N-CSRS 1 afps_ncsr.htm N-CSRS

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: (213) 486-9200

Date of fiscal year end: October 31

Date of reporting period: April 30, 2015

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

Morgan, Lewis & Bockius LLP

355 South Grand Avenue, Suite 4400

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

American Funds
Portfolio Series^SM

Semi-annual report
for the six months ended
April 30, 2015

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 total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2015 (the most recent calendar quarter-end). Also shown are the gross and net expense ratios as of the series prospectus dated January 1, 2015:

	Cumulative total returns		Average annual total returns
Class A shares	1 year		Lifetime (since 5/18/12)		Gross expense ratio		Net expense ratio

Reflecting 5.75% maximum initial sales charge:
American Funds Global Growth Portfolio^SM	–1.04	%	14.18	%	0.93	%	0.83	%
American Funds Growth Portfolio^SM	1.83		16.06		0.85		0.75
American Funds Growth and Income Portfolio^SM	0.40		12.05		0.79		0.69
American Funds Balanced Portfolio^SM	0.84		10.79		0.82		0.72
American Funds Income Portfolio^SM	–0.56		7.63		0.76		0.66

Reflecting 3.75% maximum initial sales charge:
American Funds Tax-Advantaged Income Portfolio^SM	3.72		9.83		0.91		0.81

Reflecting 2.50% maximum initial sales charge:
American Funds Preservation Portfolio^SM	–0.41		0.17		0.80		0.70
American Funds Tax-Exempt Preservation Portfolio^SM	1.32		1.50		0.87		0.75

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 Tax-Exempt Preservation Portfolio. In addition, the investment adviser has in the past reimbursed certain expenses for Preservation Portfolio. Investment results and net expense ratios shown reflect the waiver and/or reimbursements, without which the results would have been lower and the expenses would have been higher. Expense ratios are as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds. The waiver and reimbursements will remain in effect at least through December 31, 2015. After that time, the adviser may elect at its discretion to extend, modify or terminate the reimbursements. The waiver may only be modified or terminated with the approval of the series board.

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

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

Contents

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

Fellow investors:

It’s our pleasure to present the semi-annual report for American Funds Portfolio Series for the six months ended April 30, 2015. Each fund in the series advanced, with returns ranging from 0.53% to 6.10%. Although we’re gratified that the results were positive, we ask investors to put them in context. Six months is a very limited time period; investors are best served by maintaining a long-term investment viewpoint.

About the series

The series offers eight funds of funds that are designed to help investors pursue real-life goals, both long- and short-term, within a framework of three common objectives: preservation, balance and growth. The funds can be used individually or in combination, based on an investor’s needs, risk tolerance and time horizon.

The series was created by our Portfolio Oversight Committee, a group of investment professionals with varied backgrounds, differing investment approaches and decades of experience. The Committee regularly monitors all Portfolio Series funds. They not only look at the funds’ returns, but also the constituent pieces of the portfolios and how they’ve interacted. In January, American Funds Global Balanced Fund^SMwas added to American Funds Balanced Portfolio^SMto help enhance diversification.

The economy

Most economic indicators in the U.S were favorable during the reporting period. The recovery continued at an uneven pace, weighed down by a number of issues, such as harsh winter weather, a strengthening dollar and low oil prices. The U.S. gross domestic product (GDP) moved up 2.2% in the fourth quarter of 2014, following a very brisk 5.0% increase in the prior three months. Estimated GDP declined 0.7% for the first quarter. Steady job growth over the period drove the unemployment rate down to 5.4% at the end of April. Inflation remained in check, with the Consumer Price Index, a key measure of inflation, declining 0.2% year-over-year as of April 30, 2015. World economies were mixed, with developed markets posting generally favorable results, thanks to ongoing support from central banks.

The stock market

U.S. stocks advanced for the six-month period, with Standard & Poor’s 500 Composite Index (a market capitalization-weighted index based on the results of 500 widely held common stocks) gaining 4.39%. Results were particularly strong during the final quarter of 2014, as economic data and corporate earnings supported equity prices. International markets were generally positive, with the MSCI All Country World ex USA Index, a leading benchmark for developed markets outside North America,

American Funds Portfolio Series

advancing 5.56%* for the period. All of the indexes shown in this report are unmanaged and, therefore, have no sales charges or expenses. Investors cannot directly invest in an index.

The bond market

The Federal Reserve ended its quantitative easing program — a tool it had applied to help support the economy — in October. The Fed maintained its short-term federal funds interest rate target near zero, where it has been since December 2008. Fed Chair Janet Yellen stated that potential rate increases would be considered on a “meeting-by-meeting basis,” and indicated the Fed would take a balanced approach in raising rates, stating that even after the initial increase in the target funds rate, “our policy is likely to remain highly accommodative.” Amid uncertainty about the start date of increases, as well as the subsequent pace of any hikes, the overall bond market was up during the reporting period, with the Barclays U.S. Aggregate Index (a measure of the broad fixed-income investment-grade market of bonds rated BBB/Baa and above) posting a 2.06% return. While most areas of the bond market advanced, higher rated bonds led the way, with the Barclays U.S. Corporate Investment Grade Index increasing 2.35%.

How the series fared

All eight funds in the series posted positive results. The strongest returns were attained by those funds with a growth orientation, which benefitted from holding underlying funds with a growth focus, such as New Perspective Fund,^® which invests in multinational companies based in both the United States and overseas. SMALLCAP World Fund^® was additive, as stocks of smaller companies rallied. The funds in the series geared toward preservation posted slight gains as they worked toward their objective of maintaining the value of their assets.

The table on page 3 shows the lifetime results for the funds (since May 18, 2012). Please keep in mind that this less-than-three-year period is still a relatively brief investment time frame. As always, we encourage investors to have a long-term outlook, particularly since the funds in the series are designed as long-term investments.

Moving forward

The improving employment picture, benign inflation and opportunity for an accelerating growth rate in the second half of 2015 provide a favorable backdrop for continued investment. But after several years of solid gains, investors should temper expectations. We remain watchful of the pace of the U.S. recovery, and geopolitical risks in the Middle East.

As always, we take a long-term, research-driven approach to investing that has served clients for more than 80 years.

We thank you for your continued interest in the American Funds Portfolio Series and look forward to reporting to you again in six months.

Cordially,

Bradley J. Vogt
Vice Chairman of the Board

Walter R. Burkley

President

June 15, 2015

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

*	Results reflect dividends net of withholding taxes.

2	American Funds Portfolio Series

Results at a glance

For periods ended April 30, 2015, with all distributions reinvested for Class A shares

	Cumulative total returns						Average annual total returns
	6 months			1 year			Lifetime (since 5/18/12)

American Funds Global Growth Portfolio		4.38	%		7.27	%		16.88	%
MSCI All Country World Index (ACWI)*^†		4.97			7.46			16.12
Lipper Global Funds Index		5.37			6.84			16.89

American Funds Growth Portfolio		6.10			10.79			18.71
Standard & Poor’s 500 Composite Index*		4.39			12.96			20.08
Lipper Growth Funds Index		5.07			13.47			20.28

American Funds Growth and Income Portfolio		2.98			7.71			14.75
Standard & Poor’s 500 Composite Index*		4.39			12.96			20.08
Lipper Growth and Income Funds Index		4.39			9.61			17.05

American Funds Balanced Portfolio		4.00			7.79			13.25
Standard & Poor’s 500 Composite Index*		4.39			12.96			20.08
Lipper Balanced Funds Index		3.43			7.50			12.00

American Funds Income Portfolio		2.55			5.65			10.06
Standard & Poor’s 500 Composite Index*		4.39			12.96			20.08
Lipper Income Funds Index		2.40			4.60			8.42

American Funds Tax-Advantaged Income Portfolio		2.51			7.05			11.18
Barclays Municipal Bond Index*		1.17			4.80			3.26
Lipper Income Funds Index		2.40			4.60			8.42

American Funds Preservation Portfolio		1.06			1.82			1.07
Barclays U.S. Government/Credit 1–7 Years ex BBB Index*		1.27			2.28			1.41
Lipper Short-Intermediate Investment-Grade Debt Funds Index		1.03			1.91			2.01

American Funds Tax-Exempt Preservation Portfolio		0.53			2.72			2.24
Barclays Municipal Short-Intermediate 1–10 Years Index*		0.60			2.35			1.97
Lipper Intermediate Municipal Debt Funds Index		0.77			3.38			2.46

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

The MSCI 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 results of 500 widely held common stocks.

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

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

American Funds Portfolio Series

American Funds Global Growth Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Growth funds 70%
New Perspective Fund, Class R-6		10,922,792	$	425,224
New World Fund, Inc., Class R-6		5,029,859		283,483
The New Economy Fund, Class R-6		7,355,549		283,483
				992,190

Growth-and-income funds 30%
Capital World Growth and Income Fund, Class R-6		8,816,593		425,224

Total investment securities 100% (cost: $1,315,312,000)				1,417,414
Other assets less liabilities 0%				(533	)

Net assets 100%			$	1,416,881

See Notes to Financial Statements

4	American Funds Portfolio Series

American Funds Growth Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Growth funds 70%
AMCAP Fund, Class R-6		28,234,823	$	825,586
EuroPacific Growth Fund, Class R-6		13,414,101		688,009
SMALLCAP World Fund, Inc., Class R-6		8,423,005		412,728
				1,926,323

Growth-and-income funds 30%
Fundamental Investors, Class R-6		15,510,145		826,070

Total investment securities 100% (cost: $2,525,324,000)				2,752,393
Other assets less liabilities 0%				(1,053	)

Net assets 100%			$	2,751,340

See Notes to Financial Statements

American Funds Portfolio Series

American Funds Growth and Income Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Growth funds 20%
The Growth Fund of America, Class R-6		20,021,357	$	898,558

Growth-and-income funds 40%
Capital World Growth and Income Fund, Class R-6		18,630,697		898,559
The Investment Company of America, Class R-6		23,837,736		898,444
				1,797,003

Equity-income and Balanced funds 25%
Capital Income Builder, Class R-6		18,433,761		1,125,750

Fixed income funds 15%
Capital World Bond Fund, Class R-6		34,313,726		682,500

Total investment securities 100% (cost: $4,201,207,000)				4,503,811
Other assets less liabilities 0%				(1,710	)

Net assets 100%			$	4,502,101

Investments in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of its outstanding voting shares. Further details on this holding and related transactions during the six months ended April 30, 2015, appear below.

		Beginning shares				Additions				Reductions				Ending shares				Dividend income (000)				Value of affiliates at (000)
Capital World Bond Fund, Class R-6			26,617,004				7,696,722				—				34,313,726			$	11,760			$	682,500

See Notes to Financial Statements

6	American Funds Portfolio Series

American Funds Balanced Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Growth funds 20%
New Perspective Fund, Class R-6		17,805,890	$	693,183

Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		7,177,918		346,191
Washington Mutual Investors Fund, Class R-6		8,392,508		346,191
				692,382

Equity-income and Balanced funds 40%
American Balanced Fund, Class R-6		27,692,748		693,150
American Funds Global Balanced Fund, Class R-6		22,413,039		693,235
				1,386,385

Fixed income funds 20%
The Bond Fund of America, Class R-6		54,022,705		697,973

Total investment securities 100% (cost: $3,207,018,000)				3,469,923
Other assets less liabilities 0%				(1,403	)

Net assets 100%			$	3,468,520

Investments in affiliates

		Beginning shares				Additions				Reductions				Ending shares				Dividend income (000)				Value of affiliates at (000)
American Funds Global Balanced Fund, Class R-6			—				22,413,039				—				22,413,039			$	2,263			$	693,235

See Notes to Financial Statements

American Funds Portfolio Series

American Funds Income Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Growth-and-income funds 20%
American Mutual Fund, Class R-6		15,634,653	$	585,205

Equity-income and Balanced funds 40%
Capital Income Builder, Class R-6		9,582,289		585,191
The Income Fund of America, Class R-6		26,660,823		585,205
				1,170,396

Fixed income funds 40%
American High-Income Trust, Class R-6		53,982,792		590,032
U.S. Government Securities Fund, Class R-6		41,363,386		587,360
				1,177,392

Total investment securities 100% (cost: $2,769,100,000)				2,932,993
Other assets less liabilities 0%				(1,244	)

Net assets 100%			$	2,931,749

Investments in affiliates

		Beginning shares				Additions				Reductions				Ending shares				Dividend income (000)				Value of affiliates at (000)
U.S. Government Securities Fund, Class R-6			34,598,326				6,765,060				—				41,363,386			$	3,291			$	587,360

See Notes to Financial Statements

8	American Funds Portfolio Series

American Funds Tax-Advantaged Income Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Growth-and-income funds 50%
Capital World Growth and Income Fund, Class R-6		3,530,096	$	170,257
Washington Mutual Investors Fund, Class R-6		4,127,838		170,273
				340,530

Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		11,024,587		171,543
The Tax-Exempt Bond Fund of America, Class R-6		13,146,370		171,560
				343,103

Total investment securities 100% (cost: $641,586,000)				683,633
Other assets less liabilities 0%				(219	)

Net assets 100%			$	683,414

See Notes to Financial Statements

American Funds Portfolio Series

American Funds Preservation Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Fixed income funds 100%
Intermediate Bond Fund of America, Class R-6		21,609,427	$	294,536
Short-Term Bond Fund of America, Class R-6		29,394,859		294,537
The Bond Fund of America, Class R-6		11,398,471		147,268
				736,341

Total investment securities 100% (cost: $736,145,000)				736,341
Other assets less liabilities 0%				(342	)

Net assets 100%			$	735,999

Investments in affiliates

		Beginning shares				Additions				Reductions				Ending shares				Dividend income (000)				Value of affiliates at (000)
Short-Term Bond Fund of America, Class R-6			26,145,563				3,631,603				382,307				29,394,859			$	1,304			$	294,536

See Notes to Financial Statements

10	American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio

unaudited

Investment portfolio, April 30, 2015

Fund investments	Shares		Value (000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6		11,345,110	$	181,522
The Tax-Exempt Bond Fund of America, Class R-6		5,961,306		77,795
				259,317

Total investment securities 100% (cost: $261,386,000)				259,317
Other assets less liabilities 0%				(85	)

Net assets 100%			$	259,232

Investments in affiliates

		Beginning shares				Additions				Reductions				Ending shares				Dividend income (000)				Value of affiliates at (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6			9,396,458				2,379,771				431,119				11,345,110			$	2,183			$	181,522

