N-CSRS 1 afps_ncsr.htm N-CSR

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, 2013

Steven I. Koszalka

American Funds Portfolio Series

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

Copies to:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders


From Capital Group

American Funds Portfolio Series^SM

Semi-annual report for the six months ended April 30, 2013

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

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

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

Here are the cumulative total returns on a $1,000 investment with all distributions reinvested for the period ended March 31, 2013 (the most recent calendar quarter-end). Also shown are the estimated gross and net expense ratios as of the series’ prospectus dated January 1, 2013:

Class A shares	Lifetime total return*			Gross expense ratio			Net expense ratio
Total returns reflecting 5.75% maximum initial sales charge:
American Funds Global Growth Portfolio^SM		16.61	%		1.14	%		1.04	%
American Funds Growth Portfolio^SM		16.10			1.00			0.90
American Funds Growth and Income Portfolio^SM		11.82			0.92			0.82
American Funds Balanced Portfolio^SM		10.08			0.89			0.79
American Funds Income Portfolio^SM		6.88			0.85			0.75
Total return reflecting 3.75% maximum initial sales charge:
American Funds Tax-Advantaged Income Portfolio^SM		10.26			1.03			0.93
Total returns reflecting 2.50% maximum initial sales charge:
American Funds Preservation Portfolio^SM		–1.33			0.88			0.75
American Funds Tax-Exempt Preservation Portfolio^SM		0.53			0.99			0.76

*Since May 18, 2012.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The portfolio series’ funds invest in Class R-6 shares of the underlying funds. The series’ investment adviser is currently waiving its management fee of 0.10%, and reimbursing a portion of other expenses in all share classes for the Tax-Exempt Preservation Portfolio and the Preservation Portfolio. Investment results and net expense ratios shown reflect the waiver and reimbursements, without which the results would have been lower and the expenses would have been higher. Expense ratios are estimated as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds. The waiver for all funds and the reimbursement for the Tax-Exempt Preservation Portfolio and the Preservation Portfolio will remain in effect at least through December 31, 2013. After that time, the adviser may elect at its discretion to extend, modify or terminate the reimbursement. The waiver may only be modified or terminated with the approval of the series’ board of trustees.

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

Fellow investors:

It’s our pleasure to present the semi-annual report for American Funds Portfolio Series, which covers the six-month period ended April 30, 2013. We take this opportunity to welcome new investors. Launched on May 18, 2012, the series held total net assets of nearly $4.8 billion as of April 30.

About the series

The series offers eight funds, each one a combination of individual American Funds. Each fund has a specific investment objective — such as preservation, balance and appreciation — and is intended to help investors pursue longer term goals, such as saving for college or retirement. These funds can be used in combination or individually, taking into consideration the investor’s time frame, risk tolerance and other factors.

Each fund’s mix of underlying funds is developed by American Funds’ senior investment professionals. Our Portfolio Oversight Committee meets regularly to review the series’ results and determine whether to make any changes to the target weightings of the funds.

The economy

The U.S. continued its recovery, albeit at a moderate pace, during the reporting period. Gross domestic product (GDP) was up 0.4% in the fourth quarter of 2012 and an estimated 2.4% in the first quarter of 2013. Following the “Great Recession,” the U.S. economy has now expanded for 15 consecutive quarters. The housing market showed noticeable improvement and, as a result, helped to boost many other sectors as well. The S&P/Case-Shiller index — a widely followed measure of home prices —rose in January at its fastest rate since the summer of 2006. Growth in the job market pushed the unemployment rate down to 7.5% at the end of April, its lowest level since 2008. Inflation remained benign, with the Consumer Price Index, a key measure of inflation, increasing 0.5% for the six months ended April 30.

The stock market

U.S. stocks rallied sharply during the reporting period, with major indexes passing all-time highs. First quarter 2013 results were particularly healthy, rebounding from a fourth-quarter 2012 decline exacerbated by troubling global events and ongoing fiscal challenges. Standard & Poor’s 500 Composite Index (a broad measure of the U.S. stock market) gained 14.4% for the period. Despite the fact that several European economies remain in recession and that growth in China has slowed, international markets were also quite strong. The MSCI All Country World ex USA Index (a leading benchmark for developed markets outside North America) climbed 12.8% for the six months.

		Contents

1		Letter to investors

4		Investment portfolios

12		Financial statements

American Funds Portfolio Series

The bond market

The Federal Reserve continued its accommodative monetary policy and indicated that it planned to keep the target range for the federal funds rate exceptionally low until its unemployment and inflation goals are met.

With low interest rates as a backdrop, most sectors of the bond market saw positive results during the period. Barclays U.S. Aggregate Index (a measure of the broad fixed-income market) inched up 0.9%. Government, municipal and corporate investment-grade bonds all realized modest gains. Investors’ appetite for risk grew, as lower rated, high-yield bonds led all bond sectors, with the Barclays U.S. Corporate High Yield 2% Issuer Capped Index climbing 7.3%.

How the series fared

All of the funds in the series posted positive results for the period. Given the stock market’s rally, the series’ growth-oriented funds advanced to the greatest degree. While returns for those funds geared toward preservation may seem slight thus far, the goal is to maintain the value of assets in their portfolios. Since the funds in the series are intended as long-term investment vehicles, it’s more constructive to review results over extended time frames. The table on page 3 shows the series’ results since its inception nearly 12 months ago. While we are pleased by the lifetime results, one year is a relatively brief investment period. Investors are best served by maintaining a long-term perspective.

Moving forward

We are encouraged by many positive signs. Economic activity is expanding, labor market conditions are improving, the housing sector continues to strengthen, and business and consumer spending has increased moderately. However, cutbacks in government expenditures may restrain economic growth. With interest rates remaining so low for a prolonged period, inflation may become a concern. As the economic expansion continues and the need for accommodative Federal Reserve policy declines, there may be considerable volatility in bond market returns, with spillovers into other asset classes. Diversification becomes even more crucial in such an environment.

Regardless of the challenges that may lie ahead, we remain committed to our objective-based approach to investing, comprehensively evaluating company fundamentals in an effort to identify investments that may represent the best value over the long term.

We thank you for making American Funds Portfolio Series part of your investment plan. We look forward to reporting to you again at the end of our fiscal year.

Cordially,

Bradley J. Vogt

Vice Chairman of the Board

Walter R. Burkley

President

June 13, 2013

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

2	American Funds Portfolio Series

Results at a glance

Cumulative total returns for Class A shares for the period ended April 30, 2013 (with all distributions reinvested)

				Lifetime
	6 months			(since 5/18/12)
American Funds Global Growth Portfolio		14.03	%		27.37	%
MSCI ACWI (All Country World Index)*^†		13.46			26.44
Lipper Global Funds Index		15.01			27.13
American Funds Growth Portfolio		14.44			26.11
Standard & Poor’s 500 Composite Index*		14.41			26.14
Lipper Growth Funds Index		14.26			24.98
American Funds Growth and Income Portfolio		11.48			22.22
Standard & Poor’s 500 Composite Index*		14.41			26.14
Lipper Growth and Income Funds Index		13.30			24.93
American Funds Balanced Portfolio		10.05			19.54
Standard & Poor’s 500 Composite Index*		14.41			26.14
Lipper Balanced Funds Index		8.73			16.76
American Funds Income Portfolio		8.65			16.07
Standard & Poor’s 500 Composite Index*		14.41			26.14
Lipper Income Funds Index		6.58			13.30
American Funds Tax-Advantaged Income Portfolio		8.71			17.12
Barclays Municipal Bond Index*		1.78			4.39
Lipper Income Funds Index		6.58			13.30
American Funds Preservation Portfolio		.46			1.73
Barclays U.S. Government/Credit 1–7 Years ex BBB Index*		.80			2.01
Lipper Short-Intermediate Investment-Grade Debt Funds Index		1.18			3.74
American Funds Tax-Exempt Preservation Portfolio		1.62			3.76
Barclays Municipal Short-Intermediate 1–10 Years Index*		1.16			2.50
Lipper Intermediate Municipal Debt Funds Index		1.55			3.64

^*	The market indexes are unmanaged and, therefore, have no expenses.
^†	Results reflect dividends net of withholding taxes.

The MSCI 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. The S&P 500 is a market capitalization-weighted index based on the average weighted results of 500 widely held common stocks.

Lipper Global Funds Index is an equally weighted index of funds that invest at least 25% of their portfolios in securities traded outside of the U.S. and may own U.S. securities as well. Lipper Growth Funds Index is an equally weighted index of growth funds. Lipper Growth and Income Funds Index is an equally weighted index of funds that combine a growth-of-earnings orientation and an income requirement for level and/or rising dividends. Lipper Balanced Funds Index is an equally weighted index of funds that seek to conserve principal by maintaining a balanced portfolio of both stocks and bonds. Lipper Income Funds Index is an equally weighted index of funds that normally seek a high level of current income through investing in income-producing stocks, bonds and money market instruments. Lipper Short-Intermediate Investment-Grade Debt Funds Index is an equally weighted index of funds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of one to five years. Lipper Intermediate Municipal Debt Funds Index is an equally weighted index of funds that invest in municipal debt issues with dollar-weighted average maturities of five to 10 years.

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

American Funds Portfolio Series

American Funds Global Growth Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds — 70.0%
The New Economy Fund, Class R-6		1,909,702	$	61,912			20.0	%
New Perspective Fund, Class R-6		2,721,829		92,869			30.0
New World Fund, Inc., Class R-6		1,092,510		61,913			20.0
				216,694			70.0
Growth-and-income funds — 30.0%
Capital World Growth and Income Fund, Class R-6		2,271,186		92,869			30.0

Total investment securities (cost: $281,855,000)				309,563			100.0
Other assets less liabilities				(81	)		—

Net assets			$	309,482			100.0	%

See Notes to Financial Statements

4	American Funds Portfolio Series

American Funds Growth Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds — 70.0%
AMCAP Fund, Class R-6		6,363,216	$	155,644			30.0	%
EuroPacific Growth Fund, Class R-6		2,957,217		129,704			25.0
SMALLCAP World Fund, Inc., Class R-6		1,755,915		77,822			15.0
				363,170			70.0
Growth-and-income funds — 30.0%
Fundamental Investors, Class R-6		3,435,097		155,644			30.0

Total investment securities (cost: $469,577,000)				518,814			100.0
Other assets less liabilities				(120	)		—

Net assets			$	518,694			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series

American Funds Growth and Income Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds — 20.0%
The Growth Fund of America, Inc., Class R-6		6,075,800	$	230,698			20.0	%

Growth-and-income funds — 40.0%
Capital World Growth and Income Fund, Class R-6		5,641,920		230,698			20.0
The Investment Company of America, Class R-6		6,803,247		230,698			20.0
				461,396			40.0
Equity-income and Balanced funds — 25.0%
Capital Income Builder, Class R-6		5,029,171		288,373			25.0

Bond funds — 15.0%
Capital World Bond Fund, Class R-6		8,196,286		173,024			15.0

Total investment securities (cost: $1,066,781,000)				1,153,491			100.0
Other assets less liabilities				(364	)		—

Net assets			$	1,153,127			100.0	%

See Notes to Financial Statements

6	American Funds Portfolio Series

American Funds Balanced Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds — 20.0%
New Perspective Fund, Class R-6		5,580,307	$	190,400			20.0	%

Growth-and-income funds — 30.0%
Capital World Growth and Income Fund, Class R-6		3,492,298		142,800			15.0
Washington Mutual Investors Fund, Class R-6		4,068,378		142,800			15.0
				285,600			30.0
Equity-income and Balanced funds — 25.0%
American Balanced Fund, Class R-6		10,725,556		238,000			25.0

Bond funds — 25.0%
The Bond Fund of America, Class R-6		18,335,909		238,000			25.0

Total investment securities (cost: $885,460,000)				952,000			100.0
Other assets less liabilities				(159	)		—

Net assets			$	951,841			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series

American Funds Income Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Growth-and-income funds — 20.0%
American Mutual Fund, Class R-6		6,220,055	$	199,229			20.0	%

Equity-income and Balanced funds — 40.0%
Capital Income Builder, Class R-6		3,474,509		199,229			20.0
The Income Fund of America, Class R-6		10,138,848		199,228			20.0
				398,457			40.0
Bond funds — 40.0%
American High-Income Trust, Class R-6		17,160,066		199,228			20.0
U.S. Government Securities Fund, Class R-6		14,030,167		199,228			20.0
				398,456			40.0

Total investment securities (cost: $941,518,000)				996,142			100.0
Other assets less liabilities				(180	)		—

Net assets			$	995,962			100.0	%

See Notes to Financial Statements

8	American Funds Portfolio Series

American Funds Tax-Advantaged Income Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Growth-and-income funds — 50.0%
Capital World Growth and Income Fund, Class R-6		1,171,859	$	47,918			25.0	%
Washington Mutual Investors Fund, Class R-6		1,365,166		47,917			25.0
				95,835			50.0
Tax-exempt bond funds — 50.0%
American High-Income Municipal Bond Fund, Class R-6		3,063,767		47,917			25.0
The Tax-Exempt Bond Fund of America, Class R-6		3,621,868		47,917			25.0
				95,834			50.0

Total investment securities (cost: $179,225,000)				191,669			100.0
Other assets less liabilities				(36	)		—

Net assets			$	191,633			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series

American Funds Preservation Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Bond funds — 100.0%
The Bond Fund of America, Class R-6		7,025,744	$	91,194			20.0	%
Intermediate Bond Fund of America, Class R-6		13,264,605		182,389			40.0
Short-Term Bond Fund of America, Class R-6		18,112,047		182,388			40.0

Total investment securities (cost: $455,632,000)				455,971			100.0
Other assets less liabilities				(132	)		—

Net assets			$	455,839			100.0	%

See Notes to Financial Statements

10	American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio	unaudited
Investment portfolio, April 30, 2013

Fund investments	Shares		Value (000)			Percent of net assets
Tax-exempt bond funds — 100.0%
Limited Term Tax-Exempt Bond Fund of America, Class R-6		8,758,838	$	143,907			70.0	%
The Tax-Exempt Bond Fund of America, Class R-6		4,661,733		61,675			30.0

Total investment securities (cost: $204,374,000)				205,582			100.0
Other assets less liabilities				(110	)		—

Net assets			$	205,472			100.0	%

See Notes to Financial Statements

American Funds Portfolio Series

Financial statements

Statements of assets and liabilities at April 30, 2013

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Assets:
Investment securities, at value	$	309,563		$	518,814		$	1,153,491
Receivables for:
Sales of fund’s shares		1,925			2,341			4,325
Dividends		—			—			—
Total assets		311,488			521,155			1,157,816

Liabilities:
Payables for:
Purchases of investments		1,593			2,056			4,035
Repurchases of fund’s shares		326			252			316
Services provided by related parties		83			146			327
Trustees’ deferred compensation		—	*		—	*		—	*
Other		4			7			11
Total liabilities		2,006			2,461			4,689
Net assets at April 30, 2013	$	309,482		$	518,694		$	1,153,127

Net assets consist of:
Capital paid in on shares of beneficial interest	$	281,159		$	469,903		$	1,064,722
(Distributions in excess of) undistributed net investment income		(63	)		(260	)		(886	)
Undistributed (accumulated) net realized gain (loss)		678			(186	)		2,581
Distributions in excess of net realized gain		—			—			—
Net unrealized appreciation		27,708			49,237			86,710
Net assets at April 30, 2013	$	309,482		$	518,694		$	1,153,127

Investment securities, at cost	$	281,855		$	469,577		$	1,066,781

*Amount less than one thousand.

