			.01	9		.01	9		.43	9		.76	9
10/31/2020		17.24		.17			2.28			2.45			(.22	)		(.71	)		(.93	)		18.76		14.51			142			.02			.02			.46			.98
10/31/2019		16.06		.23			1.83			2.06			(.23	)		(.65	)		(.88	)		17.24		13.98			74			.02			.02			.45			1.41
10/31/2018		17.41		.13			(.39	)		(.26	)		(.16	)		(.93	)		(1.09	)		16.06		(1.74	)		62			.02			.02			.46			.75
10/31/20177,14		14.50		.06			2.85			2.91			—			—			—			17.41		20.07	8		15			.02	9		.02	9		.46	9		.51	9

See end of tables for footnotes.

American Funds Portfolio Series 51

Financial highlights (continued)

Global Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class 529-A:
4/30/20216,7	$	18.66	$	.05		$	5.14		$	5.19		$	(.06	)	$	(.11	)	$	(.17	)	$	23.68		27.90	%8	$	621			.39	%9		.39	%9		.81	%9		.43	%9
10/31/2020		17.16		.13			2.23			2.36			(.15	)		(.71	)		(.86	)		18.66		14.03			449			.42			.42			.86			.75
10/31/2019		15.98		.16			1.83			1.99			(.16	)		(.65	)		(.81	)		17.16		13.56			346			.44			.44			.87			.99
10/31/2018		17.35		.10			(.43	)		(.33	)		(.11	)		(.93	)		(1.04	)		15.98		(2.17	)		279			.41			.41			.85			.60
10/31/2017		14.27	��	.15			3.44			3.59			(.14	)		(.37	)		(.51	)		17.35		26.04			218			.40			.40			.84			.96
10/31/2016		14.56		.14			.11			.25			(.12	)		(.42	)		(.54	)		14.27		1.79			147			.41			.39			.88			1.03
Class 529-C:
4/30/20216,7		18.33		(.03	)		5.04			5.01			—			(.11	)		(.11	)		23.23		27.41	8		56			1.15	9		1.15	9		1.57	9		(.31	)9
10/31/2020		16.87		.03			2.16			2.19			(.02	)		(.71	)		(.73	)		18.33		13.17			47			1.19			1.19			1.63			.19
10/31/2019		15.71		.04			1.80			1.84			(.03	)		(.65	)		(.68	)		16.87		12.64			79			1.21			1.21			1.64			.27
10/31/2018		17.08		(.03	)		(.41	)		(.44	)		—			(.93	)		(.93	)		15.71		(2.87	)		74			1.18			1.18			1.62			(.16	)
10/31/2017		14.03		.03			3.40			3.43			(.01	)		(.37	)		(.38	)		17.08		25.05			71			1.19			1.19			1.63			.17
10/31/2016		14.34		.03			.10			.13			(.02	)		(.42	)		(.44	)		14.03		.92			56			1.23			1.21			1.70			.22
Class 529-E:
4/30/20216,7		18.54		.02			5.10			5.12			(.01	)		(.11	)		(.12	)		23.54		27.72	8		21			.62	9		.62	9		1.04	9		.21	9
10/31/2020		17.06		.10			2.21			2.31			(.12	)		(.71	)		(.83	)		18.54		13.78			15			.63			.63			1.07			.58
10/31/2019		15.89		.13			1.82			1.95			(.13	)		(.65	)		(.78	)		17.06		13.30			13			.65			.65			1.08			.80
10/31/2018		17.25		.06			(.41	)		(.35	)		(.08	)		(.93	)		(1.01	)		15.89		(2.33	)		11			.64			.64			1.08			.35
10/31/2017		14.19		.11			3.42			3.53			(.10	)		(.37	)		(.47	)		17.25		25.71			9			.64			.64			1.08			.69
10/31/2016		14.50		.10			.10			.20			(.09	)		(.42	)		(.51	)		14.19		1.45			6			.68			.67			1.16			.75
Class 529-T:
4/30/20216,7		18.73		.07			5.14			5.21			(.09	)		(.11	)		(.20	)		23.74		27.95	8,11		—	12		.19	9,11		.19	9,11		.61	9,11		.65	9,11
10/31/2020		17.21		.18			2.24			2.42			(.19	)		(.71	)		(.90	)		18.73		14.36	11		—	12		.19	11		.19	11		.63	11		1.02	11
10/31/2019		16.03		.21			1.82			2.03			(.20	)		(.65	)		(.85	)		17.21		13.80	11		—	12		.19	11		.19	11		.62	11		1.27	11
10/31/2018		17.39		.15			(.44	)		(.29	)		(.14	)		(.93	)		(1.07	)		16.03		(1.92	)11		—	12		.17	11		.17	11		.61	11		.89	11
10/31/20177,13		15.06		.04			2.29			2.33			—			—			—			17.39		15.47	8,11		—	12		.19	9,11		.19	9,11		.63	9,11		.45	9,11
Class 529-F-1:
4/30/20216,7		18.75		.07			5.16			5.23			(.12	)		(.11	)		(.23	)		23.75		28.00	8,11		—	12		.19	9,11		.19	9,11		.61	9,11		.62	9,11
10/31/2020		17.23		.17			2.25			2.42			(.19	)		(.71	)		(.90	)		18.75		14.35	11		—	12		.18	11		.18	11		.62	11		.97	11
10/31/2019		16.06		.19			1.83			2.02			(.20	)		(.65	)		(.85	)		17.23		13.75			40			.20			.20			.63			1.18
10/31/2018		17.41		.14			(.42	)		(.28	)		(.14	)		(.93	)		(1.07	)		16.06		(1.87	)		29			.18			.18			.62			.79
10/31/2017		14.32		.18			3.45			3.63			(.17	)		(.37	)		(.54	)		17.41		26.25			17			.18			.18			.62			1.15
10/31/2016		14.61		.17			.11			.28			(.15	)		(.42	)		(.57	)		14.32		1.97			10			.22			.21			.70			1.19
Class 529-F-2:
4/30/20216,7		18.70		.07			5.15			5.22			(.10	)		(.11	)		(.21	)		23.71		28.02	8		86			.17	9		.17	9		.59	9		.64	9
10/31/20207,15		18.70		—			—			—			—			—			—			18.70		—			56			—			—			—			—

See end of tables for footnotes.

52 American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
						Net gains																							expenses to			expenses to
						(losses) on																							average net			average net						Ratio of
	Net asset		Net			securities						Dividends						Total			Net asset								assets before			assets after			Net			net income
	value,		investment			(both			Total from			(from net			Distributions			dividends			value,					Net assets,			waivers/			waivers/			effective			(loss)
	beginning		income			realized and			investment			investment			(from capital			and			end		Total			end of period			reimburse-			reimburse-			expense			to average
Period ended	of period		(loss)			unrealized)			operations			income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5,6			net assets3
Class 529-F-3:
4/30/20216,7	$	18.70	$	.09		$	5.13		$	5.22		$	(.12	)	$	(.11	)	$	(.23	)	$	23.69		28.05	%8	$	—	12		.17	%9		.07	%9		.49	%9		.77	%9
10/31/20207,15		18.70		—			—			—			—			—			—			18.70		—			—	12		—			—			—			—
Class ABLE-A:
4/30/20216,7		18.60		.07			5.12			5.19			(.07	)		(.11	)		(.18	)		23.61		27.99	8		2			.25	9		.19	9		.61	9		.60	9
10/31/2020		17.12		.11			2.26			2.37			(.18	)		(.71	)		(.89	)		18.60		14.11			1			.42			.35			.79			.63
10/31/2019		16.00		.09			1.90			1.99			(.22	)		(.65	)		(.87	)		17.12		13.57			1			.43			.36			.79			.56
10/31/20187,16		17.48		.01			(1.49	)		(1.48	)		—			—			—			16.00		(8.47	)8,11		—	12		.08	8,11		.06	8,11		.50	8,11		.04	8,11
Class ABLE-F-2:
4/30/20216,7		18.70		.06			5.17			5.23			(.12	)		(.11	)		(.23	)		23.70		28.10	8		—	12		.12	9		.03	9		.45	9		.49	9
10/31/20207,15		18.70		—			—			—			—			—			—			18.70		—			—	12		—			—			—			—
Class R-1:
4/30/20216,7		18.42		(.02	)		5.06			5.04			—			(.11	)		(.11	)		23.35		27.44	8		7			1.04	9		1.04	9		1.46	9		(.20	)9
10/31/2020		16.95		.03			2.20			2.23			(.05	)		(.71	)		(.76	)		18.42		13.37			5			1.06			1.06			1.50			.16
10/31/2019		15.78		.05			1.82			1.87			(.05	)		(.65	)		(.70	)		16.95		12.74			5			1.10			1.10			1.53			.32
10/31/2018		17.16		(.02	)		(.41	)		(.43	)		(.02	)		(.93	)		(.95	)		15.78		(2.78	)		5			1.10			1.10			1.54			(.10	)
10/31/2017		14.08		.03			3.42			3.45			—			(.37	)		(.37	)		17.16		25.12			3			1.12			1.12			1.56			.19
10/31/2016		14.39		.03			.11			.14			(.03	)		(.42	)		(.45	)		14.08		1.03			3			1.15			1.14			1.63			.24
Class R-2:
4/30/20216,7		18.26		(.03	)		5.02			4.99			—			(.11	)		(.11	)		23.14		27.40	8		127			1.10	9		1.10	9		1.52	9		(.27	)9
10/31/2020		16.82		.02			2.18			2.20			(.05	)		(.71	)		(.76	)		18.26		13.27			98			1.11			1.11			1.55			.11
10/31/2019		15.67		.05			1.80			1.85			(.05	)		(.65	)		(.70	)		16.82		12.72			89			1.12			1.12			1.55			.33
10/31/2018		17.03		(.01	)		(.42	)		(.43	)		—	10		(.93	)		(.93	)		15.67		(2.79	)		74			1.11			1.11			1.55			(.08	)
10/31/2017		14.03		.04			3.38			3.42			(.05	)		(.37	)		(.42	)		17.03		25.10			67			1.10			1.10			1.54			.26
10/31/2016		14.35		.03			.11			.14			(.04	)		(.42	)		(.46	)		14.03		1.03			47			1.16			1.15			1.64			.22
Class R-2E:
4/30/20216,7		18.48		.01			5.08			5.09			—			(.11	)		(.11	)		23.46		27.62	8		6			.82	9		.82	9		1.24	9		.09	9
10/31/2020		16.99		.06			2.21			2.27			(.07	)		(.71	)		(.78	)		18.48		13.57			6			.82			.82			1.26			.33
10/31/2019		15.86		.10			1.82			1.92			(.14	)		(.65	)		(.79	)		16.99		13.13			5			.83			.83			1.26			.60
10/31/2018		17.24		.02			(.41	)		(.39	)		(.06	)		(.93	)		(.99	)		15.86		(2.55	)		4			.82			.82			1.26			.10
10/31/2017		14.27		.08			3.43			3.51			(.17	)		(.37	)		(.54	)		17.24		25.48			1			.81			.81			1.25			.49
10/31/2016		14.57		(.05	)		.31			.26			(.14	)		(.42	)		(.56	)		14.27		1.84			1			.75			.75			1.24			(.42	)

See end of tables for footnotes.

American Funds Portfolio Series 53

Financial highlights (continued)

Global Growth Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
					Net gains																							expenses to			expenses to
					(losses) on																							average net			average net						Ratio of
	Net asset		Net		securities						Dividends						Total			Net asset								assets before			assets after			Net			net income
	value,		investment		(both			Total from			(from net			Distributions			dividends			value,					Net assets,			waivers/			waivers/			effective			(loss)
	beginning		income		realized and			investment			investment			(from capital			and			end		Total			end of period			reimburse-			reimburse-			expense			to average
Period ended	of period		(loss)		unrealized)			operations			income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5,6			net assets3
Class R-3:
4/30/20216,7	$	18.53	$	.02	$	5.10		$	5.12		$	(.01	)	$	(.11	)	$	(.12	)	$	23.53		27.72	%8	$	85			.66	%9		.66	%9		1.08	%9		.18	%9
10/31/2020		17.05		.09		2.21			2.30			(.11	)		(.71	)		(.82	)		18.53		13.72			62			.67			.67			1.11			.51
10/31/2019		15.88		.12		1.82			1.94			(.12	)		(.65	)		(.77	)		17.05		13.28			52			.67			.67			1.10			.76
10/31/2018		17.24		.06		(.42	)		(.36	)		(.07	)		(.93	)		(1.00	)		15.88		(2.37	)		45			.67			.67			1.11			.33
10/31/2017		14.19		.10		3.42			3.52			(.10	)		(.37	)		(.47	)		17.24		25.64			36			.66			.66			1.10			.65
10/31/2016		14.49		.09		.11			.20			(.08	)		(.42	)		(.50	)		14.19		1.46			22			.72			.70			1.19			.69
Class R-4:
4/30/20216,7		18.67		.05		5.14			5.19			(.07	)		(.11	)		(.18	)		23.68		27.88	8		45			.34	9		.34	9		.76	9		.48	9
10/31/2020		17.17		.15		2.23			2.38			(.17	)		(.71	)		(.88	)		18.67		14.13			32			.35			.35			.79			.89
10/31/2019		15.99		.17		1.83			2.00			(.17	)		(.65	)		(.82	)		17.17		13.59			24			.37			.37			.80			1.05
10/31/2018		17.34		.11		(.42	)		(.31	)		(.11	)		(.93	)		(1.04	)		15.99		(2.05	)		22			.37			.37			.81			.62
10/31/2017		14.27		.15		3.44			3.59			(.15	)		(.37	)		(.52	)		17.34		26.03			17			.36			.36			.80			1.00
10/31/2016		14.57		.15		.10			.25			(.13	)		(.42	)		(.55	)		14.27		1.81			10			.41			.3	9		.88			1.08
Class R-5E:
4/30/20216,7		18.67		.07		5.14			5.21			(.10	)		(.11	)		(.21	)		23.67		28.04	8		16			.16	9		.16	9		.58	9		.64	9
10/31/2020		17.17		.16		2.25			2.41			(.20	)		(.71	)		(.91	)		18.67		14.31			9			.16			.16			.60			.91
10/31/2019		16.00		.17		1.86			2.03			(.21	)		(.65	)		(.86	)		17.17		13.89			6			.16			.16			.59			1.02
10/31/2018		17.37		.06		(.34	)		(.28	)		(.16	)		(.93	)		(1.09	)		16.00		(1.90	)		3			.17			.17			.61			.33
10/31/2017		14.26		.20		3.44			3.64			(.16	)		(.37	)		(.53	)		17.37		26.42			—	12		.17			.10			.54			1.33
10/31/20167,17		14.71		.17		(.03	)		.14			(.17	)		(.42	)		(.59	)		14.26		1.03	8		—	12		.27	9		.25	9		.74	9		1.32	9
Class R-5:
4/30/20216,7		18.90		.09		5.19			5.28			(.11	)		(.11	)		(.22	)		23.96		28.09	8		15			.06	9		.06	9		.48	9		.76	9
10/31/2020		17.36		.20		2.26			2.46			(.21	)		(.71	)		(.92	)		18.90		14.47			11			.07			.07			.51			1.14
10/31/2019		16.16		.23		1.84			2.07			(.22	)		(.65	)		(.87	)		17.36		13.94			9			.08			.08			.51			1.38
10/31/2018		17.52		.17		(.44	)		(.27	)		(.16	)		(.93	)		(1.09	)		16.16		(1.83	)		8			.08			.08			.52			.99
10/31/2017		14.40		.20		3.47			3.67			(.18	)		(.37	)		(.55	)		17.52		26.46			8			.07			.07			.51			1.25
10/31/2016		14.70		.17		.11			.28			(.16	)		(.42	)		(.58	)		14.40		2.03			4			.10			.09			.58			1.25
Class R-6:
4/30/20216,7		18.94		.09		5.21			5.30			(.12	)		(.11	)		(.23	)		24.01		28.13	8		127			.01	9		.01	9		.43	9		.81	9
10/31/2020		17.40		.21		2.26			2.47			(.22	)		(.71	)		(.93	)		18.94		14.49			91			.02			.02			.46			1.18
10/31/2019		16.20		.22		1.85			2.07			(.22	)		(.65	)		(.87	)		17.40		13.98			79			.03			.03			.46			1.36
10/31/2018		17.55		.17		(.43	)		(.26	)		(.16	)		(.93	)		(1.09	)		16.20		(1.73	)		56			.02			.02			.46			.99
10/31/2017		14.43		.21		3.47			3.68			(.19	)		(.37	)		(.56	)		17.55		26.45			49			.03			.03			.47			1.31
10/31/2016		14.72		.21		.09			.30			(.17	)		(.42	)		(.59	)		14.43		2.13			32			.05			.03			.52			1.47

See end of tables for footnotes.