See Notes to Financial Statements

American Funds Portfolio Series

Financial statements

Statements of assets and liabilities
at April 30, 2015

	Global Growth			Growth			Growth and Income
	Portfolio			Portfolio			Portfolio

Assets:
Investment securities, at value:
Unaffiliated issuers	$	1,417,414		$	2,752,393		$	3,821,311
Affiliated issuers		—			—			682,500
Receivables for:
Sales of fund’s shares		3,310			5,779			6,780
Dividends		—			—			—
Total assets		1,420,724			2,758,172			4,510,591
Liabilities:
Payables for:
Purchases of investments		2,454			4,242			4,678
Repurchases of fund’s shares		855			1,558			2,097
Services provided by related parties		519			1,004			1,681
Trustees’ deferred compensation		2			3			5
Other		13			25			29
Total liabilities		3,843			6,832			8,490
Net assets at April 30, 2015	$	1,416,881		$	2,751,340		$	4,502,101

Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,265,028		$	2,410,966		$	4,066,296
(Distributions in excess of) undistributed net investment income		(328	)		(1,186	)		(9,645	)
Undistributed (accumulated) net realized gain (loss)		50,079			114,491			142,846
Net unrealized appreciation (depreciation)		102,102			227,069			302,604
Net assets at April 30, 2015	$	1,416,881		$	2,751,340		$	4,502,101

Investment securities, at cost:
Unaffiliated issuers	$	1,315,312		$	2,525,324		$	3,496,595
Affiliated issuers		—			—			704,612

See Notes to Financial Statements

12	American Funds Portfolio Series

unaudited

(dollars in thousands)

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

$	2,776,688	$	2,345,633	$	683,633	$	441,805		$	77,795
	693,235		587,360		—		294,536			181,522
	4,463		6,192		881		1,447			218
	1,318		3,682		1,068		966			608
	3,475,704		2,942,867		685,582		738,754			260,143

	4,435		9,068		1,826		2,034			782
	1,352		829		124		370			44
	1,373		1,209		217		344			85
	4		3		1		1			—
	20		9		—		6			—
	7,184		11,118		2,168		2,755			911
$	3,468,520	$	2,931,749	$	683,414	$	735,999		$	259,232

$	3,110,352	$	2,747,470	$	633,344	$	737,005		$	263,674
	1,432		3,570		1,919		(30	)		202
	93,831		16,816		6,104		(1,172	)		(2,575	)
	262,905		163,893		42,047		196			(2,069	)
$	3,468,520	$	2,931,749	$	683,414	$	735,999		$	259,232

$	2,523,349	$	2,187,402	$	641,586	$	440,971		$	77,456
	683,669		581,698		—		295,174			183,930

American Funds Portfolio Series

Statements of assets and liabilities

at April 30, 2015

		Global Growth		Growth		Growth and Income
		Portfolio		Portfolio		Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	880,523	$	1,754,155	$	3,096,532
	Shares outstanding		58,359		111,016		223,932
	Net asset value per share	$	15.09	$	15.80	$	13.83
Class B:	Net assets	$	1,986	$	4,877	$	8,390
	Shares outstanding		132		311		608
	Net asset value per share	$	15.00	$	15.67	$	13.79
Class C:	Net assets	$	175,013	$	366,090	$	643,070
	Shares outstanding		11,729		23,438		46,737
	Net asset value per share	$	14.92	$	15.62	$	13.76
Class F-1:	Net assets	$	53,645	$	53,399	$	76,325
	Shares outstanding		3,555		3,382		5,520
	Net asset value per share	$	15.09	$	15.79	$	13.83
Class F-2:	Net assets	$	41,404	$	71,797	$	107,932
	Shares outstanding		2,737		4,531		7,796
	Net asset value per share	$	15.13	$	15.85	$	13.84
Class 529-A:	Net assets	$	113,808	$	242,641	$	261,862
	Shares outstanding		7,550		15,366		18,944
	Net asset value per share	$	15.07	$	15.79	$	13.82
Class 529-B:	Net assets	$	515	$	1,114	$	1,285
	Shares outstanding		34		71		93
	Net asset value per share	$	14.98	$	15.65	$	13.80
Class 529-C:	Net assets	$	49,602	$	86,535	$	108,102
	Shares outstanding		3,328		5,538		7,853
	Net asset value per share	$	14.90	$	15.63	$	13.77
Class 529-E:	Net assets	$	4,843	$	13,398	$	13,401
	Shares outstanding		322		852		971
	Net asset value per share	$	15.02	$	15.72	$	13.80
Class 529-F-1:	Net assets	$	5,539	$	16,085	$	18,382
	Shares outstanding		367		1,017		1,328
	Net asset value per share	$	15.11	$	15.82	$	13.84
Class R-1:	Net assets	$	2,170	$	6,471	$	8,133
	Shares outstanding		145		413		591
	Net asset value per share	$	14.95	$	15.67	$	13.77
Class R-2:	Net assets	$	27,143	$	49,171	$	54,226
	Shares outstanding		1,821		3,146		3,942
	Net asset value per share	$	14.91	$	15.63	$	13.76
Class R-2E:	Net assets	$	10	$	17	$	10
	Shares outstanding		1		1		1
	Net asset value per share	$	15.07	$	15.78	$	13.83
Class R-3:	Net assets	$	16,020	$	30,334	$	34,499
	Shares outstanding		1,067		1,928		2,501
	Net asset value per share	$	15.02	$	15.74	$	13.79
Class R-4:	Net assets	$	6,617	$	14,572	$	29,469
	Shares outstanding		439		923		2,131
	Net asset value per share	$	15.08	$	15.79	$	13.83
Class R-5:	Net assets	$	2,210	$	3,113	$	2,200
	Shares outstanding		145		196		159
	Net asset value per share	$	15.19	$	15.90	$	13.87
Class R-6:	Net assets	$	35,833	$	37,571	$	38,283
	Shares outstanding		2,357		2,368		2,765
	Net asset value per share	$	15.21	$	15.86	$	13.85

See Notes to Financial Statements

14	American Funds Portfolio Series

unaudited

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

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

$	2,238,198	$	2,103,381	$	552,031	$	488,644	$	192,927
	164,013		174,705		43,737		48,837		19,422
$	13.65	$	12.04	$	12.62	$	10.01	$	9.93
$	5,742	$	5,108	$	263	$	1,262	$	61
	422		425		21		126		6
$	13.61	$	12.01	$	12.61	$	10.01	$	9.94
$	548,662	$	479,057	$	82,582	$	105,662	$	46,018
	40,406		39,973		6,574		10,574		4,639
$	13.58	$	11.98	$	12.56	$	9.99	$	9.92
$	74,902	$	70,746	$	19,329	$	10,785	$	4,452
	5,489		5,874		1,532		1,078		448
$	13.65	$	12.04	$	12.62	$	10.01	$	9.94
$	87,059	$	75,819	$	29,209	$	14,511	$	15,774
	6,372		6,290		2,312		1,450		1,588
$	13.66	$	12.05	$	12.63	$	10.01	$	9.93
$	171,046	$	68,862			$	48,152
	12,537		5,721				4,814
$	13.64	$	12.04			$	10.00
$	801	$	521			$	404
	59		43				40
$	13.62	$	12.02			$	10.01
$	86,578	$	44,795			$	23,860
	6,371		3,737				2,387
$	13.59	$	11.99			$	10.00
$	7,066	$	5,994			$	2,589
	518		499				259
$	13.63	$	12.02			$	10.00
$	14,569	$	6,014			$	8,228
	1,067		499				822
$	13.66	$	12.05			$	10.00
$	9,379	$	1,864			$	1,212
	690		156				121
$	13.59	$	11.99			$	10.00
$	48,357	$	19,696			$	10,492
	3,560		1,642				1,051
$	13.59	$	11.99			$	9.99
$	10	$	10			$	10
	1		1				1
$	13.64	$	12.04			$	10.01
$	51,279	$	16,078			$	9,798
	3,765		1,337				980
$	13.62	$	12.02			$	10.00
$	44,753	$	17,036			$	4,185
	3,279		1,415				418
$	13.65	$	12.04			$	10.01
$	9,221	$	2,695			$	475
	675		223				48
$	13.67	$	12.06			$	10.01
$	70,898	$	14,073			$	5,730
	5,188		1,167				572
$	13.67	$	12.06			$	10.01

American Funds Portfolio Series

Statements of operations

for the six months ended April 30, 2015

	Global Growth			Growth		Growth and Income
	Portfolio			Portfolio		Portfolio
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	12,579		$	19,348	$	40,815
Affiliated issuers		—			—		11,760
		12,579			19,348		52,575
Fees and expenses*:
Investment advisory services		625			1,180		2,009
Distribution services		2,078			4,031		6,972
Transfer agent services		566			1,045		1,789
Reports to shareholders		27			48		79
Registration statement and prospectus		242			356		466
Trustees’ compensation		4			8		13
Auditing and legal		—	^†		1		2
Custodian		5			5		5
State and local taxes		—	^†		1		—
Other		74			144		174
Total fees and expenses before reimbursements/waivers		3,621			6,819		11,509
Less reimbursements/waivers of fees and expenses:
Investment advisory services		625			1,180		2,009
Other		—			—		—
Total fees and expenses after reimbursements/waivers		2,996			5,639		9,500
Net investment income		9,583			13,709		43,075

Net realized gain and unrealized (depreciation) appreciation on investments:
Net realized (loss) gain on sale of investments:
Unaffiliated issuers		(45	)		—		—
Affiliated issuers		—			—		—
Capital gain distributions received		50,235			114,730		143,096
Net realized gain on investments		50,190			114,730		143,096
Net unrealized (depreciation) appreciation on investments		(5,029	)		14,427		(65,732	)
Net realized gain and unrealized (depreciation) appreciation on investments		45,161			129,157		77,364

Net increase in net assets resulting from operations	$	54,744		$	142,866	$	120,439

*	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

$	29,547		$	48,065	$	9,261		$	3,297		$	1,241
	2,263			3,291		—			1,304			2,183
	31,810			51,356		9,261			4,601			3,424

	1,533			1,326		294			340			119
	5,585			4,832		1,087			1,421			486
	1,366			1,176		253			316			105
	60			51		11			14			5
	366			339		154			192			82
	10			8		2			2			1
	2			2		—			—			—
	5			5		5			5			5
	—			—		—			5			—
	122			60		2			37			1
	9,049			7,799		1,808			2,332			804
	1,533			1,326		294			340			119
	—			—		—			—			23
	7,516			6,473		1,514			1,992			662
	24,294			44,883		7,747			2,609			2,762

	(3,022	)		17,033		6,495			182			29
	—			—		—			(11	)		(13	)
	97,081			—		—			—			—
	94,059			17,033		6,495			171			16
	1,273			4,327		(229	)		3,386			(1,621	)
	95,332			21,360		6,266			3,557			(1,605	)

$	119,626		$	66,243	$	14,013		$	6,166		$	1,157

American Funds Portfolio Series

Statements of changes in net assets

	Global Growth						Growth						Growth and Income
	Portfolio						Portfolio						Portfolio
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	April 30			October 31			April 30			October 31			April 30			October 31
	2015*			2014			2015*			2014			2015*			2014
Operations:
Net investment income	$	9,583		$	7,377		$	13,709		$	5,054		$	43,075		$	54,675
Net realized gain (loss) on investments		50,190			18,686			114,730			54,686			143,096			54,900
Net unrealized (depreciation) appreciation on investments		(5,029	)		32,399			14,427			79,139			(65,732	)		170,545
Net increase in net assets resulting from operations		54,744			58,462			142,866			138,879			120,439			280,120

Dividends and distributions paid to shareholders:
Dividends from net investment income		(10,086	)		(6,949	)		(14,893	)		(5,546	)		(52,717	)		(55,311	)
Distributions from net realized gain on investments		(18,252	)		(676	)		(51,425	)		(3,125	)		(51,739	)		(2,049	)
Total dividends and distributions paid to shareholders		(28,338	)		(7,625	)		(66,318	)		(8,671	)		(104,456	)		(57,360	)

Net capital share transactions		235,270			516,928			592,863			958,321			826,824			1,468,849

Total increase in net assets		261,676			567,765			669,411			1,088,529			842,807			1,691,609

Net assets:
Beginning of period		1,155,205			587,440			2,081,929			993,400			3,659,294			1,967,685
End of period	$	1,416,881		$	1,155,205		$	2,751,340		$	2,081,929		$	4,502,101		$	3,659,294
(Distributions in excess of) undistributed net investment income	$	(328	)	$	175		$	(1,186	)	$	(2	)	$	(9,645	)	$	(3	)

*	Unaudited.

See Notes to Financial Statements

18	American Funds Portfolio Series

(dollars in thousands)

Balanced						Income						Tax-Advantaged Income						Preservation						Tax-Exempt Preservation
Portfolio						Portfolio						Portfolio						Portfolio						Portfolio
Six months						Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
April 30			October 31			April 30			October 31			April 30			October 31			April 30			October 31			April 30			October 31
2015*			2014			2015*			2014			2015*			2014			2015*			2014			2015*			2014

$	24,294		$	32,219		$	44,883		$	58,985		$	7,747		$	10,245		$	2,609		$	4,677		$	2,762		$	4,478
	94,059			20,538			17,033			9,251			6,495			1,138			171			(419	)		16			(825	)
	1,273			120,541			4,327			77,104			(229	)		26,975			3,386			2,556			(1,621	)		4,001
	119,626			173,298			66,243			145,340			14,013			38,358			6,166			6,814			1,157			7,654

	(23,534	)		(32,444	)		(43,791	)		(58,769	)		(6,503	)		(10,112	)		(2,712	)		(4,684	)		(2,617	)		(4,476	)
	(18,862	)		—			(8,168	)		(832	)		(1,238	)		—			—			—			—			—
	(42,396	)		(32,444	)		(51,959	)		(59,601	)		(7,741	)		(10,112	)		(2,712	)		(4,684	)		(2,617	)		(4,476	)

	636,045			1,098,483			478,985			880,476			170,188			214,424			78,571			162,427			44,209			38,796

	713,275			1,239,337			493,269			966,215			176,460			242,670			82,025			164,557			42,749			41,974

	2,755,245			1,515,908			2,438,480			1,472,265			506,954			264,284			653,974			489,417			216,483			174,509
$	3,468,520		$	2,755,245		$	2,931,749		$	2,438,480		$	683,414		$	506,954		$	735,999		$	653,974		$	259,232		$	216,483

$	1,432		$	672		$	3,570		$	2,478		$	1,919		$	675		$	(30	)	$	73		$	202		$	57

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 investment company. The series consists of eight funds (the “funds”). The assets of each fund are segregated, with each fund accounted for separately. The funds’ investment objectives are as follows:

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

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

The Global Growth Portfolio, Growth Portfolio, Growth and Income Portfolio, Balanced Portfolio, Income Portfolio and Preservation Portfolio each have 17 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 seven retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The Tax-Advantaged Income Portfolio and Tax-Exempt Preservation Portfolio each have five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2). The funds’ share classes are described further in the following table:

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

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

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

20	American Funds Portfolio Series

2. Significant accounting policies

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

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

Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the Financial Highlights tables on pages 41 to 61.

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

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

3. Valuation

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

Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees 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, 2015, all of the investment securities held by each fund were classified as Level 1.