See Notes to Financial Statements

12	American Funds Portfolio Series

unaudited

(dollars in thousands)

Balanced Portfolio			Income Portfolio			Tax-Advantaged Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio

$	952,000		$	996,142		$	191,669		$	455,971		$	205,582

	3,642			5,041			1,199			2,346			1,659
	63			163			293			191			485
	955,705			1,001,346			193,161			458,508			207,726



	3,133			4,628			1,341			1,835			1,849
	420			407			151			646			345
	302			344			35			183			59
	—	*		—	*		—	*		—	*		—	*
	9			5			1			5			1
	3,864			5,384			1,528			2,669			2,254
$	951,841		$	995,962		$	191,633		$	455,839		$	205,472


$	885,390		$	939,374		$	179,046		$	455,505		$	204,240
	13			(806	)		210			22			53
	(102	)		2,770			—			(27	)		(29	)
	—			—			(67	)		—			—
	66,540			54,624			12,444			339			1,208
$	951,841		$	995,962		$	191,633		$	455,839		$	205,472

$	885,460		$	941,518		$	179,225		$	455,632		$	204,374

American Funds Portfolio Series

Statements of assets and liabilities at April 30, 2013 (continued)

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	193,702	$	331,909	$	826,573
	Shares outstanding		15,392		26,568		69,203
	Net asset value per share	$	12.58	$	12.49	$	11.94
Class B:	Net assets	$	1,172	$	3,176	$	7,354
	Shares outstanding		94		255		617
	Net asset value per share	$	12.53	$	12.43	$	11.92
Class C:	Net assets	$	31,801	$	52,733	$	123,912
	Shares outstanding		2,541		4,243		10,406
	Net asset value per share	$	12.51	$	12.43	$	11.91
Class F-1:	Net assets	$	12,738	$	9,492	$	15,595
	Shares outstanding		1,012		760		1,305
	Net asset value per share	$	12.59	$	12.49	$	11.95
Class F-2:	Net assets	$	9,363	$	17,903	$	14,588
	Shares outstanding		743		1,431		1,220
	Net asset value per share	$	12.60	$	12.51	$	11.95
Class 529-A:	Net assets	$	27,133	$	52,022	$	84,331
	Shares outstanding		2,157		4,165		7,062
	Net asset value per share	$	12.58	$	12.49	$	11.94
Class 529-B:	Net assets	$	353	$	620	$	1,060
	Shares outstanding		28		50		89
	Net asset value per share	$	12.53	$	12.44	$	11.92
Class 529-C:	Net assets	$	8,621	$	19,986	$	37,084
	Shares outstanding		689		1,609		3,115
	Net asset value per share	$	12.51	$	12.42	$	11.91
Class 529-E:	Net assets	$	599	$	2,328	$	3,669
	Shares outstanding		48		187		308
	Net asset value per share	$	12.57	$	12.46	$	11.93
Class 529-F-1:	Net assets	$	851	$	2,084	$	3,627
	Shares outstanding		68		167		303
	Net asset value per share	$	12.59	$	12.50	$	11.95
Class R-1:	Net assets	$	299	$	1,535	$	2,804
	Shares outstanding		24		123		236
	Net asset value per share	$	12.53	$	12.44	$	11.91
Class R-2:	Net assets	$	2,904	$	5,603	$	8,600
	Shares outstanding		232		450		722
	Net asset value per share	$	12.52	$	12.44	$	11.91
Class R-3:	Net assets	$	3,709	$	5,964	$	7,856
	Shares outstanding		295		478		659
	Net asset value per share	$	12.56	$	12.48	$	11.92
Class R-4:	Net assets	$	913	$	1,002	$	968
	Shares outstanding		72		80		81
	Net asset value per share	$	12.59	$	12.49	$	11.95
Class R-5:	Net assets	$	14,009	$	11,706	$	14,829
	Shares outstanding		1,111		935		1,240
	Net asset value per share	$	12.61	$	12.52	$	11.96
Class R-6:	Net assets	$	1,315	$	631	$	277
	Shares outstanding		104		50		23
	Net asset value per share	$	12.66	$	12.52	$	11.95

See Notes to Financial Statements

14	American Funds Portfolio Series

unaudited

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

Balanced Portfolio		Income Portfolio		Tax-Advantaged Income Portfolio		Preservation Portfolio		Tax-Exempt Preservation Portfolio

$	640,545	$	718,223	$	162,782	$	316,087	$	136,549
	54,468		63,803		14,247		31,403		13,449
$	11.76	$	11.26	$	11.43	$	10.07	$	10.15
$	5,356	$	4,552	$	191	$	2,542	$	142
	456		405		17		253		14
$	11.74	$	11.23	$	11.41	$	10.06	$	10.16
$	115,258	$	142,698	$	17,293	$	58,799	$	42,655
	9,830		12,713		1,518		5,847		4,206
$	11.73	$	11.22	$	11.39	$	10.06	$	10.14
$	23,564	$	29,879	$	7,666	$	8,262	$	10,744
	2,004		2,653		671		821		1,058
$	11.76	$	11.26	$	11.42	$	10.07	$	10.15
$	17,502	$	21,826	$	3,701	$	6,056	$	15,382
	1,487		1,937		324		602		1,515
$	11.77	$	11.27	$	11.43	$	10.07	$	10.15
$	65,355	$	28,594			$	29,878
	5,558		2,541				2,969
$	11.76	$	11.25			$	10.06
$	859	$	549			$	576
	73		49				57
$	11.74	$	11.24			$	10.07
$	29,241	$	21,559			$	15,505
	2,493		1,921				1,541
$	11.73	$	11.22			$	10.06
$	2,315	$	2,366			$	2,335
	197		210				232
$	11.75	$	11.25			$	10.06
$	2,754	$	1,719			$	1,581
	234		153				157
$	11.77	$	11.26			$	10.06
$	3,460	$	456			$	737
	295		41				73
$	11.73	$	11.23			$	10.06
$	9,167	$	5,835			$	4,977
	781		519				495
$	11.73	$	11.23			$	10.05
$	12,891	$	5,789			$	3,202
	1,097		515				318
$	11.75	$	11.25			$	10.06
$	6,642	$	5,487			$	1,249
	565		487				124
$	11.76	$	11.26			$	10.07
$	8,662	$	6,284			$	3,623
	736		558				360
$	11.77	$	11.27			$	10.07
$	8,270	$	146			$	430
	703		13				43
$	11.77	$	11.27			$	10.07

American Funds Portfolio Series

Statements of operations for the six months ended April 30, 2013

	Global Growth			Growth			Growth and Income
	Portfolio			Portfolio			Portfolio
Investment income:

Dividends	$	1,919		$	2,852		$	11,237

Fees and expenses*:
Investment advisory services		92			161			373
Distribution services		309			557			1,338
Transfer agent services		89			159			370
Reports to shareholders		2			4			10
Registration statement and prospectus		132			147			194
Trustees’ compensation		1			1			2
Auditing and legal		—	^†		1			1
Custodian		13			13			13
State and local taxes		—			—			—
Other		13			28			50
Total fees and expenses before reimbursements/waivers		651			1,071			2,351
Less reimbursements/waivers of fees and expenses:
Investment advisory services		92			161			373
Other		—			—			—
Total fees and expenses before reimbursements/waivers		559			910			1,978
Net investment income		1,360			1,942			9,259

Net realized gain (loss) and unrealized appreciation on investments:
Net realized gain (loss) on sale of investments		—			—	^†		—
Capital gain distributions received		785			—			2,674
Net realized gain (loss)		785			—	^†		2,674
Net unrealized appreciation (depreciation) on investments		22,266			42,020			76,554
Net realized gain (loss) and unrealized appreciation on investments		23,051			42,020			79,228
Net increase in net assets resulting from operations	$	24,411		$	43,962		$	88,487

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

See Notes to Financial Statements

16	American Funds Portfolio Series

unaudited

(dollars in thousands)

Balanced			Income		Tax-Advantaged Income			Preservation			Tax-Exempt Preservation
Portfolio			Portfolio		Portfolio			Portfolio			Portfolio


$	7,527		$	13,609	$	2,180		$	2,916		$	2,499


	313			345		66			185			84
	1,211			1,402		234			757			346
	317			351		64			195			85
	7			8		2			5			2
	191			213		76			163			81
	2			2		—	^†		1			1
	1			1		—	^†		1			—	^†
	13			13		13			13			13
	—			—		—			—			7
	42			25		1			23			2
	2,097			2,360		456			1,343			621

	313			345		66			185			84
	—			—		—			76			55
	1,784			2,015		390			1,082			482
	5,743			11,594		1,790			1,834			2,017


	(6	)		—		(2	)		(25	)		(40	)
	—			2,826		—			—			18
	(6	)		2,826		(2	)		(25	)		(22	)
	57,848			48,724		9,703			(230	)		493
	57,842			51,550		9,701			(255	)		471
$	63,585		$	63,144	$	11,491		$	1,579		$	2,488

American Funds Portfolio Series

Statements of changes in net assets

	Global Growth						Growth						Growth and Income
	Portfolio						Portfolio						Portfolio
	Six months ended April 30, 2013¹			Period ended October 31, 2012²			Six months ended April 30, 2013¹			Period ended October 31, 2012²			Six months ended April 30, 2013¹			Period ended October 31, 2012²
Operations:
Net investment income	$	1,360		$	146		$	1,942		$	99		$	9,259		$	1,734
Net realized gain (loss)		785			(7	)		—	³		(186	)		2,674			(93	)
Net unrealized appreciation (depreciation) on investments		22,266			5,442			42,020			7,217			76,554			10,156
Net increase in net assets resulting from operations		24,411			5,581			43,962			7,130			88,487			11,797

Dividends and distributions paid to shareholders:
Dividends from net investment income		(1,568	)		—			(2,296	)		—			(10,570	)		(1,305	)
Distributions from net realized gain on investments		(57	)		—			—			—			—			—
Total dividends and distributions paid to shareholders		(1,625	)		—			(2,296	)		—			(10,570	)		(1,305	)

Net capital share transactions		199,020			82,095			305,403			164,495			652,282			412,436

Total increase in net assets		221,806			87,676			347,069			171,625			730,199			422,928

Net assets:
Beginning of period		87,676			—			171,625			—			422,928			—
End of period	$	309,482		$	87,676		$	518,694		$	171,625		$	1,153,127		$	422,928

(Distributions in excess of) undistributed net investment income	$	(63	)	$	145		$	(260	)	$	94		$	(886	)	$	425

¹	Unaudited.
²	For the period May 18, 2012, commencement of operations, through October 31, 2012.
³	Amount less than one thousand.

See Notes to Financial Statements

18	American Funds Portfolio Series

unaudited

(dollars in thousands)

Balanced						Income						Tax-Advantaged Income						Preservation						Tax-Exempt Preservation
Portfolio						Portfolio						Portfolio						Portfolio						Portfolio
Six months ended April 30, 2013¹			Period ended October 31, 2012²			Six months ended April 30, 2013¹			Period ended October 31, 2012²			Six months ended April 30, 2013¹			Period ended October 31, 2012²			Six months ended April 30, 2013¹			Period ended October 31, 2012²			Six months ended April 30, 2013¹			Period ended October 31, 2012²

$	5,743		$	1,215		$	11,594		$	3,073		$	1,790		$	759		$	1,834		$	643		$	2,017		$	775
	(6	)		(96	)		2,826			(55	)		(2	)		16			(25	)		1			(22	)		38
	57,848			8,692			48,724			5,900			9,703			2,741			(230	)		569			493			715
	63,585			9,811			63,144			8,918			11,491			3,516			1,579			1,213			2,488			1,528

	(6,037	)		(902	)		(13,165	)		(2,309	)		(1,757	)		(582	)		(1,898	)		(560	)		(2,020	)		(718	)

	—			—			—			—			(51	)		—			—			—			—			—
	(6,037	)		(902	)		(13,165	)		(2,309	)		(1,808	)		(582	)		(1,898	)		(560	)		(2,020	)		(718	)
	535,465			349,919			518,059			421,315			103,824			75,192			215,290			240,215			90,227			113,967

	593,013			358,828			568,038			427,924			113,507			78,126			214,971			240,868			90,695			114,777

	358,828			—			427,924			—			78,126			—			240,868			—			114,777			—
$	951,841		$	358,828		$	995,962		$	427,924		$	191,633		$	78,126		$	455,839		$	240,868		$	205,472		$	114,777

$	13		$	307		$	(806	)	$	765		$	210		$	177		$	22		$	86		$	53		$	56

American Funds Portfolio Series

Notes to financial statements

unaudited

1. Organization

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

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

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

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

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 2.50% for Preservation Portfolio and Tax-Exempt Preservation Portfolio; up to 3.75% for Tax-Advantaged Income Portfolio; up to 5.75% for all other funds	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-3, R-4, R-5 and R-6	None	None	None

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

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

20	American Funds Portfolio Series

2. Significant accounting policies

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

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

Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the Financial Highlights table on pages 38 to 45.

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

Dividends and distributions to shareholders — Dividends and distributions paid to shareholders are recorded on the ex-dividend date.

3. Valuation

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

Processes and structure — The series’ board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. At April 30, 2013, all of the investment securities for each fund were classified as Level 1.

4. Risk factors

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

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

American Funds Portfolio Series

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

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

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

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

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

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

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

Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Credit risk is gauged, in part, by the credit ratings of the 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.

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

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

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

22	American Funds Portfolio Series

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

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

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

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

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

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

Investing in future delivery contracts — An underlying fund may enter into contracts, such as to be announced contracts and mortgage dollar rolls, that involve an underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund’s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While an underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the underlying fund.

Cash position and temporary investments — An underlying fund may also hold cash or money market instruments. The percentage of an underlying fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of fund shares. For temporary defensive purposes, an underlying fund may hold all, or a significant portion, of its assets in cash, money market instruments or other securities that may be deemed appropriate by the funds’ investment adviser. The investment adviser may determine that it is appropriate to take such action in response to certain circumstances, such as periods of market turmoil. A larger amount of such holdings could negatively affect a fund’s investment results in a period of rising market prices. A larger percentage of cash or money market instruments could reduce a fund’s magnitude of loss in the event of falling market prices and provide liquidity to make additional investments or to meet redemptions.

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

American Funds Portfolio Series

5. Taxation and distributions

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

As of and during the period ended April 30, 2013, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the period, none of the funds incurred any interest or penalties.

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

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

The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2012, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio			Balanced Portfolio		Income Portfolio		Tax- Advantaged Income Portfolio		Preservation Portfolio		Tax-Exempt Preservation Portfolio
Undistributed ordinary income	$	199	$	98	$	425		$	307	$	765	$	124	$	86	$	—
Undistributed tax-exempt income		—		—		—			—		—		101		—		56
Capital loss carryforward		—		—		(1	)		—		—		—		—		—

As of April 30, 2013, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio			Balanced Portfolio		Income Portfolio			Tax- Advantaged Income Portfolio		Preservation Portfolio			Tax-Exempt Preservation Portfolio
Gross unrealized appreciation on investment securities	$	27,603	$	49,046	$	87,008		$	66,439	$	57,315		$	12,380	$	508		$	1,162
Gross unrealized depreciation on investment securities		—		—		(390	)		—		(2,748	)		—		(195	)		—
Net unrealized appreciation on investment securities		27,603		49,046		86,618			66,439		54,567			12,380		313			1,162
Cost of investment securities		281,960		469,768		1,066,873			885,561		941,575			179,289		455,658			204,420

24	American Funds Portfolio Series

Dividends from net investment income shown on the accompanying financial statements are considered ordinary income distributions or tax-exempt distributions for tax purposes. Distributions from short-term net realized gains are considered ordinary income distributions for tax purposes. Tax-basis distributions paid to shareholders from net investment income and short-term net realized gains, if applicable, were as follows (dollars in thousands):

Share class	Global Growth Portfolio					Growth Portfolio				Growth and Income Portfolio					Balanced Portfolio
	Six months ended April 30, 2013			Period ended October 31, 2012*		Six months ended April 30, 2013		Period ended October 31, 2012*		Six months ended April 30, 2013		Period ended October 31, 2012*			Six months ended April 30, 2013		Period ended October 31, 2012*
Class A	$	1,014		$	—	$	1,500	$	—	$	7,777	$	1,009		$	4,273	$	655
Class B		5			—		13		—		64		9			29		5
Class C		127			—		168		—		873		74			521		62
Class F-1		31			—		49		—		161		19			118		11
Class F-2		43			—		38		—		127		11			127		15
Class 529-A		174			—		278		—		855		100			512		85
Class 529-B		2			—		3		—		10		1			4		1
Class 529-C		34			—		79		—		280		27			144		21
Class 529-E		3			—		13		—		33		4			17		2
Class 529-F-1		7			—		14		—		40		3			29		4
Class R-1		2			—		10		—		24		2			16		1
Class R-2		10			—		19		—		50		2			39		3
Class R-3		9			—		6		—		51		4			68		11
Class R-4		9			—		6		—		5		—	^†		16		2
Class R-5		155			—		99		—		217		40			90		24
Class R-6		—	^†		—		1		—		3		—	^†		34		—	^†
Total	$	1,625		$	—	$	2,296	$	—	$	10,570	$	1,305		$	6,037	$	902

Share class	Income Portfolio					Tax-Advantaged Income Portfolio					Preservation Portfolio					Tax-Exempt Preservation Portfolio
	Six months ended April 30, 2013		Period ended October 31, 2012*			Six months ended April 30, 2013		Period ended October 31, 2012*			Six months ended April 30, 2013		Period ended October 31, 2012*			Six months ended April 30, 2013		Period ended October 31, 2012*
Class A	$	9,673	$	1,728		$	1,587	$	526		$	1,477	$	430		$	1,400	$	528
Class B		60		13			2		—	^†		5		1			1		—	^†
Class C		1,610		250			129		30			108		31			308		83
Class F-1		502		99			56		18			43		17			123		45
Class F-2		308		46			34		8			34		14			188		62
Class 529-A		407		70								137		40
Class 529-B		7		1								1		—	^†
Class 529-C		243		40								22		5
Class 529-E		34		5								8		3
Class 529-F-1		30		3								7		3
Class R-1		5		1								2		—	^†
Class R-2		59		6								6		2
Class R-3		62		10								12		1
Class R-4		52		5								8		—	^†
Class R-5		111		32								26		13
Class R-6		2		—	^†							2		—	^†
Total	$	13,165	$	2,309		$	1,808	$	582		$	1,898	$	560		$	2,020	$	718

*	For the period May 18, 2012, commencement of operations, through October 31, 2012.
^†	Amount less than one thousand.