54 American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio

			Income (loss) from
			investment operations1							Dividends and distributions																	Ratio of			Ratio of
						Net gains																					expenses to			expenses to
						(losses) on																					average net			average net						Ratio of
	Net asset		Net			securities				Dividends						Total			Net asset								assets before			assets after			Net			net income
	value,		investment			(both		Total from		(from net			Distributions			dividends			value,					Net assets,			waivers/			waivers/			effective			(loss)
	beginning		income			realized and		investment		investment			(from capital			and			end		Total			end of period			reimburse-			reimburse-			expense			to average
Period ended	of period		(loss)			unrealized)		operations		income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5,6			net assets3
Class A:
4/30/20216,7	$	20.30	$	.08		$	5.65	$	5.73	$	(.10	)	$	(.69	)	$	(.79	)	$	25.24		28.64	%8	$	8,229			.36	%9		.36	%9		.72	%9		.68	%9
10/31/2020		18.76		.14			2.50		2.64		(.16	)		(.94	)		(1.10	)		20.30		14.43			6,049			.38			.38			.74			.71
10/31/2019		17.89		.16			1.70		1.86		(.16	)		(.83	)		(.99	)		18.76		11.42			4,894			.40			.40			.78			.87
10/31/2018		18.13		.12			.26		.38		(.13	)		(.49	)		(.62	)		17.89		2.02			3,973			.36			.36			.74			.65
10/31/2017		15.21		.16			3.41		3.57		(.15	)		(.50	)		(.65	)		18.13		24.39			3,364			.33			.33			.72			.97
10/31/2016		15.41		.10			.41		.51		(.11	)		(.60	)		(.71	)		15.21		3.41			2,505			.34			.32			.76			.68
Class C:
4/30/20216,7		19.86		(.01	)		5.52		5.51		—			(.69	)		(.69	)		24.68		28.09	8		1,383			1.10	9		1.10	9		1.46	9		(.05	)9
10/31/2020		18.38		—	10		2.45		2.45		(.03	)		(.94	)		(.97	)		19.86		13.62			1,099			1.12			1.12			1.48			—	18
10/31/2019		17.54		.03			1.67		1.70		(.03	)		(.83	)		(.86	)		18.38		10.55			990			1.14			1.14			1.52			.14
10/31/2018		17.78		(.02	)		.27		.25		—	10		(.49	)		(.49	)		17.54		1.34			858			1.12			1.12			1.50			(.09	)
10/31/2017		14.94		.03			3.35		3.38		(.04	)		(.50	)		(.54	)		17.78		23.37			761			1.11			1.11			1.50			.20
10/31/2016		15.18		(.02	)		.39		.37		(.01	)		(.60	)		(.61	)		14.94		2.54			595			1.14			1.12			1.56			(.13	)
Class T:
4/30/20216,7		20.34		.11			5.65		5.76		(.15	)		(.69	)		(.84	)		25.26		28.73	8,11		—	12		.13	9,11		.13	9,11		.49	9,11		.94	9,11
10/31/2020		18.78		.20			2.51		2.71		(.21	)		(.94	)		(1.15	)		20.34		14.79	11		—	12		.13	11		.13	11		.49	11		1.03	11
10/31/2019		17.92		.21			1.68		1.89		(.20	)		(.83	)		(1.03	)		18.78		11.66	11		—	12		.14	11		.14	11		.52	11		1.19	11
10/31/2018		18.15		.18			.25		.43		(.17	)		(.49	)		(.66	)		17.92		2.30	11		—	12		.10	11		.10	11		.48	11		.96	11
10/31/20177,13		16.00		.04			2.11		2.15		—			—			—			18.15		13.44	8,11		—	12		.11	9,11		.11	9,11		.50	9,11		.45	9,11
Class F-1:
4/30/20216,7		20.30		.09			5.63		5.72		(.10	)		(.69	)		(.79	)		25.23		28.57	8		121			.38	9		.38	9		.74	9		.77	9
10/31/2020		18.75		.14			2.51		2.65		(.16	)		(.94	)		(1.10	)		20.30		14.48			115			.38			.38			.74			.73
10/31/2019		17.88		.16			1.70		1.86		(.16	)		(.83	)		(.99	)		18.75		11.40			101			.39			.39			.77			.92
10/31/2018		18.11		.12			.26		.38		(.12	)		(.49	)		(.61	)		17.88		2.03			92			.38			.38			.76			.65
10/31/2017		15.20		.15			3.40		3.55		(.14	)		(.50	)		(.64	)		18.11		24.25			78			.39			.39			.78			.93
10/31/2016		15.40		.09			.40		.49		(.09	)		(.60	)		(.69	)		15.20		3.32			60			.41			.39			.83			.63
Class F-2:
4/30/20216,7		20.42		.11			5.67		5.78		(.15	)		(.69	)		(.84	)		25.36		28.73	8		1,087			.11	9		.11	9		.47	9		.93	9
10/31/2020		18.86		.18			2.53		2.71		(.21	)		(.94	)		(1.15	)		20.42		14.74			779			.12			.12			.48			.96
10/31/2019		17.98		.20			1.71		1.91		(.20	)		(.83	)		(1.03	)		18.86		11.73			614			.12			.12			.50			1.12
10/31/2018		18.21		.16			.26		.42		(.16	)		(.49	)		(.65	)		17.98		2.27			474			.12			.12			.50			.84
10/31/2017		15.27		.18			3.44		3.62		(.18	)		(.50	)		(.68	)		18.21		24.66			294			.13			.13			.52			1.11
10/31/2016		15.47		.12			.41		.53		(.13	)		(.60	)		(.73	)		15.27		3.58			166			.14			.13			.57			.81
Class F-3:
4/30/20216,7		20.38		.11			5.67		5.78		(.17	)		(.69	)		(.86	)		25.30		28.80	8		250			.01	9		.01	9		.37	9		.97	9
10/31/2020		18.82		.20			2.53		2.73		(.23	)		(.94	)		(1.17	)		20.38		14.89			161			.01			.01			.37			1.06
10/31/2019		17.95		.21			1.71		1.92		(.22	)		(.83	)		(1.05	)		18.82		11.81			125			.02			.02			.40			1.16
10/31/2018		18.17		.15			.30		.45		(.18	)		(.49	)		(.67	)		17.95		2.42			78			.02			.02			.40			.78
10/31/20177,14		15.59		.06			2.52		2.58		—			—			—			18.17		16.55	8		24			.02	9		.02	9		.41	9		.46	9

See end of tables for footnotes.

American Funds Portfolio Series 55

Financial highlights (continued)

Growth Portfolio (continued)

			Income (loss) from
			investment operations1							Dividends and distributions																	Ratio of			Ratio of
						Net gains																					expenses to			expenses to
						(losses) on																					average net			average net						Ratio of
	Net asset		Net			securities				Dividends						Total			Net asset								assets before			assets after			Net			net income
	value,		investment			(both		Total from		(from net			Distributions			dividends			value,					Net assets,			waivers/			waivers/			effective			(loss)
	beginning		income			realized and		investment		investment			(from capital			and			end		Total			end of period			reimburse-			reimburse-			expense			to average
Period ended	of period		(loss)			unrealized)		operations		income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5,6			net assets3
Class 529-A:
4/30/20216,7	$	20.26	$	.08		$	5.64	$	5.72	$	(.10	)	$	(.69	)	$	(.79	)	$	25.19		28.61	%8	$	1,740			.38	%9		.38	%9		.74	%9		.65	%9
10/31/2020		18.73		.12			2.51		2.63		(.16	)		(.94	)		(1.10	)		20.26		14.37			1,253			.42			.42			.78			.64
10/31/2019		17.87		.15			1.69		1.84		(.15	)		(.83	)		(.98	)		18.73		11.33			912			.44			.44			.82			.82
10/31/2018		18.11		.11			.26		.37		(.12	)		(.49	)		(.61	)		17.87		2.00			712			.41			.41			.79			.60
10/31/2017		15.19		.14			3.42		3.56		(.14	)		(.50	)		(.64	)		18.11		24.36			567			.38			.38			.77			.87
10/31/2016		15.40		.09			.40		.49		(.10	)		(.60	)		(.70	)		15.19		3.28			370			.41			.40			.84			.60
Class 529-C:
4/30/20216,7		19.84		(.01	)		5.52		5.51		—			(.69	)		(.69	)		24.66		28.12	8		152			1.15	9		1.15	9		1.51	9		(.09	)9
10/31/2020		18.36		.02			2.41		2.43		(.01	)		(.94	)		(.95	)		19.84		13.53			127			1.18			1.18			1.54			.08
10/31/2019		17.51		.02			1.67		1.69		(.01	)		(.83	)		(.84	)		18.36		10.51			196			1.19			1.19			1.57			.11
10/31/2018		17.77		(.03	)		.26		.23		—			(.49	)		(.49	)		17.51		1.22			182			1.18			1.18			1.56			(.15	)
10/31/2017		14.94		.02			3.35		3.37		(.04	)		(.50	)		(.54	)		17.77		23.32			184			1.18			1.18			1.57			.10
10/31/2016		15.18		(.03	)		.39		.36		—			(.60	)		(.60	)		14.94		2.44			126			1.22			1.21			1.65			(.20	)
Class 529-E:
4/30/20216,7		20.10		.05			5.59		5.64		(.05	)		(.69	)		(.74	)		25.00		28.45	8		66			.61	9		.61	9		.97	9		.41	9
10/31/2020		18.59		.09			2.48		2.57		(.12	)		(.94	)		(1.06	)		20.10		14.16			46			.63			.63			.99			.48
10/31/2019		17.73		.11			1.69		1.80		(.11	)		(.83	)		(.94	)		18.59		11.15			39			.64			.64			1.02			.63
10/31/2018		17.98		.07			.25		.32		(.08	)		(.49	)		(.57	)		17.73		1.73			31			.63			.63			1.01			.38
10/31/2017		15.09		.10			3.40		3.50		(.11	)		(.50	)		(.61	)		17.98		24.01			26			.64			.64			1.03			.63
10/31/2016		15.31		.05			.40		.45		(.07	)		(.60	)		(.67	)		15.09		3.02			18			.68			.66			1.10			.35
Class 529-T:
4/30/20216,7		20.33		.10			5.65		5.75		(.14	)		(.69	)		(.83	)		25.25		28.69	8,11		—	12		.18	9,11		.18	9,11		.54	9,11		.87	9,11
10/31/2020		18.78		.18			2.51		2.69		(.20	)		(.94	)		(1.14	)		20.33		14.69	11		—	12		.18	11		.18	11		.54	11		.94	11
10/31/2019		17.91		.20			1.69		1.89		(.19	)		(.83	)		(1.02	)		18.78		11.64	11		—	12		.18	11		.18	11		.56	11		1.12	11
10/31/2018		18.14		.16			.26		.42		(.16	)		(.49	)		(.65	)		17.91		2.25	11		—	12		.17	11		.17	11		.55	11		.88	11
10/31/20177,13		16.00		.04			2.10		2.14		—			—			—			18.14		13.38	8,11		—	12		.18	9,11		.18	9,11		.57	9,11		.38	9,11
Class 529-F-1:
4/30/20216,7		20.37		.09			5.67		5.76		(.16	)		(.69	)		(.85	)		25.28		28.71	8,11		—	12		.18	9,11		.18	9,11		.54	9,11		.79	9,11
10/31/2020		18.82		.17			2.52		2.69		(.20	)		(.94	)		(1.14	)		20.37		14.67	11		—	12		.18	11		.18	11		.54	11		.89	11
10/31/2019		17.95		.18			1.71		1.89		(.19	)		(.83	)		(1.02	)		18.82		11.62			115			.19			.19			.57			1.02
10/31/2018		18.18		.15			.27		.42		(.16	)		(.49	)		(.65	)		17.95		2.23			78			.18			.18			.56			.81
10/31/2017		15.25		.17			3.43		3.60		(.17	)		(.50	)		(.67	)		18.18		24.55			56			.18			.18			.57			1.01
10/31/2016		15.45		.11			.41		.52		(.12	)		(.60	)		(.72	)		15.25		3.47			30			.21			.20			.64			.74
Class 529-F-2:
4/30/20216,7		20.30		.10			5.64		5.74		(.14	)		(.69	)		(.83	)		25.21		28.70	8		238			.16	9		.16	9		.52	9		.86	9
10/31/20207,15		20.30		—			—		—		—			—			—			20.30		—			165			—			—			—			—

See end of tables for footnotes.

56 American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio (continued)

				Income (loss) from
				investment operations1									Dividends and distributions																	Ratio of			Ratio of
							Net gains																							expenses to			expenses to
							(losses) on																							average net			average net						Ratio of
	Net asset			Net			securities						Dividends						Total			Net asset								assets before			assets after			Net			net income
	value,			investment			(both			Total from			(from net			Distributions			dividends			value,					Net assets,			waivers/			waivers/			effective			(loss)
	beginning			income			realized and			investment			investment			(from capital			and			end		Total			end of period			reimburse-			reimburse-			expense			to average
Period ended	of period			(loss)			unrealized)			operations			income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5,6			net assets3
Class 529-F-3:
4/30/20216,7	$	20.30		$	.11		$	5.64		$	5.75		$	(.17	)	$	(.69	)	$	(.86	)	$	25.19		28.75	%8	$	—	12		.17	%9		.07	%9		.43	%9		.98	%9
10/31/20207,15		20.30			—			—			—			—			—			—			20.30		—			—	12		—			—			—			—
Class ABLE-A:
4/30/20216,7		20.21			.09			5.63			5.72			(.11	)		(.69	)		(.80	)		25.13		28.73	8		5			.24	9		.18	9		.54	9		.80	9
10/31/2020		18.69			.11			2.53			2.64			(.18	)		(.94	)		(1.12	)		20.21		14.48			3			.41			.35			.71			.57
10/31/2019		17.88			.10			1.75			1.85			(.21	)		(.83	)		(1.04	)		18.69		11.45			1			.43			.36			.74			.53
10/31/20187,16		19.28			.01			(1.41	)		(1.40	)		—			—			—			17.88		(7.26	)8		—	12		.11	8		.09	8		.47	8		.05	8
Class ABLE-F-2:
4/30/20216,7		20.30			.08			5.69			5.77			(.17	)		(.69	)		(.86	)		25.21		28.85	8		—	12		.11	9		.02	9		.38	9		.68	9
10/31/20207,15		20.30			—			—			—			—			—			—			20.30		—			—	12		—			—			—			—
Class R-1:
4/30/20216,7		19.91			(.01	)		5.54			5.53			—			(.69	)		(.69	)		24.75		28.12	8		40			1.10	9		1.10	9		1.46	9		(.07	)9
10/31/2020		18.44			—	10		2.46			2.46			(.05	)		(.94	)		(.99	)		19.91		13.64			29			1.11			1.11			1.47			(.03	)
10/31/2019		17.62			.02			1.69			1.71			(.06	)		(.83	)		(.89	)		18.44		10.59			23			1.11			1.11			1.49			.10
10/31/2018		17.87			(.03	)		.28			.25			(.01	)		(.49	)		(.50	)		17.62		1.31			16			1.11			1.11			1.49			(.18	)
10/31/2017		15.00			.03			3.37			3.40			(.03	)		(.50	)		(.53	)		17.87		23.36			9			1.11			1.11			1.50			.21
10/31/2016		15.22			(.02	)		.40			.38			—			(.60	)		(.60	)		15.00		2.57			7			1.15			1.13			1.57			(.11	)
Class R-2:
4/30/20216,7		19.84			—	10		5.51			5.51			—			(.69	)		(.69	)		24.66		28.12	8		294			1.09	9		1.09	9		1.45	9		(.04	)9
10/31/2020		18.37	��		—	10		2.45			2.45			(.04	)		(.94	)		(.98	)		19.84		13.64			230			1.10			1.10			1.46			.02
10/31/2019		17.53			.03			1.67			1.70			(.03	)		(.83	)		(.86	)		18.37		10.60			200			1.10			1.10			1.48			.17
10/31/2018		17.78			(.02	)		.27			.25			(.01	)		(.49	)		(.50	)		17.53		1.33			162			1.10			1.10			1.48			(.09	)
10/31/2017		14.95			.03			3.35			3.38			(.05	)		(.50	)		(.55	)		17.78		23.36			139			1.10			1.10			1.49			.16
10/31/2016		15.18			(.03	)		.41			.38			(.01	)		(.60	)		(.61	)		14.95		2.57			94			1.15			1.14			1.58			(.20	)
Class R-2E:
4/30/20216,7		19.98			.04			5.55			5.59			(.01	)		(.69	)		(.70	)		24.87		28.32	8		11			.82	9		.82	9		1.18	9		.32	9
10/31/2020		18.50			.07			2.44			2.51			(.09	)		(.94	)		(1.03	)		19.98		13.89			10			.82			.82			1.18			.36
10/31/2019		17.65			.07			1.70			1.77			(.09	)		(.83	)		(.92	)		18.50		10.97			10			.82			.82			1.20			.39
10/31/2018		17.91			.04			.25			.29			(.06	)		(.49	)		(.55	)		17.65		1.57			8			.82			.82			1.20			.20
10/31/2017		15.08			.07			3.38			3.45			(.12	)		(.50	)		(.62	)		17.91		23.76			6			.81			.81			1.20			.42
10/31/2016		15.38			.03			.41			.44			(.14	)		(.60	)		(.74	)		15.08		2.94			4			.82			.81			1.25			.23

See end of tables for footnotes.

American Funds Portfolio Series 57

Financial highlights (continued)

Growth Portfolio (continued)

			Income (loss) from
			investment operations1							Dividends and distributions																	Ratio of			Ratio of
						Net gains																					expenses to			expenses to
						(losses) on																					average net			average net						Ratio of
	Net asset		Net			securities				Dividends						Total			Net asset								assets before			assets after			Net			net income
	value,		investment			(both		Total from		(from net			Distributions			dividends			value,					Net assets,			waivers/			waivers/			effective			(loss)
	beginning		income			realized and		investment		investment			(from capital			and			end		Total			end of period			reimburse-			reimburse-			expense			to average
Period ended	of period		(loss)			unrealized)		operations		income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5,6			net assets3
Class R-3:
4/30/20216,7	$	20.12	$	.04		$	5.61	$	5.65	$	(.05	)	$	(.69	)	$	(.74	)	$	25.03		28.43	%8	$	209			.65	%9		.65	%9		1.01	%9		.37	%9
10/31/2020		18.61		.08			2.49		2.57		(.12	)		(.94	)		(1.06	)		20.12		14.12			158			.66			.66			1.02			.44
10/31/2019		17.75		.11			1.69		1.80		(.11	)		(.83	)		(.94	)		18.61		11.09			129			.67			.67			1.05			.61
10/31/2018		17.99		.06			.27		.33		(.08	)		(.49	)		(.57	)		17.75		1.76			107			.66			.66			1.04			.34
10/31/2017		15.11		.09			3.40		3.49		(.11	)		(.50	)		(.61	)		17.99		23.95			88			.66			.66			1.05			.58
10/31/2016		15.32		.04			.41		.45		(.06	)		(.60	)		(.66	)		15.11		3.02			55			.71			.69			1.13			.26
Class R-4:
4/30/20216,7		20.27		.08			5.64		5.72		(.10	)		(.69	)		(.79	)		25.20		28.63	8		95			.35	9		.35	9		.71	9		.69	9
10/31/2020		18.73		.14			2.50		2.64		(.16	)		(.94	)		(1.10	)		20.27		14.47			72			.36			.36			.72			.73
10/31/2019		17.86		.16			1.70		1.86		(.16	)		(.83	)		(.99	)		18.73		11.44			60			.36			.36			.74			.92
10/31/2018		18.10		.12			.25		.37		(.12	)		(.49	)		(.61	)		17.86		2.01			54			.36			.36			.74			.66
10/31/2017		15.18		.15			3.42		3.57		(.15	)		(.50	)		(.65	)		18.10		24.40			48			.36			.36			.75			.91
10/31/2016		15.40		.09			.40		.49		(.11	)		(.60	)		(.71	)		15.18		3.29			31			.40			.38			.82			.59
Class R-5E:
4/30/20216,7		20.29		.12			5.62		5.74		(.15	)		(.69	)		(.84	)		25.19		28.69	8		28			.16	9		.16	9		.52	9		1.00	9
10/31/2020		18.75		.16			2.53		2.69		(.21	)		(.94	)		(1.15	)		20.29		14.70			25			.16			.16			.52			.84
10/31/2019		17.88		.17			1.73		1.90		(.20	)		(.83	)		(1.03	)		18.75		11.69			16			.16			.16			.54			.97
10/31/2018		18.13		.14			.27		.41		(.17	)		(.49	)		(.66	)		17.88		2.22			9			.16			.16			.54			.75
10/31/2017		15.18		(.02	)		3.63		3.61		(.16	)		(.50	)		(.66	)		18.13		24.71			6			.17			.17			.56			(.14	)
10/31/20167,17		15.52		.12			.28		.40		(.14	)		(.60	)		(.74	)		15.18		2.73	8		—	12		.26	9		.25	9		.69	9		.89	9
Class R-5:
4/30/20216,7		20.52		.12			5.70		5.82		(.16	)		(.69	)		(.85	)		25.49		28.80	8		36			.06	9		.06	9		.42	9		.99	9
10/31/2020		18.95		.20			2.53		2.73		(.22	)		(.94	)		(1.16	)		20.52		14.78			29			.06			.06			.42			1.04
10/31/2019		18.06		.22			1.71		1.93		(.21	)		(.83	)		(1.04	)		18.95		11.78			24			.07			.07			.45			1.20
10/31/2018		18.28		.18			.26		.44		(.17	)		(.49	)		(.66	)		18.06		2.36			26			.07			.07			.45			.93
10/31/2017		15.33		.20			3.44		3.64		(.19	)		(.50	)		(.69	)		18.28		24.70			22			.07			.07			.46			1.21
10/31/2016		15.53		.13			.41		.54		(.14	)		(.60	)		(.74	)		15.33		3.62			10			.10			.08			.52			.85
Class R-6:
4/30/20216,7		20.48		.12			5.69		5.81		(.17	)		(.69	)		(.86	)		25.43		28.80	8		153			.01	9		.01	9		.37	9		1.05	9
10/31/2020		18.91		.21			2.53		2.74		(.23	)		(.94	)		(1.17	)		20.48		14.87			119			.02			.02			.38			1.08
10/31/2019		18.03		.21			1.72		1.93		(.22	)		(.83	)		(1.05	)		18.91		11.81			132			.02			.02			.40			1.15
10/31/2018		18.25		.18			.27		.45		(.18	)		(.49	)		(.67	)		18.03		2.40			87			.02			.02			.40			.94
10/31/2017		15.30		.20			3.44		3.64		(.19	)		(.50	)		(.69	)		18.25		24.79			63			.02			.02			.41			1.21
10/31/2016		15.50		.16			.39		.55		(.15	)		(.60	)		(.75	)		15.30		3.66			41			.05			.03			.47			1.05

See end of tables for footnotes.