American Funds Portfolio Series

4. Risk factors

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

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

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

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

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

Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may also decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions, and the market response to any such initiatives.

Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp, 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 debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.

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

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

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

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

22	American Funds Portfolio Series

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

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 (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled or operate. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, 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. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.

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

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund’s cash available for reinvestment in higher yielding securities.

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

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

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

Management — The investment adviser to the fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses 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, 2015, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

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

The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2014, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

											Tax-
	Global				Growth and						Advantaged					Tax-Exempt
	Growth		Growth		Income		Balanced		Income		Income		Preservation			Preservation
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio			Portfolio
Undistributed ordinary income	$	176	$	—	$	—	$	675	$	2,479	$	269	$	75		$	—
Undistributed tax-exempt income		—		—		—		—		—		406		—			57
Undistributed long-term capital gain		18,285		51,378		51,582		18,765		8,055		1,250		—			—
Capital loss carryforward*		—		—		—		—		—		—		(14	)		(1,563	)

*	The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

As of April 30, 2015, the tax basis unrealized appreciation (depreciation) and cost of investment securities for each fund were as follows (dollars in thousands):

														Tax-
	Global					Growth and								Advantaged					Tax-Exempt
	Growth			Growth		Income			Balanced		Income			Income		Preservation			Preservation
	Portfolio			Portfolio		Portfolio			Portfolio		Portfolio			Portfolio		Portfolio			Portfolio
Gross unrealized appreciation on investment securities	$	103,867		$	226,877	$	324,624		$	261,555	$	180,583		$	41,644	$	816		$	—
Gross unrealized depreciation on investment securities		(1,964	)		—		(22,112	)		—		(16,794	)		—		(1,964	)		(3,083	)
Net unrealized appreciation (depreciation) on investment securities		101,903			226,877		302,512			261,555		163,789			41,644		(1,148	)		(3,083	)
Cost of investment securities		1,315,511			2,525,516		4,201,299			3,208,368		2,769,204			641,989		737,489			262,400

24	American Funds Portfolio Series

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

Global Growth Portfolio

	Six months ended April 30, 2015									Year ended October 31, 2014
							Total							Total
							dividends and							dividends and
	Ordinary			Long-term			distributions			Ordinary		Long-term		distributions
Share class	income			capital gains			paid			income		capital gains		paid
Class A	$	7,104		$	11,347		$	18,451		$	4,658	$	429	$	5,087
Class B		1			34			35			10		2		12
Class C		434			2,133			2,567			509		74		583
Class F-1		374			647			1,021			285		26		311
Class F-2		470			645			1,115			276		22		298
Class 529-A		884			1,497			2,381			576		54		630
Class 529-B		—			8			8			3		1		4
Class 529-C		131			669			800			114		19		133
Class 529-E		29			61			90			16		2		18
Class 529-F-1		49			69			118			17		1		18
Class R-1		5			25			30			6		1		7
Class R-2		72			324			396			68		9		77
Class R-2E¹		—	²		—	²		—	²		—		—		—
Class R-3		85			200			285			69		8		77
Class R-4		54			84			138			20		2		22
Class R-5		11			19			30			264		21		285
Class R-6		383			490			873			58		5		63
Total	$	10,086		$	18,252		$	28,338		$	6,949	$	676	$	7,625

Growth Portfolio

	Six months ended April 30, 2015									Year ended October 31, 2014
							Total							Total
							dividends and							dividends and
	Ordinary			Long-term			distributions			Ordinary		Long-term		distributions
Share class	income			capital gains			paid			income		capital gains		paid
Class A	$	11,240		$	33,060		$	44,300		$	4,140	$	2,016	$	6,156
Class B		—			122			122			—		14		14
Class C		515			6,533			7,048			191		358		549
Class F-1		309			981			1,290			122		62		184
Class F-2		557			1,394			1,951			230		94		324
Class 529-A		1,442			4,557			5,999			551		285		836
Class 529-B		—			27			27			—		3		3
Class 529-C		48			1,635			1,683			2		107		109
Class 529-E		60			273			333			20		15		35
Class 529-F-1		96			252			348			34		15		49
Class R-1		5			113			118			—		7		7
Class R-2		56			868			924			30		45		75
Class R-2E¹		—	²		—	²		—	²		—		—		—
Class R-3		118			536			654			31		28		59
Class R-4		61			179			240			15		7		22
Class R-5		10			33			43			147		57		204
Class R-6		376			862			1,238			33		12		45
Total	$	14,893		$	51,425		$	66,318		$	5,546	$	3,125	$	8,671

See page 28 for footnotes.

American Funds Portfolio Series

Growth and Income Portfolio

	Six months ended April 30, 2015									Year ended October 31, 2014
							Total								Total
							dividends and								dividends and
	Ordinary			Long-term			distributions			Ordinary			Long-term		distributions
Share class	income			capital gains			paid			income			capital gains		paid
Class A	$	38,414		$	36,062		$	74,476		$	41,550		$	1,445	$	42,995
Class B		92			132			224			136			9		145
Class C		5,715			7,097			12,812			4,938			254		5,192
Class F-1		950			916			1,866			983			34		1,017
Class F-2		1,302			1,102			2,404			1,140			34		1,174
Class 529-A		3,178			3,067			6,245			3,587			134		3,721
Class 529-B		13			19			32			18			1		19
Class 529-C		970			1,299			2,269			947			57		1,004
Class 529-E		142			148			290			159			7		166
Class 529-F-1		249			228			477			293			10		303
Class R-1		74			94			168			73			4		77
Class R-2		457			552			1,009			376			20		396
Class R-2E¹		—	²		—	²		—	²		—	²		—		—	²
Class R-3		384			408			792			351			14		365
Class R-4		229			153			382			146			5		151
Class R-5		26			20			46			289			19		308
Class R-6		522			442			964			325			2		327
Total	$	52,717		$	51,739		$	104,456		$	55,311		$	2,049	$	57,360

Balanced Portfolio

	Six months ended April 30, 2015									Year ended October 31, 2014
							Total								Total
							dividends and								dividends and
	Ordinary			Long-term			distributions			Ordinary			Long-term		distributions
Share class	income			capital gains			paid			income			capital gains		paid
Class A	$	16,670		$	12,343		$	29,013		$	23,394		$	—	$	23,394
Class B		29			43			72			66			—		66
Class C		2,351			2,895			5,246			2,850			—		2,850
Class F-1		556			420			976			876			—		876
Class F-2		704			453			1,157			814			—		814
Class 529-A		1,239			959			2,198			1,831			—		1,831
Class 529-B		3			6			9			8			—		8
Class 529-C		357			503			860			507			—		507
Class 529-E		42			36			78			55			—		55
Class 529-F-1		117			81			198			200			—		200
Class R-1		38			46			84			52			—		52
Class R-2		203			247			450			223			—		223
Class R-2E¹		—	²		—	²		—	²		—	²		—		—	²
Class R-3		306			258			564			343			—		343
Class R-4		326			244			570			530			—		530
Class R-5		86			57			143			240			—		240
Class R-6		507			271			778			455			—		455
Total	$	23,534		$	18,862		$	42,396		$	32,444		$	—	$	32,444

26	American Funds Portfolio Series

Income Portfolio

	Six months ended April 30, 2015						Year ended October 31, 2014
					Total								Total
					dividends and								dividends and
	Ordinary		Long-term		distributions		Ordinary			Long-term			distributions
Share class	income		capital gains		paid		income			capital gains			paid
Class A	$	32,754	$	5,900	$	38,654	$	44,418		$	603		$	45,021
Class B		75		19		94		148			3			151
Class C		5,858		1,301		7,159		7,219			123			7,342
Class F-1		1,120		205		1,325		1,627			24			1,651
Class F-2		1,217		205		1,422		1,490			19			1,509
Class 529-A		1,078		200		1,278		1,559			22			1,581
Class 529-B		7		2		9		17			—	²		17
Class 529-C		549		130		679		818			16			834
Class 529-E		83		16		99		105			1			106
Class 529-F-1		93		16		109		114			1			115
Class R-1		24		5		29		28			1			29
Class R-2		237		52		289		297			5			302
Class R-2E¹		—		—		—		—	²		—			—	²
Class R-3		211		40		251		269			4			273
Class R-4		209		33		242		234			4			238
Class R-5		40		7		47		198			5			203
Class R-6		236		37		273		228			1			229
Total	$	43,791	$	8,168	$	51,959	$	58,769		$	832		$	59,601

Tax-Advantaged Income Portfolio

	Six months ended April 30, 2015						Year ended October 31, 2014
					Total						Total
					dividends and						dividends and
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income³		capital gains		paid		income³		capital gains		paid
Class A	$	5,447	$	1,011	$	6,458	$	8,495	$	—	$	8,495
Class B		2		—		2		7		—		7
Class C		581		148		729		924		—		924
Class F-1		187		34		221		379		—		379
Class F-2		286		45		331		307		—		307
Total	$	6,503	$	1,238	$	7,741	$	10,112	$	—	$	10,112

See page 28 for footnotes.

American Funds Portfolio Series

Preservation Portfolio

	Six months ended April 30, 2015						Year ended October 31, 2014
					Total							Total
					dividends and							dividends and
	Ordinary		Long-term		distributions		Ordinary			Long-term		distributions
Share class	income		capital gains		paid		income			capital gains		paid
Class A	$	2,095	$	—	$	2,095	$	3,681		$	—	$	3,681
Class B		1		—		1		5			—		5
Class C		124		—		124		202			—		202
Class F-1		45		—		45		66			—		66
Class F-2		78		—		78		98			—		98
Class 529-A		199		—		199		360			—		360
Class 529-B		—		—		—		1			—		1
Class 529-C		21		—		21		36			—		36
Class 529-E		8		—		8		16			—		16
Class 529-F-1		42		—		42		75			—		75
Class R-1		1		—		1		1			—		1
Class R-2		13		—		13		14			—		14
Class R-2E¹		—		—		—		—	²		—		—	²
Class R-3		29		—		29		37			—		37
Class R-4		17		—		17		24			—		24
Class R-5		2		—		2		35			—		35
Class R-6		37		—		37		33			—		33
Total	$	2,712	$	—	$	2,712	$	4,684		$	—	$	4,684

Tax-Exempt Preservation Portfolio

	Six months ended April 30, 2015						Year ended October 31, 2014
					Total						Total
					dividends and						dividends and
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income³		capital gains		paid		income³		capital gains		paid
Class A	$	2,028	$	—	$	2,028	$	3,417	$	—	$	3,417
Class B		1		—		1		1		—		1
Class C		355		—		355		711		—		711
Class F-1		49		—		49		108		—		108
Class F-2		184		—		184		239		—		239
Total	$	2,617	$	—	$	2,617	$	4,476	$	—	$	4,476

¹	Class R-2E shares were offered beginning August 29, 2014.
²	Amount less than one thousand.
³	Ordinary income may include both taxable and tax-exempt income.

6. Fees and transactions with related parties

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

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees, accrued daily. These fees are based on an annual rate of 0.10% of daily net assets. CRMC is currently waiving these fees. This waiver can only be modified or terminated with the approval of the series’ board of trustees. Investment advisory services fees are presented in the statements of operations gross of the waiver from CRMC. CRMC receives fees from the underlying funds for investment advisory services. These fees are included in the net effective expense ratios that are provided as supplementary information in the Financial Highlights tables on pages 41 to 61.

Other reimbursements — CRMC has agreed to reimburse a portion of the fees and expenses of Tax-Exempt Preservation Portfolio during its 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.

28	American Funds Portfolio Series

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

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

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Class 529-A		0.30			0.50
Classes B and 529-B		1.00			1.00
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
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, 2015, unreim-bursed expenses subject to reimbursement for the funds’ Class A and 529-A shares were as follows (dollars in thousands):

	Class A		Class 529-A
Global Growth Portfolio	$	—	$	—
Growth Portfolio		—		—
Growth and Income Portfolio		—		—
Balanced Portfolio		—		—
Income Portfolio		—		—
Tax-Advantaged Income Portfolio		115	Not applicable
Preservation Portfolio		—		—
Tax-Exempt Preservation Portfolio		441	Not applicable

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

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 Virginia College Savings Plan (“Virginia529”) for its oversight and administration 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 0.05% on such assets in excess of $70 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. Virginia529 is not considered a related party to the series.

American Funds Portfolio Series

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2015, were as follows (dollars in thousands):

Global Growth Portfolio

Share class	Distribution services		Transfer agent services		529 plan services
Class A	$799		$335		Not applicable
Class B	11		1		Not applicable
Class C	737		63		Not applicable
Class F-1	56		23		Not applicable
Class F-2	Not applicable		24		Not applicable
Class 529-A	102		44		$46
Class 529-B	2		—		—	*
Class 529-C	224		19		20
Class 529-E	11		1		2
Class 529-F-1	—		2		2
Class R-1	9		1		Not applicable
Class R-2	85		39		Not applicable
Class R-2E	—	*	—	*	Not applicable
Class R-3	35		11		Not applicable
Class R-4	7		2		Not applicable
Class R-5	Not applicable		—		Not applicable
Class R-6	Not applicable		1		Not applicable
Total class-specific expenses	$2,078		$566		$70

Growth Portfolio
Share class	Distribution services		Transfer agent services		529 plan services
Class A	$1,576		$637		Not applicable
Class B	25		3		Not applicable
Class C	1,509		125		Not applicable
Class F-1	56		24		Not applicable
Class F-2	Not applicable		34		Not applicable
Class 529-A	201		88		$93
Class 529-B	6		1		1
Class 529-C	372		30		33
Class 529-E	30		3		5
Class 529-F-1	—		5		5
Class R-1	27		2		Not applicable
Class R-2	152		69		Not applicable
Class R-2E	—	*	—	*	Not applicable
Class R-3	63		19		Not applicable
Class R-4	14		4		Not applicable
Class R-5	Not applicable		—		Not applicable
Class R-6	Not applicable		1		Not applicable
Total class-specific expenses	$4,031		$1,045		$137

Growth and Income Portfolio

Share class	Distribution services		Transfer agent services		529 plan services
Class A	$2,972		$1,196		Not applicable
Class B	46		5		Not applicable
Class C	2,777		233		Not applicable
Class F-1	88		37		Not applicable
Class F-2	Not applicable		48		Not applicable
Class 529-A	252		103		$106
Class 529-B	7		1		—	*
Class 529-C	494		42		44
Class 529-E	29		3		5
Class 529-F-1	—		7		8
Class R-1	36		4		Not applicable
Class R-2	167		77		Not applicable
Class R-2E	—	*	—	*	Not applicable
Class R-3	78		24		Not applicable
Class R-4	26		8		Not applicable
Class R-5	Not applicable		—		Not applicable
Class R-6	Not applicable		1		Not applicable
Total class-specific expenses	$6,972		$1,789		$163