American Funds Portfolio Series

6. Fees and transactions with related parties

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

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees, accrued daily. These fees are based on an annual rate of 0.10% of daily net assets. CRMC is currently waiving these fees. This waiver can be modified or terminated only with the approval of the series’ board of trustees. Investment advisory services fees are presented in the statements of operations gross of the waiver from CRMC. CRMC receives fees from the underlying funds for investment advisory services. These fees are included in the net effective expense ratios that are provided as supplementary information in the Financial Highlights table on pages 38 to 45.

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

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

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

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Class 529-A		0.30			0.50
Classes B and 529-B		1.00			1.00
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Classes 529-E and R-3		0.50			0.75
Classes F-1, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of April 30, 2013, unreimbursed expenses subject to reimbursement for the funds’ Class A and 529-A shares were as follows (dollars in thousands):

	Class A		Class 529-A
Global Growth Portfolio	$	—		$—
Growth Portfolio		—		—
Growth and Income Portfolio		—		—
Balanced Portfolio		—		—
Income Portfolio		98		—
Tax-Advantaged Income Portfolio		78	Not applicable
Preservation Portfolio		114		—
Tax-Exempt Preservation Portfolio		301	Not applicable

26	American Funds Portfolio Series

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

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

	529 plan services — For funds with 529 share classes, each 529 share class is subject to service fees to compensate the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses on the accompanying financial statements. The Commonwealth of Virginia is not considered a related party.

	Class-specific expenses under the agreements described above for the six months ended April 30, 2013, were as follows:

Share class	Distribution services		Transfer agent services		529 plan services
Global Growth Portfolio
Class A		$157,723		$52,395	Not applicable
Class B		3,850		446	Not applicable
Class C		86,546		7,891	Not applicable
Class F-1		8,376		3,627	Not applicable
Class F-2		Not applicable		2,583	Not applicable
Class 529-A		12,499		9,097	$8,605
Class 529-B		1,147		125	113
Class 529-C		24,623		2,404	2,421
Class 529-E		947		115	187
Class 529-F-1		—		293	283
Class R-1		941		101	Not applicable
Class R-2		7,577		4,442	Not applicable
Class R-3		4,240		1,066	Not applicable
Class R-4		857		456	Not applicable
Class R-5		Not applicable		3,648	Not applicable
Class R-6		Not applicable		60	Not applicable
Total class-specific expenses		$309,326		$88,749	$11,609

Growth Portfolio
Class A		$271,091		$96,044	Not applicable
Class B		10,619		1,208	Not applicable
Class C		149,157		13,786	Not applicable
Class F-1		8,093		3,662	Not applicable
Class F-2		Not applicable		5,035	Not applicable
Class 529-A		18,960		18,841	$17,494
Class 529-B		2,762		317	272
Class 529-C		67,357		6,832	6,630
Class 529-E		3,825		472	752
Class 529-F-1		—		809	756
Class R-1		5,900		667	Not applicable
Class R-2		11,495		6,133	Not applicable
Class R-3		6,993		1,711	Not applicable
Class R-4		842		459	Not applicable
Class R-5		Not applicable		2,929	Not applicable
Class R-6		Not applicable		84	Not applicable
Total class-specific expenses		$557,094		$158,989	$25,904

American Funds Portfolio Series

Share class	Distribution services		Transfer agent services		529 plan services
Growth and Income Portfolio
Class A		$695,596		$257,869	Not applicable
Class B		27,806		3,259	Not applicable
Class C		375,797		35,308	Not applicable
Class F-1		13,676		6,228	Not applicable
Class F-2		Not applicable		4,492	Not applicable
Class 529-A		52,666		30,862	$28,753
Class 529-B		4,269		476	420
Class 529-C		125,648		12,658	12,366
Class 529-E		6,251		788	1,229
Class 529-F-1		—		1,320	1,283
Class R-1		8,903		1,066	Not applicable
Class R-2		17,741		8,844	Not applicable
Class R-3		9,314		2,898	Not applicable
Class R-4		457		98	Not applicable
Class R-5		Not applicable		3,817	Not applicable
Class R-6		Not applicable		65	Not applicable
Total class-specific expenses		$1,338,124		$370,048	$44,051

Balanced Portfolio
Class A		$612,113		$204,503	Not applicable
Class B		21,102		2,499	Not applicable
Class C		358,248		33,971	Not applicable
Class F-1		15,266		6,511	Not applicable
Class F-2		Not applicable		6,266	Not applicable
Class 529-A		35,710		27,063	$24,523
Class 529-B		3,497		398	344
Class 529-C		106,481		10,854	10,482
Class 529-E		4,398		564	865
Class 529-F-1		—		1,273	1,185
Class R-1		11,503		1,097	Not applicable
Class R-2		19,302		10,067	Not applicable
Class R-3		20,805		7,812	Not applicable
Class R-4		2,985		1,437	Not applicable
Class R-5		Not applicable		2,220	Not applicable
Class R-6		Not applicable		114	Not applicable
Total class-specific expenses		$1,211,410		$316,649	$37,399

Income Portfolio
Class A		$741,607		$245,274	Not applicable
Class B		18,471		2,172	Not applicable
Class C		480,758		46,285	Not applicable
Class F-1		31,087		14,767	Not applicable
Class F-2		Not applicable		8,162	Not applicable
Class 529-A		21,026		11,327	$10,387
Class 529-B		2,303		256	226
Class 529-C		74,876		7,637	7,369
Class 529-E		4,517		566	888
Class 529-F-1		—		690	672
Class R-1		1,489		172	Not applicable
Class R-2		12,995		7,233	Not applicable
Class R-3		9,787		4,045	Not applicable
Class R-4		2,941		1,004	Not applicable
Class R-5		Not applicable		1,514	Not applicable
Class R-6		Not applicable		45	Not applicable
Total class-specific expenses		$1,401,857		$351,149	$19,542

Tax-Advantaged Income Portfolio
Class A		$169,681		$54,583
Class B		740		82
Class C		59,058		5,817
Class F-1		5,008		2,183
Class F-2		Not applicable		1,295
Total class-specific expenses		$234,487		$63,960

28	American Funds Portfolio Series

Share class	Distribution services		Transfer agent services		529 plan services
Preservation Portfolio
Class A		$384,903		$128,617		Not applicable
Class B		12,262		1,454		Not applicable
Class C		234,519		23,333		Not applicable
Class F-1		9,558		4,679		Not applicable
Class F-2		Not applicable		2,609		Not applicable
Class 529-A		21,767		12,830		$11,653
Class 529-B		2,658		305		261
Class 529-C		61,621		6,397		6,067
Class 529-E		4,595		589		904
Class 529-F-1		—		540		504
Class R-1		3,650		493		Not applicable
Class R-2		12,956		7,614		Not applicable
Class R-3		7,065		3,346		Not applicable
Class R-4		1,724		904		Not applicable
Class R-5		Not applicable		1,122		Not applicable
Class R-6		Not applicable		142		Not applicable
Total class-specific expenses		$757,278		$194,974		$19,389

Tax-Exempt Preservation Portfolio
Class A		$166,516		$54,798
Class B		670		81
Class C		166,461		16,506
Class F-1		12,532		6,071
Class F-2		Not applicable		8,043
Total class-specific expenses		$346,179		$85,499

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, includes current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows:

			Increase in value of		Total trustees’
	Current fees		deferred amounts		compensation
Global Growth Portfolio	$	509	$	6	$	515
Growth Portfolio		972		11		983
Growth and Income Portfolio		2,388		27		2,415
Balanced Portfolio		2,026		23		2,049
Income Portfolio		2,408		26		2,434
Tax-Advantaged Income Portfolio		444		5		449
Preservation Portfolio		1,435		16		1,451
Tax-Exempt Preservation Portfolio		655		7		662

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 the series.

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2013, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	199,669	$	—
Growth Portfolio		305,648		528
Growth and Income Portfolio		654,078		—
Balanced Portfolio		535,920		699
Income Portfolio		519,456		—
Tax-Advantaged Income Portfolio		104,033		218
Preservation Portfolio		220,480		5,174
Tax-Exempt Preservation Portfolio		94,714		4,435

American Funds Portfolio Series

8. Capital share transactions

Capital share transactions in the funds for the six months ended April 30, 2013, were as follows (dollars and shares in thousands):

	Sales¹				Reinvestments of dividends and distributions						Repurchases¹						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Global Growth Portfolio
Six months ended April 30, 2013
Class A	$	134,083		11,276	$	1,006			88		$	(8,881	)		(751	)	$	126,208			10,613
Class B		753		63		5			1			(163	)		(13	)		595			51
Class C		23,152		1,948		126			11			(1,226	)		(103	)		22,052			1,856
Class F-1		10,883		912		27			2			(611	)		(50	)		10,299			864
Class F-2		8,028		679		34			3			(554	)		(46	)		7,508			636
Class 529-A		16,383		1,383		174			15			(499	)		(42	)		16,058			1,356
Class 529-B		195		16		2			—	²		(30	)		(2	)		167			14
Class 529-C		6,177		523		34			2			(194	)		(16	)		6,017			509
Class 529-E		412		35		3			—	²		(52	)		(4	)		363			31
Class 529-F-1		591		51		7			1			(80	)		(7	)		518			45
Class R-1		192		16		2			—	²		(52	)		(4	)		142			12
Class R-2		3,812		323		10			1			(1,612	)		(132	)		2,210			192
Class R-3		3,393		284		9			1			(115	)		(10	)		3,287			275
Class R-4		654		56		9			1			(152	)		(13	)		511			44
Class R-5		2,256		190		155			14			(562	)		(48	)		1,849			156
Class R-6		1,244		103		—	²		—	²		(8	)		(1	)		1,236			102
Total net increase (decrease)	$	212,208		17,858	$	1,603			140		$	(14,791	)		(1,242	)	$	199,020			16,756

For the period May 18, 2012³to October 31, 2012
Class A	$	77,801		7,379		$—			—		$	(28,728	)		(2,600	)	$	49,073			4,779
Class B		527		48		—			—			(59	)		(5	)		468			43
Class C		7,840		722		—			—			(401	)		(37	)		7,439			685
Class F-1		1,639		153		—			—			(51	)		(5	)		1,588			148
Class F-2		1,317		123		—			—			(180	)		(16	)		1,137			107
Class 529-A		8,651		807		—			—			(71	)		(6	)		8,580			801
Class 529-B		154		14		—			—			(3)			—	²		151			14
Class 529-C		1,927		181		—			—			(6)			(1	)		1,921			180
Class 529-E		185		17		—			—			—	²		—	²		185			17
Class 529-F-1		251		23		—			—			—			—			251			23
Class R-1		131		12		—			—			—			—			131			12
Class R-2		442		40		—			—			—	²		—	²		442			40
Class R-3		419		40		—			—			(211	)		(20	)		208			20
Class R-4		320		28		—			—			—	²		—	²		320			28
Class R-5		10,620		993		—			—			(419	)		(38	)		10,201			955
Class R-6		191		19		—			—			(191	)		(17	)		—	²		2
Total net increase (decrease)	$	112,415		10,599		$—			—		$	(30,320	)		(2,745	)	$	82,095			7,854

30	American Funds Portfolio Series

	Sales¹				Reinvestments of dividends					Repurchases¹						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount		Shares
Growth Portfolio
Six months ended April 30, 2013
Class A	$	212,095		18,004	$	1,486		132		$	(16,142	)		(1,374	)	$	197,439		16,762
Class B		1,825		154		13		1			(356	)		(30	)		1,482		125
Class C		36,645		3,115		166		14			(2,205	)		(187	)		34,606		2,942
Class F-1		6,553		563		49		4			(1,089	)		(94	)		5,513		473
Class F-2		17,133		1,456		35		3			(2,324	)		(196	)		14,844		1,263
Class 529-A		27,974		2,387		278		25			(1,731	)		(145	)		26,521		2,267
Class 529-B		151		13		3		—	²		(112	)		(9	)		42		4
Class 529-C		11,026		943		79		7			(873	)		(74	)		10,232		876
Class 529-E		1,471		127		13		1			(14	)		(1	)		1,470		127
Class 529-F-1		927		81		14		1			(30	)		(3	)		911		79
Class R-1		899		78		10		1			(272	)		(24	)		637		55
Class R-2		3,967		336		18		2			(283	)		(25	)		3,702		313
Class R-3		5,386		455		6		1			(285	)		(24	)		5,107		432
Class R-4		726		62		6		1			(42	)		(4	)		690		59
Class R-5		2,213		187		99		9			(626	)		(53	)		1,686		143
Class R-6		587		49		1		—	²		(67	)		(5	)		521		44
Total net increase (decrease)	$	329,578		28,010	$	2,276		202		$	(26,451	)		(2,248	)	$	305,403		25,964

For the period May 18, 2012³to October 31, 2012
Class A	$	132,170		12,495	$	—		—		$	(29,441	)		(2,689	)	$	102,729		9,806
Class B		1,449		135		—		—			(51	)		(5	)		1,398		130
Class C		14,646		1,364		—		—			(679	)		(63	)		13,967		1,301
Class F-1		3,179		297		—		—			(104	)		(10	)		3,075		287
Class F-2		1,820		170		—		—			(23	)		(2	)		1,797		168
Class 529-A		20,526		1,923		—		—			(272	)		(25	)		20,254		1,898
Class 529-B		506		48		—		—			(19	)		(2	)		487		46
Class 529-C		7,926		739		—		—			(69	)		(6	)		7,857		733
Class 529-E		647		60		—		—			(1	)		—	²		646		60
Class 529-F-1		1,032		96		—		—			(90	)		(8	)		942		88
Class R-1		731		68		—		—			—			—			731		68
Class R-2		1,619		148		—		—			(114	)		(11	)		1,505		137
Class R-3		625		59		—		—			(142	)		(13	)		483		46
Class R-4		229		21		—		—			—	²		—	²		229		21
Class R-5		8,464		803		—		—			(125	)		(11	)		8,339		792
Class R-6		245		23		—		—			(189	)		(17	)		56		6
Total net increase (decrease)	$	195,814		18,449	$	—		—		$	(31,319	)		(2,862	)	$	164,495		15,587

See page 37 for footnotes.