58 American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio 3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	15.64	$	.11	$	3.40		$	3.51		$	(.15	)	$	(.42	)	$	(.57	)	$	18.58		22.75	%8	$	8,864			.34	%9		.34	%9		.66	%9		1.28	%9
10/31/2020		15.29		.28		.91			1.19			(.29	)		(.55	)		(.84	)		15.64		7.92			6,851			.34			.34			.66			1.81
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29		11.02			6,248			.36			.36			.68			2.04
10/31/2018		15.06		.27		(.17	)		.10			(.26	)		(.27	)		(.53	)		14.63		.56			5,354			.35			.35			.68			1.74
10/31/2017		13.36		.27		2.02			2.29			(.27	)		(.32	)		(.59	)		15.06		17.69			4,836			.33			.33			.66			1.91
10/31/2016		13.44		.26		.25			.51			(.24	)		(.35	)		(.59	)		13.36		3.98			3,924			.35			.34			.71			2.02
Class C:
4/30/20216,7		15.53		.05		3.38			3.43			(.09	)		(.42	)		(.51	)		18.45		22.34	8		1,456			1.07	9		1.07	9		1.39	9		.54	9
10/31/2020		15.19		.16		.90			1.06			(.17	)		(.55	)		(.72	)		15.53		7.10			1,237			1.08			1.08			1.40			1.09
10/31/2019		14.54		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.19		10.20			1,262			1.09			1.09			1.41			1.31
10/31/2018		14.97		.15		(.16	)		(.01	)		(.15	)		(.27	)		(.42	)		14.54		(.18	)		1,155			1.09			1.09			1.42			1.00
10/31/2017		13.28		.16		2.01			2.17			(.16	)		(.32	)		(.48	)		14.97		16.84			1,111			1.11			1.11			1.44			1.15
10/31/2016		13.37		.16		.25			.41			(.15	)		(.35	)		(.50	)		13.28		3.16			923			1.13			1.12			1.49			1.23
Class T:
4/30/20216,7		15.64		.13		3.40			3.53			(.17	)		(.42	)		(.59	)		18.58		22.90	8,11		—	12		.09	9,11		.09	9,11		.41	9,11		1.54	9,11
10/31/2020		15.29		.32		.91			1.23			(.33	)		(.55	)		(.88	)		15.64		8.21	11		—	12		.08	11		.08	11		.40	11		2.10	11
10/31/2019		14.63		.34		1.20			1.54			(.34	)		(.54	)		(.88	)		15.29		11.33	11		—	12		.08	11		.08	11		.40	11		2.35	11
10/31/2018		15.06		.31		(.17	)		.14			(.30	)		(.27	)		(.57	)		14.63		.82	11		—	12		.08	11		.08	11		.41	11		2.02	11
10/31/20177,13		13.85		.14		1.19			1.33			(.12	)		—			(.12	)		15.06		9.67	8,11		—	12		.11	9,11		.11	9,11		.44	9,11		1.66	9,11
Class F-1:
4/30/20216,7		15.64		.11		3.40			3.51			(.15	)		(.42	)		(.57	)		18.58		22.72	8		202			.38	9		.38	9		.70	9		1.26	9
10/31/2020		15.29		.27		.91			1.18			(.28	)		(.55	)		(.83	)		15.64		7.88			198			.37			.37			.69			1.78
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29		11.00			180			.38			.38			.70			2.01
10/31/2018		15.06		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.63		.53			156			.38			.38			.71			1.72
10/31/2017		13.35		.26		2.03			2.29			(.26	)		(.32	)		(.58	)		15.06		17.72			150			.39			.39			.72			1.87
10/31/2016		13.44		.26		.24			.50			(.24	)		(.35	)		(.59	)		13.35		3.86			111			.40			.39			.76			1.96
Class F-2:
4/30/20216,7		15.66		.13		3.41			3.54			(.17	)		(.42	)		(.59	)		18.61		22.92	8		1,098			.11	9		.11	9		.43	9		1.50	9
10/31/2020		15.31		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.66		8.15			818			.12			.12			.44			2.04
10/31/2019		14.65		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.31		11.27			714			.12			.12			.44			2.26
10/31/2018		15.08		.30		(.16	)		.14			(.30	)		(.27	)		(.57	)		14.65		.79			598			.12			.12			.45			1.94
10/31/2017		13.37		.29		2.04			2.33			(.30	)		(.32	)		(.62	)		15.08		18.00			385			.13			.13			.46			2.08
10/31/2016		13.46		.29		.24			.53			(.27	)		(.35	)		(.62	)		13.37		4.11			203			.14			.13			.50			2.20
Class F-3:
4/30/20216,7		15.64		.14		3.41			3.55			(.18	)		(.42	)		(.60	)		18.59		23.00	8		229			.01	9		.01	9		.33	9		1.56	9
10/31/2020		15.30		.33		.90			1.23			(.34	)		(.55	)		(.89	)		15.64		8.21			120			.01			.01			.33			2.15
10/31/2019		14.64		.35		1.20			1.55			(.35	)		(.54	)		(.89	)		15.30		11.40			107			.01			.01			.33			2.36
10/31/2018		15.07		.31		(.16	)		.15			(.31	)		(.27	)		(.58	)		14.64		.89			70			.01			.01			.34			2.03
10/31/20177,14		13.57		.19		1.50			1.69			(.19	)		—			(.19	)		15.07		12.57	8		28			.02	9		.02	9		.35	9		1.74	9

See end of tables for footnotes.

American Funds Portfolio Series 59

Financial highlights (continued)

Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-A:
4/30/20216,7	$	15.63	$	.11	$	3.40		$	3.51		$	(.15	)	$	(.42	)	$	(.57	)	$	18.57		22.75	%8	$	943			.37	%9		.37	%9		.69	%9		1.25	%9
10/31/2020		15.28		.27		.91			1.18			(.28	)		(.55	)		(.83	)		15.63		7.89			730			.38			.38			.70			1.75
10/31/2019		14.62		.29		1.21			1.50			(.30	)		(.54	)		(.84	)		15.28		10.99			591			.39			.39			.71			2.00
10/31/2018		15.05		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.62		.52			504			.39			.39			.72			1.70
10/31/2017		13.35		.26		2.02			2.28			(.26	)		(.32	)		(.58	)		15.05		17.64			439			.39			.39			.72			1.85
10/31/2016		13.44		.25		.24			.49			(.23	)		(.35	)		(.58	)		13.35		3.81			329			.44			.43			.80			1.92
Class 529-C:
4/30/20216,7		15.56		.04		3.38			3.42			(.08	)		(.42	)		(.50	)		18.48		22.25	8		97			1.12	9		1.12	9		1.44	9		.48	9
10/31/2020		15.20		.17		.89			1.06			(.15	)		(.55	)		(.70	)		15.56		7.09			86			1.14			1.14			1.46			1.14
10/31/2019		14.55		.18		1.20			1.38			(.19	)		(.54	)		(.73	)		15.20		10.13			164			1.15			1.15			1.47			1.26
10/31/2018		14.98		.14		(.17	)		(.03	)		(.13	)		(.27	)		(.40	)		14.55		(.27	)		155			1.15			1.15			1.48			.92
10/31/2017		13.29		.15		2.01			2.16			(.15	)		(.32	)		(.47	)		14.98		16.75			159			1.18			1.18			1.51			1.07
10/31/2016		13.38		.15		.24			.39			(.13	)		(.35	)		(.48	)		13.29		3.05			128			1.22			1.20			1.57			1.15
Class 529-E:
4/30/20216,7		15.59		.09		3.39			3.48			(.13	)		(.42	)		(.55	)		18.52		22.60	8		39			.60	9		.60	9		.92	9		1.02	9
10/31/2020		15.25		.24		.90			1.14			(.25	)		(.55	)		(.80	)		15.59		7.59			31			.61			.61			.93			1.55
10/31/2019		14.59		.26		1.21			1.47			(.27	)		(.54	)		(.81	)		15.25		10.77			27			.62			.62			.94			1.78
10/31/2018		15.02		.22		(.16	)		.06			(.22	)		(.27	)		(.49	)		14.59		.29			23			.62			.62			.95			1.46
10/31/2017		13.33		.23		2.00			2.23			(.22	)		(.32	)		(.54	)		15.02		17.31			21			.64			.64			.97			1.61
10/31/2016		13.41		.22		.25			.47			(.20	)		(.35	)		(.55	)		13.33		3.67			17			.68			.66			1.03			1.71
Class 529-T:
4/30/20216,7		15.64		.13		3.40			3.53			(.17	)		(.42	)		(.59	)		18.58		22.86	8,11		—	12		.14	9,11		.14	9,11		.46	9,11		1.47	9,11
10/31/2020		15.29		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.64		8.15	11		—	12		.13	11		.13	11		.45	11		2.02	11
10/31/2019		14.63		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.29		11.26	11		—	12		.14	11		.14	11		.46	11		2.26	11
10/31/2018		15.06		.30		(.17	)		.13			(.29	)		(.27	)		(.56	)		14.63		.75	11		—	12		.15	11		.15	11		.48	11		1.94	11
10/31/20177,13		13.85		.13		1.20			1.33			(.12	)		—			(.12	)		15.06		9.63	8,11		—	12		.18	9,11		.18	9,11		.51	9,11		1.59	9,11
Class 529-F-1:
4/30/20216,7		15.65		.10		3.43			3.53			(.17	)		(.42	)		(.59	)		18.59		22.83	8,11		—	12		.17	9,11		.17	9,11		.49	9,11		1.17	9,11
10/31/2020		15.30		.30		.92			1.22			(.32	)		(.55	)		(.87	)		15.65		8.14	11		—	12		.14	11		.14	11		.46	11		2.00	11
10/31/2019		14.64		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.30		11.25			56			.15			.15			.47			2.22
10/31/2018		15.07		.29		(.16	)		.13			(.29	)		(.27	)		(.56	)		14.64		.75			41			.15			.15			.48			1.92
10/31/2017		13.36		.29		2.03			2.32			(.29	)		(.32	)		(.61	)		15.07		17.95			34			.18			.18			.51			2.05
10/31/2016		13.45		.28		.24			.52			(.26	)		(.35	)		(.61	)		13.36		4.03			24			.21			.20			.57			2.12
Class 529-F-2:
4/30/20216,7		15.64		.13		3.40			3.53			(.17	)		(.42	)		(.59	)		18.58		22.87	8		98			.13	9		.13	9		.45	9		1.47	9
10/31/20207,15		15.64		—		—			—			—			—			—			15.64		—			67			—			—			—			—

See end of tables for footnotes.

60 American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-F-3:
4/30/20216,7	$	15.64	$	.14	$	3.39		$	3.53		$	(.17	)	$	(.42	)	$	(.59	)	$	18.58		22.91	%8	$	—	12		.17	%9		.07	%9		.39	%9		1.54	%9
10/31/20207,15		15.64		—		—			—			—			—			—			15.64		—			—	12		—			—			—			—
Class ABLE-A:
4/30/20216,7		15.63		.13		3.39			3.52			(.16	)		(.42	)		(.58	)		18.57		22.83	8		4			.21	9		.15	9		.47	9		1.43	9
10/31/2020		15.27		.27		.92			1.19			(.28	)		(.55	)		(.83	)		15.63		7.97			2			.39			.32			.64			1.74
10/31/2019		14.62		.27		1.23			1.50			(.31	)		(.54	)		(.85	)		15.27		11.02			1			.40			.34			.66			1.84
10/31/20187,16		15.52		.08		(.92	)		(.84	)		(.06	)		—			(.06	)		14.62		(5.45	)8		—	12		.11	8		.09	8		.42	8		.50	8
Class ABLE-F-2:
4/30/20216,7		15.64		.14		3.40			3.54			(.17	)		(.42	)		(.59	)		18.59		22.98	8		—	12		.10	9		.01	9		.33	9		1.60	9
10/31/20207,15		15.64		—		—			—			—			—			—			15.64		—			—	12		—			—			—			—
Class R-1:
4/30/20216,7		15.55		.05		3.38			3.43			(.09	)		(.42	)		(.51	)		18.47		22.31	8		22			1.10	9		1.10	9		1.42	9		.52	9
10/31/2020		15.21		.16		.91			1.07			(.18	)		(.55	)		(.73	)		15.55		7.11			17			1.10			1.10			1.42			1.04
10/31/2019		14.57		.18		1.20			1.38			(.20	)		(.54	)		(.74	)		15.21		10.14			14			1.11			1.11			1.43			1.24
10/31/2018		15.00		.14		(.15	)		(.01	)		(.15	)		(.27	)		(.42	)		14.57		(.19	)		9			1.10			1.10			1.43			.94
10/31/2017		13.30		.16		2.02			2.18			(.16	)		(.32	)		(.48	)		15.00		16.86			8			1.11			1.11			1.44			1.13
10/31/2016		13.39		.16		.24			.40			(.14	)		(.35	)		(.49	)		13.30		3.08			6			1.15			1.13			1.50			1.23
Class R-2:
4/30/20216,7		15.51		.05		3.37			3.42			(.09	)		(.42	)		(.51	)		18.42		22.30	8		191			1.08	9		1.08	9		1.40	9		.54	9
10/31/2020		15.17		.16		.91			1.07			(.18	)		(.55	)		(.73	)		15.51		7.12			159			1.08			1.08			1.40			1.08
10/31/2019		14.52		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.17		10.23			155			1.09			1.09			1.41			1.31
10/31/2018		14.96		.15		(.17	)		(.02	)		(.15	)		(.27	)		(.42	)		14.52		(.23	)		137			1.09			1.09			1.42			1.00
10/31/2017		13.27		.16		2.01			2.17			(.16	)		(.32	)		(.48	)		14.96		16.88			122			1.10			1.10			1.43			1.14
10/31/2016		13.37		.16		.24			.40			(.15	)		(.35	)		(.50	)		13.27		3.08			91			1.15			1.14			1.51			1.20
Class R-2E:
4/30/20216,7		15.59		.07		3.39			3.46			(.11	)		(.42	)		(.53	)		18.52		22.48	8		20			.81	9		.81	9		1.13	9		.82	9
10/31/2020		15.25		.21		.90			1.11			(.22	)		(.55	)		(.77	)		15.59		7.38			16			.81			.81			1.13			1.37
10/31/2019		14.59		.22		1.22			1.44			(.24	)		(.54	)		(.78	)		15.25		10.57			14			.81			.81			1.13			1.53
10/31/2018		15.02		.19		(.16	)		.03			(.19	)		(.27	)		(.46	)		14.59		.10			9			.82			.82			1.15			1.27
10/31/2017		13.33		.20		2.02			2.22			(.21	)		(.32	)		(.53	)		15.02		17.17			8			.80			.80			1.13			1.44
10/31/2016		13.44		.16		.29			.45			(.21	)		(.35	)		(.56	)		13.33		3.47			4			.82			.82			1.19			1.19

See end of tables for footnotes.

American Funds Portfolio Series 61

Financial highlights (continued)

Growth and Income Portfolio (continued)

			Income (loss) from investment operations1							Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-3:
4/30/20216,7	$	15.58	$	.08	$	3.38		$	3.46	$	(.12	)	$	(.42	)	$	(.54	)	$	18.50		22.52	%8	$	158			.66	%9		.66	%9		.98	%9		.95	%9
10/31/2020		15.24		.23		.90			1.13		(.24	)		(.55	)		(.79	)		15.58		7.54			117			.66			.66			.98			1.50
10/31/2019		14.58		.25		1.21			1.46		(.26	)		(.54	)		(.80	)		15.24		10.72			110			.66			.66			.98			1.71
10/31/2018		15.01		.22		(.17	)		.05		(.21	)		(.27	)		(.48	)		14.58		.26			93			.66			.66			.99			1.42
10/31/2017		13.31		.22		2.02			2.24		(.22	)		(.32	)		(.54	)		15.01		17.39			82			.65			.65			.98			1.58
10/31/2016		13.41		.22		.23			.45		(.20	)		(.35	)		(.55	)		13.31		3.51			60			.70			.69			1.06			1.66
Class R-4:
4/30/20216,7		15.63		.11		3.40			3.51		(.15	)		(.42	)		(.57	)		18.57		22.75	8		84			.35	9		.35	9		.67	9		1.25	9
10/31/2020		15.29		.28		.90			1.18		(.29	)		(.55	)		(.84	)		15.63		7.84			65			.35			.35			.67			1.83
10/31/2019		14.63		.29		1.21			1.50		(.30	)		(.54	)		(.84	)		15.29		11.02			70			.36			.36			.68			2.00
10/31/2018		15.05		.27		(.16	)		.11		(.26	)		(.27	)		(.53	)		14.63		.61			64			.36			.36			.69			1.75
10/31/2017		13.35		.26		2.02			2.28		(.26	)		(.32	)		(.58	)		15.05		17.68			74			.36			.36			.69			1.88
10/31/2016		13.44		.26		.24			.50		(.24	)		(.35	)		(.59	)		13.35		3.88			55			.39			.38			.75			1.99
Class R-5E:
4/30/20216,7		15.62		.13		3.40			3.53		(.17	)		(.42	)		(.59	)		18.56		22.88	8		14			.16	9		.16	9		.48	9		1.54	9
10/31/2020		15.28		.30		.91			1.21		(.32	)		(.55	)		(.87	)		15.62		8.07			15			.16			.16			.48			1.94
10/31/2019		14.62		.31		1.22			1.53		(.33	)		(.54	)		(.87	)		15.28		11.26			10			.16			.16			.48			2.12
10/31/2018		15.05		.29		(.16	)		.13		(.29	)		(.27	)		(.56	)		14.62		.76			6			.16			.16			.49			1.88
10/31/2017		13.34		.02		2.31			2.33		(.30	)		(.32	)		(.62	)		15.05		18.06			4			.17			.16			.49			.12
10/31/20167,17		13.41		.28		.26			.54		(.26	)		(.35	)		(.61	)		13.34		4.20	8		—	12		.25	9		.24	9		.61	9		2.28	9
Class R-5:
4/30/20216,7		15.70		.14		3.40			3.54		(.17	)		(.42	)		(.59	)		18.65		22.88	8		29			.06	9		.06	9		.38	9		1.56	9
10/31/2020		15.35		.32		.91			1.23		(.33	)		(.55	)		(.88	)		15.70		8.19			20			.07			.07			.39			2.12
10/31/2019		14.68		.35		1.21			1.56		(.35	)		(.54	)		(.89	)		15.35		11.37			21			.07			.07			.39			2.35
10/31/2018		15.11		.31		(.17	)		.14		(.30	)		(.27	)		(.57	)		14.68		.84			21			.07			.07			.40			2.03
10/31/2017		13.40		.30		2.03			2.33		(.30	)		(.32	)		(.62	)		15.11		18.03			18			.07			.07			.40			2.08
10/31/2016		13.48		.30		.25			.55		(.28	)		(.35	)		(.63	)		13.40		4.23			7			.09			.08			.45			2.24
Class R-6:
4/30/20216,7		15.67		.14		3.41			3.55		(.18	)		(.42	)		(.60	)		18.62		22.96	8		325			.01	9		.01	9		.33	9		1.60	9
10/31/2020		15.32		.33		.91			1.24		(.34	)		(.55	)		(.89	)		15.67		8.26			251			.01			.01			.33			2.15
10/31/2019		14.66		.35		1.20			1.55		(.35	)		(.54	)		(.89	)		15.32		11.38			208			.02			.02			.34			2.35
10/31/2018		15.09		.32		(.17	)		.15		(.31	)		(.27	)		(.58	)		14.66		.89			119			.02			.02			.35			2.08
10/31/2017		13.38		.31		2.03			2.34		(.31	)		(.32	)		(.63	)		15.09		18.11			83			.02			.02			.35			2.19
10/31/2016		13.46		.30		.25			.55		(.28	)		(.35	)		(.63	)		13.38		4.28			52			.04			.02			.39			2.32

See end of tables for footnotes.