Balanced Portfolio

Share class	Distribution services	Transfer agent services		529 plan services
Class A	$2,171	$851		Not applicable
Class B	32	3		Not applicable
Class C	2,358	198		Not applicable
Class F-1	84	36		Not applicable
Class F-2	Not applicable	41		Not applicable
Class 529-A	170	67		$69
Class 529-B	4	—	*	—	*
Class 529-C	400	34		35
Class 529-E	15	2		3
Class 529-F-1	—	5		6
Class R-1	40	4		Not applicable
Class R-2	154	72		Not applicable
Class R-2E	—	—	*	Not applicable
Class R-3	107	32		Not applicable
Class R-4	50	18		Not applicable
Class R-5	Not applicable	2		Not applicable
Class R-6	Not applicable	1		Not applicable
Total class-specific expenses	$5,585	$1,366		$113

30	American Funds Portfolio Series

Income Portfolio

Share class	Distribution services	Transfer agent services		529 plan services
Class A	$2,181	$825		Not applicable
Class B	29	3		Not applicable
Class C	2,123	180		Not applicable
Class F-1	82	35		Not applicable
Class F-2	Not applicable	37		Not applicable
Class 529-A	71	29		$29
Class 529-B	3	—	*	—	*
Class 529-C	208	18		19
Class 529-E	13	1		2
Class 529-F-1	—	2		2
Class R-1	9	1		Not applicable
Class R-2	64	29		Not applicable
Class R-2E	—	—	*	Not applicable
Class R-3	33	10		Not applicable
Class R-4	16	5		Not applicable
Class R-5	Not applicable	1		Not applicable
Class R-6	Not applicable	—	*	Not applicable
Total class-specific expenses	$4,832	$1,176		$52

Tax-Exempt Preservation Portfolio

Share class	Distribution services	Transfer agent services
Class A	$263	$75
Class B	1	—	*
Class C	217	19
Class F-1	5	3
Class F-2	Not applicable	8
Total class-specific expenses	$486	$105

Preservation Portfolio

Share class	Distribution services	Transfer agent services		529 plan services
Class A	$680	$202		Not applicable
Class B	7	1		Not applicable
Class C	486	43		Not applicable
Class F-1	12	5		Not applicable
Class F-2	Not applicable	7		Not applicable
Class 529-A	50	20		$20
Class 529-B	2	—	*	—	*
Class 529-C	114	10		10
Class 529-E	6	1		1
Class 529-F-1	—	3		3
Class R-1	4	—	*	Not applicable
Class R-2	34	15		Not applicable
Class R-2E	—	—	*	Not applicable
Class R-3	22	7		Not applicable
Class R-4	4	2		Not applicable
Class R-5	Not applicable	—	*	Not applicable
Class R-6	Not applicable	—	*	Not applicable
Total class-specific expenses	$1,421	$316		$34

Tax-Advantaged Income Portfolio

Share class	Distribution services	Transfer agent services
Class A	$716	$202
Class B	1	—	*
Class C	349	29
Class F-1	21	9
Class F-2	Not applicable	13
Total class-specific expenses	$1,087	$253

*	Amount less than one thousand.

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:

	Current fees		Increase in value of deferred amounts		Total trustees’ compensation
Global Growth Portfolio	$	3,992	$	39	$	4,031
Growth Portfolio		7,514		71		7,585
Growth and Income Portfolio		12,805		127		12,932
Balanced Portfolio		9,745		99		9,844
Income Portfolio		8,428		90		8,518
Tax-Advantaged Income Portfolio		1,858		19		1,877
Preservation Portfolio		2,148		28		2,176
Tax-Exempt Preservation Portfolio		748		11		759

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

American Funds Portfolio Series

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2015, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	272,849	$	5,978
Growth Portfolio		655,249		—
Growth and Income Portfolio		908,847		—
Balanced Portfolio		1,143,491		427,998
Income Portfolio		489,111		—
Tax-Advantaged Income Portfolio		176,751		—
Preservation Portfolio		86,308		7,630
Tax-Exempt Preservation Portfolio		54,347		9,946

32	American Funds Portfolio Series

8. Capital share transactions

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

Global Growth Portfolio

	Sales¹				Reinvestments of dividends and distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	180,096		12,194	$	18,398		1,273		$	(55,895	)		(3,805	)	$	142,599			9,662
Class B		223		15		34		2			(647	)		(44	)		(390	)		(27	)
Class C		47,021		3,214		2,564		180			(11,835	)		(814	)		37,750			2,580
Class F-1		19,799		1,344		1,017		70			(7,090	)		(479	)		13,726			935
Class F-2		12,621		851		1,103		76			(14,649	)		(985	)		(925	)		(58	)
Class 529-A		21,777		1,481		2,379		164			(6,359	)		(435	)		17,797			1,210
Class 529-B		49		3		8		1			(102	)		(8	)		(45	)		(4	)
Class 529-C		7,598		522		800		55			(1,641	)		(113	)		6,757			464
Class 529-E		1,357		94		90		6			(413	)		(29	)		1,034			71
Class 529-F-1		1,452		99		119		9			(384	)		(26	)		1,187			82
Class R-1		686		47		29		2			(117	)		(8	)		598			41
Class R-2		8,334		573		396		28			(1,667	)		(115	)		7,063			486
Class R-2E		—		—		—		—			—			—			—			—
Class R-3		3,493		238		285		20			(821	)		(57	)		2,957			201
Class R-4		3,049		205		139		10			(1,192	)		(81	)		1,996			134
Class R-5		1,012		68		30		2			(94	)		(7	)		948			63
Class R-6		3,202		215		873		60			(1,857	)		(125	)		2,218			150
Total net increase (decrease)	$	311,769		21,163	$	28,264		1,958		$	(104,763	)		(7,131	)	$	235,270			15,990

Year ended October 31, 2014
Class A	$	381,874		26,443	$	5,057		355		$	(74,717	)		(5,177	)	$	312,214			21,621
Class B		1,322		93		12		1			(925	)		(65	)		409			29
Class C		80,666		5,640		582		41			(14,433	)		(1,006	)		66,815			4,675
Class F-1		20,065		1,390		312		22			(6,343	)		(437	)		14,034			975
Class F-2		25,394		1,752		292		21			(6,491	)		(451	)		19,195			1,322
Class 529-A		48,050		3,338		630		44			(3,876	)		(267	)		44,804			3,115
Class 529-B		151		11		3		—	²		(204	)		(14	)		(50	)		(3	)
Class 529-C		27,005		1,869		133		10			(2,656	)		(183	)		24,482			1,696
Class 529-E		2,056		141		18		1			(164	)		(12	)		1,910			130
Class 529-F-1		3,463		236		19		1			(513	)		(35	)		2,969			202
Class R-1		1,044		73		6		—	²		(335	)		(23	)		715			50
Class R-2		13,762		962		77		6			(1,802	)		(126	)		12,037			842
Class R-2E³		10		1		—		—			—			—			10			1
Class R-3		6,662		463		76		5			(975	)		(68	)		5,763			400
Class R-4		3,210		220		22		1			(407	)		(28	)		2,825			193
Class R-5		3,436		241		285		20			(23,979	)		(1,653	)		(20,258	)		(1,392	)
Class R-6		33,071		2,263		62		4			(4,079	)		(274	)		29,054			1,993
Total net increase (decrease)	$	651,241		45,136	$	7,586		532		$	(141,899	)		(9,819	)	$	516,928			35,849

See page 40 for footnotes.

American Funds Portfolio Series

Growth Portfolio

	Sales¹					Reinvestments of dividends and distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	407,548		26,462		$	44,170		2,919		$	(91,084	)		(5,916	)	$	360,634			23,465
Class B		619		40			121		8			(1,489	)		(98	)		(749	)		(50	)
Class C		111,292		7,299			7,036		469			(21,699	)		(1,425	)		96,629			6,343
Class F-1		20,102		1,300			1,290		86			(9,051	)		(585	)		12,341			801
Class F-2		18,915		1,224			1,943		128			(8,432	)		(549	)		12,426			803
Class 529-A		53,449		3,478			5,999		396			(7,312	)		(475	)		52,136			3,399
Class 529-B		88		6			26		1			(289	)		(19	)		(175	)		(12	)
Class 529-C		20,889		1,371			1,682		112			(3,524	)		(231	)		19,047			1,252
Class 529-E		2,086		137			332		22			(623	)		(42	)		1,795			117
Class 529-F-1		6,401		411			348		23			(726	)		(46	)		6,023			388
Class R-1		2,145		140			116		8			(612	)		(40	)		1,649			108
Class R-2		16,201		1,065			924		62			(3,260	)		(215	)		13,865			912
Class R-2E		7		—	²		—		—			—			—			7			—	²
Class R-3		8,353		543			654		43			(1,109	)		(72	)		7,898			514
Class R-4		8,845		582			240		16			(1,857	)		(120	)		7,228			478
Class R-5		1,737		113			43		3			(184	)		(12	)		1,596			104
Class R-6		4,315		279			1,238		82			(5,040	)		(328	)		513			33
Total net increase (decrease)	$	682,992		44,450		$	66,162		4,378		$	(156,291	)		(10,173	)	$	592,863			38,655

Year ended October 31, 2014
Class A	$	730,131		49,288		$	6,127		422		$	(122,579	)		(8,273	)	$	613,679			41,437
Class B		2,717		187			14		1			(2,383	)		(163	)		348			25
Class C		163,107		11,133			547		38			(27,389	)		(1,865	)		136,265			9,306
Class F-1		25,414		1,712			184		12			(7,513	)		(504	)		18,085			1,220
Class F-2		31,862		2,144			322		22			(9,839	)		(665	)		22,345			1,501
Class 529-A		89,179		6,040			836		58			(8,180	)		(549	)		81,835			5,549
Class 529-B		570		39			2		—	²		(305	)		(21	)		267			18
Class 529-C		33,172		2,275			110		8			(5,287	)		(359	)		27,995			1,924
Class 529-E		6,183		418			36		2			(457	)		(31	)		5,762			389
Class 529-F-1		5,680		383			48		3			(952	)		(64	)		4,776			322
Class R-1		2,459		168			7		1			(589	)		(40	)		1,877			129
Class R-2		22,936		1,563			75		5			(4,454	)		(300	)		18,557			1,268
Class R-2E³		10		1			—		—			—			—			10			1
Class R-3		13,539		913			59		4			(2,104	)		(142	)		11,494			775
Class R-4		5,492		372			22		2			(1,447	)		(99	)		4,067			275
Class R-5		2,700		185			205		14			(23,018	)		(1,557	)		(20,113	)		(1,358	)
Class R-6		35,498		2,382			45		3			(4,471	)		(296	)		31,072			2,089
Total net increase (decrease)	$	1,170,649		79,203		$	8,639		595		$	(220,967	)		(14,928	)	$	958,321			64,870


34	American Funds Portfolio Series

Growth and Income Portfolio

	Sales¹				Reinvestments of dividends and distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	615,838		44,992	$	74,029		5,450	$	(167,657	)		(12,260	)	$	522,210			38,182
Class B		1,120		82		223		16		(2,917	)		(215	)		(1,574	)		(117	)
Class C		176,448		12,955		12,743		942		(39,854	)		(2,926	)		149,337			10,971
Class F-1		21,838		1,597		1,793		132		(10,204	)		(746	)		13,427			983
Class F-2		45,237		3,305		2,367		174		(12,965	)		(949	)		34,639			2,530
Class 529-A		41,229		3,017		6,242		459		(7,563	)		(552	)		39,908			2,924
Class 529-B		133		10		31		2		(396	)		(29	)		(232	)		(17	)
Class 529-C		18,041		1,324		2,266		167		(5,502	)		(405	)		14,805			1,086
Class 529-E		3,147		230		290		21		(541	)		(40	)		2,896			211
Class 529-F-1		2,617		190		476		35		(1,105	)		(80	)		1,988			145
Class R-1		2,625		192		168		13		(1,277	)		(94	)		1,516			111
Class R-2		19,574		1,440		1,009		75		(5,146	)		(380	)		15,437			1,135
Class R-2E		—		—		—		—		—			—			—			—
Class R-3		9,203		675		792		59		(3,149	)		(232	)		6,846			502
Class R-4		20,143		1,491		381		28		(1,933	)		(141	)		18,591			1,378
Class R-5		817		60		45		3		(62	)		(4	)		800			59
Class R-6		8,558		625		965		71		(3,293	)		(239	)		6,230			457
Total net increase (decrease)	$	986,568		72,185	$	103,820		7,647	$	(263,564	)		(19,292	)	$	826,824			60,540

Year ended October 31, 2014
Class A	$	1,188,510		89,492	$	42,641		3,207	$	(218,172	)		(16,375	)	$	1,012,979			76,324
Class B		3,623		275		144		11		(4,466	)		(337	)		(699	)		(51	)
Class C		267,942		20,266		5,161		390		(47,769	)		(3,600	)		225,334			17,056
Class F-1		38,045		2,860		941		71		(12,746	)		(951	)		26,240			1,980
Class F-2		45,930		3,447		1,147		86		(11,205	)		(843	)		35,872			2,690
Class 529-A		85,353		6,450		3,721		280		(11,071	)		(832	)		78,003			5,898
Class 529-B		507		38		19		1		(520	)		(39	)		6			—
Class 529-C		37,784		2,867		1,003		76		(7,374	)		(557	)		31,413			2,386
Class 529-E		4,209		320		166		13		(817	)		(61	)		3,558			272
Class 529-F-1		7,010		525		303		23		(2,017	)		(149	)		5,296			399
Class R-1		2,783		212		76		6		(636	)		(48	)		2,223			170
Class R-2		23,036		1,742		395		29		(4,626	)		(349	)		18,805			1,422
Class R-2E³		10		1		—		—		—			—			10			1
Class R-3		14,475		1,094		365		28		(2,426	)		(184	)		12,414			938
Class R-4		9,296		701		150		12		(1,864	)		(141	)		7,582			572
Class R-5		2,751		209		308		23		(22,576	)		(1,695	)		(19,517	)		(1,463	)
Class R-6		32,149		2,403		327		24		(3,146	)		(233	)		29,330			2,194
Total net increase (decrease)	$	1,763,413		132,902	$	56,867		4,280	$	(351,431	)		(26,394	)	$	1,468,849			110,788

See page 40 for footnotes.