American Funds Portfolio Series

	Sales¹				Reinvestments of dividends						Repurchases¹						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Growth and Income Portfolio
Six months ended April 30, 2013
Class A	$	500,403		44,235	$	7,720			691		$	(37,209	)		(3,289	)	$	470,914		41,637
Class B		4,170		371		64			6			(1,204	)		(106	)		3,030		271
Class C		80,463		7,116		867			78			(4,890	)		(431	)		76,440		6,763
Class F-1		9,344		828		152			14			(1,760	)		(157	)		7,736		685
Class F-2		10,237		903		124			11			(807	)		(72	)		9,554		842
Class 529-A		43,692		3,877		855			77			(2,070	)		(183	)		42,477		3,771
Class 529-B		533		47		10			1			(173	)		(15	)		370		33
Class 529-C		20,787		1,846		280			25			(1,239	)		(108	)		19,828		1,763
Class 529-E		2,320		208		33			3			(71	)		(6	)		2,282		205
Class 529-F-1		2,034		183		40			3			(63	)		(5	)		2,011		181
Class R-1		2,184		194		24			2			(399	)		(35	)		1,809		161
Class R-2		7,637		678		49			5			(1,103	)		(97	)		6,583		586
Class R-3		6,853		601		51			5			(758	)		(66	)		6,146		540
Class R-4		853		75		5			—	²		(31	)		(3	)		827		72
Class R-5		2,751		242		217			19			(903	)		(79	)		2,065		182
Class R-6		230		21		3			—	²		(23	)		(2	)		210		19
Total net increase (decrease)	$	694,491		61,425	$	10,494			940		$	(52,703	)		(4,654	)	$	652,282		57,711

For the period May 18, 2012³to October 31, 2012
Class A	$	324,467		30,594	$	863			81		$	(33,316	)		(3,109	)	$	292,014		27,566
Class B		4,131		388		9			1			(460	)		(43	)		3,680		346
Class C		39,940		3,743		74			7			(1,149	)		(107	)		38,865		3,643
Class F-1		7,160		672		16			1			(582	)		(53	)		6,594		620
Class F-2		4,315		401		9			1			(252	)		(24	)		4,072		378
Class 529-A		35,172		3,311		100			10			(323	)		(30	)		34,949		3,291
Class 529-B		698		66		1			—	²		(109	)		(10	)		590		56
Class 529-C		14,584		1,367		27			3			(188	)		(18	)		14,423		1,352
Class 529-E		1,098		102		3			1			—			—			1,101		103
Class 529-F-1		1,299		122		3			—	²		—			—			1,302		122
Class R-1		815		76		2			—	²		(12	)		(1	)		805		75
Class R-2		1,489		137		2			—	²		(6	)		(1	)		1,485		136
Class R-3		1,389		130		4			—	²		(117	)		(11	)		1,276		119
Class R-4		93		9		—	²		—	²		—	²		—	²		93		9
Class R-5		11,493		1,090		40			4			(392	)		(36	)		11,141		1,058
Class R-6		46		4		—	²		—	²		—	²		—	²		46		4
Total net increase (decrease)	$	448,189		42,212	$	1,153			109		$	(36,906	)		(3,443	)	$	412,436		38,878

32	American Funds Portfolio Series

	Sales¹				Reinvestments of dividends						Repurchases¹						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Balanced Portfolio
Six months ended April 30, 2013
Class A	$	397,255		35,413	$	4,246			381		$	(38,353	)		(3,419	)	$	363,148		32,375
Class B		2,893		259		29			3			(1,139	)		(102	)		1,783		160
Class C		72,636		6,471		517			47			(4,699	)		(419	)		68,454		6,099
Class F-1		20,858		1,849		118			11			(2,823	)		(254	)		18,153		1,606
Class F-2		10,769		961		126			11			(581	)		(52	)		10,314		920
Class 529-A		29,432		2,637		511			46			(3,246	)		(288	)		26,697		2,395
Class 529-B		484		44		4			—	²		(187	)		(17	)		301		27
Class 529-C		14,155		1,267		144			13			(1,101	)		(98	)		13,198		1,182
Class 529-E		1,342		122		17			2			(84	)		(8	)		1,275		116
Class 529-F-1		1,697		154		29			3			(541	)		(48	)		1,185		109
Class R-1		2,853		255		16			2			(417	)		(37	)		2,452		220
Class R-2		7,859		700		38			3			(1,750	)		(159	)		6,147		544
Class R-3		11,007		984		68			6			(3,607	)		(327	)		7,468		663
Class R-4		6,033		531		16			1			(250	)		(22	)		5,799		510
Class R-5		1,989		176		90			8			(812	)		(72	)		1,267		112
Class R-6		8,704		774		34			3			(914	)		(79	)		7,824		698
Total net increase (decrease)	$	589,966		52,597	$	6,003			540		$	(60,504	)		(5,401	)	$	535,465		47,736

For the period May 18, 2012³to October 31, 2012
Class A	$	261,957		24,894	$	554			52		$	(30,373	)		(2,853	)	$	232,138		22,093
Class B		3,378		321		5			—	²		(269	)		(25	)		3,114		296
Class C		40,576		3,831		62			6			(1,139	)		(106	)		39,499		3,731
Class F-1		4,286		407		9			1			(105	)		(10	)		4,190		398
Class F-2		6,059		567		13			1			(16	)		(1	)		6,056		567
Class 529-A		33,585		3,188		85			8			(354	)		(33	)		33,316		3,163
Class 529-B		515		49		1			—	²		(35	)		(3	)		481		46
Class 529-C		14,139		1,343		21			2			(363	)		(34	)		13,797		1,311
Class 529-E		855		81		2			—	²		(2	)		—	²		855		81
Class 529-F-1		1,432		136		4			—	²		(119	)		(11	)		1,317		125
Class R-1		793		75		1			—	²		—	²		—	²		794		75
Class R-2		2,890		268		3			1			(342	)		(32	)		2,551		237
Class R-3		4,725		439		10			1			(58	)		(6	)		4,677		434
Class R-4		567		55		2			—	²		—	²		—	²		569		55
Class R-5		6,617		634		24			2			(128	)		(12	)		6,513		624
Class R-6		52		5		—	²		—	²		—	²		—	²		52		5
Total net increase (decrease)	$	382,426		36,293	$	796			74		$	(33,303	)		(3,126	)	$	349,919		33,241

See page 37 for footnotes.

American Funds Portfolio Series

	Sales¹				Reinvestments of dividends						Repurchases¹						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Income Portfolio
Six months ended April 30, 2013
Class A	$	405,848		37,574	$	9,402			876		$	(39,493	)		(3,657	)	$	375,757		34,793
Class B		2,685		251		59			5			(927	)		(85	)		1,817		171
Class C		83,631		7,760		1,588			148			(6,741	)		(624	)		78,478		7,284
Class F-1		21,914		2,030		499			47			(12,256	)		(1,130	)		10,157		947
Class F-2		13,146		1,213		304			28			(2,545	)		(235	)		10,905		1,006
Class 529-A		16,034		1,492		407			38			(2,408	)		(223	)		14,033		1,307
Class 529-B		278		26		7			1			(103	)		(10	)		182		17
Class 529-C		12,198		1,133		243			23			(852	)		(79	)		11,589		1,077
Class 529-E		1,533		143		34			3			(185	)		(17	)		1,382		129
Class 529-F-1		1,143		108		30			3			(15	)		(1	)		1,158		110
Class R-1		317		30		5			1			(41	)		(4	)		281		27
Class R-2		3,516		324		59			5			(25	)		(2	)		3,550		327
Class R-3		4,168		387		62			6			(582	)		(53	)		3,648		340
Class R-4		4,529		413		52			5			(151	)		(14	)		4,430		404
Class R-5		3,452		316		111			10			(2,963	)		(272	)		600		54
Class R-6		102		10		2			—	²		(12	)		(1	)		92		9
Total net increase (decrease)	$	574,494		53,210	$	12,864			1,199		$	(69,299	)		(6,407	)	$	518,059		48,002

For the period May 18, 2012³to October 31, 2012
Class A	$	332,993		32,028	$	1,532			146		$	(33,168	)		(3,164	)	$	301,357		29,010
Class B		2,768		267		13			1			(363	)		(34	)		2,418		234
Class C		57,660		5,532		247			24			(1,337	)		(127	)		56,570		5,429
Class F-1		17,872		1,718		96			9			(221	)		(21	)		17,747		1,706
Class F-2		10,035		956		42			4			(309	)		(29	)		9,768		931
Class 529-A		13,212		1,268		70			7			(425	)		(41	)		12,857		1,234
Class 529-B		337		33		1			—	²		(6	)		(1	)		332		32
Class 529-C		9,277		889		40			4			(512	)		(49	)		8,805		844
Class 529-E		852		82		5			—	²		(14	)		(1	)		843		81
Class 529-F-1		447		43		3			—	²		—			—			450		43
Class R-1		160		15		1			—	²		(10	)		(1	)		151		14
Class R-2		2,018		192		6			1			(9	)		(1	)		2,015		192
Class R-3		1,835		174		9			1			(3	)		—	²		1,841		175
Class R-4		870		82		5			1			—			—			875		83
Class R-5		5,266		507		32			3			(59	)		(6	)		5,239		504
Class R-6		48		4		—	²		—	²		(1	)		—	²		47		4
Total net increase (decrease)	$	455,650		43,790	$	2,102			201		$	(36,437	)		(3,475	)	$	421,315		40,516

34	American Funds Portfolio Series

	Sales¹				Reinvestments of dividends and distributions						Repurchases¹						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Tax-Advantaged Income Portfolio
Six months ended April 30, 2013
Class A	$	91,904		8,367	$	1,567			143		$	(5,170	)		(468	)	$	88,301		8,042
Class B		122		11		1			—			(18	)		(1	)		105		10
Class C		9,728		885		129			12			(976	)		(89	)		8,881		808
Class F-1		5,142		463		54			5			(742	)		(68	)		4,454		400
Class F-2		2,077		188		30			3			(24	)		(2	)		2,083		189
Total net increase (decrease)	$	108,973		9,914	$	1,781			163		$	(6,930	)		(628	)	$	103,824		9,449

For the period May 18, 2012³to October 31, 2012
Class A	$	90,125		8,724	$	297			28		$	(26,972	)		(2,547	)	$	63,450		6,205
Class B		82		8		—	²		—	²		(12	)		(1	)		70		7
Class C		8,001		763		29			3			(596	)		(56	)		7,434		710
Class F-1		2,948		282		14			2			(137	)		(13	)		2,825		271
Class F-2		1,409		135		5			—	²		(1	)		—	²		1,413		135
Total net increase (decrease)	$	102,565		9,912	$	345			33		$	(27,718	)		(2,617	)	$	75,192		7,328

See page 37 for footnotes.

American Funds Portfolio Series

	Sales¹				Reinvestments of dividends						Repurchases¹						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Preservation Portfolio
Six months ended April 30, 2013
Class A	$	225,505		22,417	$	1,447			144		$	(73,976	)		(7,362	)	$	152,976		15,199
Class B		1,991		198		5			1			(1,052	)		(105	)		944		94
Class C		36,290		3,612		106			10			(10,244	)		(1,020	)		26,152		2,602
Class F-1		4,319		430		41			4			(2,884	)		(287	)		1,476		147
Class F-2		5,498		547		34			3			(2,515	)		(250	)		3,017		300
Class 529-A		16,016		1,593		137			14			(3,059	)		(305	)		13,094		1,302
Class 529-B		284		28		1			—	²		(239	)		(24	)		46		4
Class 529-C		8,575		853		22			2			(1,538	)		(153	)		7,059		702
Class 529-E		1,349		134		8			1			(367	)		(37	)		990		98
Class 529-F-1		927		92		7			1			(38	)		(4	)		896		89
Class R-1		1,098		109		2			—	²		(632	)		(63	)		468		46
Class R-2		5,164		514		6			1			(1,594	)		(159	)		3,576		356
Class R-3		8,612		856		12			1			(5,665	)		(563	)		2,959		294
Class R-4		1,589		157		8			1			(618	)		(61	)		979		97
Class R-5		1,613		160		26			3			(1,388	)		(138	)		251		25
Class R-6		416		42		2			—	²		(11	)		(1	)		407		41
Total net increase (decrease)	$	319,246		31,742	$	1,864			186		$	(105,820	)		(10,532	)	$	215,290		21,396

For the period May 18, 2012³to October 31, 2012
Class A	$	197,273		19,619	$	343			34		$	(34,768	)		(3,449	)	$	162,848		16,204
Class B		1,752		174		1			—	²		(154	)		(15	)		1,599		159
Class C		34,032		3,385		30			3			(1,437	)		(143	)		32,625		3,245
Class F-1		7,875		783		14			1			(1,105	)		(110	)		6,784		674
Class F-2		3,561		354		12			1			(538	)		(53	)		3,035		302
Class 529-A		17,555		1,746		40			4			(832	)		(83	)		16,763		1,667
Class 529-B		631		63		—	²		—	²		(103	)		(10	)		528		53
Class 529-C		8,727		869		5			—	²		(305	)		(30	)		8,427		839
Class 529-E		1,359		135		3			—	²		(17	)		(1	)		1,345		134
Class 529-F-1		732		73		2			—	²		(50	)		(5	)		684		68
Class R-1		270		27		—	²		—	²		—			—			270		27
Class R-2		1,407		140		2			—	²		(8	)		(1	)		1,401		139
Class R-3		251		25		1			—	²		(7	)		(1	)		245		24
Class R-4		271		27		—	²		—	²		—	²		—	²		271		27
Class R-5		4,041		402		13			1			(687	)		(68	)		3,367		335
Class R-6		23		2		—	²		—	²		—			—			23		2
Total net increase (decrease)	$	279,760		27,824	$	466			44		$	(40,011	)		(3,969	)	$	240,215		23,899

36	American Funds Portfolio Series

	Sales¹				Reinvestments of dividends						epurchases¹						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Tax-Exempt Preservation Portfolio
Six months ended April 30, 2013
Class A	$	85,883		8,466	$	1,381			137		$	(22,353	)		(2,207	)	$	64,911		6,396
Class B		101		10		1			—			(62	)		(6	)		40		4
Class C		24,281		2,396		306			30			(4,179	)		(413	)		20,408		2,013
Class F-1		4,845		478		122			12			(3,414	)		(336	)		1,553		154
Class F-2		6,691		659		186			18			(3,562	)		(352	)		3,315		325
Total net increase (decrease)	$	121,801		12,009	$	1,996			197		$	(33,570	)		(3,314	)	$	90,227		8,892

For the period May 18, 2012³to October 31, 2012
Class A	$	99,451		9,897	$	354			35		$	(29,058	)		(2,879	)	$	70,747		7,053
Class B		117		12		—	²		—	²		(17	)		(2	)		100		10
Class C		22,490		2,237		78			8			(522	)		(52	)		22,046		2,193
Class F-1		9,392		933		41			4			(338	)		(33	)		9,095		904
Class F-2		12,843		1,275		58			6			(922	)		(91	)		11,979		1,190
Total net increase (decrease)	$	144,293		14,354	$	531			53		$	(30,857	)		(3,057	)	$	113,967		11,350

¹	Includes exchanges between share classes of the fund.
²	Amount less than one thousand.
³	Commencement of operations.