62 American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	15.57	$	.13	$	2.76		$	2.89		$	(.18	)	$	(.14	)	$	(.32	)	$	18.14		18.74	%8	$	7,838			.33	%9		.33	%9		.65	%9		1.50	%9
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.92			6,238			.33			.33			.68			1.72
10/31/2019		14.29		.28		1.34			1.62			(.29	)		(.35	)		(.64	)		15.27		11.86			5,621			.35			.35			.72			1.93
10/31/2018		14.86		.26		(.29	)		(.03	)		(.25	)		(.29	)		(.54	)		14.29		(.27	)		4,655			.35			.35			.73			1.75
10/31/2017		13.38		.23		1.75			1.98			(.24	)		(.26	)		(.50	)		14.86		15.23			4,073			.35			.35			.73			1.68
10/31/2016		13.41		.21		.24			.45			(.21	)		(.27	)		(.48	)		13.38		3.45			3,209			.37			.35			.73			1.57
Class C:
4/30/20216,7		15.47		.07		2.74			2.81			(.12	)		(.14	)		(.26	)		18.02		18.30	8		1,298			1.06	9		1.06	9		1.38	9		.77	9
10/31/2020		15.17		.15		.63			.78			(.18	)		(.30	)		(.48	)		15.47		5.18			1,129			1.07			1.07			1.42			1.01
10/31/2019		14.20		.18		1.32			1.50			(.18	)		(.35	)		(.53	)		15.17		11.05			1,174			1.08			1.08			1.45			1.22
10/31/2018		14.77		.15		(.29	)		(.14	)		(.14	)		(.29	)		(.43	)		14.20		(1.00	)		1,081			1.08			1.08			1.46			1.02
10/31/2017		13.30		.13		1.73			1.86			(.13	)		(.26	)		(.39	)		14.77		14.38			1,032			1.11			1.11			1.49			.92
10/31/2016		13.34		.10		.24			.34			(.11	)		(.27	)		(.38	)		13.30		2.65			866			1.13			1.12			1.50			.80
Class T:
4/30/20216,7		15.58		.15		2.77			2.92			(.21	)		(.14	)		(.35	)		18.15		18.87	8,11		—	12		.07	9,11		.07	9,11		.39	9,11		1.78	9,11
10/31/2020		15.28		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.58		6.20	11		—	12		.07	11		.07	11		.42	11		2.00	11
10/31/2019		14.29		.33		1.33			1.66			(.32	)		(.35	)		(.67	)		15.28		12.22	11		—	12		.08	11		.08	11		.45	11		2.22	11
10/31/2018		14.87		.30		(.30	)		—	10		(.29	)		(.29	)		(.58	)		14.29		(.08	)11		—	12		.08	11		.08	11		.46	11		2.03	11
10/31/20177,13		13.76		.13		1.10			1.23			(.12	)		—			(.12	)		14.87		8.96	8,11		—	12		.11	9,11		.11	9,11		.49	9,11		1.59	9,11
Class F-1:
4/30/20216,7		15.57		.13		2.76			2.89			(.18	)		(.14	)		(.32	)		18.14		18.70	8		135			.37	9		.37	9		.69	9		1.49	9
10/31/2020		15.27		.26		.62			.88			(.28	)		(.30	)		(.58	)		15.57		5.88			148			.37			.37			.72			1.69
10/31/2019		14.29		.28		1.33			1.61			(.28	)		(.35	)		(.63	)		15.27		11.82			152			.38			.38			.75			1.91
10/31/2018		14.86		.26		(.29	)		(.03	)		(.25	)		(.29	)		(.54	)		14.29		(.30	)		138			.38			.38			.76			1.72
10/31/2017		13.38		.23		1.74			1.97			(.23	)		(.26	)		(.49	)		14.86		15.15			140			.39			.39			.77			1.61
10/31/2016		13.41		.20		.24			.44			(.20	)		(.27	)		(.47	)		13.38		3.43			137			.40			.39			.77			1.50
Class F-2:
4/30/20216,7		15.59		.15		2.77			2.92			(.20	)		(.14	)		(.34	)		18.17		18.90	8		1,093			.11	9		.11	9		.43	9		1.73	9
10/31/2020		15.30		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.59		6.07			838			.11			.11			.46			1.95
10/31/2019		14.31		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.30		12.16			756			.12			.12			.49			2.14
10/31/2018		14.88		.29		(.28	)		.01			(.29	)		(.29	)		(.58	)		14.31		(.03	)		611			.12			.12			.50			1.97
10/31/2017		13.40		.26		1.75			2.01			(.27	)		(.26	)		(.53	)		14.88		15.45			401			.13			.13			.51			1.87
10/31/2016		13.43		.23		.25			.48			(.24	)		(.27	)		(.51	)		13.40		3.68			222			.14			.13			.51			1.77
Class F-3:
4/30/20216,7		15.58		.15		2.77			2.92			(.21	)		(.14	)		(.35	)		18.15		18.91	8		240			.01	9		.01	9		.33	9		1.78	9
10/31/2020		15.28		.31		.63			.94			(.34	)		(.30	)		(.64	)		15.58		6.27			143			.01			.01			.36			2.04
10/31/2019		14.29		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.28		12.30			136			.01			.01			.38			2.23
10/31/2018		14.87		.31		(.30	)		.01			(.30	)		(.29	)		(.59	)		14.29		—			76			.01			.01			.39			2.06
10/31/20177,14		13.48		.17		1.38			1.55			(.16	)		—			(.16	)		14.87		11.58	8		44			.02	9		.02	9		.40	9		1.55	9

See end of tables for footnotes.

American Funds Portfolio Series 63

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-A:
4/30/20216,7	$	15.57	$	.13	$	2.75		$	2.88		$	(.18	)	$	(.14	)	$	(.32	)	$	18.13		18.66	%8	$	576			.36	%9		.36	%9		.68	%9		1.47	%9
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.89			457			.37			.37			.72			1.68
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27		11.90			385			.38			.38			.75			1.91
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28		(.37	)		332			.39			.39			.77			1.72
10/31/2017		13.38		.22		1.75			1.97			(.23	)		(.26	)		(.49	)		14.86		15.14			280			.42			.42			.80			1.60
10/31/2016		13.41		.20		.24			.44			(.20	)		(.27	)		(.47	)		13.38		3.38			213			.44			.42			.80			1.50
Class 529-C:
4/30/20216,7		15.51		.06		2.75			2.81			(.12	)		(.14	)		(.26	)		18.06		18.22	8		71			1.10	9		1.10	9		1.42	9		.73	9
10/31/2020		15.20		.16		.61			.77			(.16	)		(.30	)		(.46	)		15.51		5.11			65			1.12			1.12			1.47			1.03
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20		11.03			118			1.13			1.13			1.50			1.17
10/31/2018		14.79		.14		(.29	)		(.15	)		(.13	)		(.29	)		(.42	)		14.22		(1.09	)		117			1.15			1.15			1.53			.93
10/31/2017		13.32		.12		1.73			1.85			(.12	)		(.26	)		(.38	)		14.79		14.27			122			1.18			1.18			1.56			.84
10/31/2016		13.35		.09		.24			.33			(.09	)		(.27	)		(.36	)		13.32		2.61			102			1.22			1.21			1.59			.72
Class 529-E:
4/30/20216,7		15.53		.11		2.75			2.86			(.16	)		(.14	)		(.30	)		18.09		18.57	8		19			.58	9		.58	9		.90	9		1.25	9
10/31/2020		15.24		.23		.61			.84			(.25	)		(.30	)		(.55	)		15.53		5.59			16			.59			.59			.94			1.49
10/31/2019		14.25		.25		1.34			1.59			(.25	)		(.35	)		(.60	)		15.24		11.67			15			.61			.61			.98			1.69
10/31/2018		14.83		.22		(.30	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25		(.60	)		13			.62			.62			1.00			1.48
10/31/2017		13.36		.19		1.74			1.93			(.20	)		(.26	)		(.46	)		14.83		14.88			11			.64			.64			1.02			1.40
10/31/2016		13.39		.17		.24			.41			(.17	)		(.27	)		(.44	)		13.36		3.16			9			.67			.66			1.04			1.26
Class 529-T:
4/30/20216,7		15.57		.15		2.76			2.91			(.20	)		(.14	)		(.34	)		18.14		18.86	8,11		—	12		.11	9,11		.11	9,11		.43	9,11		1.72	9,11
10/31/2020		15.28		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.57		6.07	11		—	12		.13	11		.13	11		.48	11		1.94	11
10/31/2019		14.29		.32		1.34			1.66			(.32	)		(.35	)		(.67	)		15.28		12.16	11		—	12		.13	11		.13	11		.50	11		2.16	11
10/31/2018		14.87		.29		(.30	)		(.01	)		(.28	)		(.29	)		(.57	)		14.29		(.13	)11		—	12		.14	11		.14	11		.52	11		1.96	11
10/31/20177,13		13.76		.12		1.10			1.22			(.11	)		—			(.11	)		14.87		8.92	8,11		—	12		.18	9,11		.18	9,11		.56	9,11		1.52	9,11
Class 529-F-1:
4/30/20216,7		15.59		.12		2.79			2.91			(.20	)		(.14	)		(.34	)		18.16		18.82	8,11		—	12		.15	9,11		.15	9,11		.47	9,11		1.44	9,11
10/31/2020		15.29		.30		.62			.92			(.32	)		(.30	)		(.62	)		15.59		6.14	11		—	12		.12	11		.12	11		.47	11		1.93	11
10/31/2019		14.30		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.29		12.16			49			.13			.13			.50			2.15
10/31/2018		14.88		.29		(.30	)		(.01	)		(.28	)		(.29	)		(.57	)		14.30		(.14	)		40			.15			.15			.53			1.95
10/31/2017		13.39		.26		1.75			2.01			(.26	)		(.26	)		(.52	)		14.88		15.46			31			.18			.18			.56			1.84
10/31/2016		13.42		.23		.23			.46			(.22	)		(.27	)		(.49	)		13.39		3.60			22			.22			.20			.58			1.71
Class 529-F-2:
4/30/20216,7		15.57		.15		2.76			2.91			(.20	)		(.14	)		(.34	)		18.14		18.86	8		71			.12	9		.12	9		.44	9		1.71	9
10/31/20207,15		15.57		—		—			—			—			—			—			15.57		—			56			—			—			—			—

See end of tables for footnotes.

64 American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-F-3:
4/30/20216,7	$	15.57	$	.15	$	2.77		$	2.92		$	(.21	)	$	(.14	)	$	(.35	)	$	18.14		18.89	%8	$	—	12		.18	%9		.07	%9		.39	%9		1.76	%9
10/31/20207,15		15.57		—		—			—			—			—			—			15.57		—			—	12		—			—			—			—
Class ABLE-A:
4/30/20216,7		15.57		.14		2.76			2.90			(.19	)		(.14	)		(.33	)		18.14		18.80	8		3			.21	9		.15	9		.47	9		1.64	9
10/31/2020		15.26		.26		.64			.90			(.29	)		(.30	)		(.59	)		15.57		5.96			2			.38			.32			.67			1.68
10/31/2019		14.29		.26		1.35			1.61			(.29	)		(.35	)		(.64	)		15.26		11.85			1			.40			.33			.70			1.78
10/31/20187,16		15.02		.07		(.73	)		(.66	)		(.07	)		—			(.07	)		14.29		(4.40	)8		—	12		.10	8		.08	8		.46	8		.46	8
Class ABLE-F-2:
4/30/20216,7		15.57		.15		2.77			2.92			(.21	)		(.14	)		(.35	)		18.14		18.89	8		—	12		.09	9		.01	9		.33	9		1.73	9
10/31/20207,15		15.57		—		—			—			—			—			—			15.57		—			—	12		—			—			—			—
Class R-1:
4/30/20216,7		15.51		.06		2.75			2.81			(.12	)		(.14	)		(.26	)		18.06		18.24	8		12			1.10	9		1.10	9		1.42	9		.73	9
10/31/2020		15.20		.15		.62			.77			(.16	)		(.30	)		(.46	)		15.51		5.13			10			1.11			1.11			1.46			.96
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20		11.04			13			1.12			1.12			1.49			1.20
10/31/2018		14.80		.15		(.30	)		(.15	)		(.14	)		(.29	)		(.43	)		14.22		(1.07	)		12			1.11			1.11			1.49			.99
10/31/2017		13.33		.13		1.73			1.86			(.13	)		(.26	)		(.39	)		14.80		14.32			10			1.11			1.11			1.49			.94
10/31/2016		13.36		.10		.24			.34			(.10	)		(.27	)		(.37	)		13.33		2.66			10			1.15			1.13			1.51			.78
Class R-2:
4/30/20216,7		15.47		.06		2.75			2.81			(.12	)		(.14	)		(.26	)		18.02		18.29	8		143			1.08	9		1.08	9		1.40	9		.76	9
10/31/2020		15.18		.15		.62			.77			(.18	)		(.30	)		(.48	)		15.47		5.10			122			1.08			1.08			1.43			1.00
10/31/2019		14.20		.17		1.34			1.51			(.18	)		(.35	)		(.53	)		15.18		11.11			124			1.10			1.10			1.47			1.20
10/31/2018		14.78		.15		(.29	)		(.14	)		(.15	)		(.29	)		(.44	)		14.20		(1.06	)		106			1.10			1.10			1.48			1.01
10/31/2017		13.31		.13		1.73			1.86			(.13	)		(.26	)		(.39	)		14.78		14.39			100			1.09			1.09			1.47			.92
10/31/2016		13.35		.10		.24			.34			(.11	)		(.27	)		(.38	)		13.31		2.63			75			1.16			1.14			1.52			.76
Class R-2E:
4/30/20216,7		15.56		.09		2.76			2.85			(.14	)		(.14	)		(.28	)		18.13		18.46	8		11			.82	9		.82	9		1.14	9		1.07	9
10/31/2020		15.26		.19		.63			.82			(.22	)		(.30	)		(.52	)		15.56		5.40			10			.82			.82			1.17			1.24
10/31/2019		14.28		.21		1.34			1.55			(.22	)		(.35	)		(.57	)		15.26		11.38			11			.81			.81			1.18			1.42
10/31/2018		14.82		.16		(.27	)		(.11	)		(.14	)		(.29	)		(.43	)		14.28		(.82	)		7			.85			.85			1.23			1.10
10/31/2017		13.36		.15		1.76			1.91			(.19	)		(.26	)		(.45	)		14.82		14.74			16			.80			.80			1.18			1.08
10/31/2016		13.40		.09		.31			.40			(.17	)		(.27	)		(.44	)		13.36		3.09			3			.82			.82			1.20			.73

See end of tables for footnotes.