American Funds Portfolio Series

Balanced Portfolio

	Sales¹				Reinvestments of dividends and distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	476,109		35,398	$	28,849		2,155	$	(120,328	)		(8,949	)	$	384,630			28,604
Class B		689		51		72		6		(2,471	)		(185	)		(1,710	)		(128	)
Class C		151,634		11,319		5,225		392		(35,650	)		(2,662	)		121,209			9,049
Class F-1		17,559		1,304		975		72		(7,102	)		(529	)		11,432			847
Class F-2		27,697		2,058		1,150		86		(7,521	)		(559	)		21,326			1,585
Class 529-A		29,055		2,164		2,198		164		(8,085	)		(602	)		23,168			1,726
Class 529-B		132		10		9		1		(267	)		(20	)		(126	)		(9	)
Class 529-C		14,979		1,121		859		64		(6,051	)		(452	)		9,787			733
Class 529-E		2,017		150		77		6		(405	)		(31	)		1,689			125
Class 529-F-1		2,378		177		198		15		(683	)		(51	)		1,893			141
Class R-1		3,439		257		84		7		(1,555	)		(116	)		1,968			148
Class R-2		14,723		1,099		448		34		(3,339	)		(249	)		11,832			884
Class R-2E		—		—		—		—		—			—			—			—
Class R-3		17,506		1,303		564		42		(3,184	)		(237	)		14,886			1,108
Class R-4		11,249		838		570		42		(8,258	)		(616	)		3,561			264
Class R-5		1,361		101		143		11		(1,276	)		(96	)		228			16
Class R-6		36,930		2,763		778		58		(7,436	)		(551	)		30,272			2,270
Total net increase (decrease)	$	807,457		60,113	$	42,199		3,155	$	(213,611	)		(15,905	)	$	636,045			47,363

Year ended October 31, 2014
Class A	$	771,451		64,923	$	23,258		1,798	$	(162,331	)		(12,548	)	$	700,579			54,173
Class B		3,654		285		66		5		(3,542	)		(275	)		178			15
Class C		236,462		18,382		2,831		220		(40,487	)		(3,139	)		198,806			15,463
Class F-1		31,808		2,473		875		68		(14,047	)		(1,083	)		18,636			1,458
Class F-2		41,624		3,218		809		62		(10,788	)		(832	)		31,645			2,448
Class 529-A		57,964		4,477		1,829		142		(13,234	)		(1,023	)		46,559			3,596
Class 529-B		416		32		8		1		(560	)		(44	)		(136	)		(11	)
Class 529-C		34,417		2,678		507		39		(7,571	)		(585	)		27,353			2,132
Class 529-E		2,491		193		54		4		(894	)		(69	)		1,651			128
Class 529-F-1		5,326		409		200		16		(3,249	)		(248	)		2,277			177
Class R-1		3,904		303		52		4		(1,435	)		(113	)		2,521			194
Class R-2		22,822		1,778		223		17		(4,346	)		(337	)		18,699			1,458
Class R-2E³		10		1		—		—		—			—			10			1
Class R-3		24,012		1,856		343		26		(8,800	)		(680	)		15,555			1,202
Class R-4		17,242		1,335		530		41		(4,090	)		(315	)		13,682			1,061
Class R-5		5,494		427		240		19		(12,505	)		(967	)		(6,771	)		(521	)
Class R-6		35,684		2,758		455		35		(8,900	)		(688	)		27,239			2,105
Total net increase (decrease)	$	1,362,982		105,528	$	32,280		2,497	$	(296,779	)		(22,946	)	$	1,098,483			85,079


36	American Funds Portfolio Series

Income Portfolio

	Sales¹				Reinvestments of dividends and distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	413,707		34,538	$	38,005		3,190	$	(125,097	)		(10,450	)	$	326,615			27,278
Class B		940		78		94		8		(2,100	)		(176	)		(1,066	)		(90	)
Class C		123,239		10,331		7,058		595		(34,608	)		(2,901	)		95,689			8,025
Class F-1		14,787		1,236		1,301		109		(7,478	)		(624	)		8,610			721
Class F-2		20,504		1,709		1,407		118		(5,752	)		(480	)		16,159			1,347
Class 529-A		11,474		959		1,278		107		(6,175	)		(517	)		6,577			549
Class 529-B		14		1		10		1		(197	)		(17	)		(173	)		(15	)
Class 529-C		8,183		686		679		57		(4,541	)		(381	)		4,321			362
Class 529-E		1,315		110		99		9		(283	)		(24	)		1,131			95
Class 529-F-1		2,112		176		109		9		(694	)		(58	)		1,527			127
Class R-1		325		27		29		3		(91	)		(7	)		263			23
Class R-2		5,471		458		287		24		(984	)		(83	)		4,774			399
Class R-2E		—		—		—		—		—			—			—			—
Class R-3		5,586		466		250		21		(1,065	)		(89	)		4,771			398
Class R-4		9,984		837		241		20		(3,132	)		(263	)		7,093			594
Class R-5		794		66		47		4		(237	)		(20	)		604			50
Class R-6		4,203		349		273		23		(2,386	)		(199	)		2,090			173
Total net increase (decrease)	$	622,638		52,027	$	51,167		4,298	$	(194,820	)		(16,289	)	$	478,985			40,036

Year ended October 31, 2014
Class A	$	791,213		67,433	$	44,191		3,773	$	(198,083	)		(16,905	)	$	637,321			54,301
Class B		2,782		239		151		13		(3,308	)		(283	)		(375	)		(31	)
Class C		193,782		16,577		7,239		620		(47,081	)		(4,029	)		153,940			13,168
Class F-1		29,974		2,556		1,614		138		(13,950	)		(1,189	)		17,638			1,505
Class F-2		31,522		2,671		1,486		127		(11,189	)		(954	)		21,819			1,844
Class 529-A		28,091		2,398		1,577		135		(8,811	)		(753	)		20,857			1,780
Class 529-B		383		33		17		2		(407	)		(35	)		(7	)		—
Class 529-C		16,091		1,380		834		71		(7,701	)		(658	)		9,224			793
Class 529-E		2,636		225		106		9		(724	)		(61	)		2,018			173
Class 529-F-1		2,603		223		116		10		(706	)		(61	)		2,013			172
Class R-1		961		81		29		2		(226	)		(19	)		764			64
Class R-2		7,046		604		300		26		(2,811	)		(241	)		4,535			389
Class R-2E³		10		1		—		—		—			—			10			1
Class R-3		6,334		542		273		23		(2,148	)		(181	)		4,459			384
Class R-4		5,338		448		237		20		(2,416	)		(207	)		3,159			261
Class R-5		3,710		317		203		17		(10,662	)		(906	)		(6,749	)		(572	)
Class R-6		13,130		1,113		229		20		(3,509	)		(296	)		9,850			837
Total net increase (decrease)	$	1,135,606		96,841	$	58,602		5,006	$	(313,732	)		(26,778	)	$	880,476			75,069

See page 40 for footnotes.

American Funds Portfolio Series

Tax-Advantaged Income Portfolio

	Sales¹				Reinvestments of dividends and distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	154,343		12,281	$	6,398		511		$	(26,927	)		(2,144	)	$	133,814			10,648
Class B		46		4		3		—	²		(83	)		(7	)		(34	)		(3	)
Class C		27,271		2,179		719		57			(6,284	)		(502	)		21,706			1,734
Class F-1		5,411		432		220		18			(1,979	)		(158	)		3,652			292
Class F-2		12,584		1,001		327		26			(1,861	)		(148	)		11,050			879
Total net increase (decrease)	$	199,655		15,897	$	7,667		612		$	(37,134	)		(2,959	)	$	170,188			13,550

Year ended October 31, 2014
Class A	$	195,792		16,196	$	8,405		697		$	(34,806	)		(2,911	)	$	169,391			13,982
Class B		203		17		7		1			(164	)		(14	)		46			4
Class C		34,554		2,873		913		76			(5,702	)		(474	)		29,765			2,475
Class F-1		9,455		787		380		32			(6,177	)		(518	)		3,658			301
Class F-2		13,008		1,070		304		25			(1,748	)		(143	)		11,564			952
Total net increase (decrease)	$	253,012		20,943	$	10,009		831		$	(48,597	)		(4,060	)	$	214,424			17,714


38	American Funds Portfolio Series

Preservation Portfolio

	Sales¹				Reinvestments of dividends					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	135,340		13,560	$	2,073		207		$	(87,422	)		(8,765	)	$	49,991			5,002
Class B		265		26		1		—	²		(714	)		(71	)		(448	)		(45	)
Class C		29,841		2,994		123		12			(18,265	)		(1,833	)		11,699			1,173
Class F-1		3,169		318		44		4			(1,337	)		(134	)		1,876			188
Class F-2		4,538		455		76		8			(2,263	)		(227	)		2,351			236
Class 529-A		11,083		1,111		199		20			(6,930	)		(695	)		4,352			436
Class 529-B		134		13		—		—			(116	)		(12	)		18			1
Class 529-C		4,815		483		21		2			(3,411	)		(342	)		1,425			143
Class 529-E		609		61		8		1			(381	)		(38	)		236			24
Class 529-F-1		1,641		164		42		4			(1,232	)		(124	)		451			44
Class R-1		532		53		1		—	²		(45	)		(4	)		488			49
Class R-2		4,466		448		13		1			(1,573	)		(157	)		2,906			292
Class R-2E		—		—		—		—			—			—			—			—
Class R-3		3,760		378		29		3			(1,431	)		(144	)		2,358			237
Class R-4		2,392		240		17		2			(1,149	)		(116	)		1,260			126
Class R-5		179		18		3		—	²		(225	)		(22	)		(43	)		(4	)
Class R-6		775		77		37		4			(1,161	)		(117	)		(349	)		(36	)
Total net increase (decrease)	$	203,539		20,399	$	2,687		268		$	(127,655	)		(12,801	)	$	78,571			7,866

Year ended October 31, 2014
Class A	$	250,926		25,263	$	3,639		367		$	(152,578	)		(15,376	)	$	101,987			10,254
Class B		656		66		5		—	²		(1,320	)		(133	)		(659	)		(67	)
Class C		55,990		5,644		200		20			(30,244	)		(3,052	)		25,946			2,612
Class F-1		7,148		720		63		6			(4,074	)		(411	)		3,137			315
Class F-2		11,867		1,192		92		9			(5,950	)		(600	)		6,009			601
Class 529-A		21,342		2,152		360		36			(10,852	)		(1,094	)		10,850			1,094
Class 529-B		304		31		1		—	²		(423	)		(43	)		(118	)		(12	)
Class 529-C		11,855		1,195		36		4			(7,054	)		(712	)		4,837			487
Class 529-E		857		86		16		2			(617	)		(62	)		256			26
Class 529-F-1		3,285		330		75		8			(1,353	)		(136	)		2,007			202
Class R-1		480		48		1		—	²		(397	)		(40	)		84			8
Class R-2		4,912		496		14		1			(3,113	)		(314	)		1,813			183
Class R-2E³		10		1		—		—			—			—			10			1
Class R-3		3,855		388		37		4			(1,236	)		(125	)		2,656			267
Class R-4		2,607		262		24		3			(1,205	)		(121	)		1,426			144
Class R-5		2,552		257		35		4			(6,330	)		(637	)		(3,743	)		(376	)
Class R-6		7,020		706		33		3			(1,124	)		(112	)		5,929			597
Total net increase (decrease)	$	385,666		38,837	$	4,631		467		$	(227,870	)		(22,968	)	$	162,427			16,336

See page 40 for footnotes.

American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Sales¹				Reinvestments of dividends					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2015

Class A	$	65,553		6,561	$	1,994		200		$	(32,427	)		(3,244	)	$	35,120			3,517
Class B		13		1		1		—	²		(20	)		(2	)		(6	)		(1	)
Class C		11,419		1,144		345		35			(7,475	)		(749	)		4,289			430
Class F-1		969		97		49		5			(926	)		(93	)		92			9
Class F-2		7,042		705		183		18			(2,511	)		(251	)		4,714			472
Total net increase (decrease)	$	84,996		8,508	$	2,572		258		$	(43,359	)		(4,339	)	$	44,209			4,427

Year ended October 31, 2014
Class A	$	73,478		7,409	$	3,341		337		$	(42,692	)		(4,326	)	$	34,127			3,420
Class B		34		4		1		—	²		(80	)		(8	)		(45	)		(4	)
Class C		18,488		1,865		699		71			(16,187	)		(1,641	)		3,000			295
Class F-1		1,959		197		106		11			(3,075	)		(312	)		(1,010	)		(104	)
Class F-2		6,165		620		237		24			(3,678	)		(373	)		2,724			271
Total net increase (decrease)	$	100,124		10,095	$	4,384		443		$	(65,712	)		(6,660	)	$	38,796			3,878


¹	Includes exchanges between share classes of the fund.
²	Amount less than one thousand.
³	Class R-2E shares were offered beginning August 29, 2014.


40	American Funds Portfolio Series

Financial highlights

Global Growth Portfolio

			Income (loss) from investment operations¹							Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)		expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income (loss) to average net assets⁴
Class A:
4/30/15^7,8	$	14.82	$	.11		$	.52	$	.63	$	(.14	)	$	(.22	)	$	(.36	)	$	15.09		4.38	%	$	880		.44	%⁹		.34	%⁹		.83	%⁹		1.68	%⁹
10/31/14		13.92		.14			.92		1.06		(.15	)		(.01	)		(.16	)		14.82		7.71			722		.44			.34			.83			.96
10/31/13		11.17		.11			2.79		2.90		(.14	)		(.01	)		(.15	)		13.92		26.18			377		.50			.40			.90			.85
10/31/12^7,10		10.00		.03			1.14		1.17		—			—			—			11.17		11.70			53		.25	³		.20	³		.71	³		.29	³
Class B:
4/30/15^7,8		14.66		.06			.50		.56		—	¹¹		(.22	)		(.22	)		15.00		3.93			2		1.24	⁹		1.14	⁹		1.63	⁹		.99	⁹
10/31/14		13.81		.03			.90		.93		(.07	)		(.01	)		(.08	)		14.66		6.82			2		1.25			1.15			1.64			.23
10/31/13		11.13		.02			2.78		2.80		(.11	)		(.01	)		(.12	)		13.81		25.32			2		1.28			1.18			1.68			.13
10/31/12^7,10		10.00		(.01	)		1.14		1.13		—			—			—			11.13		11.30			1		.56	³		.51	³		1.02	³		(.08	)³
Class C:
4/30/15^7,8		14.63		.06			.50		.56		(.05	)		(.22	)		(.27	)		14.92		3.89			175		1.23	⁹		1.13	⁹		1.62	⁹		.85	⁹
10/31/14		13.79		.02			.93		.95		(.10	)		(.01	)		(.11	)		14.63		6.92			134		1.24			1.14			1.63			.14
10/31/13		11.13		.01			2.78		2.79		(.12	)		(.01	)		(.13	)		13.79		25.27			62		1.26			1.16			1.66			.04
10/31/12^7,10		10.00		(.02	)		1.15		1.13		—			—			—			11.13		11.30			8		.56	³		.51	³		1.02	³		(.17	)³
Class F-1:
4/30/15^7,8		14.82		.11			.51		.62		(.13	)		(.22	)		(.35	)		15.09		4.30			54		.50	⁹		.40	⁹		.89	⁹		1.60	⁹
10/31/14		13.92		.13			.93		1.06		(.15	)		(.01	)		(.16	)		14.82		7.69			39		.51			.41			.90			.92
10/31/13		11.17		.08			2.82		2.90		(.14	)		(.01	)		(.15	)		13.92		26.23			23		.53			.43			.93			.59
10/31/12^7,10		10.00		.03			1.14		1.17		—			—			—			11.17		11.70			2		.19	³		.14	³		.65	³		.28	³
Class F-2:
4/30/15^7,8		14.87		.14			.50		.64		(.16	)		(.22	)		(.38	)		15.13		4.46			41		.26	⁹		.16	⁹		.65	⁹		1.94	⁹
10/31/14		13.96		.17			.92		1.09		(.17	)		(.01	)		(.18	)		14.87		7.90			41		.24			.14			.63			1.15
10/31/13		11.18		.12			2.82		2.94		(.15	)		(.01	)		(.16	)		13.96		26.57			20		.27			.17			.67			.96
10/31/12^7,10		10.00		.04			1.14		1.18		—			—			—			11.18		11.80			1		.11	³		.06	³		.57	³		.37	³
Class 529-A:
4/30/15^7,8		14.81		.11			.50		.61		(.13	)		(.22	)		(.35	)		15.07		4.25			114		.52	⁹		.42	⁹		.91	⁹		1.60	⁹
10/31/14		13.91		.13			.93		1.06		(.15	)		(.01	)		(.16	)		14.81		7.70			94		.51			.41			.90			.87
10/31/13		11.16		.12			2.78		2.90		(.14	)		(.01	)		(.15	)		13.91		26.27			45		.50			.40			.90			.96
10/31/12^7,10		10.00		.02			1.14		1.16		—			—			—			11.16		11.60			9		.23	³		.18	³		.69	³		.21	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio

			Income (loss) from investment operations¹							Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income (loss) to average net assets⁴
Class 529-B:
4/30/15^7,8	$	14.65	$	.06		$	.49	$	.55	$	—		$	(.22	)	$	(.22	)	$	14.98		3.84	%	$	1			1.33	%⁹		1.23	%⁹		1.72	%⁹		.89	%⁹
10/31/14		13.80		.03			.90		.93		(.07	)		(.01	)		(.08	)		14.65		6.79			1			1.33			1.23			1.72			.21
10/31/13		11.14		.03			2.75		2.78		(.11	)		(.01	)		(.12	)		13.80		25.11			1			1.38			1.28			1.78			.21
10/31/12^7,10		10.00		(.03	)		1.17		1.14		—			—			—			11.14		11.40			—	¹²		.59	³		.54	³		1.05	³		(.26	)³
Class 529-C:
4/30/15^7,8		14.61		.06			.49		.55		(.04	)		(.22	)		(.26	)		14.90		3.89			50			1.32	⁹		1.22	⁹		1.71	⁹		.80	⁹
10/31/14		13.78		—	¹¹		.92		.92		(.08	)		(.01	)		(.09	)		14.61		6.76			42			1.32			1.22			1.71			(.03	)
10/31/13		11.12		(.01	)		2.80		2.79		(.12	)		(.01	)		(.13	)		13.78		25.23			16			1.36			1.26			1.76			(.06	)
10/31/12^7,10		10.00		(.02	)		1.14		1.12		—			—			—			11.12		11.20			2			.60	³		.56	³		1.07	³		(.18	)³
Class 529-E:
4/30/15^7,8		14.75		.09			.51		.60		(.11	)		(.22	)		(.33	)		15.02		4.15			5			.79	⁹		.69	⁹		1.18	⁹		1.28	⁹
10/31/14		13.88		.08			.93		1.01		(.13	)		(.01	)		(.14	)		14.75		7.33			4			.79			.69			1.18			.55
10/31/13		11.16		.06			2.80		2.86		(.13	)		(.01	)		(.14	)		13.88		25.89			2			.82			.72			1.22			.49
10/31/12^7,10		10.00		.01			1.15		1.16		—			—			—			11.16		11.60			—	¹²		.33	³		.29	³		.80	³		.08	³
Class 529-F-1:
4/30/15^7,8		14.85		.12			.52		.64		(.16	)		(.22	)		(.38	)		15.11		4.44			5			.31	⁹		.21	⁹		.70	⁹		1.77	⁹
10/31/14		13.94		.14			.94		1.08		(.16	)		(.01	)		(.17	)		14.85		7.85			4			.31			.21			.70			.96
10/31/13		11.18		.16			2.76		2.92		(.15	)		(.01	)		(.16	)		13.94		26.37			1			.37			.27			.77			1.26
10/31/12^7,10		10.00		.03			1.15		1.18		—			—			—			11.18		11.80			—	¹²		.16	³		.11	³		.62	³		.23	³
Class R-1:
4/30/15^7,8		14.65		.05			.51		.56		(.04	)		(.22	)		(.26	)		14.95		3.92			2			1.23	⁹		1.13	⁹		1.62	⁹		.76	⁹
10/31/14		13.81		.02			.92		.94		(.09	)		(.01	)		(.10	)		14.65		6.86			2			1.25			1.15			1.64			.13
10/31/13		11.14		.02			2.78		2.80		(.12	)		(.01	)		(.13	)		13.81		25.28			1			1.25			1.15			1.65			.13
10/31/12^7,10		10.00		—	¹¹		1.14		1.14		—			—			—			11.14		11.40			—	¹²		.51	³		.47	³		.98	³		(.04	)³
Class R-2:
4/30/15^7,8		14.62		.06			.50		.56		(.05	)		(.22	)		(.27	)		14.91		3.93			27			1.24	⁹		1.14	⁹		1.63	⁹		.81	⁹
10/31/14		13.80		—	¹¹		.93		.93		(.10	)		(.01	)		(.11	)		14.62		6.82			19			1.30			1.20			1.69			.03
10/31/13		11.15		(.02	)		2.81		2.79		(.13	)		(.01	)		(.14	)		13.80		25.24			7			1.27			1.17			1.67			(.18	)
10/31/12^7,10		10.00		(.02	)		1.17		1.15		—			—			—			11.15		11.50			1			.47	³		.42	³		.93	³		(.21	)³

42	American Funds Portfolio Series

Global Growth Portfolio

			Income (loss) from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income (loss) to average net assets⁴
Class R-2E:
4/30/15^7,8	$	14.82	$	.13		$	.50		$	.63		$	(.16	)	$	(.22	)	$	(.38	)	$	15.07		4.41	%¹³	$	—	¹²		.37	%^9,13		.26	%^9,13		.75	%^9,13		1.83	%^9,13
10/31/14^7,14		15.02		.01			(.21	)		(.20	)		—			—			—			14.82		(1.33	)¹³		—	¹²		.06	^3,13		.04	^3,13		.53	^3,13		.09	^3,13
Class R-3:
4/30/15^7,8		14.74		.09			.51			.60			(.10	)		(.22	)		(.32	)		15.02		4.15			16			.80	⁹		.70	⁹		1.19	⁹		1.28	⁹
10/31/14		13.86		.09			.92			1.01			(.12	)		(.01	)		(.13	)		14.74		7.38			13			.82			.72			1.21			.60
10/31/13		11.16		.05			2.80			2.85			(.14	)		(.01	)		(.15	)		13.86		25.77			6			.83			.73			1.23			.36
10/31/12^7,10		10.00		.04			1.12			1.16			—			—			—			11.16		11.60			—	¹²		.33	³		.29	³		.80	³		.39	³
Class R-4:
4/30/15^7,8		14.82		.12			.50			.62			(.14	)		(.22	)		(.36	)		15.08		4.34			7			.48	⁹		.38	⁹		.87	⁹		1.71	⁹
10/31/14		13.93		.12			.93			1.05			(.15	)		(.01	)		(.16	)		14.82		7.62			4			.48			.38			.87			.81
10/31/13		11.18		.14			2.77			2.91			(.15	)		(.01	)		(.16	)		13.93		26.27			1			.49			.39			.89			1.11
10/31/12^7,10		10.00		—	¹¹		1.18			1.18			—			—			—			11.18		11.80			—	¹²		.21	³		.16	³		.67	³		(.02	)³
Class R-5:
4/30/15^7,8		14.88		.13			.52			.65			(.12	)		(.22	)		(.34	)		15.19		4.50			2			.19	⁹		.09	⁹		.58	⁹		1.74	⁹
10/31/14		13.97		.27			.82			1.09			(.17	)		(.01	)		(.18	)		14.88		7.92			1			.21			.11			.60			1.84
10/31/13		11.18		.18			2.77			2.95			(.15	)		(.01	)		(.16	)		13.97		26.66			20			.23			.13			.63			1.47
10/31/12^7,10		10.00		.03			1.15			1.18			—			—			—			11.18		11.80			11			.10	³		.05	³		.56	³		.30	³
Class R-6:
4/30/15^7,8		14.95		.15			.50			.65			(.17	)		(.22	)		(.39	)		15.21		4.52			36			.15	⁹		.05	⁹		.54	⁹		1.99	⁹
10/31/14		14.02		.14			.98			1.12			(.18	)		(.01	)		(.19	)		14.95		8.07			33			.14			.04			.53			.96
10/31/13		11.17		.10			2.85			2.95			(.09	)		(.01	)		(.10	)		14.02		26.57			3			.18			.08			.58			.79
10/31/12^7,10		10.00		.05			1.12			1.17			—			—			—			11.17		11.70			—	¹²		.13	³		.08	³		.59	³		.52	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio

			Income (loss) from
			investment operations¹							Dividends and distributions
																										Ratio of			Ratio of
						Net gains																				expenses to			expenses to
						(losses) on																				average net			average net						Ratio of
	Net asset		Net			securities				Dividends						Total			Net asset					Net assets,		assets before			assets after						net income
	value,		investment			(both		Total from		(from net			Distributions			dividends			value,					end of		reimburse-			reimburse-			Net effective			(loss)
	beginning		income			realized and		investment		investment			(from capital			and			end		Total			period		ments/			ments/			expense			to average
Period ended	of period		(loss)			unrealized)		operations		income)			gains)			distributions			of period		return^2,3,4			(in millions)		waivers⁵			waivers^4,5			ratio^4,6			net assets⁴
Class A:
4/30/15^7,8	$	15.36	$	.10		$	.82	$	.92	$	(.12	)	$	(.36	)	$	(.48	)	$	15.80		6.10	%	$	1,754		.43	%⁹		.33	%⁹		.76	%⁹		1.32	%⁹
10/31/14		14.02		.07			1.39		1.46		(.08	)		(.04	)		(.12	)		15.36		10.46			1,345		.42			.32			.75			.47
10/31/13		11.02		.09			3.02		3.11		(.11	)		—			(.11	)		14.02		28.45			646		.45			.35			.79			.67
10/31/12^7,10		10.00		.02			1.00		1.02		—			—			—			11.02		10.20			108		.24	³		.19	³		.64	³		.15	³
Class B:
4/30/15^7,8		15.18		.05			.80		.85		—			(.36	)		(.36	)		15.67		5.66			5		1.24	⁹		1.14	⁹		1.57	⁹		.61	⁹
10/31/14		13.89		(.04	)		1.37		1.33		—			(.04	)		(.04	)		15.18		9.58			5		1.24			1.14			1.57			(.28	)
10/31/13		10.98		—	¹¹		3.00		3.00		(.09	)		—			(.09	)		13.89		27.47			5		1.26			1.16			1.60			(.04	)
10/31/12^7,10		10.00		(.02	)		1.00		.98		—			—			—			10.98		9.80			1		.55	³		.51	³		.96	³		(.23	)³
Class C:
4/30/15^7,8		15.16		.04			.81		.85		(.03	)		(.36	)		(.39	)		15.62		5.66			366		1.22	⁹		1.12	⁹		1.55	⁹		.50	⁹
10/31/14		13.89		(.05	)		1.38		1.33		(.02	)		(.04	)		(.06	)		15.16		9.60			259		1.23			1.13			1.56			(.35	)
10/31/13		10.98		(.02	)		3.02		3.00		(.09	)		—			(.09	)		13.89		27.52			108		1.24			1.14			1.58			(.17	)
10/31/12^7,10		10.00		(.03	)		1.01		.98		—			—			—			10.98		9.80			14		.55	³		.50	³		.95	³		(.27	)³
Class F-1:
4/30/15^7,8		15.35		.10			.81		.91		(.11	)		(.36	)		(.47	)		15.79		6.04			53		.49	⁹		.39	⁹		.82	⁹		1.26	⁹
10/31/14		14.01		.06			1.40		1.46		(.08	)		(.04	)		(.12	)		15.35		10.44			40		.50			.40			.83			.41
10/31/13		11.02		.08			3.02		3.10		(.11	)		—			(.11	)		14.01		28.41			19		.51			.41			.85			.64
10/31/12^7,10		10.00		.02			1.00		1.02		—			—			—			11.02		10.20			3		.19	³		.15	³		.60	³		.19	³
Class F-2:
4/30/15^7,8		15.41		.12			.82		.94		(.14	)		(.36	)		(.50	)		15.85		6.23			72		.24	⁹		.14	⁹		.57	⁹		1.51	⁹
10/31/14		14.05		.10			1.40		1.50		(.10	)		(.04	)		(.14	)		15.41		10.69			57		.24			.14			.57			.66
10/31/13		11.03		.08			3.06		3.14		(.12	)		—			(.12	)		14.05		28.75			31		.26			.16			.60			.64
10/31/12^7,10		10.00		.03			1.00		1.03		—			—			—			11.03		10.30			2		.09	³		.05	³		.50	³		.27	³
Class 529-A:
4/30/15^7,8		15.35		.09			.82		.91		(.11	)		(.36	)		(.47	)		15.79		6.05			243		.50	⁹		.40	⁹		.83	⁹		1.24	⁹
10/31/14		14.01		.06			1.40		1.46		(.08	)		(.04	)		(.12	)		15.35		10.43			184		.49			.39			.82			.40
10/31/13		11.01		.09			3.02		3.11		(.11	)		—			(.11	)		14.01		28.49			90		.49			.39			.83			.71
10/31/12^7,10		10.00		.01			1.00		1.01		—			—			—			11.01		10.10			21		.23	³		.18	³		.63	³		.09	³