American Funds Portfolio Series

Financial highlights

			Income from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers^3,4			Net effective expense ratio⁵			Ratio of net income (loss) to average net assets³
American Funds Global Growth Portfolio
Class A:
4/30/13^6,7	$	11.17	$	.09		$	1.47	$	1.56	$	(.14	)	$	(.01	)	$	(.15	)	$	12.58		14.03	%	$	193,702		.63	%⁸		.53	%⁸		1.03	%⁸		1.56	%⁸
10/31/12^6,9		10.00		.03			1.14		1.17		—			—			—			11.17		11.70			53,354		.25			.20			.71			.29
Class B:
4/30/13^6,7		11.13		.05			1.47		1.52		(.11	)		(.01	)		(.12	)		12.53		13.70			1,172		1.37	⁸		1.27	⁸		1.77	⁸		.79	⁸
10/31/12^6,9		10.00		(.01	)		1.14		1.13		—			—			—			11.13		11.30			485		.56			.51			1.02			(.08	)
Class C:
4/30/13^6,7		11.13		.04			1.47		1.51		(.12	)		(.01	)		(.13	)		12.51		13.73			31,801		1.36	⁸		1.26	⁸		1.76	⁸		.75	⁸
10/31/12^6,9		10.00		(.02	)		1.15		1.13		—			—			—			11.13		11.30			7,627		.56			.51			1.02			(.17	)
Class F-1:
4/30/13^6,7		11.17		.05			1.52		1.57		(.14	)		(.01	)		(.15	)		12.59		14.17			12,738		.62	⁸		.52	⁸		1.02	⁸		.82	⁸
10/31/12^6,9		10.00		.03			1.14		1.17		—			—			—			11.17		11.70			1,653		.19			.14			.65			.28
Class F-2:
4/30/13^6,7		11.18		.10			1.48		1.58		(.15	)		(.01	)		(.16	)		12.60		14.24			9,363		.37	⁸		.27	⁸		.77	⁸		1.64	⁸
10/31/12^6,9		10.00		.04			1.14		1.18		—			—			—			11.18		11.80			1,196		.11			.06			.57			.37
Class 529-A:
4/30/13^6,7		11.16		.10			1.47		1.57		(.14	)		(.01	)		(.15	)		12.58		14.20			27,133		.60	⁸		.50	⁸		1.00	⁸		1.72	⁸
10/31/12^6,9		10.00		.02			1.14		1.16		—			—			—			11.16		11.60			8,942		.23			.18			.69			.21
Class 529-B:
4/30/13^6,7		11.14		.06			1.45		1.51		(.11	)		(.01	)		(.12	)		12.53		13.60			353		1.47	⁸		1.37	⁸		1.87	⁸		1.05	⁸
10/31/12^6,9		10.00		(.03	)		1.17		1.14		—			—			—			11.14		11.40			157		.59			.54			1.05			(.26	)
Class 529-C:
4/30/13^6,7		11.12		.03			1.49		1.52		(.12	)		(.01	)		(.13	)		12.51		13.69			8,621		1.46	⁸		1.36	⁸		1.86	⁸		.55	⁸
10/31/12^6,9		10.00		(.02	)		1.14		1.12		—			—			—			11.12		11.20			2,000		.60			.56			1.07			(.18	)
Class 529-E:
4/30/13^6,7		11.16		.07			1.48		1.55		(.13	)		(.01	)		(.14	)		12.57		14.01			599		.92	⁸		.82	⁸		1.32	⁸		1.26	⁸
10/31/12^6,9		10.00		.01			1.15		1.16		—			—			—			11.16		11.60			188		.33			.29			.80			.08
Class 529-F-1:
4/30/13^6,7		11.18		.13			1.44		1.57		(.15	)		(.01	)		(.16	)		12.59		14.13			851		.46	⁸		.36	⁸		.86	⁸		2.15	⁸
10/31/12^6,9		10.00		.03			1.15		1.18		—			—			—			11.18		11.80			258		.16			.11			.62			.23
Class R-1:
4/30/13^6,7		11.14		.06			1.46		1.52		(.12	)		(.01	)		(.13	)		12.53		13.67			299		1.34	⁸		1.24	⁸		1.74	⁸		1.07	⁸
10/31/12^6,9		10.00		—	¹⁰		1.14		1.14		—			—			—			11.14		11.40			134		.51			.47			.98			(.04	)
Class R-2:
4/30/13^6,7		11.15		—	¹⁰		1.51		1.51		(.13	)		(.01	)		(.14	)		12.52		13.63			2,904		1.45	⁸		1.35	⁸		1.85	⁸		(.06	)⁸
10/31/12^6,9		10.00		(.02	)		1.17		1.15		—			—			—			11.15		11.50			445		.47			.42			.93			(.21	)
Class R-3:
4/30/13^6,7		11.16		.04			1.51		1.55		(.14	)		(.01	)		(.15	)		12.56		13.97			3,709		.90	⁸		.80	⁸		1.30	⁸		.74	⁸
10/31/12^6,9		10.00		.04			1.12		1.16		—			—			—			11.16		11.60			227		.33			.29			.80			.39
Class R-4:
4/30/13^6,7		11.18		.12			1.45		1.57		(.15	)		(.01	)		(.16	)		12.59		14.12			913		.64	⁸		.54	⁸		1.04	⁸		2.04	⁸
10/31/12^6,9		10.00		—	¹⁰		1.18		1.18		—			—			—			11.18		11.80			318		.21			.16			.67			(.02	)
Class R-5:
4/30/13^6,7		11.18		.14			1.45		1.59		(.15	)		(.01	)		(.16	)		12.61		14.33			14,009		.30	⁸		.20	⁸		.70	⁸		2.41	⁸
10/31/12^6,9		10.00		.03			1.15		1.18		—			—			—			11.18		11.80			10,674		.10			.05			.56			.30
Class R-6:
4/30/13^6,7		11.17		.03			1.56		1.59		(.09	)		(.01	)		(.10	)		12.66		14.30			1,315		.30	⁸		.20	⁸		.70	⁸		.49	⁸
10/31/12^6,9		10.00		.05			1.12		1.17		—			—			—			11.17		11.70			18		.13			.08			.59			.52

38	American Funds Portfolio Series

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers^3,4			Net effective expense ratio⁵			Ratio of net income (loss) to average net assets³
American Funds Growth Portfolio
Class A:
4/30/13^6,7	$	11.02	$	.08		$	1.50	$	1.58	$	(.11	)	$	12.49		14.44	%	$	331,909		.57	%⁸		.47	%⁸		.91	%⁸		1.32	%⁸
10/31/12^6,9		10.00		.02			1.00		1.02		—			11.02		10.20			108,024		.24			.19			.64			.15
Class B:
4/30/13^6,7		10.98		.04			1.50		1.54		(.09	)		12.43		14.07			3,176		1.31	⁸		1.21	⁸		1.65	⁸		.67	⁸
10/31/12^6,9		10.00		(.02	)		1.00		.98		—			10.98		9.80			1,427		.55			.51			.96			(.23	)
Class C:
4/30/13^6,7		10.98		.03			1.51		1.54		(.09	)		12.43		14.11			52,733		1.30	⁸		1.20	⁸		1.64	⁸		.49	⁸
10/31/12^6,9		10.00		(.03	)		1.01		.98		—			10.98		9.80			14,284		.55			.50			.95			(.27	)
Class F-1:
4/30/13^6,7		11.02		.08			1.50		1.58		(.11	)		12.49		14.48			9,492		.56	⁸		.46	⁸		.90	⁸		1.33	⁸
10/31/12^6,9		10.00		.02			1.00		1.02		—			11.02		10.20			3,161		.19			.15			.60			.19
Class F-2:
4/30/13^6,7		11.03		.05			1.55		1.60		(.12	)		12.51		14.64			17,903		.32	⁸		.22	⁸		.66	⁸		.87	⁸
10/31/12^6,9		10.00		.03			1.00		1.03		—			11.03		10.30			1,851		.09			.05			.50			.27
Class 529-A:
4/30/13^6,7		11.01		.08			1.51		1.59		(.11	)		12.49		14.55			52,022		.51	⁸		.41	⁸		.85	⁸		1.44	⁸
10/31/12^6,9		10.00		.01			1.00		1.01		—			11.01		10.10			20,903		.23			.18			.63			.09
Class 529-B:
4/30/13^6,7		10.98		.05			1.48		1.53		(.07	)		12.44		14.03			620		1.41	⁸		1.31	⁸		1.75	⁸		.79	⁸
10/31/12^6,9		10.00		(.02	)		1.00		.98		—			10.98		9.80			507		.59			.55			1.00			(.23	)
Class 529-C:
4/30/13^6,7		10.98		.03			1.49		1.52		(.08	)		12.42		13.95			19,986		1.40	⁸		1.30	⁸		1.74	⁸		.54	⁸
10/31/12^6,9		10.00		(.03	)		1.01		.98		—			10.98		9.80			8,041		.60			.55			1.00			(.30	)
Class 529-E:
4/30/13^6,7		11.00		.07			1.50		1.57		(.11	)		12.46		14.37			2,328		.87	⁸		.77	⁸		1.21	⁸		1.19	⁸
10/31/12^6,9		10.00		(.01	)		1.01		1.00		—			11.00		10.00			657		.35			.30			.75			(.05	)
Class 529-F-1:
4/30/13^6,7		11.03		.10			1.49		1.59		(.12	)		12.50		14.61			2,084		.40	⁸		.30	⁸		.74	⁸		1.68	⁸
10/31/12^6,9		10.00		.02			1.01		1.03		—			11.03		10.20			969		.14			.10			.55			.16
Class R-1:
4/30/13^6,7		10.99		.06			1.48		1.54		(.09	)		12.44		14.13			1,535		1.31	⁸		1.21	⁸		1.65	⁸		.98	⁸
10/31/12^6,9		10.00		(.04	)		1.03		.99		—			10.99		9.90			752		.56			.51			.96			(.34	)
Class R-2:
4/30/13^6,7		11.00		.02			1.52		1.54		(.10	)		12.44		14.06			5,603		1.36	⁸		1.26	⁸		1.70	⁸		.42	⁸
10/31/12^6,9		10.00		(.03	)		1.03		1.00		—			11.00		10.00			1,509		.48			.44			.89			(.27	)
Class R-3:
4/30/13^6,7		11.01		.01			1.56		1.57		(.10	)		12.48		14.37			5,964		.84	⁸		.74	⁸		1.18	⁸		.15	⁸
10/31/12^6,9		10.00		.02			.99		1.01		—			11.01		10.10			505		.32			.27			.72			.19
Class R-4:
4/30/13^6,7		11.03		.08			1.50		1.58		(.12	)		12.49		14.43			1,002		.59	⁸		.49	⁸		.93	⁸		1.39	⁸
10/31/12^6,9		10.00		—	¹⁰		1.03		1.03		—			11.03		10.30			227		.18			.13			.58			.04
Class R-5:
4/30/13^6,7		11.03		.11			1.50		1.61		(.12	)		12.52		14.73			11,706		.25	⁸		.15	⁸		.59	⁸		1.93	⁸
10/31/12^6,9		10.00		.03			1.00		1.03		—			11.03		10.30			8,737		.09			.04			.49			.24
Class R-6:
4/30/13^6,7		11.03		.05			1.55		1.60		(.11	)		12.52		14.65			631		.25	⁸		.15	⁸		.59	⁸		.89	⁸
10/31/12^6,9		10.00		.05			.98		1.03		—			11.03		10.30			71		.12			.07			.52			.46

See page 45 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers^3,4			Net effective expense ratio⁵			Ratio of net income to average net assets³
American Funds Growth and Income Portfolio
Class A:
4/30/13^6,7	$	10.88	$	.15	$	1.09	$	1.24	$	(.18	)	$	11.94		11.48	%	$	826,573		.52	%⁸		.42	%⁸		.79	%⁸		2.59	%⁸
10/31/12^6,9		10.00		.09		.87		.96		(.08	)		10.88		9.63			299,962		.23			.18			.56			.89
Class B:
4/30/13^6,7		10.86		.11		1.09		1.20		(.14	)		11.92		11.14			7,354		1.27	⁸		1.17	⁸		1.54	⁸		1.94	⁸
10/31/12^6,9		10.00		.06		.87		.93		(.07	)		10.86		9.30			3,761		.55			.50			.88			.59
Class C:
4/30/13^6,7		10.86		.10		1.10		1.20		(.15	)		11.91		11.11			123,912		1.25	⁸		1.15	⁸		1.52	⁸		1.81	⁸
10/31/12^6,9		10.00		.06		.87		.93		(.07	)		10.86		9.30			39,558		.54			.50			.88			.53
Class F-1:
4/30/13^6,7		10.88		.15		1.10		1.25		(.18	)		11.95		11.57			15,595		.52	⁸		.42	⁸		.79	⁸		2.67	⁸
10/31/12^6,9		10.00		.08		.88		.96		(.08	)		10.88		9.66			6,749		.20			.15			.53			.79
Class F-2:
4/30/13^6,7		10.89		.15		1.10		1.25		(.19	)		11.95		11.60			14,588		.27	⁸		.17	⁸		.54	⁸		2.72	⁸
10/31/12^6,9		10.00		.11		.87		.98		(.09	)		10.89		9.81			4,114		.09			.04			.42			1.06
Class 529-A:
4/30/13^6,7		10.88		.15		1.08		1.23		(.17	)		11.94		11.46			84,331		.54	⁸		.44	⁸		.81	⁸		2.61	⁸
10/31/12^6,9		10.00		.09		.87		.96		(.08	)		10.88		9.61			35,800		.26			.22			.60			.84
Class 529-B:
4/30/13^6,7		10.86		.11		1.08		1.19		(.13	)		11.92		11.09			1,060		1.37	⁸		1.27	⁸		1.64	⁸		1.92	⁸
10/31/12^6,9		10.00		.06		.86		.92		(.06	)		10.86		9.25			604		.59			.54			.92			.53
Class 529-C:
4/30/13^6,7		10.86		.10		1.09		1.19		(.14	)		11.91		11.04			37,084		1.36	⁸		1.26	⁸		1.63	⁸		1.77	⁸
10/31/12^6,9		10.00		.05		.88		.93		(.07	)		10.86		9.29			14,675		.59			.54			.92			.49
Class 529-E:
4/30/13^6,7		10.87		.12		1.10		1.22		(.16	)		11.93		11.37			3,669		.83	⁸		.73	⁸		1.10	⁸		2.16	⁸
10/31/12^6,9		10.00		.07		.88		.95		(.08	)		10.87		9.52			1,115		.34			.30			.68			.63
Class 529-F-1:
4/30/13^6,7		10.89		.16		1.08		1.24		(.18	)		11.95		11.54			3,627		.36	⁸		.26	⁸		.63	⁸		2.82	⁸
10/31/12^6,9		10.00		.10		.87		.97		(.08	)		10.89		9.78			1,331		.14			.09			.47			.89
Class R-1:
4/30/13^6,7		10.86		.10		1.10		1.20		(.15	)		11.91		11.14			2,804		1.29	⁸		1.19	⁸		1.56	⁸		1.70	⁸
10/31/12^6,9		10.00		.08		.85		.93		(.07	)		10.86		9.28			816		.54			.50			.88			.79
Class R-2:
4/30/13^6,7		10.86		.08		1.12		1.20		(.15	)		11.91		11.17			8,600		1.29	⁸		1.19	⁸		1.56	⁸		1.34	⁸
10/31/12^6,9		10.00		.06		.87		.93		(.07	)		10.86		9.38			1,484		.48			.43			.81			.52
Class R-3:
4/30/13^6,7		10.87		.13		1.09		1.22		(.17	)		11.92		11.34			7,856		.82	⁸		.72	⁸		1.09	⁸		2.25	⁸
10/31/12^6,9		10.00		.12		.83		.95		(.08	)		10.87		9.52			1,298		.31			.27			.65			1.09
Class R-4:
4/30/13^6,7		10.89		.14		1.10		1.24		(.18	)		11.95		11.54			968		.46	⁸		.36	⁸		.73	⁸		2.52	⁸
10/31/12^6,9		10.00		.11		.86		.97		(.08	)		10.89		9.78			93		.16			.11			.49			1.02
Class R-5:
4/30/13^6,7		10.89		.17		1.09		1.26		(.19	)		11.96		11.70			14,829		.22	⁸		.12	⁸		.49	⁸		3.12	⁸
10/31/12^6,9		10.00		.10		.88		.98		(.09	)		10.89		9.81			11,519		.08			.03			.41			.96
Class R-6:
4/30/13^6,7		10.89		.17		1.08		1.25		(.19	)		11.95		11.59			277		.23	⁸		.13	⁸		.50	⁸		3.07	⁸
10/31/12^6,9		10.00		.11		.86		.97		(.08	)		10.89		9.78			49		.14			.10			.48			1.02