American Funds Portfolio Series 65

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-3:
4/30/20216,7	$	15.53	$	.10	$	2.76		$	2.86		$	(.16	)	$	(.14	)	$	(.30	)	$	18.09		18.53	%8	$	165			.65	%9		.65	%9		.97	%9		1.19	%9
10/31/2020		15.23		.22		.62			.84			(.24	)		(.30	)		(.54	)		15.53		5.60			140			.65			.65			1.00			1.41
10/31/2019		14.25		.24		1.33			1.57			(.24	)		(.35	)		(.59	)		15.23		11.54			135			.66			.66			1.03			1.62
10/31/2018		14.83		.21		(.29	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25		(.64	)		119			.66			.66			1.04			1.43
10/31/2017		13.35		.19		1.74			1.93			(.19	)		(.26	)		(.45	)		14.83		14.91			105			.65			.65			1.03			1.36
10/31/2016		13.38		.16		.24			.40			(.16	)		(.27	)		(.43	)		13.35		3.13			80			.71			.69			1.07			1.24
Class R-4:
4/30/20216,7		15.57		.13		2.76			2.89			(.18	)		(.14	)		(.32	)		18.14		18.72	8		104			.36	9		.36	9		.68	9		1.48	9
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.89			94			.36			.36			.71			1.73
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27		11.90			97			.36			.36			.73			1.92
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28		(.35	)		99			.36			.36			.74			1.75
10/31/2017		13.38		.23		1.75			1.98			(.24	)		(.26	)		(.50	)		14.86		15.24			94			.35			.35			.73			1.67
10/31/2016		13.41		.21		.23			.44			(.20	)		(.27	)		(.47	)		13.38		3.43			55			.40			.38			.76			1.62
Class R-5E:
4/30/20216,7		15.58		.15		2.76			2.91			(.20	)		(.14	)		(.34	)		18.15		18.81	8		14			.17	9		.17	9		.49	9		1.72	9
10/31/2020		15.28		.29		.63			.92			(.32	)		(.30	)		(.62	)		15.58		6.10			13			.16			.16			.51			1.88
10/31/2019		14.30		.30		1.34			1.64			(.31	)		(.35	)		(.66	)		15.28		12.05			14			.16			.16			.53			2.08
10/31/2018		14.87		.28		(.28	)		—	10		(.28	)		(.29	)		(.57	)		14.30		(.06	)		10			.15			.15			.53			1.84
10/31/2017		13.38		.17		1.83			2.00			(.25	)		(.26	)		(.51	)		14.87		15.41			7			.16			.16			.54			1.22
10/31/20167,17		13.44		.20		.23			.43			(.22	)		(.27	)		(.49	)		13.38		3.38	8		—	12		.26	9		.25	9		.63	9		1.60	9
Class R-5:
4/30/20216,7		15.61		.15		2.77			2.92			(.21	)		(.14	)		(.35	)		18.18		18.84	8		27			.06	9		.06	9		.38	9		1.79	9
10/31/2020		15.31		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.61		6.20			23			.06			.06			.41			2.00
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.21			22			.07			.07			.44			2.25
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.01			21			.07			.07			.45			2.04
10/31/2017		13.41		.27		1.74			2.01			(.27	)		(.26	)		(.53	)		14.89		15.50			19			.07			.07			.45			1.93
10/31/2016		13.43		.24		.25			.49			(.24	)		(.27	)		(.51	)		13.41		3.79			12			.10			.08			.46			1.85
Class R-6:
4/30/20216,7		15.61		.16		2.76			2.92			(.21	)		(.14	)		(.35	)		18.18		18.87	8		498			.01	9		.01	9		.33	9		1.82	9
10/31/2020		15.31		.32		.62			.94			(.34	)		(.30	)		(.64	)		15.61		6.25			407			.01			.01			.36			2.06
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.27			409			.02			.02			.39			2.26
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.06			288			.02			.02			.40			2.08
10/31/2017		13.40		.28		1.75			2.03			(.28	)		(.26	)		(.54	)		14.89		15.64			253			.02			.02			.40			1.96
10/31/2016		13.43		.24		.25			.49			(.25	)		(.27	)		(.52	)		13.40		3.77			138			.04			.02			.40			1.81

See end of tables for footnotes.

66 American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	12.24	$	.20	$	1.69		$	1.89		$	(.25	)	$	(.27	)	$	(.52	)	$	13.61		15.66	%8	$	4,734			.33	%9		.33	%9		.60	%9		3.06	%9
10/31/2020		12.80		.41		(.38	)		.03			(.42	)		(.17	)		(.59	)		12.24		.23			3,910			.33			.33			.60			3.26
10/31/2019		12.22		.41		.75			1.16			(.41	)		(.17	)		(.58	)		12.80		9.85			3,794			.34			.34			.63			3.28
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.27			3,225			.34			.34			.63			3.05
10/31/2017		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			3,175			.36			.36			.66			2.93
10/31/2016		11.55		.36		.24			.60			(.40	)		(.05	)		(.45	)		11.70		5.30			2,655			.36			.35			.65			3.13
Class C:
4/30/20216,7		12.17		.15		1.68			1.83			(.20	)		(.27	)		(.47	)		13.53		15.25	8		688			1.06	9		1.06	9		1.33	9		2.33	9
10/31/2020		12.72		.31		(.36	)		(.05	)		(.33	)		(.17	)		(.50	)		12.17		(.44	)		622			1.06			1.06			1.33			2.54
10/31/2019		12.15		.32		.74			1.06			(.32	)		(.17	)		(.49	)		12.72		9.02			696			1.07			1.07			1.36			2.56
10/31/2018		12.55		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.15		(.49	)		654			1.08			1.08			1.37			2.31
10/31/2017		11.64		.26		.98			1.24			(.28	)		(.05	)		(.33	)		12.55		10.77			689			1.11			1.11			1.41			2.18
10/31/2016		11.49		.27		.24			.51			(.31	)		(.05	)		(.36	)		11.64		4.55			627			1.14			1.12			1.42			2.35
Class T:
4/30/20216,7		12.25		.22		1.69			1.91			(.27	)		(.27	)		(.54	)		13.62		15.81	8,11		—	12		.04	9,11		.04	9,11		.31	9,11		3.37	9,11
10/31/2020		12.80		.44		(.36	)		.08			(.46	)		(.17	)		(.63	)		12.25		.60	11		—	12		.05	11		.05	11		.32	11		3.55	11
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.15	11		—	12		.05	11		.05	11		.34	11		3.59	11
10/31/2018		12.62		.42		(.35	)		.07			(.41	)		(.06	)		(.47	)		12.22		.52	11		—	12		.08	11		.08	11		.37	11		3.32	11
10/31/20177,13		12.11		.20		.50			.70			(.19	)		—			(.19	)		12.62		5.83	8,11		—	12		.11	9,11		.11	9,11		.41	9,11		2.84	9,11
Class F-1:
4/30/20216,7		12.25		.20		1.69			1.89			(.25	)		(.27	)		(.52	)		13.62		15.62	8		87			.37	9		.37	9		.64	9		3.07	9
10/31/2020		12.80		.40		(.37	)		.03			(.41	)		(.17	)		(.58	)		12.25		.26			87			.37			.37			.64			3.22
10/31/2019		12.23		.40		.74			1.14			(.40	)		(.17	)		(.57	)		12.80		9.70			90			.38			.38			.67			3.25
10/31/2018		12.63		.39		(.35	)		.04			(.38	)		(.06	)		(.44	)		12.23		.22			75			.38			.38			.67			3.06
10/31/2017		11.70		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.63		11.66			88			.39			.39			.69			2.91
10/31/2016		11.55		.36		.23			.59			(.39	)		(.05	)		(.44	)		11.70		5.26			83			.41			.39			.69			3.09
Class F-2:
4/30/20216,7		12.26		.21		1.69			1.90			(.26	)		(.27	)		(.53	)		13.63		15.76	8		472			.11	9		.11	9		.38	9		3.27	9
10/31/2020		12.81		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.26		.52			387			.12			.12			.39			3.48
10/31/2019		12.24		.44		.73			1.17			(.43	)		(.17	)		(.60	)		12.81		9.98			411			.12			.12			.41			3.49
10/31/2018		12.64		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.24		.50			331			.12			.12			.41			3.25
10/31/2017		11.71		.38		1.00			1.38			(.40	)		(.05	)		(.45	)		12.64		11.95			264			.13			.13			.43			3.14
10/31/2016		11.56		.40		.22			.62			(.42	)		(.05	)		(.47	)		11.71		5.54			174			.14			.13			.43			3.45
Class F-3:
4/30/20216,7		12.25		.22		1.69			1.91			(.27	)		(.27	)		(.54	)		13.62		15.83	8		84			.01	9		.01	9		.28	9		3.35	9
10/31/2020		12.80		.45		(.37	)		.08			(.46	)		(.17	)		(.63	)		12.25		.63			60			.01			.01			.28			3.58
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.19			56			.02			.02			.31			3.63
10/31/2018		12.62		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.22		.60			45			.02			.02			.31			3.41
10/31/20177,14		11.96		.28		.67			.95			(.29	)		—			(.29	)		12.62		8.02	8		20			.02	9		.02	9		.32	9		2.96	9

See end of tables for footnotes.

American Funds Portfolio Series 67

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-A:
4/30/20216,7	$	12.24	$	.20	$	1.68		$	1.88		$	(.25	)	$	(.27	)	$	(.52	)	$	13.60		15.57	%8	$	258			.35	%9		.35	%9		.62	%9		3.03	%9
10/31/2020		12.79		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.24		.28			209			.37			.37			.64			3.20
10/31/2019		12.21		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.79		9.83			176			.36			.36			.65			3.24
10/31/2018		12.62		.38		(.35	)		.03			(.38	)		(.06	)		(.44	)		12.21		.14			137			.40			.40			.69			3.01
10/31/2017		11.69		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.62		11.64			100			.42			.42			.72			2.86
10/31/2016		11.54		.35		.23			.58			(.38	)		(.05	)		(.43	)		11.69		5.21			81			.44			.43			.73			3.05
Class 529-C:
4/30/20216,7		12.19		.15		1.68			1.83			(.20	)		(.27	)		(.47	)		13.55		15.21	8		33			1.11	9		1.11	9		1.38	9		2.29	9
10/31/2020		12.73		.32		(.37	)		(.05	)		(.32	)		(.17	)		(.49	)		12.19		(.46	)		30			1.11			1.11			1.38			2.58
10/31/2019		12.16		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.73		8.96			54			1.12			1.12			1.41			2.49
10/31/2018		12.56		.28		(.34	)		(.06	)		(.28	)		(.06	)		(.34	)		12.16		(.57	)		46			1.14			1.14			1.43			2.21
10/31/2017		11.64		.26		.98			1.24			(.27	)		(.05	)		(.32	)		12.56		10.79			52			1.16			1.16			1.46			2.13
10/31/2016		11.50		.26		.23			.49			(.30	)		(.05	)		(.35	)		11.64		4.35			47			1.22			1.20			1.50			2.27
Class 529-E:
4/30/20216,7		12.23		.18		1.69			1.87			(.23	)		(.27	)		(.50	)		13.60		15.53	8		8			.58	9		.58	9		.85	9		2.80	9
10/31/2020		12.79		.37		(.37	)		—	10		(.39	)		(.17	)		(.56	)		12.23		(.03	)		7			.59			.59			.86			3.01
10/31/2019		12.21		.38		.74			1.12			(.37	)		(.17	)		(.54	)		12.79		9.55			6			.59			.59			.88			3.07
10/31/2018		12.61		.35		(.34	)		.01			(.35	)		(.06	)		(.41	)		12.21		(.01	)		7			.61			.61			.90			2.76
10/31/2017		11.69		.32		.98			1.30			(.33	)		(.05	)		(.38	)		12.61		11.31			7			.64			.64			.94			2.65
10/31/2016		11.53		.32		.25			.57			(.36	)		(.05	)		(.41	)		11.69		5.05			6			.68			.66			.96			2.81
Class 529-T:
4/30/20216,7		12.25		.21		1.68			1.89			(.26	)		(.27	)		(.53	)		13.61		15.69	8,11		—	12		.11	9,11		.11	9,11		.38	9,11		3.28	9,11
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.54	11		—	12		.11	11		.11	11		.38	11		3.48	11
10/31/2019		12.22		.44		.74			1.18			(.43	)		(.17	)		(.60	)		12.80		10.08	11		—	12		.11	11		.11	11		.40	11		3.51	11
10/31/2018		12.62		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.22		.46	11		—	12		.15	11		.15	11		.44	11		3.24	11
10/31/20177,13		12.11		.19		.51			.70			(.19	)		—			(.19	)		12.62		5.79	8,11		—	12		.19	9,11		.19	9,11		.49	9,11		2.77	9,11
Class 529-F-1:
4/30/20216,7		12.25		.21		1.69			1.90			(.26	)		(.27	)		(.53	)		13.62		15.77	8,11		—	12		.15	9,11		.15	9,11		.42	9,11		3.18	9,11
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.53	11		—	12		.12	11		.12	11		.39	11		3.46	11
10/31/2019		12.23		.43		.74			1.17			(.43	)		(.17	)		(.60	)		12.80		9.99			32			.12			.12			.41			3.46
10/31/2018		12.63		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.23		.47			20			.14			.14			.43			3.29
10/31/2017		11.70		.38		.99			1.37			(.39	)		(.05	)		(.44	)		12.63		11.89			10			.18			.18			.48			3.13
10/31/2016		11.55		.38		.23			.61			(.41	)		(.05	)		(.46	)		11.70		5.45			9			.21			.20			.50			3.26
Class 529-F-2:
4/30/20216,7		12.24		.21		1.69			1.90			(.26	)		(.27	)		(.53	)		13.61		15.78	8		44			.13	9		.13	9		.40	9		3.25	9
10/31/20207,15		12.24		—		—			—			—			—			—			12.24		—			36			—			—			—			—

See end of tables for footnotes.

68 American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-F-3:
4/30/20216,7	$	12.24	$	.22	$	1.69		$	1.91		$	(.27	)	$	(.27	)	$	(.54	)	$	13.61		15.81	%8	$	—	12		.18	%9		.08	%9		.35	%9		3.31	%9
10/31/20207,15		12.24		—		—			—			—			—			—			12.24		—			—	12		—			—			—			—
Class ABLE-A:
4/30/20216,7		12.23		.21		1.69			1.90			(.26	)		(.27	)		(.53	)		13.60		15.74	8		2			.21	9		.15	9		.42	9		3.19	9
10/31/2020		12.78		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.23		.29			1			.38			.31			.58			3.23
10/31/2019		12.22		.40		.74			1.14			(.41	)		(.17	)		(.58	)		12.78		9.72			—	12		.39			.32			.61			3.17
10/31/20187,16		12.54		.12		(.34	)		(.22	)		(.10	)		—			(.10	)		12.22		(1.75	)8		—	12		.09	8		.07	8		.36	8		.91	8
Class ABLE-F-2:
4/30/20216,7		12.24		.22		1.69			1.91			(.27	)		(.27	)		(.54	)		13.61		15.82	8		—	12		.09	9		.01	9		.28	9		3.42	9
10/31/20207,15		12.24		—		—			—			—			—			—			12.24		—			—	12		—			—			—			—
Class R-1:
4/30/20216,7		12.18		.15		1.68			1.83			(.20	)		(.27	)		(.47	)		13.54		15.22	8		2			1.10	9		1.10	9		1.37	9		2.34	9
10/31/2020		12.74		.30		(.36	)		(.06	)		(.33	)		(.17	)		(.50	)		12.18		(.54	)		2			1.13			1.13			1.40			2.45
10/31/2019		12.17		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.74		8.93			2			1.14			1.14			1.43			2.48
10/31/2018		12.57		.29		(.35	)		(.06	)		(.28	)		(.06	)		(.34	)		12.17		(.54	)		1			1.12			1.12			1.41			2.31
10/31/2017		11.65		.26		.99			1.25			(.28	)		(.05	)		(.33	)		12.57		10.82			2			1.11			1.11			1.41			2.15
10/31/2016		11.50		.27		.24			.51			(.31	)		(.05	)		(.36	)		11.65		4.50			2			1.15			1.13			1.43			2.33
Class R-2:
4/30/20216,7		12.17		.15		1.68			1.83			(.20	)		(.27	)		(.47	)		13.53		15.24	8		48			1.08	9		1.08	9		1.35	9		2.32	9
10/31/2020		12.72		.31		(.36	)		(.05	)		(.33	)		(.17	)		(.50	)		12.17		(.44	)		43			1.08			1.08			1.35			2.52
10/31/2019		12.16		.31		.74			1.05			(.32	)		(.17	)		(.49	)		12.72		8.93			44			1.10			1.10			1.39			2.52
10/31/2018		12.56		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.16		(.47	)		34			1.10			1.10			1.39			2.30
10/31/2017		11.64		.27		.98			1.25			(.28	)		(.05	)		(.33	)		12.56		10.88			32			1.09			1.09			1.39			2.19
10/31/2016		11.50		.27		.23			.50			(.31	)		(.05	)		(.36	)		11.64		4.44			27			1.17			1.15			1.45			2.33
Class R-2E:
4/30/20216,7		12.25		.17		1.68			1.85			(.22	)		(.27	)		(.49	)		13.61		15.35	8		1			.85	9		.82	9		1.09	9		2.66	9
10/31/2020		12.79		.34		(.36	)		(.02	)		(.35	)		(.17	)		(.52	)		12.25		(.22	)		—	12		.83			.83			1.10			2.74
10/31/2019		12.22		.34		.75			1.09			(.35	)		(.17	)		(.52	)		12.79		9.27			1			.82			.82			1.11			2.74
10/31/2018		12.61		.32		(.34	)		(.02	)		(.31	)		(.06	)		(.37	)		12.22		(.22	)		1			.83			.83			1.12			2.53
10/31/2017		11.69		.30		.98			1.28			(.31	)		(.05	)		(.36	)		12.61		11.14			—	12		.79			.79			1.09			2.51
10/31/2016		11.54		.19		.42			.61			(.41	)		(.05	)		(.46	)		11.69		5.39			—	12		.68			.67			.97			1.65

See end of tables for footnotes.

American Funds Portfolio Series 69

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-3:
4/30/20216,7	$	12.22	$	.18	$	1.68		$	1.86		$	(.23	)	$	(.27	)	$	(.50	)	$	13.58		15.43	%8	$	43			.64	%9		.64	%9		.91	%9		2.75	%9
10/31/2020		12.77		.37		(.37	)		—	10		(.38	)		(.17	)		(.55	)		12.22		—			35			.64			.64			.91			2.94
10/31/2019		12.20		.37		.74			1.11			(.37	)		(.17	)		(.54	)		12.77		9.43			34			.66			.66			.95			2.95
10/31/2018		12.60		.34		(.34	)		—	10		(.34	)		(.06	)		(.40	)		12.20		(.05	)		30			.66			.66			.95			2.74
10/31/2017		11.68		.32		.98			1.30			(.33	)		(.05	)		(.38	)		12.60		11.32			31			.65			.65			.95			2.66
10/31/2016		11.53		.32		.24			.56			(.36	)		(.05	)		(.41	)		11.68		4.98			25			.71			.69			.99			2.79
Class R-4:
4/30/20216,7		12.25		.20		1.69			1.89			(.25	)		(.27	)		(.52	)		13.62		15.63	8		33			.36	9		.36	9		.63	9		3.13	9
10/31/2020		12.80		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.25		.28			33			.36			.36			.63			3.24
10/31/2019		12.22		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.80		9.80			37			.37			.37			.66			3.21
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.24			31			.37			.37			.66			3.02
10/31/2017		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			36			.35			.35			.65			2.93
10/31/2016		11.55		.35		.24			.59			(.39	)		(.05	)		(.44	)		11.70		5.28			31			.40			.38			.68			3.07
Class R-5E:
4/30/20216,7		12.23		.23		1.67			1.90			(.26	)		(.27	)		(.53	)		13.60		15.76	8		5			.18	9		.18	9		.45	9		3.46	9
10/31/2020		12.79		.42		(.37	)		.05			(.44	)		(.17	)		(.61	)		12.23		.40			7			.17			.17			.44			3.37
10/31/2019		12.21		.42		.76			1.18			(.43	)		(.17	)		(.60	)		12.79		10.04			5			.16			.16			.45			3.36
10/31/2018		12.61		.40		(.33	)		.07			(.41	)		(.06	)		(.47	)		12.21		.46			4			.15			.15			.44			3.18
10/31/2017		11.69		.23		1.13			1.36			(.39	)		(.05	)		(.44	)		12.61		11.86			3			.16			.16			.46			1.81
10/31/20167,17		11.47		.42		.27			.69			(.42	)		(.05	)		(.47	)		11.69		6.14	8		—	12		.26	9		.25	9		.55	9		3.77	9
Class R-5:
4/30/20216,7		12.27		.22		1.70			1.92			(.27	)		(.27	)		(.54	)		13.65		15.86	8		8			.07	9		.07	9		.34	9		3.34	9
10/31/2020		12.83		.44		(.38	)		.06			(.45	)		(.17	)		(.62	)		12.27		.50			6			.06			.06			.33			3.56
10/31/2019		12.25		.44		.75			1.19			(.44	)		(.17	)		(.61	)		12.83		10.11			8			.07			.07			.36			3.56
10/31/2018		12.65		.42		(.34	)		.08			(.42	)		(.06	)		(.48	)		12.25		.55			7			.07			.07			.36			3.33
10/31/2017		11.72		.39		.99			1.38			(.40	)		(.05	)		(.45	)		12.65		12.00			7			.07			.07			.37			3.21
10/31/2016		11.57		.39		.24			.63			(.43	)		(.05	)		(.48	)		11.72		5.56			4			.10			.08			.38			3.35
Class R-6:
4/30/20216,7		12.27		.22		1.69			1.91			(.27	)		(.27	)		(.54	)		13.64		15.80	8		75			.01	9		.01	9		.28	9		3.36	9
10/31/2020		12.82		.45		(.37	)		.08			(.46	)		(.17	)		(.63	)		12.27		.63			61			.02			.02			.29			3.58
10/31/2019		12.24		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.82		10.17			63			.02			.02			.31			3.61
10/31/2018		12.64		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.24		.59			37			.02			.02			.31			3.38
10/31/2017		11.72		.40		.98			1.38			(.41	)		(.05	)		(.46	)		12.64		11.96			33			.02			.02			.32			3.25
10/31/2016		11.56		.40		.24			.64			(.43	)		(.05	)		(.48	)		11.72		5.71			25			.04			.03			.33			3.43

See end of tables for footnotes.