40	American Funds Portfolio Series

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers^3,4			Net effective expense ratio⁵			Ratio of net income to average net assets³
American Funds Balanced Portfolio
Class A:
4/30/13^6,7	$	10.80	$	.11	$	.97	$	1.08	$	(.12	)	$	11.76		10.05	%	$	640,545		.56	%⁸		.46	%⁸		.80	%⁸		1.95	%⁸
10/31/12^6,9		10.00		.08		.78		.86		(.06	)		10.80		8.62			238,580		.23			.18			.53			.73
Class B:
4/30/13^6,7		10.78		.07		.97		1.04		(.08	)		11.74		9.70			5,356		1.28	⁸		1.18	⁸		1.52	⁸		1.31	⁸
10/31/12^6,9		10.00		.04		.79		.83		(.05	)		10.78		8.29			3,190		.55			.50			.85			.37
Class C:
4/30/13^6,7		10.78		.07		.97		1.04		(.09	)		11.73		9.68			115,258		1.27	⁸		1.17	⁸		1.51	⁸		1.22	⁸
10/31/12^6,9		10.00		.04		.79		.83		(.05	)		10.78		8.30			40,201		.54			.50			.85			.37
Class F-1:
4/30/13^6,7		10.80		.10		.98		1.08		(.12	)		11.76		10.09			23,564		.53	⁸		.43	⁸		.77	⁸		1.74	⁸
10/31/12^6,9		10.00		.08		.78		.86		(.06	)		10.80		8.64			4,298		.19			.15			.50			.79
Class F-2:
4/30/13^6,7		10.81		.12		.97		1.09		(.13	)		11.77		10.18			17,502		.28	⁸		.18	⁸		.52	⁸		2.19	⁸
10/31/12^6,9		10.00		.09		.79		.88		(.07	)		10.81		8.80			6,126		.09			.04			.39			.88
Class 529-A:
4/30/13^6,7		10.79		.11		.98		1.09		(.12	)		11.76		10.13			65,355		.52	⁸		.42	⁸		.76	⁸		2.06	⁸
10/31/12^6,9		10.00		.07		.78		.85		(.06	)		10.79		8.51			34,148		.27			.23			.58			.66
Class 529-B:
4/30/13^6,7		10.78		.06		.97		1.03		(.07	)		11.74		9.64			859		1.38	⁸		1.28	⁸		1.62	⁸		1.14	⁸
10/31/12^6,9		10.00		.04		.78		.82		(.04	)		10.78		8.25			495		.59			.54			.89			.38
Class 529-C:
4/30/13^6,7		10.78		.07		.96		1.03		(.08	)		11.73		9.60			29,241		1.37	⁸		1.27	⁸		1.61	⁸		1.19	⁸
10/31/12^6,9		10.00		.04		.78		.82		(.04	)		10.78		8.25			14,126		.59			.55			.90			.33
Class 529-E:
4/30/13^6,7		10.79		.10		.97		1.07		(.11	)		11.75		9.95			2,315		.83	⁸		.73	⁸		1.07	⁸		1.73	⁸
10/31/12^6,9		10.00		.06		.79		.85		(.06	)		10.79		8.49			876		.35			.30			.65			.61
Class 529-F-1:
4/30/13^6,7		10.80		.13		.97		1.10		(.13	)		11.77		10.22			2,754		.37	⁸		.27	⁸		.61	⁸		2.36	⁸
10/31/12^6,9		10.00		.09		.77		.86		(.06	)		10.80		8.67			1,353		.14			.09			.44			.85
Class R-1:
4/30/13^6,7		10.78		.06		.98		1.04		(.09	)		11.73		9.72			3,460		1.27	⁸		1.17	⁸		1.51	⁸		1.11	⁸
10/31/12^6,9		10.00		.04		.79		.83		(.05	)		10.78		8.32			807		.55			.50			.85			.36
Class R-2:
4/30/13^6,7		10.79		.06		.97		1.03		(.09	)		11.73		9.62			9,167		1.31	⁸		1.21	⁸		1.55	⁸		1.13	⁸
10/31/12^6,9		10.00		.04		.81		.85		(.06	)		10.79		8.50			2,552		.48			.44			.79			.40
Class R-3:
4/30/13^6,7		10.79		.09		.97		1.06		(.10	)		11.75		9.93			12,891		.86	⁸		.76	⁸		1.10	⁸		1.56	⁸
10/31/12^6,9		10.00		.10		.75		.85		(.06	)		10.79		8.53			4,686		.31			.26			.61			.89
Class R-4:
4/30/13^6,7		10.80		.08		1.00		1.08		(.12	)		11.76		10.06			6,642		.56	⁸		.46	⁸		.80	⁸		1.36	⁸
10/31/12^6,9		10.00		.10		.76		.86		(.06	)		10.80		8.61			596		.20			.15			.50			.92
Class R-5:
4/30/13^6,7		10.81		.13		.96		1.09		(.13	)		11.77		10.19			8,662		.22	⁸		.12	⁸		.46	⁸		2.39	⁸
10/31/12^6,9		10.00		.09		.79		.88		(.07	)		10.81		8.80			6,741		.08			.03			.38			.83
Class R-6:
4/30/13^6,7		10.81		.12		.97		1.09		(.13	)		11.77		10.18			8,270		.17	⁸		.07	⁸		.41	⁸		2.16	⁸
10/31/12^6,9		10.00		.10		.77		.87		(.06	)		10.81		8.77			53		.13			.08			.43			.93

See page 45 for footnotes.

American Funds Portfolio Series

Financial highlights(continued)

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return^2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers^3,4			Net effective expense ratio⁵			Ratio of net income to average net assets³
American Funds Income Portfolio
Class A:
4/30/13^6,7	$	10.57	$	.19	$	.71	$	.90	$	(.21	)	$	11.26		8.65	%	$	718,223		.57	%⁸		.47	%⁸		.78	%⁸		3.48	%⁸
10/31/12^6,9		10.00		.16		.52		.68		(.11	)		10.57		6.84			306,501		.23			.18			.49			1.54
Class B:
4/30/13^6,7		10.55		.15		.71		.86		(.18	)		11.23		8.22			4,552		1.29	⁸		1.19	⁸		1.50	⁸		2.77	⁸
10/31/12^6,9		10.00		.13		.51		.64		(.09	)		10.55		6.47			2,472		.55			.50			.81			1.26
Class C:
4/30/13^6,7		10.54		.15		.71		.86		(.18	)		11.22		8.28			142,698		1.27	⁸		1.17	⁸		1.48	⁸		2.77	⁸
10/31/12^6,9		10.00		.12		.52		.64		(.10	)		10.54		6.41			57,237		.54			.50			.81			1.20
Class F-1:
4/30/13^6,7		10.57		.19		.71		.90		(.21	)		11.26		8.64			29,879		.54	⁸		.44	⁸		.75	⁸		3.62	⁸
10/31/12^6,9		10.00		.16		.52		.68		(.11	)		10.57		6.85			18,026		.20			.16			.47			1.50
Class F-2:
4/30/13^6,7		10.57		.20		.72		.92		(.22	)		11.27		8.87			21,826		.28	⁸		.18	⁸		.49	⁸		3.76	⁸
10/31/12^6,9		10.00		.17		.52		.69		(.12	)		10.57		6.90			9,843		.09			.04			.35			1.61
Class 529-A:
4/30/13^6,7		10.56		.18		.72		.90		(.21	)		11.25		8.64			28,594		.58	⁸		.48	⁸		.79	⁸		3.44	⁸
10/31/12^6,9		10.00		.16		.51		.67		(.11	)		10.56		6.72			13,033		.25			.20			.51			1.56
Class 529-B:
4/30/13^6,7		10.55		.15		.71		.86		(.17	)		11.24		8.27			549		1.38	⁸		1.28	⁸		1.59	⁸		2.72	⁸
10/31/12^6,9		10.00		.12		.53		.65		(.10	)		10.55		6.50			335		.58			.53			.84			1.12
Class 529-C:
4/30/13^6,7		10.54		.14		.72		.86		(.18	)		11.22		8.23			21,559		1.37	⁸		1.27	⁸		1.58	⁸		2.63	⁸
10/31/12^6,9		10.00		.13		.51		.64		(.10	)		10.54		6.41			8,891		.59			.54			.85			1.20
Class 529-E:
4/30/13^6,7		10.56		.17		.72		.89		(.20	)		11.25		8.54			2,366		.83	⁸		.73	⁸		1.04	⁸		3.22	⁸
10/31/12^6,9		10.00		.15		.52		.67		(.11	)		10.56		6.69			856		.35			.30			.61			1.47
Class 529-F-1:
4/30/13^6,7		10.57		.21		.70		.91		(.22	)		11.26		8.74			1,719		.37	⁸		.27	⁸		.58	⁸		3.90	⁸
10/31/12^6,9		10.00		.17		.52		.69		(.12	)		10.57		6.89			456		.14			.09			.40			1.63
Class R-1:
4/30/13^6,7		10.55		.14		.72		.86		(.18	)		11.23		8.27			456		1.29	⁸		1.19	⁸		1.50	⁸		2.66	⁸
10/31/12^6,9		10.00		.17		.49		.66		(.11	)		10.55		6.59			152		.48			.43			.74			1.63
Class R-2:
4/30/13^6,7		10.56		.14		.71		.85		(.18	)		11.23		8.18			5,835		1.34	⁸		1.24	⁸		1.55	⁸		2.64	⁸
10/31/12^6,9		10.00		.13		.53		.66		(.10	)		10.56		6.67			2,028		.50			.45			.76			1.28
Class R-3:
4/30/13^6,7		10.56		.16		.73		.89		(.20	)		11.25		8.52			5,789		.88	⁸		.78	⁸		1.09	⁸		2.92	⁸
10/31/12^6,9		10.00		.19		.48		.67		(.11	)		10.56		6.75			1,844		.31			.26			.57			1.85
Class R-4:
4/30/13^6,7		10.57		.21		.70		.91		(.22	)		11.26		8.70			5,487		.51	⁸		.41	⁸		.72	⁸		3.95	⁸
10/31/12^6,9		10.00		.23		.46		.69		(.12	)		10.57		6.89			874		.18			.14			.45			2.21
Class R-5:
4/30/13^6,7		10.57		.21		.72		.93		(.23	)		11.27		8.89			6,284		.22	⁸		.12	⁸		.43	⁸		3.83	⁸
10/31/12^6,9		10.00		.17		.52		.69		(.12	)		10.57		6.91			5,329		.08			.03			.34			1.68
Class R-6:
4/30/13^6,7		10.57		.20		.72		.92		(.22	)		11.27		8.85			146		.25	⁸		.15	⁸		.46	⁸		3.73	⁸
10/31/12^6,9		10.00		.19		.50		.69		(.12	)		10.57		6.89			47		.14			.09			.40			1.79

42	American Funds Portfolio Series

			Income from investment operations¹						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²^,³			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers³^,4			Net effective expense ratio⁵			Ratio of net income to average net assets³
American Funds Tax-Advantaged Income Portfolio
Class A:
4/30/13^6,7	$	10.66	$	.15	$	.78	$	.93	$	(.15	)	$	(.01	)	$	(.16	)	$	11.43		8.71	%	$	162,782		.63	%⁸		.53	%⁸		.90	%⁸		2.78	%⁸
10/31/12^6,9		10.00		.15		.62		.77		(.11	)		—			(.11	)		10.66		7.73			66,173		.24			.19			.55			1.45
Class B:
4/30/13^6,7		10.66		.12		.76		.88		(.12	)		(.01	)		(.13	)		11.41		8.23			191		1.34	⁸		1.24	⁸		1.61	⁸		2.22	⁸
10/31/12^6,9		10.00		.12		.63		.75		(.09	)		—			(.09	)		10.66		7.51			74		.52			.48			.84			1.20
Class C:
4/30/13^6,7		10.64		.11		.76		.87		(.11	)		(.01	)		(.12	)		11.39		8.22			17,293		1.34	⁸		1.24	⁸		1.61	⁸		2.07	⁸
10/31/12^6,9		10.00		.11		.63		.74		(.10	)		—			(.10	)		10.64		7.43			7,552		.55			.50			.86			1.01
Class F-1:
4/30/13^6,7		10.66		.15		.77		.92		(.15	)		(.01	)		(.16	)		11.42		8.63			7,666		.60	⁸		.50	⁸		.87	⁸		2.74	⁸
10/31/12^6,9		10.00		.14		.63		.77		(.11	)		—			(.11	)		10.66		7.79			2,884		.19			.15			.51			1.30
Class F-2:
4/30/13^6,7		10.67		.17		.76		.93		(.16	)		(.01	)		(.17	)		11.43		8.74			3,701		.35	⁸		.25	⁸		.62	⁸		3.03	⁸
10/31/12^6,9		10.00		.15		.64		.79		(.12	)		—			(.12	)		10.67		7.92			1,443		.10			.05			.41			1.48

See page 45 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return²^,³			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers³^,4			Net effective expense ratio⁵			Ratio of net income to average net assets³
American Funds Preservation Portfolio
Class A:
4/30/13^6,7	$	10.08	$	.06	$	(.01	)	$	.05	$	(.06	)	$	10.07		.46	%	$	316,087		.60	%⁸		.46	%⁸		.76	%⁸		1.12	%⁸
10/31/12^6,9		10.00		.06		.07			.13		(.05	)		10.08		1.26			163,334		.23			.19			.50			.60
Class B:
4/30/13^6,7		10.08		.02		(.02	)		—		(.02	)		10.06		.01			2,542		1.31	⁸		1.18	⁸		1.48	⁸		.41	⁸
10/31/12^6,9		10.00		.03		.07			.10		(.02	)		10.08		.97			1,602		.55			.51			.82			.28
Class C:
4/30/13^6,7		10.07		.02		(.01	)		.01		(.02	)		10.06		.13			58,799		1.30	⁸		1.16	⁸		1.46	⁸		.42	⁸
10/31/12^6,9		10.00		.03		.06			.09		(.02	)		10.07		.93			32,688		.55			.50			.81			.28
Class F-1:
4/30/13^6,7		10.08		.06		(.01	)		.05		(.06	)		10.07		.46			8,262		.57	⁸		.43	⁸		.73	⁸		1.15	⁸
10/31/12^6,9		10.00		.06		.07			.13		(.05	)		10.08		1.33			6,796		.20			.15			.46			.63
Class F-2:
4/30/13^6,7		10.08		.07		(.01	)		.06		(.07	)		10.07		.60			6,056		.32	⁸		.17	⁸		.47	⁸		1.41	⁸
10/31/12^6,9		10.00		.07		.07			.14		(.06	)		10.08		1.40			3,043		.10			.05			.36			.74
Class 529-A:
4/30/13^6,7		10.08		.06		(.02	)		.04		(.06	)		10.06		.36			29,878		.59	⁸		.45	⁸		.75	⁸		1.13	⁸
10/31/12^6,9		10.00		.06		.06			.12		(.04	)		10.08		1.25			16,801		.26			.22			.53			.57
Class 529-B:
4/30/13^6,7		10.08		.02		(.02	)		—		(.01	)		10.07		.05			576		1.41	⁸		1.27	⁸		1.57	⁸		.32	⁸
10/31/12^6,9		10.00		.02		.07			.09		(.01	)		10.08		.89			531		.59			.55			.86			.25
Class 529-C:
4/30/13^6,7		10.08		.02		(.02	)		—		(.02	)		10.06		(.02	)		15,505		1.40	⁸		1.26	⁸		1.56	⁸		.31	⁸
10/31/12^6,9		10.00		.02		.07			.09		(.01	)		10.08		.93			8,453		.60			.55			.86			.24
Class 529-E:
4/30/13^6,7		10.07		.04		(.01	)		.03		(.04	)		10.06		.34			2,335		.86	⁸		.72	⁸		1.02	⁸		.85	⁸
10/31/12^6,9		10.00		.05		.06			.11		(.04	)		10.07		1.13			1,345		.35			.31			.62			.47
Class 529-F-1:
4/30/13^6,7		10.08		.06		(.01	)		.05		(.07	)		10.06		.45			1,581		.41	⁸		.27	⁸		.57	⁸		1.30	⁸
10/31/12^6,9		10.00		.07		.07			.14		(.06	)		10.08		1.37			686		.14			.10			.41			.68
Class R-1:
4/30/13^6,7		10.08		.02		(.02	)		—		(.02	)		10.06		.00			737		1.33	⁸		1.20	⁸		1.50	⁸		.38	⁸
10/31/12^6,9		10.00		.03		.10			.13		(.05	)		10.08		1.30			271		.45			.41			.72			.35
Class R-2:
4/30/13^6,7		10.07		.02		(.02	)		—		(.02	)		10.05		.01			4,977		1.40	⁸		1.25	⁸		1.55	⁸		.31	⁸
10/31/12^6,9		10.00		.03		.08			.11		(.04	)		10.07		1.11			1,401		.47			.42			.73			.33
Class R-3:
4/30/13^6,7		10.08		.04		(.02	)		.02		(.04	)		10.06		.21			3,202		.95	⁸		.81	⁸		1.11	⁸		.72	⁸
10/31/12^6,9		10.00		.05		.07			.12		(.04	)		10.08		1.19			245		.33			.29			.60			.51
Class R-4:
4/30/13^6,7		10.08		.06		(.01	)		.05		(.06	)		10.07		.46			1,249		.57	⁸		.44	⁸		.74	⁸		1.14	⁸
10/31/12^6,9		10.00		.06		.08			.14		(.06	)		10.08		1.36			271		.17			.13			.44			.63
Class R-5:
4/30/13^6,7		10.08		.07		(.01	)		.06		(.07	)		10.07		.61			3,623		.26	⁸		.12	⁸		.42	⁸		1.47	⁸
10/31/12^6,9		10.00		.07		.07			.14		(.06	)		10.08		1.42			3,377		.08			.04			.35			.75
Class R-6:
4/30/13^6,7		10.08		.07		(.01	)		.06		(.07	)		10.07		.59			430		.30	⁸		.15	⁸		.45	⁸		1.39	⁸
10/31/12^6,9		10.00		.07		.06			.13		(.05	)		10.08		1.34			24		.13			.08			.39			.72