70 American Funds Portfolio Series

Financial highlights (continued)

Tax-Aware Conservative Growth and Income Portfolio

			Income from investment operations1							Dividends and distributions																	Ratio of			Ratio of
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)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	13.80	$	.14	$	1.96		$	2.10	$	(.15	)	$	(.08	)	$	(.23	)	$	15.67		15.29	%8	$	2,871			.34	%9		.34	%9		.65	%9		1.90	%9
10/31/2020		14.05		.31		(.04	)		.27		(.32	)		(.20	)		(.52	)		13.80		1.95			2,298			.35			.35			.66			2.28
10/31/2019		13.22		.34		1.07			1.41		(.34	)		(.24	)		(.58	)		14.05		11.08			2,027			.35			.35			.68			2.54
10/31/2018		13.57		.34		(.14	)		.20		(.33	)		(.22	)		(.55	)		13.22		1.43			1,555			.38			.38			.72			2.47
10/31/2017		12.54		.34		1.13			1.47		(.33	)		(.11	)		(.44	)		13.57		12.03			1,229			.39			.39			.73			2.63
10/31/2016		12.40		.33		.22			.55		(.33	)		(.08	)		(.41	)		12.54		4.52			889			.43			.42			.78			2.69
Class C:
4/30/20216,7		13.70		.09		1.94			2.03		(.10	)		(.08	)		(.18	)		15.55		14.86	8		381			1.04	9		1.04	9		1.35	9		1.20	9
10/31/2020		13.94		.22		(.04	)		.18		(.22	)		(.20	)		(.42	)		13.70		1.32			331			1.05			1.05			1.36			1.58
10/31/2019		13.13		.25		1.05			1.30		(.25	)		(.24	)		(.49	)		13.94		10.24			327			1.05			1.05			1.38			1.84
10/31/2018		13.49		.24		(.14	)		.10		(.24	)		(.22	)		(.46	)		13.13		.68			268			1.08			1.08			1.42			1.77
10/31/2017		12.46		.24		1.14			1.38		(.24	)		(.11	)		(.35	)		13.49		11.32			213			1.12			1.12			1.46			1.90
10/31/2016		12.34		.24		.21			.45		(.25	)		(.08	)		(.33	)		12.46		3.70			155			1.14			1.13			1.49			1.97
Class T:
4/30/20216,7		13.80		.16		1.96			2.12		(.17	)		(.08	)		(.25	)		15.67		15.46	8,11		—	12		.04	9,11		.04	9,11		.35	9,11		2.20	9,11
10/31/2020		14.05		.36		(.05	)		.31		(.36	)		(.20	)		(.56	)		13.80		2.26	11		—	12		.05	11		.05	11		.36	11		2.58	11
10/31/2019		13.22		.39		1.06			1.45		(.38	)		(.24	)		(.62	)		14.05		11.40	11		—	12		.05	11		.05	11		.38	11		2.85	11
10/31/2018		13.57		.38		(.14	)		.24		(.37	)		(.22	)		(.59	)		13.22		1.72	11		—	12		.09	11		.09	11		.43	11		2.76	11
10/31/20177,13		12.81		.20		.74			.94		(.18	)		—			(.18	)		13.57		7.41	8,11		—	12		.12	9,11		.12	9,11		.46	9,11		2.72	9,11
Class F-1:
4/30/20216,7		13.80		.14		1.95			2.09		(.14	)		(.08	)		(.22	)		15.67		15.27	8		272			.38	9		.38	9		.69	9		1.86	9
10/31/2020		14.04		.31		(.04	)		.27		(.31	)		(.20	)		(.51	)		13.80		1.98			233			.39			.39			.70			2.25
10/31/2019		13.22		.34		1.06			1.40		(.34	)		(.24	)		(.58	)		14.04		10.96			247			.39			.39			.72			2.50
10/31/2018		13.57		.33		(.13	)		.20		(.33	)		(.22	)		(.55	)		13.22		1.44			188			.39			.39			.73			2.45
10/31/2017		12.53		.34		1.15			1.49		(.34	)		(.11	)		(.45	)		13.57		12.15			134			.39			.39			.73			2.59
10/31/2016		12.40		.33		.21			.54		(.33	)		(.08	)		(.41	)		12.53		4.47			39			.41			.40			.76			2.69
Class F-2:
4/30/20216,7		13.82		.16		1.96			2.12		(.16	)		(.08	)		(.24	)		15.70		15.47	8		366			.11	9		.11	9		.42	9		2.13	9
10/31/2020		14.07		.35		(.05	)		.30		(.35	)		(.20	)		(.55	)		13.82		2.17			282			.12			.12			.43			2.51
10/31/2019		13.24		.38		1.06			1.44		(.37	)		(.24	)		(.61	)		14.07		11.31			272			.13			.13			.46			2.76
10/31/2018		13.59		.37		(.14	)		.23		(.36	)		(.22	)		(.58	)		13.24		1.70			179			.13			.13			.47			2.71
10/31/2017		12.55		.37		1.14			1.51		(.36	)		(.11	)		(.47	)		13.59		12.36			101			.14			.14			.48			2.85
10/31/2016		12.42		.37		.20			.57		(.36	)		(.08	)		(.44	)		12.55		4.72			62			.15			.14			.50			2.95
Class F-3:
4/30/20216,7		13.81		.17		1.96			2.13		(.17	)		(.08	)		(.25	)		15.69		15.54	8		82			.01	9		.01	9		.32	9		2.22	9
10/31/2020		14.06		.36		(.05	)		.31		(.36	)		(.20	)		(.56	)		13.81		2.29			60			.02			.02			.33			2.61
10/31/2019		13.23		.39		1.07			1.46		(.39	)		(.24	)		(.63	)		14.06		11.43			54			.02			.02			.35			2.91
10/31/2018		13.58		.38		(.13	)		.25		(.38	)		(.22	)		(.60	)		13.23		1.80			53			.02			.02			.36			2.81
10/31/20177,14		12.62		.30		.93			1.23		(.27	)		—			(.27	)		13.58		9.83	8		21			.02	9		.02	9		.36	9		2.95	9

See end of tables for footnotes.

American Funds Portfolio Series 71

Financial highlights (continued)

Preservation Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) 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 millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class A:
4/30/20216,7	$	10.40	$	.03		$	(.03	)	$	—	10	$	(.15	)	$	(.01	)	$	(.16	)	$	10.24		(.05	)%8	$	1,855			.39	%9		.39	%9		.65	%9		.54	%9
10/31/2020		10.01		.13			.41			.54			(.15	)		—			(.15	)		10.40		5.39			1,805			.39			.39			.66			1.25
10/31/2019		9.70		.18			.31			.49			(.18	)		—			(.18	)		10.01		5.07			1,035			.39			.39			.68			1.82
10/31/2018		9.91		.15			(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.63	)		929			.39			.39			.69			1.52
10/31/2017		10.03		.11			(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.08			988			.42			.42			.72			1.07
10/31/2016		9.95		.10			.09			.19			(.11	)		—			(.11	)		10.03		1.90			803			.42			.41			.71			1.05
Class C:
4/30/20216,7		10.38		(.01	)		(.02	)		(.03	)		(.12	)		(.01	)		(.13	)		10.22		(.35	)8		163			1.09	9		1.09	9		1.35	9		(.16	)9
10/31/2020		10.00		.06			.40			.46			(.08	)		—			(.08	)		10.38		4.58			174			1.09			1.09			1.36			.57
10/31/2019		9.68		.11			.32			.43			(.11	)		—			(.11	)		10.00		4.43			119			1.11			1.11			1.40			1.10
10/31/2018		9.90		.08			(.22	)		(.14	)		(.08	)		—			(.08	)		9.68		(1.45	)		120			1.11			1.11			1.41			.79
10/31/2017		10.01		.04			(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.90		(.53	)		155			1.13			1.13			1.43			.37
10/31/2016		9.93		.03			.09			.12			(.04	)		—			(.04	)		10.01		1.18			175			1.15			1.14			1.44			.32
Class T:
4/30/20216,7		10.40		.04			(.03	)		.01			(.16	)		(.01	)		(.17	)		10.24		.10	8,11		—	12		.10	9,11		.10	9,11		.36	9,11		.83	9,11
10/31/2020		10.01		.16			.41			.57			(.18	)		—			(.18	)		10.40		5.70	11		—	12		.10	11		.10	11		.37	11		1.61	11
10/31/2019		9.70		.21			.31			.52			(.21	)		—			(.21	)		10.01		5.38	11		—	12		.10	11		.10	11		.39	11		2.11	11
10/31/2018		9.92		.18			(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.45	)11		—	12		.10	11		.10	11		.40	11		1.81	11
10/31/20177,13		9.91		.07			.02			.09			(.08	)		—			(.08	)		9.92		.89	8,11		—	12		.14	9,11		.14	9,11		.44	9,11		1.31	9,11
Class F-1:
4/30/20216,7		10.40		.03			(.03	)		—	10		(.15	)		(.01	)		(.16	)		10.24		(.05	)8		56			.40	9		.40	9		.66	9		.52	9
10/31/2020		10.01		.12			.42			.54			(.15	)		—			(.15	)		10.40		5.42			65			.38			.38			.65			1.17
10/31/2019		9.70		.18			.31			.49			(.18	)		—			(.18	)		10.01		5.06			22			.40			.40			.69			1.81
10/31/2018		9.91		.15			(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.64	)		21			.40			.40			.70			1.51
10/31/2017		10.03		.11			(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.09			26			.41			.41			.71			1.10
10/31/2016		9.95		.10			.09			.19			(.11	)		—			(.11	)		10.03		1.90			27			.42			.41			.71			1.04
Class F-2:
4/30/20216,7		10.40		.04			(.03	)		.01			(.16	)		(.01	)		(.17	)		10.24		.08	8		440			.14	9		.14	9		.40	9		.79	9
10/31/2020		10.01		.15			.41			.56			(.17	)		—			(.17	)		10.40		5.68			412			.12			.12			.39			1.41
10/31/2019		9.70		.21			.31			.52			(.21	)		—			(.21	)		10.01		5.36			107			.12			.12			.41			2.09
10/31/2018		9.91		.17			(.21	)		(.04	)		(.17	)		—			(.17	)		9.70		(.36	)		81			.13			.13			.43			1.78
10/31/2017		10.03		.13			(.09	)		.04			(.15	)		(.01	)		(.16	)		9.91		.36			68			.15			.15			.45			1.35
10/31/2016		9.95		.13			.08			.21			(.13	)		—			(.13	)		10.03		2.18			49			.15			.14			.44			1.31
Class F-3:
4/30/20216,7		10.40		.05			(.03	)		.02			(.17	)		(.01	)		(.18	)		10.24		.13	8		192			.03	9		.03	9		.29	9		.90	9
10/31/2020		10.01		.15			.42			.57			(.18	)		—			(.18	)		10.40		5.77			53			.03			.03			.30			1.46
10/31/2019		9.69		.22			.31			.53			(.21	)		—			(.21	)		10.01		5.56			9			.03			.03			.32			2.17
10/31/2018		9.91		.19			(.23	)		(.04	)		(.18	)		—			(.18	)		9.69		(.37	)		2			.03			.03			.33			1.92
10/31/20177,14		9.88		.11			.03			.14			(.11	)		—			(.11	)		9.91		1.38	8		1			.04	9		.04	9		.34	9		1.40	9

See end of tables for footnotes.

72 American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) 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 millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class 529-A:
4/30/20216,7	$	10.39	$	.03		$	(.02	)	$	.01		$	(.15	)	$	(.01	)	$	(.16	)	$	10.24		.06	%8	$	217			.38	%9		.38	%9		.64	%9		.55	%9
10/31/2020		10.00		.13			.41			.54			(.15	)		—			(.15	)		10.39		5.40			211			.39			.39			.66			1.25
10/31/2019		9.69		.18			.31			.49			(.18	)		—			(.18	)		10.00		5.07			132			.40			.40			.69			1.81
10/31/2018		9.91		.15			(.22	)		(.07	)		(.15	)		—			(.15	)		9.69		(.76	)		101			.42			.42			.72			1.51
10/31/2017		10.03		.11			(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.07			85			.43			.43			.73			1.07
10/31/2016		9.94		.10			.09			.19			(.10	)		—			(.10	)		10.03		1.97			77			.45			.43			.73			1.03
Class 529-C:
4/30/20216,7		10.39		(.01	)		(.03	)		(.04	)		(.12	)		(.01	)		(.13	)		10.22		(.45	)8		19			1.14	9		1.14	9		1.40	9		(.21	)9
10/31/2020		10.00		.06			.40			.46			(.07	)		—			(.07	)		10.39		4.60			21			1.15			1.15			1.42			.61
10/31/2019		9.69		.10			.31			.41			(.10	)		—			(.10	)		10.00		4.27			31			1.16			1.16			1.45			1.05
10/31/2018		9.90		.07			(.21	)		(.14	)		(.07	)		—			(.07	)		9.69		(1.42	)		27			1.17			1.17			1.47			.74
10/31/2017		10.02		.03			(.09	)		(.06	)		(.05	)		(.01	)		(.06	)		9.90		(.69	)		36			1.19			1.19			1.49			.31
10/31/2016		9.94		.02			.09			.11			(.03	)		—			(.03	)		10.02		1.10			34			1.23			1.22			1.52			.24
Class 529-E:
4/30/20216,7		10.39		.02			(.03	)		(.01	)		(.14	)		(.01	)		(.15	)		10.23		(.15	)8		7			.60	9		.60	9		.86	9		.33	9
10/31/2020		10.00		.11			.40			.51			(.12	)		—			(.12	)		10.39		5.16			8			.61			.61			.88			1.06
10/31/2019		9.69		.16			.31			.47			(.16	)		—			(.16	)		10.00		4.84			6			.62			.62			.91			1.59
10/31/2018		9.91		.13			(.23	)		(.10	)		(.12	)		—			(.12	)		9.69		(.96	)		4			.63			.63			.93			1.29
10/31/2017		10.02		.08			(.08	)		—	10		(.10	)		(.01	)		(.11	)		9.91		(.05	)		4			.66			.66			.96			.84
10/31/2016		9.94		.08			.08			.16			(.08	)		—			(.08	)		10.02		1.64			3			.69			.68			.98			.78
Class 529-T:
4/30/20216,7		10.40		.04			(.03	)		.01			(.16	)		(.01	)		(.17	)		10.24		.07	8,11		—	12		.16	9,11		.16	9,11		.42	9,11		.77	9,11
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.63	11		—	12		.16	11		.16	11		.43	11		1.54	11
10/31/2019		9.70		.20			.31			.51			(.20	)		—			(.20	)		10.01		5.31	11		—	12		.17	11		.17	11		.46	11		2.04	11
10/31/2018		9.92		.17			(.22	)		(.05	)		(.17	)		—			(.17	)		9.70		(.51	)11		—	12		.17	11		.17	11		.47	11		1.74	11
10/31/20177,13		9.91		.07			.01			.08			(.07	)		—			(.07	)		9.92		.84	8,11		—	12		.21	9,11		.21	9,11		.51	9,11		1.24	9,11
Class 529-F-1:
4/30/20216,7		10.40		.04			(.03	)		.01			(.16	)		(.01	)		(.17	)		10.24		.07	8,11		—	12		.19	9,11		.19	9,11		.45	9,11		.74	9,11
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.64	11		—	12		.15	11		.15	11		.42	11		1.52	11
10/31/2019		9.69		.20			.32			.52			(.20	)		—			(.20	)		10.01		5.42			29			.17			.17			.46			2.05
10/31/2018		9.91		.17			(.22	)		(.05	)		(.17	)		—			(.17	)		9.69		(.51	)		21			.17			.17			.47			1.75
10/31/2017		10.03		.13			(.10	)		.03			(.14	)		(.01	)		(.15	)		9.91		.31			17			.20			.20			.50			1.30
10/31/2016		9.94		.12			.10			.22			(.13	)		—			(.13	)		10.03		2.19			14			.23			.22			.52			1.24
Class 529-F-2:
4/30/20216,7		10.40		.04			(.03	)		.01			(.16	)		(.01	)		(.17	)		10.24		.07	8		40			.16	9		.16	9		.42	9		.77	9
10/31/20207,15		10.40		—			—			—			—			—			—			10.40		—			40			—			—			—			—

See end of tables for footnotes.

American Funds Portfolio Series 73

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) 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 millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class 529-F-3:
4/30/20216,7	$	10.40	$	.04		$	(.03	)	$	.01		$	(.16	)	$	(.01	)	$	(.17	)	$	10.24		.10	%8	$	—	12		.22	%9		.10	%9		.36	%9		.82	%9
10/31/20207,15		10.40		—			—			—			—			—			—			10.40		—			—	12		—			—			—			—
Class ABLE-A:
4/30/20216,7		10.40		.04			(.03	)		.01			(.16	)		(.01	)		(.17	)		10.24		.03	8		1			.24	9		.18	9		.44	9		.76	9
10/31/2020		10.01		.13			.41			.54			(.15	)		—			(.15	)		10.40		5.39			—	12		.39			.33			.60			1.30
10/31/2019		9.69		.19			.31			.50			(.18	)		—			(.18	)		10.01		5.21			—	12		.40			.34			.63			1.89
10/31/20187,16		9.74		.05			(.04	)		.01			(.06	)		—			(.06	)		9.69		.14	8,11		—	12		.10	8,11		.08	8,11		.38	8,11		.52	8,11
Class ABLE-F-2:
4/30/20216,7		10.40		.05			(.04	)		.01			(.16	)		(.01	)		(.17	)		10.24		.10	8		—	12		.12	9		.04	9		.30	9		.92	9
10/31/20207,15		10.40		—			—			—			—			—			—			10.40		—			—	12		—			—			—			—
Class R-1:
4/30/20216,7		10.39		(.01	)		(.02	)		(.03	)		(.12	)		(.01	)		(.13	)		10.23		(.37	)8		1			1.19	9		1.19	9		1.45	9		(.26	)9
10/31/2020		10.01		.04			.41			.45			(.07	)		—			(.07	)		10.39		4.50			1			1.18			1.18			1.45			.41
10/31/2019		9.69		.10			.32			.42			(.10	)		—			(.10	)		10.01		4.34			—	12		1.18			1.18			1.47			1.02
10/31/2018		9.91		.07			(.22	)		(.15	)		(.07	)		—			(.07	)		9.69		(1.51	)		—	12		1.15			1.15			1.45			.70
10/31/2017		10.02		.04			(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.91		(.58	)		1			1.14			1.14			1.44			.39
10/31/2016		9.94		.03			.09			.12			(.04	)		—			(.04	)		10.02		1.17			2			1.16			1.15			1.45			.31
Class R-2:
4/30/20216,7		10.37		(.01	)		(.03	)		(.04	)		(.12	)		(.01	)		(.13	)		10.20		(.44	)8		22			1.14	9		1.14	9		1.40	9		(.21	)9
10/31/2020		9.98		.06			.40			.46			(.07	)		—			(.07	)		10.37		4.66			25			1.13			1.13			1.40			.55
10/31/2019		9.67		.11			.31			.42			(.11	)		—			(.11	)		9.98		4.32			17			1.13			1.13			1.42			1.09
10/31/2018		9.89		.08			(.22	)		(.14	)		(.08	)		—			(.08	)		9.67		(1.45	)		14			1.12			1.12			1.42			.79
10/31/2017		10.00		.04			(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.89		(.50	)		15			1.10			1.10			1.40			.40
10/31/2016		9.93		.03			.08			.11			(.04	)		—			(.04	)		10.00		1.07			17			1.20			1.18			1.48			.27
Class R-2E:
4/30/20216,7		10.40		—	10		(.03	)		(.03	)		(.12	)		(.01	)		(.13	)		10.24		(.29	)8		1			.88	9		.87	9		1.13	9		.05	9
10/31/2020		10.01		.08			.41			.49			(.10	)		—			(.10	)		10.40		4.95			1			.83			.83			1.10			.82
10/31/2019		9.70		.14			.30			.44			(.13	)		—			(.13	)		10.01		4.57			1			.86			.86			1.15			1.37
10/31/2018		9.91		.10			(.21	)		(.11	)		(.10	)		—			(.10	)		9.70		(1.11	)		1			.85			.85			1.15			1.02
10/31/2017		10.02		.07			(.09	)		(.02	)		(.08	)		(.01	)		(.09	)		9.91		(.27	)		2			.84			.84			1.14			.67
10/31/2016		9.95		.07			.08			.15			(.08	)		—			(.08	)		10.02		1.53			3			.81			.81			1.11			.69

See end of tables for footnotes.

74 American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) 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 millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class R-3:
4/30/20216,7	$	10.39	$	.01	$	(.03	)	$	(.02	)	$	(.13	)	$	(.01	)	$	(.14	)	$	10.23		(.18	)%8	$	32			.67	%9		.67	%9		.93	%9		.26	%9
10/31/2020		10.00		.10		.41			.51			(.12	)		—			(.12	)		10.39		5.12			29			.67			.67			.94			.99
10/31/2019		9.69		.15		.31			.46			(.15	)		—			(.15	)		10.00		4.77			19			.67			.67			.96			1.54
10/31/2018		9.91		.12		(.22	)		(.10	)		(.12	)		—			(.12	)		9.69		(1.00	)		16			.67			.67			.97			1.24
10/31/2017		10.02		.08		(.08	)		—	10		(.10	)		(.01	)		(.11	)		9.91		(.06	)		16			.67			.67			.97			.83
10/31/2016		9.94		.07		.09			.16			(.08	)		—			(.08	)		10.02		1.60			15			.73			.71			1.01			.74
Class R-4:
4/30/20216,7		10.40		.03		(.03	)		—	10		(.15	)		(.01	)		(.16	)		10.24		(.04	)8		18			.37	9		.37	9		.63	9		.56	9
10/31/2020		10.01		.13		.41			.54			(.15	)		—			(.15	)		10.40		5.43			17			.36			.36			.63			1.31
10/31/2019		9.70		.18		.31			.49			(.18	)		—			(.18	)		10.01		5.09			12			.37			.37			.66			1.84
10/31/2018		9.91		.15		(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.60	)		12			.37			.37			.67			1.55
10/31/2017		10.03		.11		(.09	)		.02			(.13	)		(.01	)		(.14	)		9.91		.13			11			.37			.37			.67			1.12
10/31/2016		9.95		.11		.08			.19			(.11	)		—			(.11	)		10.03		1.92			10			.41			.40			.70			1.06
Class R-5E:
4/30/20216,7		10.41		.04		(.03	)		.01			(.16	)		(.01	)		(.17	)		10.25		.05	8		3			.19	9		.19	9		.45	9		.74	9
10/31/2020		10.02		.15		.41			.56			(.17	)		—			(.17	)		10.41		5.61			3			.18			.18			.45			1.46
10/31/2019		9.70		.20		.32			.52			(.20	)		—			(.20	)		10.02		5.41			2			.18			.18			.47			2.04
10/31/2018		9.92		.18		(.23	)		(.05	)		(.17	)		—			(.17	)		9.70		(.49	)		—	12		.17			.17			.47			1.81
10/31/2017		10.04		.14		(.10	)		.04			(.15	)		(.01	)		(.16	)		9.92		.39			—	12		.18			.11			.41			1.40
10/31/20167,17		9.91		.11		.13			.24			(.11	)		—			(.11	)		10.04		2.48	8		—	12		.28	9		.27	9		.57	9		1.19	9
Class R-5:
4/30/20216,7		10.40		.04		(.03	)		.01			(.16	)		(.01	)		(.17	)		10.24		.11	8		7			.09	9		.09	9		.35	9		.84	9
10/31/2020		10.01		.15		.42			.57			(.18	)		—			(.18	)		10.40		5.72			6			.08			.08			.35			1.50
10/31/2019		9.70		.21		.31			.52			(.21	)		—			(.21	)		10.01		5.40			2			.09			.09			.38			2.12
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.42	)		2			.08			.08			.38			1.80
10/31/2017		10.03		.14		(.09	)		.05			(.15	)		(.01	)		(.16	)		9.92		.52			3			.08			.08			.38			1.39
10/31/2016		9.95		.14		.08			.22			(.14	)		—			(.14	)		10.03		2.21			1			.11			.10			.40			1.35
Class R-6:
4/30/20216,7		10.40		.05		(.03	)		.02			(.17	)		(.01	)		(.18	)		10.24		.13	8		42			.04	9		.04	9		.30	9		.89	9
10/31/2020		10.01		.16		.41			.57			(.18	)		—			(.18	)		10.40		5.76			44			.03			.03			.30			1.59
10/31/2019		9.70		.22		.30			.52			(.21	)		—			(.21	)		10.01		5.45			23			.03			.03			.32			2.18
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.37	)		13			.03			.03			.33			1.88
10/31/2017		10.03		.14		(.08	)		.06			(.16	)		(.01	)		(.17	)		9.92		.57			14			.04			.04			.34			1.45
10/31/2016		9.95		.14		.08			.22			(.14	)		—			(.14	)		10.03		2.27			11			.06			.04			.34			1.41

See end of tables for footnotes.

American Funds Portfolio Series 75

Financial highlights (continued)

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 millions)			Ratio of expenses to average net assets before waivers/ reimbursements4			Ratio of expenses to average net assets after waivers/ reimbursements3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	10.03	$	.04	$	.06		$	.10		$	(.07	)	$	10.06		1.00	%8	$	491			.36	%9		.36	%9		.66	%9		.81	%9
10/31/2020		9.88		.13		.16			.29			(.14	)		10.03		2.98			426			.37			.36			.66			1.27
10/31/2019		9.57		.17		.31			.48			(.17	)		9.88		5.03			333			.38			.37			.70			1.71
10/31/2018		9.79		.16		(.22	)		(.06	)		(.16	)		9.57		(.59	)		307			.40			.39			.73			1.69
10/31/2017		9.90		.18		(.10	)		.08			(.19	)		9.79		.81			336			.44			.43			.77			1.89
10/31/2016		9.91		.22		(.01	)		.21			(.22	)		9.90		2.08			338			.47			.44			.74			2.21
Class C:
4/30/20216,7		10.01		.01		.07			.08			(.04	)		10.05		.75	8		39			1.06	9		1.06	9		1.36	9		.12	9
10/31/2020		9.87		.06		.15			.21			(.07	)		10.01		2.16			39			1.07			1.06			1.36			.58
10/31/2019		9.56		.10		.31			.41			(.10	)		9.87		4.28			39			1.08			1.07			1.40			1.01
10/31/2018		9.78		.10		(.23	)		(.13	)		(.09	)		9.56		(1.30	)		44			1.10			1.09			1.43			.99
10/31/2017		9.89		.12		(.11	)		.01			(.12	)		9.78		.10			54			1.14			1.13			1.47			1.20
10/31/2016		9.89		.15		—	10		.15			(.15	)		9.89		1.48			64			1.17			1.14			1.44			1.51
Class T:
4/30/20216,7		10.03		.06		.05			.11			(.08	)		10.06		1.14	8,11		—	12		.07	9,11		.06	9,11		.36	9,11		1.12	9,11
10/31/2020		9.88		.16		.16			.32			(.17	)		10.03		3.28	11		—	12		.07	11		.07	11		.37	11		1.58	11
10/31/2019		9.57		.20		.31			.51			(.20	)		9.88		5.34	11		—	12		.08	11		.07	11		.40	11		2.01	11
10/31/2018		9.79		.19		(.22	)		(.03	)		(.19	)		9.57	��	(.31	)11		—	12		.11	11		.10	11		.44	11		1.98	11
10/31/20177,13		9.76		.11		.04			.15			(.12	)		9.79		1.50	8,11		—	12		.14	9,11		.12	9,11		.46	9,11		1.95	9,11
Class F-1:
4/30/20216,7		10.03		.04		.07			.11			(.07	)		10.07		1.07	8		7			.42	9		.41	9		.71	9		.77	9
10/31/2020		9.88		.12		.17			.29			(.14	)		10.03		2.93			9			.39			.39			.70			1.16
10/31/2019		9.57		.16		.31			.47			(.16	)		9.88		4.95			4			.43			.41			.74			1.66
10/31/2018		9.80		.16		(.23	)		(.07	)		(.16	)		9.57		(.73	)		4			.42			.41			.75			1.66
10/31/2017		9.90		.19		(.10	)		.09			(.19	)		9.80		.93			11			.42			.41			.75			1.91
10/31/2016		9.91		.22		(.01	)		.21			(.22	)		9.90		2.13			11			.43			.40			.70			2.23
Class F-2:
4/30/20216,7		10.03		.05		.06			.11			(.08	)		10.06		1.11	8		146			.13	9		.13	9		.43	9		1.04	9
10/31/2020		9.88		.15		.16			.31			(.16	)		10.03		3.21			112			.13			.13			.43			1.47
10/31/2019		9.57		.19		.31			.50			(.19	)		9.88		5.28			58			.14			.13			.46			1.94
10/31/2018		9.79		.19		(.22	)		(.03	)		(.19	)		9.57		(.33	)		43			.14			.13			.47			1.95
10/31/2017		9.90		.21		(.10	)		.11			(.22	)		9.79		1.09			34			.16			.15			.49			2.17
10/31/2016		9.91		.25		(.02	)		.23			(.24	)		9.90		2.37			34			.18			.15			.45			2.50
Class F-3:
4/30/20216,7		10.03		.06		.06			.12			(.09	)		10.06		1.16	8		29			.03	9		.03	9		.33	9		1.14	9
10/31/2020		9.88		.15		.17			.32			(.17	)		10.03		3.32			19			.04			.03			.33			1.54
10/31/2019		9.57		.20		.31			.51			(.20	)		9.88		5.37			7			.04			.03			.36			2.01
10/31/2018		9.79		.20		(.22	)		(.02	)		(.20	)		9.57		(.23	)		2			.04			.04			.38			2.03
10/31/20177,14		9.69		.15		.11			.26			(.16	)		9.79		2.70	8		1			.03	9		.01	9		.35	9		2.02	9

See end of tables for footnotes.

76 American Funds Portfolio Series

Financial highlights (continued)

	Six months ended			Year ended October 31,
Portfolio turnover rate for all share classes	April 30, 20216,7,8			2020			2019			2018			2017			2016
Global Growth Portfolio		6	%		27	%		3	%		1	%		64	%		2	%
Growth Portfolio		5			30			—	19		—	19		33			—	19
Growth and Income Portfolio		19			13			1			—	19		30			—	19
Moderate Growth and Income Portfolio		12			17			1			—	19		15			—	19
Conservative Growth and Income Portfolio		32			23			1			2			1			8
Tax-Aware Conservative Growth and Income Portfolio		—	19		14			1			2			13			—	19
Preservation Portfolio		9			1			4			8			25			2
Tax-Exempt Preservation Portfolio		2			7			15			13			45			6

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges.
3	This column reflects the impact, if any, of certain waivers/reimbursements from AFS, CRMC and/or Virginia529. During one of the periods shown, AFS waived a portion of transfer agent services fees for some funds and certain share classes. During one of the periods shown, CRMC waived a portion of investment advisory services fees on all funds. In addition, during one of the periods shown CRMC reimbursed a portion of transfer agent services fees for some funds and certain share classes, and during some of the periods shown CRMC reimbursed a portion of miscellaneous fees and expenses for Tax-Exempt Preservation Portfolio. During some of the periods shown, Virginia529 waived a portion of ABLE plan services fees for existing Class ABLE shares.
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 include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.
6	Unaudited.
7	Based on operations for a period that is less than a full year.
8	Not annualized.
9	Annualized.
10	Amount less than $.01.
11	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
12	Amount less than $1 million.
13	Class T and 529-T shares, as applicable, began investment operations on April 7, 2017.
14	Class F-3 shares began investment operations on January 27, 2017.
15	Class 529-F-2, Class 529-F-3 and ABLE-F-2 shares began investment operations on October 30, 2020.
16	Class ABLE-A shares began investment operations on July 13, 2018.
17	Class R-5E shares began investment operations on November 20, 2015.
18	Amount less than .01%.
19	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

American Funds Portfolio Series 77

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including 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 fund 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, 2020, through April 30, 2021).

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 titled “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 fund 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:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2, 529-F-3 and ABLE-F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. 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 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.

78 American Funds Portfolio Series

Expense example (continued)

Global Growth Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,278.48	$	2.03		.36	%	$	4.41		.78	%
Class A – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.91		.78
Class C – actual return		1,000.00		1,273.52		6.26		1.11			8.62		1.53
Class C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.65		1.53
Class T – actual return		1,000.00		1,279.86		.73		.13			3.11		.55
Class T – assumed 5% return		1,000.00		1,024.15		.65		.13			2.76		.55
Class F-1 – actual return		1,000.00		1,278.45		2.20		.39			4.58		.81
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			4.06		.81
Class F-2 – actual return		1,000.00		1,280.37		.62		.11			3.00		.53
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.66		.53
Class F-3 – actual return		1,000.00		1,281.39		.06		.01			2.43		.43
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			2.16		.43
Class 529-A – actual return		1,000.00		1,278.96		2.20		.39			4.58		.81
Class 529-A – assumed 5% return		1,000.00		1,022.86		1.96		.39			4.06		.81
Class 529-C – actual return		1,000.00		1,274.07		6.48		1.15			8.85		1.57
Class 529-C – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.85		1.57
Class 529-E – actual return		1,000.00		1,277.19		3.50		.62			5.87		1.04
Class 529-E – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.21		1.04
Class 529-T – actual return		1,000.00		1,279.47		1.07		.19			3.45		.61
Class 529-T – assumed 5% return		1,000.00		1,023.85		.95		.19			3.06		.61
Class 529-F-1 – actual return		1,000.00		1,279.98		1.07		.19			3.45		.61
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			3.06		.61
Class 529-F-2 – actual return		1,000.00		1,280.20		.96		.17			3.34		.59
Class 529-F-2 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.96		.59
Class 529-F-3 – actual return		1,000.00		1,280.54		.40		.07			2.77		.49
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.46		.49
Class ABLE-A – actual return		1,000.00		1,279.92		1.07		.19			3.45		.61
Class ABLE-A – assumed 5% return		1,000.00		1,023.85		.95		.19			3.06		.61
Class ABLE-F-2 – actual return		1,000.00		1,281.03		.17		.03			2.55		.45
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.65		.15		.03			2.26		.45
Class R-1 – actual return		1,000.00		1,274.37		5.86		1.04			8.23		1.46
Class R-1 – assumed 5% return		1,000.00		1,019.64		5.21		1.04			7.30		1.46
Class R-2 – actual return		1,000.00		1,274.04		6.20		1.10			8.57		1.52
Class R-2 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.60		1.52
Class R-2E – actual return		1,000.00		1,276.20		4.63		.82			7.00		1.24
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			6.21		1.24
Class R-3 – actual return		1,000.00		1,277.23		3.73		.66			6.10		1.08
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.41		1.08
Class R-4 – actual return		1,000.00		1,278.84		1.92		.34			4.29		.76
Class R-4 – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.81		.76
Class R-5E – actual return		1,000.00		1,280.36		.90		.16			3.28		.58
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.91		.58
Class R-5 – actual return		1,000.00		1,280.85		.34		.06			2.71		.48
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.41		.48
Class R-6 – actual return		1,000.00		1,281.27		.06		.01			2.43		.43
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			2.16		.43

See end of tables for footnotes.