44	American Funds Portfolio Series

			Income from investment operations¹
Period ended	Net asset value, beginning of period		Net investment income		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return²^,³			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers⁴			Ratio of expenses to average net assets after reimbursements/ waivers³^,4			Net effective expense ratio⁵			Ratio of net income to average net assets³
American Funds Tax-Exempt Preservation Portfolio
Class A:
4/30/13^6,7	$	10.11	$	.13	$	.03	$	.16	$	(.12	)	$	10.15		1.62	%	$	136,549		.62	%⁸		.46	%⁸		.77	%⁸		2.51	%⁸
10/31/12^6,9		10.00		.12		.09		.21		(.10	)		10.11		2.10			71,341		.24			.19			.50			1.22
Class B:
4/30/13^6,7		10.12		.09		.04		.13		(.09	)		10.16		1.26			142		1.33	⁸		1.17	⁸		1.48	⁸		1.80	⁸
10/31/12^6,9		10.00		.09		.09		.18		(.06	)		10.12		1.84			101		.53			.49			.80			.92
Class C:
4/30/13^6,7		10.10		.09		.04		.13		(.09	)		10.14		1.29			42,655		1.33	⁸		1.16	⁸		1.47	⁸		1.81	⁸
10/31/12^6,9		10.00		.09		.09		.18		(.08	)		10.10		1.77			22,159		.55			.51			.82			.89
Class F-1:
4/30/13^6,7		10.11		.13		.03		.16		(.12	)		10.15		1.62			10,744		.59	⁸		.43	⁸		.74	⁸		2.54	⁸
10/31/12^6,9		10.00		.12		.09		.21		(.10	)		10.11		2.13			9,144		.20			.16			.47			1.24
Class F-2:
4/30/13^6,7		10.11		.14		.04		.18		(.14	)		10.15		1.75			15,382		. 34	⁸		.18	⁸		.49	⁸		2.80	⁸
10/31/12^6,9		10.00		.13		.09		.22		(.11	)		10.11		2.25			12,032		.10			.05			.36			1.34

Portfolio turnover rate for all share classes	Six months ended April 30, 2013^6,7			Period ended October 31, 2012^6,9,11
Global Growth Portfolio		—	%¹²		40	%
Growth Portfolio		—	¹²		24
Growth and Income Portfolio		—	¹²		7
Balanced Portfolio		—	¹²		9
Income Portfolio		—	¹²		7
Tax-Advantaged Income Portfolio		—	¹²		45
Preservation Portfolio		1			16
Tax-Exempt Preservation Portfolio		3			36

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges.
³	This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services and reimbursed other fees and expenses.
⁴	This column does not include expenses of the underlying funds in which each fund invests.
⁵	This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See pages 46 to 53 for further information regarding fees and expenses.
⁶	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁷	Unaudited for the six months ended April 30, 2013.
⁸	Annualized.
⁹	For the period May 18, 2012, commencement of operations, through October 31, 2012.
¹⁰	Amount less than $.01.
¹¹	Portfolio turnover rates reflect the redemption (or removal) of CRMC’s initial capital investment, without which the portfolio turnover rates would have been lower.
¹²	Amount is either less than 1% or there is no turnover.

See Notes to Financial Statements

American Funds Portfolio Series

Expense example

unaudited

As a shareholder of the funds, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2012, through April 30, 2013).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

Note that the expenses shown in the tables 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.

46	American Funds Portfolio Series

	Beginning account value 11/1/2012		Ending account value 4/30/2013		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
American Funds Global Growth Portfolio
Class A — actual return	$	1,000.00	$	1,140.30	$	2.81		.53	%	$	5.47		1.03	%
Class A — assumed 5% return		1,000.00		1,022.17		2.66		.53			5.16		1.03
Class B — actual return		1,000.00		1,137.01		6.73		1.27			9.38		1.77
Class B — assumed 5% return		1,000.00		1,018.50		6.36		1.27			8.85		1.77
Class C — actual return		1,000.00		1,137.34		6.68		1.26			9.33		1.76
Class C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			8.80		1.76
Class F-1 — actual return		1,000.00		1,141.67		2.76		.52			5.42		1.02
Class F-1 — assumed 5% return		1,000.00		1,022.22		2.61		.52			5.11		1.02
Class F-2 — actual return		1,000.00		1,142.35		1.43		.27			4.09		.77
Class F-2 — assumed 5% return		1,000.00		1,023.46		1.35		.27			3.86		.77
Class 529-A — actual return		1,000.00		1,141.97		2.66		.50			5.31		1.00
Class 529-A — assumed 5% return		1,000.00		1,022.32		2.51		.50			5.01		1.00
Class 529-B — actual return		1,000.00		1,135.97		7.26		1.37			9.90		1.87
Class 529-B — assumed 5% return		1,000.00		1,018.00		6.85		1.37			9.35		1.87
Class 529-C — actual return		1,000.00		1,136.91		7.21		1.36			9.85		1.86
Class 529-C — assumed 5% return		1,000.00		1,018.05		6.80		1.36			9.30		1.86
Class 529-E — actual return		1,000.00		1,140.10		4.35		.82			7.00		1.32
Class 529-E — assumed 5% return		1,000.00		1,020.73		4.11		.82			6.61		1.32
Class 529-F-1 — actual return		1,000.00		1,141.28		1.91		.36			4.57		.86
Class 529-F-1 — assumed 5% return		1,000.00		1,023.01		1.81		.36			4.31		.86
Class R-1 — actual return		1,000.00		1,136.71		6.57		1.24			9.22		1.74
Class R-1 — assumed 5% return		1,000.00		1,018.65		6.21		1.24			8.70		1.74
Class R-2 — actual return		1,000.00		1,136.25		7.15		1.35			9.80		1.85
Class R-2 — assumed 5% return		1,000.00		1,018.10		6.76		1.35			9.25		1.85
Class R-3 — actual return		1,000.00		1,139.74		4.24		.80			6.90		1.30
Class R-3 — assumed 5% return		1,000.00		1,020.83		4.01		.80			6.51		1.30
Class R-4 — actual return		1,000.00		1,141.21		2.87		.54			5.52		1.04
Class R-4 — assumed 5% return		1,000.00		1,022.12		2.71		.54			5.21		1.04
Class R-5 — actual return		1,000.00		1,143.29		1.06		.20			3.72		.70
Class R-5 — assumed 5% return		1,000.00		1,023.80		1.00		.20			3.51		.70
Class R-6 — actual return		1,000.00		1,142.96		1.06		.20			3.72		.70
Class R-6 — assumed 5% return		1,000.00		1,023.80		1.00		.20			3.51		.70

See page 53 for footnotes.

American Funds Portfolio Series

Expense example (continued)

	Beginning account value 11/1/2012		Ending account value 4/30/2013		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
American Funds Growth Portfolio
Class A — actual return	$	1,000.00	$	1,144.36	$	2.50		.47	%	$	4.84		.91	%
Class A — assumed 5% return		1,000.00		1,022.46		2.36		.47			4.56		.91
Class B — actual return		1,000.00		1,140.71		6.42		1.21			8.76		1.65
Class B — assumed 5% return		1,000.00		1,018.79		6.06		1.21			8.25		1.65
Class C — actual return		1,000.00		1,141.15		6.37		1.20			8.71		1.64
Class C — assumed 5% return		1,000.00		1,018.84		6.01		1.20			8.20		1.64
Class F-1 — actual return		1,000.00		1,144.77		2.45		.46			4.79		.90
Class F-1 — assumed 5% return		1,000.00		1,022.51		2.31		.46			4.51		.90
Class F-2 — actual return		1,000.00		1,146.35		1.17		.22			3.51		.66
Class F-2 — assumed 5% return		1,000.00		1,023.70		1.10		.22			3.31		.66
Class 529-A — actual return		1,000.00		1,145.52		2.18		.41			4.52		.85
Class 529-A — assumed 5% return		1,000.00		1,022.76		2.06		.41			4.26		.85
Class 529-B — actual return		1,000.00		1,140.34		6.95		1.31			9.29		1.75
Class 529-B — assumed 5% return		1,000.00		1,018.30		6.56		1.31			8.75		1.75
Class 529-C — actual return		1,000.00		1,139.52		6.90		1.30			9.23		1.74
Class 529-C — assumed 5% return		1,000.00		1,018.35		6.51		1.30			8.70		1.74
Class 529-E — actual return		1,000.00		1,143.68		4.09		.77			6.43		1.21
Class 529-E — assumed 5% return		1,000.00		1,020.98		3.86		.77			6.06		1.21
Class 529-F-1 — actual return		1,000.00		1,146.06		1.60		.30			3.94		.74
Class 529-F-1 — assumed 5% return		1,000.00		1,023.31		1.51		.30			3.71		.74
Class R-1 — actual return		1,000.00		1,141.27		6.42		1.21			8.76		1.65
Class R-1 — assumed 5% return		1,000.00		1,018.79		6.06		1.21			8.25		1.65
Class R-2 — actual return		1,000.00		1,140.56		6.69		1.26			9.02		1.70
Class R-2 — assumed 5% return		1,000.00		1,018.55		6.31		1.26			8.50		1.70
Class R-3 — actual return		1,000.00		1,143.69		3.93		.74			6.27		1.18
Class R-3 — assumed 5% return		1,000.00		1,021.12		3.71		.74			5.91		1.18
Class R-4 — actual return		1,000.00		1,144.33		2.61		.49			4.94		.93
Class R-4 — assumed 5% return		1,000.00		1,022.36		2.46		.49			4.66		.93
Class R-5 — actual return		1,000.00		1,147.27		.80		.15			3.14		.59
Class R-5 — assumed 5% return		1,000.00		1,024.05		.75		.15			2.96		.59
Class R-6 — actual return		1,000.00		1,146.49		.80		.15			3.14		.59
Class R-6 — assumed 5% return		1,000.00		1,024.05		.75		.15			2.96		.59

48	American Funds Portfolio Series

	Beginning account value 11/1/2012		Ending account value 4/30/2013		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
American Funds Growth and Income Portfolio
Class A — actual return	$	1,000.00	$	1,114.83	$	2.20		.42	%	$	4.14		.79	%
Class A — assumed 5% return		1,000.00		1,022.71		2.11		.42			3.96		.79
Class B — actual return		1,000.00		1,111.39		6.13		1.17			8.06		1.54
Class B — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.70		1.54
Class C — actual return		1,000.00		1,111.11		6.02		1.15			7.96		1.52
Class C — assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.60		1.52
Class F-1 — actual return		1,000.00		1,115.74		2.20		.42			4.14		.79
Class F-1 — assumed 5% return		1,000.00		1,022.71		2.11		.42			3.96		.79
Class F-2 — actual return		1,000.00		1,115.99		.89		.17			2.83		.54
Class F-2 — assumed 5% return		1,000.00		1,023.95		.85		.17			2.71		.54
Class 529-A — actual return		1,000.00		1,114.61		2.31		.44			4.25		.81
Class 529-A — assumed 5% return		1,000.00		1,022.61		2.21		.44			4.06		.81
Class 529-B — actual return		1,000.00		1,110.90		6.65		1.27			8.58		1.64
Class 529-B — assumed 5% return		1,000.00		1,018.50		6.36		1.27			8.20		1.64
Class 529-C — actual return		1,000.00		1,110.39		6.59		1.26			8.53		1.63
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			8.15		1.63
Class 529-E — actual return		1,000.00		1,113.73		3.83		.73			5.76		1.10
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.51		1.10
Class 529-F-1 — actual return		1,000.00		1,115.45		1.36		.26			3.30		.63
Class 529-F-1 — assumed 5% return		1,000.00		1,023.51		1.30		.26			3.16		.63
Class R-1 — actual return		1,000.00		1,111.42		6.23		1.19			8.17		1.56
Class R-1 — assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.80		1.56
Class R-2 — actual return		1,000.00		1,111.66		6.23		1.19			8.17		1.56
Class R-2 — assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.80		1.56
Class R-3 — actual return		1,000.00		1,113.42		3.77		.72			5.71		1.09
Class R-3 — assumed 5% return		1,000.00		1,021.22		3.61		.72			5.46		1.09
Class R-4 — actual return		1,000.00		1,115.38		1.89		.36			3.83		.73
Class R-4 — assumed 5% return		1,000.00		1,023.01		1.81		.36			3.66		.73
Class R-5 — actual return		1,000.00		1,117.03		.63		.12			2.57		.49
Class R-5 — assumed 5% return		1,000.00		1,024.20		.60		.12			2.46		.49
Class R-6 — actual return		1,000.00		1,115.86		.68		.13			2.62		.50
Class R-6 — assumed 5% return		1,000.00		1,024.15		.65		.13			2.51		.50

See page 53 for footnotes.

American Funds Portfolio Series

Expense example (continued)

	Beginning account value 11/1/2012		Ending account value 4/30/2013		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
American Funds Balanced Portfolio
Class A — actual return	$	1,000.00	$	1,100.55	$	2.40		.46	%	$	4.17		.80	%
Class A — assumed 5% return		1,000.00		1,022.51		2.31		.46			4.01		.80
Class B — actual return		1,000.00		1,096.95		6.14		1.18			7.90		1.52
Class B — assumed 5% return		1,000.00		1,018.94		5.91		1.18			7.60		1.52
Class C — actual return		1,000.00		1,096.80		6.08		1.17			7.85		1.51
Class C — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.55		1.51
Class F-1 — actual return		1,000.00		1,100.95		2.24		.43			4.01		.77
Class F-1 — assumed 5% return		1,000.00		1,022.66		2.16		.43			3.86		.77
Class F-2 — actual return		1,000.00		1,101.75		.94		.18			2.71		.52
Class F-2 — assumed 5% return		1,000.00		1,023.90		.90		.18			2.61		.52
Class 529-A — actual return		1,000.00		1,101.32		2.19		.42			3.96		.76
Class 529-A — assumed 5% return		1,000.00		1,022.71		2.11		.42			3.81		.76
Class 529-B — actual return		1,000.00		1,096.36		6.65		1.28			8.42		1.62
Class 529-B — assumed 5% return		1,000.00		1,018.45		6.41		1.28			8.10		1.62
Class 529-C — actual return		1,000.00		1,095.97		6.60		1.27			8.37		1.61
Class 529-C — assumed 5% return		1,000.00		1,018.50		6.36		1.27			8.05		1.61
Class 529-E — actual return		1,000.00		1,099.47		3.80		.73			5.57		1.07
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.36		1.07
Class 529-F-1 — actual return		1,000.00		1,102.19		1.41		.27			3.18		.61
Class 529-F-1 — assumed 5% return		1,000.00		1,023.46		1.35		.27			3.06		.61
Class R-1 — actual return		1,000.00		1,097.19		6.08		1.17			7.85		1.51
Class R-1 — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.55		1.51
Class R-2 — actual return		1,000.00		1,096.24		6.29		1.21			8.06		1.55
Class R-2 — assumed 5% return		1,000.00		1,018.79		6.06		1.21			7.75		1.55
Class R-3 — actual return		1,000.00		1,099.29		3.96		.76			5.73		1.10
Class R-3 — assumed 5% return		1,000.00		1,021.03		3.81		.76			5.51		1.10
Class R-4 — actual return		1,000.00		1,100.57		2.40		.46			4.17		.80
Class R-4 — assumed 5% return		1,000.00		1,022.51		2.31		.46			4.01		.80
Class R-5 — actual return		1,000.00		1,101.87		.63		.12			2.40		.46
Class R-5 — assumed 5% return		1,000.00		1,024.20		.60		.12			2.31		.46
Class R-6 — actual return		1,000.00		1,101.79		.36		.07			2.14		.41
Class R-6 — assumed 5% return		1,000.00		1,024.45		.35		.07			2.06		.41

50	American Funds Portfolio Series

	Beginning account value 11/1/2012		Ending account value 4/30/2013		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
American Funds Income Portfolio
Class A — actual return	$	1,000.00	$	1,086.48	$	2.43		.47	%	$	4.04		.78	%
Class A — assumed 5% return		1,000.00		1,022.46		2.36		.47			3.91		.78
Class B — actual return		1,000.00		1,082.17		6.14		1.19			7.74		1.50
Class B — assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.50		1.50
Class C — actual return		1,000.00		1,082.75		6.04		1.17			7.64		1.48
Class C — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.40		1.48
Class F-1 — actual return		1,000.00		1,086.40		2.28		.44			3.88		.75
Class F-1 — assumed 5% return		1,000.00		1,022.61		2.21		.44			3.76		.75
Class F-2 — actual return		1,000.00		1,088.70		.93		.18			2.54		.49
Class F-2 — assumed 5% return		1,000.00		1,023.90		.90		.18			2.46		.49
Class 529-A — actual return		1,000.00		1,086.40		2.48		.48			4.09		.79
Class 529-A — assumed 5% return		1,000.00		1,022.41		2.41		.48			3.96		.79
Class 529-B — actual return		1,000.00		1,082.72		6.61		1.28			8.21		1.59
Class 529-B — assumed 5% return		1,000.00		1,018.45		6.41		1.28			7.95		1.59
Class 529-C — actual return		1,000.00		1,082.28		6.56		1.27			8.16		1.58
Class 529-C — assumed 5% return		1,000.00		1,018.50		6.36		1.27			7.90		1.58
Class 529-E — actual return		1,000.00		1,085.41		3.77		.73			5.38		1.04
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.21		1.04
Class 529-F-1 — actual return		1,000.00		1,087.37		1.40		.27			3.00		.58
Class 529-F-1 — assumed 5% return		1,000.00		1,023.46		1.35		.27			2.91		.58
Class R-1 — actual return		1,000.00		1,082.68		6.15		1.19			7.75		1.50
Class R-1 — assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.50		1.50
Class R-2 — actual return		1,000.00		1,081.81		6.40		1.24			8.00		1.55
Class R-2 — assumed 5% return		1,000.00		1,018.65		6.21		1.24			7.75		1.55
Class R-3 — actual return		1,000.00		1,085.21		4.03		.78			5.64		1.09
Class R-3 — assumed 5% return		1,000.00		1,020.93		3.91		.78			5.46		1.09
Class R-4 — actual return		1,000.00		1,086.97		2.12		.41			3.73		.72
Class R-4 — assumed 5% return		1,000.00		1,022.76		2.06		.41			3.61		.72
Class R-5 — actual return		1,000.00		1,088.86		.62		.12			2.23		.43
Class R-5 — assumed 5% return		1,000.00		1,024.20		.60		.12			2.16		.43
Class R-6 — actual return		1,000.00		1,088.54		.78		.15			2.38		.46
Class R-6 — assumed 5% return		1,000.00		1,024.05		.75		.15			2.31		.46

See page 53 for footnotes.

American Funds Portfolio Series

Expense example (continued)

	Beginning account value 11/1/2012		Ending account value 4/30/2013		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
American Funds Tax-Advantaged Income Portfolio
Class A — actual return	$	1,000.00	$	1,087.13	$	2.74		.53	%	$	4.66		.90	%
Class A — assumed 5% return		1,000.00		1,022.17		2.66		.53			4.51		.90
Class B — actual return		1,000.00		1,082.26		6.40		1.24			8.31		1.61
Class B — assumed 5% return		1,000.00		1,018.65		6.21		1.24			8.05		1.61
Class C — actual return		1,000.00		1,082.21		6.40		1.24			8.31		1.61
Class C — assumed 5% return		1,000.00		1,018.65		6.21		1.24			8.05		1.61
Class F-1 — actual return		1,000.00		1,086.33		2.59		.50			4.50		.87
Class F-1 — assumed 5% return		1,000.00		1,022.32		2.51		.50			4.36		.87
Class F-2 — actual return		1,000.00		1,087.43		1.29		.25			3.21		.62
Class F-2 — assumed 5% return		1,000.00		1,023.55		1.25		.25			3.11		.62
American Funds Preservation Portfolio
Class A — actual return	$	1,000.00	$	1,004.59	$	2.29		.46	%	$	3.78		.76	%
Class A — assumed 5% return		1,000.00		1,022.51		2.31		.46			3.81		.76
Class B — actual return		1,000.00		1,000.11		5.85		1.18			7.34		1.48
Class B — assumed 5% return		1,000.00		1,018.94		5.91		1.18			7.40		1.48
Class C — actual return		1,000.00		1,001.29		5.76		1.16			7.24		1.46
Class C — assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.30		1.46
Class F-1 — actual return		1,000.00		1,004.62		2.14		.43			3.63		.73
Class F-1 — assumed 5% return		1,000.00		1,022.66		2.16		.43			3.66		.73
Class F-2 — actual return		1,000.00		1,005.95		.85		.17			2.34		.47
Class F-2 — assumed 5% return		1,000.00		1,023.95		.85		.17			2.36		.47
Class 529-A — actual return		1,000.00		1,003.64		2.24		.45			3.73		.75
Class 529-A — assumed 5% return		1,000.00		1,022.56		2.26		.45			3.76		.75
Class 529-B — actual return		1,000.00		1,000.46		6.30		1.27			7.79		1.57
Class 529-B — assumed 5% return		1,000.00		1,018.50		6.36		1.27			7.85		1.57
Class 529-C — actual return		1,000.00		999.83		6.25		1.26			7.74		1.56
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			7.80		1.56
Class 529-E — actual return		1,000.00		1,003.36		3.58		.72			5.07		1.02
Class 529-E — assumed 5% return		1,000.00		1,021.22		3.61		.72			5.11		1.02
Class 529-F-1 — actual return		1,000.00		1,004.54		1.34		.27			2.83		.57
Class 529-F-1 — assumed 5% return		1,000.00		1,023.46		1.35		.27			2.86		.57
Class R-1 — actual return		1,000.00		1,000.01		5.95		1.20			7.44		1.50
Class R-1 — assumed 5% return		1,000.00		1,018.84		6.01		1.20			7.50		1.50
Class R-2 — actual return		1,000.00		1,000.12		6.20		1.25			7.69		1.55
Class R-2 — assumed 5% return		1,000.00		1,018.60		6.26		1.25			7.75		1.55
Class R-3 — actual return		1,000.00		1,002.07		4.02		.81			5.51		1.11
Class R-3 — assumed 5% return		1,000.00		1,020.78		4.06		.81			5.56		1.11
Class R-4 — actual return		1,000.00		1,004.60		2.19		.44			3.68		.74
Class R-4 — assumed 5% return		1,000.00		1,022.61		2.21		.44			3.71		.74
Class R-5 — actual return		1,000.00		1,006.14		.60		.12			2.09		.42
Class R-5 — assumed 5% return		1,000.00		1,024.20		.60		.12			2.11		.42
Class R-6 — actual return		1,000.00		1,005.94		.75		.15			2.24		.45
Class R-6 — assumed 5% return		1,000.00		1,024.05		.75		.15			2.26		.45

52	American Funds Portfolio Series

	Beginning account value 11/1/2012		Ending account value 4/30/2013		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
American Funds Tax-Exempt Preservation Portfolio
Class A — actual return	$	1,000.00	$	1,016.21	$	2.30		.46	%	$	3.85		.77	%
Class A — assumed 5% return		1,000.00		1,022.51		2.31		.46			3.86		.77
Class B — actual return		1,000.00		1,012.56		5.84		1.17			7.39		1.48
Class B — assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.40		1.48
Class C — actual return		1,000.00		1,012.90		5.79		1.16			7.34		1.47
Class C — assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.35		1.47
Class F-1 — actual return		1,000.00		1,016.24		2.15		.43			3.70		.74
Class F-1 — assumed 5% return		1,000.00		1,022.66		2.16		.43			3.71		.74
Class F-2 — actual return		1,000.00		1,017.51		.90		.18			2.45		.49
Class F-2 — assumed 5% return		1,000.00		1,023.90		.90		.18			2.46		.49

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.

American Funds Portfolio Series

Other share class results

unaudited

Classes B, C, F and 529

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

Cumulative total returns for periods ended March 31, 2013 (the most recent calendar quarter-end):

	Life of class
Global Growth Portfolio
Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase		18.02	%
Not reflecting CDSC		23.02

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		22.05
Not reflecting CDSC		23.05

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		23.88

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		24.07

Class 529-A shares³— first sold 5/18/12
Reflecting 5.75% maximum sales charge		16.68
Not reflecting maximum sales charge		23.80

Class 529-B shares^1,3— first sold 5/18/12
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase		18.01
Not reflecting CDSC		23.01

Class 529-C shares³— first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		21.89
Not reflecting CDSC		22.89

Class 529-E shares^2,3— first sold 5/18/12		23.59

Class 529-F-1 shares^2,3— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		23.95

54	American Funds Portfolio Series

	Life of class
Growth Portfolio
Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase		17.43	%
Not reflecting CDSC		22.43

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		21.48
Not reflecting CDSC		22.48

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		23.33

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		23.51

Class 529-A shares³— first sold 5/18/12
Reflecting 5.75% maximum sales charge		16.11
Not reflecting maximum sales charge		23.19

Class 529-B shares^1,3— first sold 5/18/12
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase		17.39
Not reflecting CDSC		22.39

Class 529-C shares³— first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		21.30
Not reflecting CDSC		22.30

Class 529-E shares^2,3— first sold 5/18/12		22.98

Class 529-F-1 shares^2,3— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		23.36

See page 59 for footnotes.

American Funds Portfolio Series

Other share class results (continued)

	Life of class
Growth and Income Portfolio

Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase		12.90	%
Not reflecting CDSC		17.90

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		16.98
Not reflecting CDSC		17.98

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		18.77

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		18.95

Class 529-A shares³— first sold 5/18/12
Reflecting 5.75% maximum sales charge		11.78
Not reflecting maximum sales charge		18.59

Class 529-B shares^1,3— first sold 5/18/12
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase		12.91
Not reflecting CDSC		17.91

Class 529-C shares³— first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		16.89
Not reflecting CDSC		17.89

Class 529-E shares^2,3— first sold 5/18/12		18.40

Class 529-F-1 shares^2,3— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		18.87

56	American Funds Portfolio Series

	Life of class
Balanced Portfolio

Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase		11.06	%
Not reflecting CDSC		16.06

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		15.05
Not reflecting CDSC		16.05

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		16.86

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		17.12

Class 529-A shares³— first sold 5/18/12
Reflecting 5.75% maximum sales charge		10.04
Not reflecting maximum sales charge		16.76

Class 529-B shares^1,3— first sold 5/18/12
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase		11.05
Not reflecting CDSC		16.05

Class 529-C shares³— first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		15.00
Not reflecting CDSC		16.00

Class 529-E shares^2,3— first sold 5/18/12		16.54

Class 529-F-1 shares^2,3— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		17.02

See page 59 for footnotes.

American Funds Portfolio Series

Other share class results (continued)

	Life of class
Income Portfolio

Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase		7.65	%
Not reflecting CDSC		12.65

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		11.65
Not reflecting CDSC		12.65

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		13.41

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		13.70

Class 529-A shares³— first sold 5/18/12
Reflecting 5.75% maximum sales charge		6.75
Not reflecting maximum sales charge		13.26

Class 529-B shares^1,3— first sold 5/18/12
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase		7.65
Not reflecting CDSC		12.65

Class 529-C shares³— first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		11.59
Not reflecting CDSC		12.59

Class 529-E shares^2,3— first sold 5/18/12		13.13

Class 529-F-1 shares^2,3— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		13.54

Tax-Advantaged Income Portfolio

Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%,
payable only if shares are sold within six years of purchase		8.90
Not reflecting CDSC		13.90

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		12.81
Not reflecting CDSC		13.81

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		14.63

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		14.79

58	American Funds Portfolio Series

	Life of class
Preservation Portfolio

Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase		–4.35	%
Not reflecting CDSC		0.65

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		–0.38
Not reflecting CDSC		0.62

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		1.31

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		1.49

Class 529-A shares³— first sold 5/18/12
Reflecting 2.50% maximum sales charge		–1.35
Not reflecting maximum sales charge		1.22

Class 529-B shares^1,3— first sold 5/18/12
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase		–4.39
Not reflecting CDSC		0.61

Class 529-C shares³— first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		–0.41
Not reflecting CDSC		0.59

Class 529-E shares^2,3— first sold 5/18/12		1.10

Class 529-F-1 shares^2,3— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		1.42

Tax-Exempt Preservation Portfolio

Class B shares¹— first sold 5/18/12
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase		–2.53
Not reflecting CDSC		2.47

Class C shares — first sold 5/18/12
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase		1.43
Not reflecting CDSC		2.43

Class F-1 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		3.18

Class F-2 shares²— first sold 5/18/12
Not reflecting annual asset-based fee charged by sponsoring firm		3.30

¹	These shares are not available for purchase.
²	These shares are sold without any initial or contingent deferred sales charge.
³	Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving its management fee of 0.10% and reimbursing a portion of other expenses. Investment results shown reflect the waiver and reimbursements, without which the results would have been lower. After December 31, 2013, the adviser may modify or terminate the waiver, but only with fund board approval. The adviser has committed to retain any reimbursements only through December 31, 2013.

For information regarding the differences among the various share classes, refer to the fund prospectus.

American Funds Portfolio Series

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

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

Transfer agent for shareholder accounts
American Funds Service Company

(Write to the address near you.)

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

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

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

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

Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626-7188

Principal underwriter

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

60	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, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.

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

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

This report is for the information of shareholders of American Funds Portfolio Series, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after June 30, 2013, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The American Funds Advantage

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

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 25 years of investment experience, including 20 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System^SM

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

Superior long-term track record

Our equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 58% of 10-year periods and 63% of 20-year periods.²Our fund management fees have been among the lowest in the industry.³

	¹	Portfolio manager experience as of December 31, 2012.

	²	Based on Class A share results for rolling periods through December 31, 2012. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date.

	³	Based on management fees for the 20-year period ended December 31, 2012, versus comparable Lipper categories, excluding funds of funds.

	American Funds span a range of investment objectives
¢	Growth funds
	AMCAP Fund^®
	EuroPacific Growth Fund^®
	The Growth Fund of America^®
	The New Economy Fund^®
	New Perspective Fund^®
	New World Fund^®
	SMALLCAP World Fund^®
¢	Growth-and-income funds
	American Mutual Fund^®
	Capital World Growth and Income Fund^®
	Fundamental Investors^SM
	International Growth and Income Fund^SM
	The Investment Company of America^®
	Washington Mutual Investors Fund^SM
¢	Equity-income funds
	Capital Income Builder^®
	The Income Fund of America^®
¢	Balanced funds
	American Balanced Fund^®
	American Funds Global Balanced Fund^SM
¢	Bond funds
	American Funds Mortgage Fund^®
	American High-Income Trust^®
	The Bond Fund of America^®
	Capital World Bond Fund^®
	Intermediate Bond Fund of America^®
	Short-Term Bond Fund of America^®
	U.S. Government Securities Fund^®
¢	Tax-exempt bond funds
	American Funds Short-Term Tax-Exempt Bond Fund^®
	American High-Income Municipal Bond Fund^®
	Limited Term Tax-Exempt Bond Fund of America^®
	The Tax-Exempt Bond Fund of America^®
	State-specific tax-exempt funds
	American Funds Tax-Exempt Fund of New York^®
	The Tax-Exempt Fund of California^®
	The Tax-Exempt Fund of Maryland^®
	The Tax-Exempt Fund of Virginia^®
¢	Money market fund
	American Funds Money Market Fund^®
¢	American Funds Portfolio Series^SM
	American Funds Global Growth Portfolio^SM
	American Funds Growth Portfolio^SM
	American Funds Growth and Income Portfolio^SM
	American Funds Balanced Portfolio^SM
	American Funds Income Portfolio^SM
	American Funds Tax-Advantaged Income Portfolio^SM
	American Funds Preservation Portfolio^SM
	American Funds Tax-Exempt Preservation Portfolio^SM
¢	American Funds Target Date Retirement Series^®
¢	American Funds College Target Date Series^SM

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

	AMERICAN FUNDS PORTFOLIO SERIES

	By /s/ Walter R. Burkley
	Walter R. Burkley, President and Principal Executive Officer

	Date: June 28, 2013

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

By /s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

Date: June 28, 2013

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 28, 2013