American Funds Portfolio Series 79

Expense example (continued)

Growth Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,286.36	$	2.04		.36	%	$	4.08		.72	%
Class A – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.61		.72
Class C – actual return		1,000.00		1,280.87		6.22		1.10			8.26		1.46
Class C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.30		1.46
Class T – actual return		1,000.00		1,287.33		.74		.13			2.78		.49
Class T – assumed 5% return		1,000.00		1,024.15		.65		.13			2.46		.49
Class F-1 – actual return		1,000.00		1,285.67		2.15		.38			4.19		.74
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.71		.74
Class F-2 – actual return		1,000.00		1,287.35		.62		.11			2.67		.47
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.36		.47
Class F-3 – actual return		1,000.00		1,288.00		.06		.01			2.10		.37
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37
Class 529-A – actual return		1,000.00		1,286.13		2.15		.38			4.19		.74
Class 529-A – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.71		.74
Class 529-C – actual return		1,000.00		1,281.16		6.50		1.15			8.54		1.51
Class 529-C – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.55		1.51
Class 529-E – actual return		1,000.00		1,284.55		3.46		.61			5.49		.97
Class 529-E – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.86		.97
Class 529-T – actual return		1,000.00		1,286.92		1.02		.18			3.06		.54
Class 529-T – assumed 5% return		1,000.00		1,023.90		.90		.18			2.71		.54
Class 529-F-1 – actual return		1,000.00		1,287.13		1.02		.18			3.06		.54
Class 529-F-1 – assumed 5% return		1,000.00		1,023.90		.90		.18			2.71		.54
Class 529-F-2 – actual return		1,000.00		1,287.02		.91		.16			2.95		.52
Class 529-F-2 – assumed 5% return		1,000.00		1,024.00		.80		.16			2.61		.52
Class 529-F-3 – actual return		1,000.00		1,287.51		.40		.07			2.44		.43
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.16		.43
Class ABLE-A – actual return		1,000.00		1,287.31		1.02		.18			3.06		.54
Class ABLE-A – assumed 5% return		1,000.00		1,023.90		.90		.18			2.71		.54
Class ABLE-F-2 – actual return		1,000.00		1,288.48		.11		.02			2.16		.38
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.91		.38
Class R-1 – actual return		1,000.00		1,281.18		6.22		1.10			8.26		1.46
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.30		1.46
Class R-2 – actual return		1,000.00		1,281.16		6.17		1.09			8.20		1.45
Class R-2 – assumed 5% return		1,000.00		1,019.39		5.46		1.09			7.25		1.45
Class R-2E – actual return		1,000.00		1,283.17		4.64		.82			6.68		1.18
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.91		1.18
Class R-3 – actual return		1,000.00		1,284.29		3.68		.65			5.72		1.01
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.06		1.01
Class R-4 – actual return		1,000.00		1,286.33		1.98		.35			4.02		.71
Class R-4 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.56		.71
Class R-5E – actual return		1,000.00		1,286.88		.91		.16			2.95		.52
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.61		.52
Class R-5 – actual return		1,000.00		1,287.96		.34		.06			2.38		.42
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.11		.42
Class R-6 – actual return		1,000.00		1,288.03		.06		.01			2.10		.37
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37

See end of tables for footnotes.

80 American Funds Portfolio Series

Expense example (continued)

Growth and Income Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,227.51	$	1.88		.34	%	$	3.65		.66	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.31		.66
Class C – actual return		1,000.00		1,223.40		5.90		1.07			7.66		1.39
Class C – assumed 5% return		1,000.00		1,019.49		5.36		1.07			6.95		1.39
Class T – actual return		1,000.00		1,228.96		.50		.09			2.27		.41
Class T – assumed 5% return		1,000.00		1,024.35		.45		.09			2.06		.41
Class F-1 – actual return		1,000.00		1,227.21		2.10		.38			3.87		.70
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.51		.70
Class F-2 – actual return		1,000.00		1,229.17		.61		.11			2.38		.43
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.16		.43
Class F-3 – actual return		1,000.00		1,230.04		.06		.01			1.82		.33
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33
Class 529-A – actual return		1,000.00		1,227.46		2.04		.37			3.81		.69
Class 529-A – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.46		.69
Class 529-C – actual return		1,000.00		1,222.49		6.17		1.12			7.94		1.44
Class 529-C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.20		1.44
Class 529-E – actual return		1,000.00		1,226.04		3.31		.60			5.08		.92
Class 529-E – assumed 5% return		1,000.00		1,021.82		3.01		.60			4.61		.92
Class 529-T – actual return		1,000.00		1,228.64		.77		.14			2.54		.46
Class 529-T – assumed 5% return		1,000.00		1,024.10		.70		.14			2.31		.46
Class 529-F-1 – actual return		1,000.00		1,228.33		.94		.17			2.71		.49
Class 529-F-1 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.46		.49
Class 529-F-2 – actual return		1,000.00		1,228.70		.72		.13			2.49		.45
Class 529-F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.26		.45
Class 529-F-3 – actual return		1,000.00		1,229.14		.39		.07			2.16		.39
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			1.96		.39
Class ABLE-A – actual return		1,000.00		1,228.29		.83		.15			2.60		.47
Class ABLE-A – assumed 5% return		1,000.00		1,024.05		.75		.15			2.36		.47
Class ABLE-F-2 – actual return		1,000.00		1,229.80		.06		.01			1.82		.33
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33
Class R-1 – actual return		1,000.00		1,223.12		6.06		1.10			7.83		1.42
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.10		1.42
Class R-2 – actual return		1,000.00		1,223.01		5.95		1.08			7.72		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.00		1.40
Class R-2E – actual return		1,000.00		1,224.84		4.47		.81			6.23		1.13
Class R-2E – assumed 5% return		1,000.00		1,020.78		4.06		.81			5.66		1.13
Class R-3 – actual return		1,000.00		1,225.24		3.64		.66			5.41		.98
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			4.91		.98
Class R-4 – actual return		1,000.00		1,227.50		1.93		.35			3.70		.67
Class R-4 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.36		.67
Class R-5E – actual return		1,000.00		1,228.78		.88		.16			2.65		.48
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.41		.48
Class R-5 – actual return		1,000.00		1,228.85		.33		.06			2.10		.38
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.91		.38
Class R-6 – actual return		1,000.00		1,229.59		.06		.01			1.82		.33
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33

See end of tables for footnotes.

American Funds Portfolio Series 81

Expense example (continued)

Moderate Growth and Income Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,187.35	$	1.79		.33	%	$	3.53		.65	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.26		.65
Class C – actual return		1,000.00		1,183.01		5.74		1.06			7.47		1.38
Class C – assumed 5% return		1,000.00		1,019.54		5.31		1.06			6.90		1.38
Class T – actual return		1,000.00		1,188.70		.38		.07			2.12		.39
Class T – assumed 5% return		1,000.00		1,024.45		.35		.07			1.96		.39
Class F-1 – actual return		1,000.00		1,187.05		2.01		.37			3.74		.69
Class F-1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.46		.69
Class F-2 – actual return		1,000.00		1,189.01		.60		.11			2.33		.43
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.16		.43
Class F-3 – actual return		1,000.00		1,189.06		.05		.01			1.79		.33
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33
Class 529-A – actual return		1,000.00		1,186.55		1.95		.36			3.69		.68
Class 529-A – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.41		.68
Class 529-C – actual return		1,000.00		1,182.19		5.95		1.10			7.68		1.42
Class 529-C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.10		1.42
Class 529-E – actual return		1,000.00		1,185.71		3.14		.58			4.88		.90
Class 529-E – assumed 5% return		1,000.00		1,021.92		2.91		.58			4.51		.90
Class 529-T – actual return		1,000.00		1,188.57		.60		.11			2.33		.43
Class 529-T – assumed 5% return		1,000.00		1,024.25		.55		.11			2.16		.43
Class 529-F-1 – actual return		1,000.00		1,188.19		.81		.15			2.55		.47
Class 529-F-1 – assumed 5% return		1,000.00		1,024.05		.75		.15			2.36		.47
Class 529-F-2 – actual return		1,000.00		1,188.55		.65		.12			2.39		.44
Class 529-F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.21		.44
Class 529-F-3 – actual return		1,000.00		1,188.90		.38		.07			2.12		.39
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			1.96		.39
Class ABLE-A – actual return		1,000.00		1,187.97		.81		.15			2.55		.47
Class ABLE-A – assumed 5% return		1,000.00		1,024.05		.75		.15			2.36		.47
Class ABLE-F-2 – actual return		1,000.00		1,188.93		.05		.01			1.79		.33
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33
Class R-1 – actual return		1,000.00		1,182.39		5.95		1.10			7.68		1.42
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.10		1.42
Class R-2 – actual return		1,000.00		1,182.90		5.85		1.08			7.58		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.00		1.40
Class R-2E – actual return		1,000.00		1,184.58		4.44		.82			6.17		1.14
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.71		1.14
Class R-3 – actual return		1,000.00		1,185.31		3.52		.65			5.26		.97
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			4.86		.97
Class R-4 – actual return		1,000.00		1,187.15		1.95		.36			3.69		.68
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.41		.68
Class R-5E – actual return		1,000.00		1,188.12		.92		.17			2.66		.49
Class R-5E – assumed 5% return		1,000.00		1,023.95		.85		.17			2.46		.49
Class R-5 – actual return		1,000.00		1,188.35		.33		.06			2.06		.38
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.91		.38
Class R-6 – actual return		1,000.00		1,188.66		.05		.01			1.79		.33
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33

See end of tables for footnotes.

82 American Funds Portfolio Series

Expense example (continued)

Conservative Growth and Income Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,156.65	$	1.76		.33	%	$	3.21		.60	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.01		.60
Class C – actual return		1,000.00		1,152.53		5.66		1.06			7.10		1.33
Class C – assumed 5% return		1,000.00		1,019.54		5.31		1.06			6.66		1.33
Class T – actual return		1,000.00		1,158.12		.21		.04			1.66		.31
Class T – assumed 5% return		1,000.00		1,024.60		.20		.04			1.56		.31
Class F-1 – actual return		1,000.00		1,156.19		1.98		.37			3.42		.64
Class F-1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.21		.64
Class F-2 – actual return		1,000.00		1,157.58		.59		.11			2.03		.38
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			1.91		.38
Class F-3 – actual return		1,000.00		1,158.31		.05		.01			1.50		.28
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.40		.28
Class 529-A – actual return		1,000.00		1,155.67		1.87		.35			3.31		.62
Class 529-A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.11		.62
Class 529-C – actual return		1,000.00		1,152.06		5.92		1.11			7.36		1.38
Class 529-C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			6.90		1.38
Class 529-E – actual return		1,000.00		1,155.35		3.10		.58			4.54		.85
Class 529-E – assumed 5% return		1,000.00		1,021.92		2.91		.58			4.26		.85
Class 529-T – actual return		1,000.00		1,156.95		.59		.11			2.03		.38
Class 529-T – assumed 5% return		1,000.00		1,024.25		.55		.11			1.91		.38
Class 529-F-1 – actual return		1,000.00		1,157.73		.80		.15			2.25		.42
Class 529-F-1 – assumed 5% return		1,000.00		1,024.05		.75		.15			2.11		.42
Class 529-F-2 – actual return		1,000.00		1,157.76		.70		.13			2.14		.40
Class 529-F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.01		.40
Class 529-F-3 – actual return		1,000.00		1,158.10		.43		.08			1.87		.35
Class 529-F-3 – assumed 5% return		1,000.00		1,024.40		.40		.08			1.76		.35
Class ABLE-A – actual return		1,000.00		1,157.36		.80		.15			2.25		.42
Class ABLE-A – assumed 5% return		1,000.00		1,024.05		.75		.15			2.11		.42
Class ABLE-F-2 – actual return		1,000.00		1,158.20		.05		.01			1.50		.28
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.40		.28
Class R-1 – actual return		1,000.00		1,152.16		5.87		1.10			7.31		1.37
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			6.85		1.37
Class R-2 – actual return		1,000.00		1,152.44		5.76		1.08			7.20		1.35
Class R-2 – assumed 5% return		1,000.00		1,019.44		5.41		1.08			6.76		1.35
Class R-2E – actual return		1,000.00		1,153.47		4.38		.82			5.82		1.09
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.46		1.09
Class R-3 – actual return		1,000.00		1,154.27		3.42		.64			4.86		.91
Class R-3 – assumed 5% return		1,000.00		1,021.62		3.21		.64			4.56		.91
Class R-4 – actual return		1,000.00		1,156.32		1.92		.36			3.37		.63
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.16		.63
Class R-5E – actual return		1,000.00		1,157.56		.96		.18			2.41		.45
Class R-5E – assumed 5% return		1,000.00		1,023.90		.90		.18			2.26		.45
Class R-5 – actual return		1,000.00		1,158.56		.37		.07			1.82		.34
Class R-5 – assumed 5% return		1,000.00		1,024.45		.35		.07			1.71		.34
Class R-6 – actual return		1,000.00		1,157.98		.05		.01			1.50		.28
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.40		.28

See end of tables for footnotes.

American Funds Portfolio Series 83

Expense example (continued)

Tax-Aware Conservative Growth and Income Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,152.94	$	1.81		.34	%	$	3.47		.65	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.26		.65
Class C – actual return		1,000.00		1,148.65		5.54		1.04			7.19		1.35
Class C – assumed 5% return		1,000.00		1,019.64		5.21		1.04			6.76		1.35
Class T – actual return		1,000.00		1,154.60		.21		.04			1.87		.35
Class T – assumed 5% return		1,000.00		1,024.60		.20		.04			1.76		.35
Class F-1 – actual return		1,000.00		1,152.69		2.03		.38			3.68		.69
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.46		.69
Class F-2 – actual return		1,000.00		1,154.70		.59		.11			2.24		.42
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.11		.42
Class F-3 – actual return		1,000.00		1,155.38		.05		.01			1.71		.32
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.61		.32

See end of tables for footnotes.

84 American Funds Portfolio Series

Expense example (continued)

Preservation Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	999.53	$	1.93		.39	%	$	3.22		.65	%
Class A – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.26		.65
Class C – actual return		1,000.00		996.51		5.40		1.09			6.68		1.35
Class C – assumed 5% return		1,000.00		1,019.39		5.46		1.09			6.76		1.35
Class T – actual return		1,000.00		1,000.96		.50		.10			1.79		.36
Class T – assumed 5% return		1,000.00		1,024.30		.50		.10			1.81		.36
Class F-1 – actual return		1,000.00		999.49		1.98		.40			3.27		.66
Class F-1 – assumed 5% return		1,000.00		1,022.81		2.01		.40			3.31		.66
Class F-2 – actual return		1,000.00		1,000.83		.69		.14			1.98		.40
Class F-2 – assumed 5% return		1,000.00		1,024.10		.70		.14			2.01		.40
Class F-3 – actual return		1,000.00		1,001.32		.15		.03			1.44		.29
Class F-3 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.45		.29
Class 529-A – actual return		1,000.00		1,000.57		1.88		.38			3.17		.64
Class 529-A – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.21		.64
Class 529-C – actual return		1,000.00		995.49		5.64		1.14			6.93		1.40
Class 529-C – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.00		1.40
Class 529-E – actual return		1,000.00		998.46		2.97		.60			4.26		.86
Class 529-E – assumed 5% return		1,000.00		1,021.82		3.01		.60			4.31		.86
Class 529-T – actual return		1,000.00		1,000.69		.79		.16			2.08		.42
Class 529-T – assumed 5% return		1,000.00		1,024.00		.80		.16			2.11		.42
Class 529-F-1 – actual return		1,000.00		1,000.65		.94		.19			2.23		.45
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			2.26		.45
Class 529-F-2 – actual return		1,000.00		1,000.73		.79		.16			2.08		.42
Class 529-F-2 – assumed 5% return		1,000.00		1,024.00		.80		.16			2.11		.42
Class 529-F-3 – actual return		1,000.00		1,000.98		.50		.10			1.79		.36
Class 529-F-3 – assumed 5% return		1,000.00		1,024.30		.50		.10			1.81		.36
Class ABLE-A – actual return		1,000.00		1,000.34		.89		.18			2.18		.44
Class ABLE-A – assumed 5% return		1,000.00		1,023.90		.90		.18			2.21		.44
Class ABLE-F-2 – actual return		1,000.00		1,001.00		.20		.04			1.49		.30
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.60		.20		.04			1.51		.30
Class R-1 – actual return		1,000.00		996.28		5.89		1.19			7.18		1.45
Class R-1 – assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.25		1.45
Class R-2 – actual return		1,000.00		995.58		5.64		1.14			6.93		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.00		1.40
Class R-2E – actual return		1,000.00		997.09		4.31		.87			5.60		1.13
Class R-2E – assumed 5% return		1,000.00		1,020.48		4.36		.87			5.66		1.13
Class R-3 – actual return		1,000.00		998.18		3.32		.67			4.61		.93
Class R-3 – assumed 5% return		1,000.00		1,021.47		3.36		.67			4.66		.93
Class R-4 – actual return		1,000.00		999.65		1.83		.37			3.12		.63
Class R-4 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.16		.63
Class R-5E – actual return		1,000.00		1,000.49		.94		.19			2.23		.45
Class R-5E – assumed 5% return		1,000.00		1,023.85		.95		.19			2.26		.45
Class R-5 – actual return		1,000.00		1,001.06		.45		.09			1.74		.35
Class R-5 – assumed 5% return		1,000.00		1,024.35		.45		.09			1.76		.35
Class R-6 – actual return		1,000.00		1,001.29		.20		.04			1.49		.30
Class R-6 – assumed 5% return		1,000.00		1,024.60		.20		.04			1.51		.30

See end of tables for footnotes.

American Funds Portfolio Series 85

Expense example (continued)

Tax-Exempt Preservation Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,009.98	$	1.79		.36	%	$	3.29		.66	%
Class A – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.31		.66
Class C – actual return		1,000.00		1,007.52		5.28		1.06			6.77		1.36
Class C – assumed 5% return		1,000.00		1,019.54		5.31		1.06			6.80		1.36
Class T – actual return		1,000.00		1,011.43		.30		.06			1.80		.36
Class T – assumed 5% return		1,000.00		1,024.50		.30		.06			1.81		.36
Class F-1 – actual return		1,000.00		1,010.70		2.04		.41			3.54		.71
Class F-1 – assumed 5% return		1,000.00		1,022.76		2.06		.41			3.56		.71
Class F-2 – actual return		1,000.00		1,011.13		.65		.13			2.14		.43
Class F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.16		.43
Class F-3 – actual return		1,000.00		1,011.61		.15		.03			1.65		.33
Class F-3 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.66		.33

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.

86 American Funds Portfolio Series

Approval of Investment Advisory and Service Agreement

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2022. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series 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 their interaction with CRMC as well as 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 with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the 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 considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2020. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, 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 total expenses generally compared favorably to those of other similar funds included in the comparable Lipper category.

The board and the committee also reviewed the fee schedule of the funds (including the fees and total expenses of the underlying American Funds in which the funds invest) to those of other relevant funds. The board and the committee noted CRMC’s prior elimination of the entire advisory fee payable by the funds under the agreement. The board and committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the underlying American Funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the underlying funds 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, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for other amounts paid to CRMC by the funds.

American Funds Portfolio Series 87

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 underlying 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 series’ 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 through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the underlying American Funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of 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. They further considered the breakpoint discounts in the underlying funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s expense structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.

88 American Funds Portfolio Series

Liquidity Risk Management Program

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2019, through September 30, 2020. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

American Funds Portfolio Series 89

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90 American Funds Portfolio Series

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American Funds Portfolio Series 91

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

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

Principal underwriter

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

92 American Funds Portfolio Series

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

“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 our 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 our website.

Visit the Capital Group website for more information on the securities held by the underlying funds in the American Funds Portfolio Series’ portfolios.

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 NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

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, 2021, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2021 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

Bloomberg^® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

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 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are 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.

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.² Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

1	Investment industry experience as of December 31, 2020.
2	Based on Class F-2 share results for rolling periods through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3	Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

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

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 semi-annual 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,

Principal Executive Officer

Date: June 30, 2021

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,

Principal Executive Officer

Date: June 30, 2021

By ___/s/ Gregory F. Niland    __________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2021