44	American Funds Portfolio Series

Growth Portfolio

			Income (loss) from
			investment operations¹							Dividends and distributions
																										Ratio of			Ratio of
						Net gains																				expenses to			expenses to
						(losses) on																				average net			average net						Ratio of
	Net asset		Net			securities				Dividends						Total			Net asset					Net assets,		assets before			assets after						net income
	value,		investment			(both		Total from		(from net			Distributions			dividends			value,					end of		reimburse-			reimburse-			Net effective			(loss)
	beginning		income			realized and		investment		investment			(from capital			and			end		Total			period		ments/			ments/			expense			to average
Period ended	of period		(loss)			unrealized)		operations		income)			gains)			distributions			of period		return^2,3,4			(in millions)		waivers⁵			waivers^4,5			ratio^4,6			net assets⁴
Class 529-B:
4/30/15^7,8	$	15.17	$	.03		$	.81	$	.84	$	—		$	(.36	)	$	(.36	)	$	15.65		5.60	%	$	1		1.32	%⁹		1.22	%⁹		1.65	%⁹		.46	%⁹
10/31/14		13.89		(.06	)		1.38		1.32		—			(.04	)		(.04	)		15.17		9.51			1		1.32			1.22			1.65			(.41	)
10/31/13		10.98		.01			2.97		2.98		(.07	)		—			(.07	)		13.89		27.33			1		1.36			1.26			1.70			.04
10/31/12^7,10		10.00		(.02	)		1.00		.98		—			—			—			10.98		9.80			1		.59	³		.55	³		1.00	³		(.23	)³
Class 529-C:
4/30/15^7,8		15.15		.03			.82		.85		(.01	)		(.36	)		(.37	)		15.63		5.68			87		1.31	⁹		1.21	⁹		1.64	⁹		.43	⁹
10/31/14		13.88		(.06	)		1.37		1.31		—	¹¹		(.04	)		(.04	)		15.15		9.45			65		1.31			1.21			1.64			(.41	)
10/31/13		10.98		(.02	)		3.00		2.98		(.08	)		—			(.08	)		13.88		27.35			33		1.34			1.24			1.68			(.15	)
10/31/12^7,10		10.00		(.03	)		1.01		.98		—			—			—			10.98		9.80			8		.60	³		.55	³		1.00	³		(.30	)³
Class 529-E:
4/30/15^7,8		15.27		.08			.81		.89		(.08	)		(.36	)		(.44	)		15.72		5.90			13		.78	⁹		.68	⁹		1.11	⁹		1.00	⁹
10/31/14		13.96		.01			1.39		1.40		(.05	)		(.04	)		(.09	)		15.27		10.08			11		.78			.68			1.11			.09
10/31/13		11.00		.05			3.02		3.07		(.11	)		—			(.11	)		13.96		28.14			5		.80			.70			1.14			.39
10/31/12^7,10		10.00		(.01	)		1.01		1.00		—			—			—			11.00		10.00			1		.35	³		.30	³		.75	³		(.05	)³
Class 529-F-1:
4/30/15^7,8		15.39		.11			.82		.93		(.14	)		(.36	)		(.50	)		15.82		6.13			16		.30	⁹		.20	⁹		.63	⁹		1.40	⁹
10/31/14		14.04		.09			1.39		1.48		(.09	)		(.04	)		(.13	)		15.39		10.60			10		.31			.21			.64			.59
10/31/13		11.03		.11			3.02		3.13		(.12	)		—			(.12	)		14.04		28.73			4		.34			.24			.68			.90
10/31/12^7,10		10.00		.02			1.01		1.03		—			—			—			11.03		10.20			1		.14	³		.10	³		.55	³		.16	³
Class R-1:
4/30/15^7,8		15.19		.03			.83		.86		(.02	)		(.36	)		(.38	)		15.67		5.70			6		1.23	⁹		1.13	⁹		1.56	⁹		.46	⁹
10/31/14		13.90		(.05	)		1.38		1.33		—			(.04	)		(.04	)		15.19		9.57			5		1.24			1.14			1.57			(.34	)
10/31/13		10.99		.01			2.99		3.00		(.09	)		—			(.09	)		13.90		27.52			3		1.24			1.14			1.58			.11
10/31/12^7,10		10.00		(.04	)		1.03		.99		—			—			—			10.99		9.90			1		.56	³		.51	³		.96	³		(.34	)³
Class R-2:
4/30/15^7,8		15.16		.04			.81		.85		(.02	)		(.36	)		(.38	)		15.63		5.69			49		1.23	⁹		1.13	⁹		1.56	⁹		.48	⁹
10/31/14		13.90		(.06	)		1.39		1.33		(.03	)		(.04	)		(.07	)		15.16		9.55			34		1.29			1.19			1.62			(.42	)
10/31/13		11.00		(.03	)		3.03		3.00		(.10	)		—			(.10	)		13.90		27.44			13		1.24			1.14			1.58			(.22	)
10/31/12^7,10		10.00		(.03	)		1.03		1.00		—			—			—			11.00		10.00			2		.48	³		.44	³		.89	³		(.27	)³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio

			Income (loss) from
			investment operations¹									Dividends and distributions
																													Ratio of			Ratio of
						Net gains																							expenses to			expenses to
						(losses) on																							average net			average net						Ratio of
	Net asset		Net			securities						Dividends						Total			Net asset					Net assets,			assets before			assets after						net income
	value,		investment			(both			Total from			(from net			Distributions			dividends			value,					end of			reimburse-			reimburse-			Net effective			(loss)
	beginning		income			realized and			investment			investment			(from capital			and			end		Total			period			ments/			ments/			expense			to average
Period ended	of period		(loss)			unrealized)			operations			income)			gains)			distributions			of period		return^2,3,4			(in millions)			waivers⁵			waivers^4,5			ratio^4,6			net assets⁴
Class R-2E:
4/30/15^7,8	$	15.36	$	.10		$	.82		$	.92		$	(.14	)	$	(.36	)	$	(.50	)	$	15.78		6.12	%¹⁵	$	^—	¹²		.39	%^9,15		.29	%^9,15		.72	%^9,15		1.33	%^9,15
10/31/14^7,14		15.54		.01			(.19	)		(.18	)		—			—			—			15.36		(1.16	)¹³		—	¹²		.06	^3,13		.04	^3,13		.47	^3,13		.06	^3,13
Class R-3:
4/30/15^7,8		15.29		.07			.82			.89			(.08	)		(.36	)		(.44	)		15.74		5.90			30			.79	⁹		.69	⁹		1.12	⁹		.92	⁹
10/31/14		13.97		.01			1.39			1.40			(.04	)		(.04	)		(.08	)		15.29		10.07			22			.81			.71			1.14			.06
10/31/13		11.01		.01			3.05			3.06			(.10	)		—			(.10	)		13.97		28.02			9			.81			.71			1.15			.06
10/31/12^7,10		10.00		.02			.99			1.01			—			—			—			11.01		10.10			—	¹²		.32	³		.27	³		.72	³		.19	³
Class R-4:
4/30/15^7,8		15.36		.07			.84			.91			(.12	)		(.36	)		(.48	)		15.79		6.04			15			.47	⁹		.37	⁹		.80	⁹		.93	⁹
10/31/14		14.02		.06			1.40			1.46			(.08	)		(.04	)		(.12	)		15.36		10.44			7			.47			.37			.80			.39
10/31/13		11.03		.08			3.03			3.11			(.12	)		—			(.12	)		14.02		28.45			2			.46			.36			.80			.62
10/31/12^7,10		10.00		—	¹¹		1.03			1.03			—			—			—			11.03		10.30			—	¹²		.18	³		.13	³		.58	³		.04	³
Class R-5:
4/30/15^7,8		15.42		.10			.84			.94			(.10	)		(.36	)		(.46	)		15.90		6.23			3			.18	⁹		.08	⁹		.51	⁹		1.28	⁹
10/31/14		14.06		.15			1.35			1.50			(.10	)		(.04	)		(.14	)		15.42		10.72			1			.20			.10			.53			1.03
10/31/13		11.03		.14			3.01			3.15			(.12	)		—			(.12	)		14.06		28.84			20			.20			.10			.54			1.12
10/31/12^7,10		10.00		.03			1.00			1.03			—			—			—			11.03		10.30			9			.09	³		.04	³		.49	³		.24	³
Class R-6:
4/30/15^7,8		15.43		.13			.81			.94			(.15	)		(.36	)		(.51	)		15.86		6.24			38			.14	⁹		.04	⁹		.47	⁹		1.71	⁹
10/31/14		14.07		.09			1.41			1.50			(.10	)		(.04	)		(.14	)		15.43		10.75			36			.13			.03			.46			.59
10/31/13		11.03		.07			3.08			3.15			(.11	)		—			(.11	)		14.07		28.84			4			.15			.05			.49			.52
10/31/12^7,10		10.00		.05			.98			1.03			—			—			—			11.03		10.30			—	¹²		.12	³		.07	³		.52	³		.46	³

46	American Funds Portfolio Series

Growth and Income Portfolio

			Income (loss) from
			investment operations¹						Dividends and distributions
																									Ratio of			Ratio of
					Net gains																				expenses to			expenses to
					(losses) on																				average net			average net
	Net asset				securities				Dividends						Total			Net asset					Net assets,		assets before			assets after						Ratio of
	value,		Net		(both		Total from		(from net			Distributions			dividends			value,					end of		reimburse-			reimburse-			Net effective			net income
	beginning		investment		realized and		investment		investment			(from capital			and			end		Total			period		ments/			ments/			expense			to average
Period ended	of period		income		unrealized)		operations		income)			gains)			distributions			of period		return^2,3,4			(in millions)		waivers⁵			waivers^4,5			ratio^4,6			net assets⁴
Class A:
4/30/15^7,8	$	13.80	$	.16	$	.24	$	.40	$	(.19	)	$	(.18	)	$	(.37	)	$	13.83		2.98	%	$	3,097		.43	%⁹		.33	%⁹		.70	%⁹		2.30	%⁹
10/31/14		12.74		.28		1.08		1.36		(.29	)		(.01	)		(.30	)		13.80		10.77			2,564		.42			.32			.69			2.08
10/31/13		10.88		.26		1.88		2.14		(.28	)		—			(.28	)		12.74		20.01			1,394		.43			.33			.70			2.19
10/31/12^7,10		10.00		.09		.87		.96		(.08	)		—			(.08	)		10.88		9.63			300		.23	³		.18	³		.56	³		.89	³
Class B:
4/30/15^7,8		13.77		.11		.22		.33		(.13	)		(.18	)		(.31	)		13.79		2.49			8		1.23	⁹		1.13	⁹		1.50	⁹		1.55	⁹
10/31/14		12.71		.18		1.06		1.24		(.17	)		(.01	)		(.18	)		13.77		9.88			10		1.23			1.13			1.50			1.33
10/31/13		10.86		.17		1.88		2.05		(.20	)		—			(.20	)		12.71		19.08			10		1.25			1.15			1.52			1.47
10/31/12^7,10		10.00		.06		.87		.93		(.07	)		—			(.07	)		10.86		9.30			4		.55	³		.50	³		.88	³		.59	³
Class C:
4/30/15^7,8		13.74		.10		.24		.34		(.14	)		(.18	)		(.32	)		13.76		2.56			643		1.21	⁹		1.11	⁹		1.48	⁹		1.49	⁹
10/31/14		12.69		.17		1.08		1.25		(.19	)		(.01	)		(.20	)		13.74		9.93			491		1.22			1.12			1.49			1.27
10/31/13		10.86		.16		1.88		2.04		(.21	)		—			(.21	)		12.69		19.03			237		1.22			1.12			1.49			1.36
10/31/12^7,10		10.00		.06		.87		.93		(.07	)		—			(.07	)		10.86		9.30			40		.54	³		.50	³		.88	³		.53	³
Class F-1:
4/30/15^7,8		13.80		.15		.25		.40		(.19	)		(.18	)		(.37	)		13.83		2.96			76		.48	⁹		.38	⁹		.75	⁹		2.25	⁹
10/31/14		12.74		.27		1.08		1.35		(.28	)		(.01	)		(.29	)		13.80		10.70			63		.49			.39			.76			2.00
10/31/13		10.88		.26		1.88		2.14		(.28	)		—			(.28	)		12.74		19.98			33		.49			.39			.76			2.16
10/31/12^7,10		10.00		.08		.88		.96		(.08	)		—			(.08	)		10.88		9.66			7		.20	³		.15	³		.53	³		.79	³
Class F-2:
4/30/15^7,8		13.82		.16		.24		.40		(.20	)		(.18	)		(.38	)		13.84		3.00			108		.24	⁹		.14	⁹		.51	⁹		2.42	⁹
10/31/14		12.75		.30		1.09		1.39		(.31	)		(.01	)		(.32	)		13.82		11.03			73		.23			.13			.50			2.27
10/31/13		10.89		.28		1.88		2.16		(.30	)		—			(.30	)		12.75		20.22			33		.24			.14			.51			2.31
10/31/12^7,10		10.00		.11		.87		.98		(.09	)		—			(.09	)		10.89		9.81			4		.09	³		.04	³		.42	³		1.06	³
Class 529-A:
4/30/15^7,8		13.80		.15		.23		.38		(.18	)		(.18	)		(.36	)		13.82		2.87			262		.52	⁹		.42	⁹		.79	⁹		2.20	⁹
10/31/14		12.74		.27		1.07		1.34		(.27	)		(.01	)		(.28	)		13.80		10.67			221		.51			.41			.78			2.00
10/31/13		10.88		.26		1.88		2.14		(.28	)		—			(.28	)		12.74		19.95			129		.49			.39			.76			2.17
10/31/12^7,10		10.00		.09		.87		.96		(.08	)		—			(.08	)		10.88		9.61			36		.26	³		.22	³		.60	³		.84	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio

			Income (loss) from investment operations¹						Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of Period (in millions)		expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class 529-B:
4/30/15^7,8	$	13.77	$	.10	$	.24	$	.34	$	(.13	)	$	(.18	)	$	(.31	)	$	13.80		2.52	%	$	1		1.32	%⁹		1.22	%⁹		1.59	%⁹		1.43	%⁹
10/31/14		12.71		.16		1.07		1.23		(.16	)		(.01	)		(.17	)		13.77		9.79			2		1.32			1.22			1.59			1.21
10/31/13		10.86		.17		1.87		2.04		(.19	)		—			(.19	)		12.71		18.99			1		1.34			1.24			1.61			1.45
10/31/12^7,10		10.00		.06		.86		.92		(.06	)		—			(.06	)		10.86		9.25			1		.59	³		.54	³		.92	³		.53	³
Class 529-C:
4/30/15^7,8		13.74		.10		.24		.34		(.13	)		(.18	)		(.31	)		13.77		2.58			108		1.30	⁹		1.20	⁹		1.57	⁹		1.42	⁹
10/31/14		12.69		.16		1.07		1.23		(.17	)		(.01	)		(.18	)		13.74		9.81			93		1.31			1.21			1.58			1.20
10/31/13		10.86		.16		1.86		2.02		(.19	)		—			(.19	)		12.69		18.86			56		1.33			1.23			1.60			1.33
10/31/12^7,10		10.00		.05		.88		.93		(.07	)		—			(.07	)		10.86		9.29			15		.59	³		.54	³		.92	³		.49	³
Class 529-E:
4/30/15^7,8		13.78		.13		.24		.37		(.17	)		(.18	)		(.35	)		13.80		2.75			14		.77	⁹		.67	⁹		1.04	⁹		1.97	⁹
10/31/14		12.72		.23		1.08		1.31		(.24	)		(.01	)		(.25	)		13.78		10.42			10		.78			.68			1.05			1.74
10/31/13		10.87		.21		1.89		2.10		(.25	)		—			(.25	)		12.72		19.61			6		.79			.69			1.06			1.80
10/31/12^7,10		10.00		.07		.88		.95		(.08	)		—			(.08	)		10.87		9.52			1		.34	³		.30	³		.68	³		.63	³
Class 529-F-1:
4/30/15^7,8		13.81		.17		.24		.41		(.20	)		(.18	)		(.38	)		13.84		3.04			18		.30	⁹		.20	⁹		.57	⁹		2.45	⁹
10/31/14		12.75		.29		1.08		1.37		(.30	)		(.01	)		(.31	)		13.81		10.87			16		.30			.20			.57			2.19
10/31/13		10.89		.29		1.87		2.16		(.30	)		—			(.30	)		12.75		20.14			10		.32			.22			.59			2.41
10/31/12^7,10		10.00		.10		.87		.97		(.08	)		—			(.08	)		10.89		9.78			1		.14	³		.09	³		.47	³		.89	³
Class R-1:
4/30/15^7,8		13.75		.10		.24		.34		(.14	)		(.18	)		(.32	)		13.77		2.55			8		1.22	⁹		1.12	⁹		1.49	⁹		1.48	⁹
10/31/14		12.70		.17		1.07		1.24		(.18	)		(.01	)		(.19	)		13.75		9.88			7		1.23			1.13			1.50			1.28
10/31/13		10.86		.16		1.89		2.05		(.21	)		—			(.21	)		12.70		19.12			4		1.23			1.13			1.50			1.38
10/31/12^7,10		10.00		.08		.85		.93		(.07	)		—			(.07	)		10.86		9.28			1		.54	³		.50	³		.88	³		.79	³
Class R-2:
4/30/15^7,8		13.74		.10		.24		.34		(.14	)		(.18	)		(.32	)		13.76		2.56			54		1.22	⁹		1.12	⁹		1.49	⁹		1.45	⁹
10/31/14		12.69		.16		1.08		1.24		(.18	)		(.01	)		(.19	)		13.74		9.89			38		1.28			1.18			1.55			1.23
10/31/13		10.86		.14		1.90		2.04		(.21	)		—			(.21	)		12.69		19.09			18		1.24			1.14			1.51			1.21
10/31/12^7,10		10.00		.06		.87		.93		(.07	)		—			(.07	)		10.86		9.38			1		.48	³		.43	³		.81	³		.52	³

48	American Funds Portfolio Series

Growth and Income Portfolio

			Income (loss) from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of Period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class R-2E:
4/30/15^7,8	$	13.80	$	.16	$	.24		$	.40		$	(.19	)	$	(.18	)	$	(.37	)	$	13.83		3.01	%¹³	$	—	¹²		.35	%^9,13		.25	%^9,13		.62	%^9,13		2.43	%^9,13
10/31/14^7,14		13.91		.06		(.11	)		(.05	)		(.06	)		—			(.06	)		13.80		(.34	)¹³		—	¹²		.06	^3,13		.04	^3,13		.41	^3,13		.44	^3,13
Class R-3:
4/30/15^7,8		13.77		.13		.24			.37			(.17	)		(.18	)		(.35	)		13.79		2.75			35			.78	⁹		.68	⁹		1.05	⁹		1.95	⁹
10/31/14		12.72		.22		1.08			1.30			(.24	)		(.01	)		(.25	)		13.77		10.31			28			.80			.70			1.07			1.68
10/31/13		10.87		.21		1.89			2.10			(.25	)		—			(.25	)		12.72		19.67			13			.80			.70			1.07			1.79
10/31/12^7,10		10.00		.12		.83			.95			(.08	)		—			(.08	)		10.87		9.52			1			.31	³		.27	³		.65	³		1.09	³
Class R-4:
4/30/15^7,8		13.80		.12		.28			.40			(.19	)		(.18	)		(.37	)		13.83		2.97			30			.46	⁹		.36	⁹		.73	⁹		1.75	⁹
10/31/14		12.74		.27		1.08			1.35			(.28	)		(.01	)		(.29	)		13.80		10.75			10			.47			.37			.74			2.00
10/31/13		10.89		.24		1.90			2.14			(.29	)		—			(.29	)		12.74		19.95			2			.44			.34			.71			1.97
10/31/12^7,10		10.00		.11		.86			.97			(.08	)		—			(.08	)		10.89		9.78			—	¹²		.16	³		.11	³		.49	³		1.02	³
Class R-5:
4/30/15^7,8		13.84		.17		.25			.42			(.21	)		(.18	)		(.39	)		13.87		3.10			2			.18	⁹		.08	⁹		.45	⁹		2.49	⁹
10/31/14		12.76		.35		1.03			1.38			(.29	)		(.01	)		(.30	)		13.84		10.99			1			.19			.09			.46			2.65
10/31/13		10.89		.30		1.88			2.18			(.31	)		—			(.31	)		12.76		20.35			20			.18			.08			.45			2.58
10/31/12^7,10		10.00		.10		.88			.98			(.09	)		—			(.09	)		10.89		9.81			11			.08	³		.03	³		.41	³		.96	³
Class R-6:
4/30/15^7,8		13.82		.18		.24			.42			(.21	)		(.18	)		(.39	)		13.85		3.12			38			.13	⁹		.03	⁹		.40	⁹		2.58	⁹
10/31/14		12.75		.29		1.11			1.40			(.32	)		(.01	)		(.33	)		13.82		11.13			32			.12			.02			.39			2.14
10/31/13		10.89		.27		1.90			2.17			(.31	)		—			(.31	)		12.75		20.26			1			.14			.04			.41			2.27
10/31/12^7,10		10.00		.11		.86			.97			(.08	)		—			(.08	)		10.89		9.78			—	¹²		.14	³		.10	³		.48	³		1.02	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Balanced Portfolio

			Income (loss) from investment operations¹						Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)		expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class A:
4/30/15^7,8	$	13.32	$	.12	$	.58	$	.70	$	(.19	)	$	(.18	)	$	(.37	)	$	13.65		4.00	%	$	2,238		.43	%⁹		.33	%⁹		.72	%⁹		1.75	%⁹
10/31/14		12.44		.22		.88		1.10		(.22	)		—			(.22	)		13.32		8.94			1,803		.43			.33			.67			1.67
10/31/13		10.80		.21		1.64		1.85		(.21	)		—			—			12.44		17.29			1,010		.45			.35			.69			1.76
10/31/12^7,10		10.00		.08		.78		.86		(.06	)		—			—			10.80		8.62			239		.23	³		.18	³		.53	³		.73	³
Class B:
4/30/15^7,8		13.29		.07		.56		.63		(.13	)		(.18	)		(.31	)		13.61		3.51			6		1.23	⁹		1.13	⁹		1.52	⁹		.98	⁹
10/31/14		12.41		.12		.88		1.00		(.12	)		—			(.12	)		13.29		8.08			7		1.23			1.13			1.47			.92
10/31/13		10.78		.12		1.63		1.75		(.12	)		—			—			12.41		16.38			7		1.25			1.15			1.49			1.03
10/31/12^7,10		10.00		.04		.79		.83		(.05	)		—			—			10.78		8.29			3		.55	³		.50	³		.85	³		.37	³
Class C:
4/30/15^7,8		13.26		.06		.58		.64		(.14	)		(.18	)		(.32	)		13.58		3.60			549		1.21	⁹		1.11	⁹		1.50	⁹		.96	⁹
10/31/14		12.39		.11		.89		1.00		(.13	)		—			(.13	)		13.26		8.11			416		1.22			1.12			1.46			.86
10/31/13		10.78		.11		1.64		1.75		(.14	)		—			—			12.39		16.32			197		1.23			1.13			1.47			.96
10/31/12^7,10		10.00		.04		.79		.83		(.05	)		—			—			10.78		8.30			40		.54	³		.50	³		.85	³		.37	³
Class F-1:
4/30/15^7,8		13.32		.11		.59		.70		(.19	)		(.18	)		(.37	)		13.65		3.99			75		.49	⁹		.39	⁹		.78	⁹		1.70	⁹
10/31/14		12.43		.21		.89		1.10		(.21	)		—			(.21	)		13.32		8.94			62		.49			.39			.73			1.63
10/31/13		10.80		.19		1.65		1.84		(.21	)		—			—			12.43		17.20			40		.50			.40			.74			1.61
10/31/12^7,10		10.00		.08		.78		.86		(.06	)		—			—			10.80		8.64			4		.19	³		.15	³		.50	³		.79	³
Class F-2:
4/30/15^7,8		13.33		.13		.58		.71		(.20	)		(.18	)		(.38	)		13.66		4.11			87		.24	⁹		.14	⁹		.53	⁹		1.93	⁹
10/31/14		12.45		.24		.89		1.13		(.25	)		—			(.25	)		13.33		9.11			64		.23			.13			.47			1.84
10/31/13		10.81		.23		1.64		1.87		(.23	)		—			—			12.45		17.51			29		.25			.15			.49			1.96
10/31/12^7,10		10.00		.09		.79		.88		(.07	)		—			—			10.81		8.80			6		.09	³		.04	³		.39	³		.88	³
Class 529-A:
4/30/15^7,8		13.32		.11		.57		.68		(.18	)		(.18	)		(.36	)		13.64		3.89			171		.52	⁹		.42	⁹		.81	⁹		1.65	⁹
10/31/14		12.43		.21		.89		1.10		(.21	)		—			(.21	)		13.32		8.92			144		.52			.42			.76			1.59
10/31/13		10.79		.21		1.63		1.84		(.20	)		—			—			12.43		17.27			90		.49			.39			.73			1.77
10/31/12^7,10		10.00		.07		.78		.85		(.06	)		—			—			10.79		8.51			34		.27	³		.23	³		.58	³		.66	³

50	American Funds Portfolio Series

Balanced Portfolio

			Income (loss) from investment operations¹						Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class 529-B:
4/30/15^7,8	$	13.29	$	.06	$	.58	$	.64	$	(.13	)	$	(.18	)	$	(.31	)	$	13.62		3.55	%	$	1			1.32	%⁹		1.22	%⁹		1.61	%⁹		.89	%⁹
10/31/14		12.41		.11		.87		.98		(.10	)		—			(.10	)		13.29		7.96			1			1.32			1.22			1.56			.87
10/31/13		10.78		.11		1.63		1.74		(.11	)		—			—			12.41		16.23			1			1.34			1.24			1.58			.91
10/31/12^7,10		10.00		.04		.78		.82		(.04	)		—			—			10.78		8.25			—	¹²		.59	³		.54	³		.89	³		.38	³
Class 529-C:
4/30/15^7,8		13.27		.06		.57		.63		(.13	)		(.18	)		(.31	)		13.59		3.54			87			1.30	⁹		1.20	⁹		1.59	⁹		.88	⁹
10/31/14		12.40		.10		.89		.99		(.12	)		—			(.12	)		13.27		7.98			75			1.31			1.21			1.55			.78
10/31/13		10.78		.11		1.63		1.74		(.12	)		—			—			12.40		16.26			44			1.33			1.23			1.57			.91
10/31/12^7,10		10.00		.04		.78		.82		(.04	)		—			—			10.78		8.25			14			.59	³		.55	³		.90	³		.33	³
Class 529-E:
4/30/15^7,8		13.30		.09		.59		.68		(.17	)		(.18	)		(.35	)		13.63		3.87			7			.77	⁹		.67	⁹		1.06	⁹		1.40	⁹
10/31/14		12.42		.17		.89		1.06		(.18	)		—			(.18	)		13.30		8.56			5			.78			.68			1.02			1.31
10/31/13		10.79		.17		1.63		1.80		(.17	)		—			—			12.42		16.89			3			.80			.70			1.04			1.44
10/31/12^7,10		10.00		.06		.79		.85		(.06	)		—			—			10.79		8.49			1			.35	³		.30	³		.65	³		.61	³
Class 529-F-1:
4/30/15^7,8		13.33		.12		.59		.71		(.20	)		(.18	)		(.38	)		13.66		4.07			15			.30	⁹		.20	⁹		.59	⁹		1.87	⁹
10/31/14		12.44		.24		.89		1.13		(.24	)		—			(.24	)		13.33		9.12			12			.30			.20			.54			1.83
10/31/13		10.80		.24		1.62		1.86		(.22	)		—			—			12.44		17.45			9			.32			.22			.56			2.03
10/31/12^7,10		10.00		.09		.77		.86		(.06	)		—			—			10.80		8.67			1			.14	³		.09	³		.44	³		.85	³
Class R-1:
4/30/15^7,8		13.27		.06		.58		.64		(.14	)		(.18	)		(.32	)		13.59		3.59			9			1.22	⁹		1.12	⁹		1.51	⁹		.91	⁹
10/31/14		12.40		.12		.87		.99		(.12	)		—			(.12	)		13.27		8.06			7			1.23			1.13			1.47			.89
10/31/13		10.78		.11		1.64		1.75		(.13	)		—			—			12.40		16.40			4			1.24			1.14			1.48			.95
10/31/12^7,10		10.00		.04		.79		.83		(.05	)		—			—			10.78		8.32			1			.55	³		.50	³		.85	³		.36	³
Class R-2:
4/30/15^7,8		13.27		.06		.58		.64		(.14	)		(.18	)		(.32	)		13.59		3.60			48			1.23	⁹		1.13	⁹		1.52	⁹		.93	⁹
10/31/14		12.40		.10		.89		.99		(.12	)		—			(.12	)		13.27		8.04			36			1.28			1.18			1.52			.79
10/31/13		10.79		.11		1.64		1.75		(.14	)		—			—			12.40		16.33			15			1.25			1.15			1.49			.90
10/31/12^7,10		10.00		.04		.81		.85		(.06	)		—			—			10.79		8.50			3			.48	³		.44	³		.79	³		.40	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Balanced Portfolio

			Income (loss) from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class R-2E:
4/30/15^7,8	$	13.31	$	.12	$	.58		$	.70		$	(.19	)	$	(.18	)	$	(.37	)	$	13.64		4.05	%¹³	$	—	¹²		.35	%^9,13		.25	%^9,13		.64	%^9,13		1.86	%^9,13
10/31/14^7,14		13.37		.04		(.05	)		(.01	)		(.05	)		—			(.05	)		13.31		(.10	)¹³		—	¹²		.06	^3,13		.04	^3,13		.38	^3,13		.31	^3,13
Class R-3:
4/30/15^7,8		13.30		.09		.58			.67			(.17	)		(.18	)		(.35	)		13.62		3.80			51			.78	⁹		.68	⁹		1.07	⁹		1.39	⁹
10/31/14		12.42		.16		.90			1.06			(.18	)		—			(.18	)		13.30		8.56			35			.81			.71			1.05			1.27
10/31/13		10.79		.16		1.64			1.80			(.17	)		—			—			12.42		16.86			18			.80			.70			1.04			1.36
10/31/12^7,10		10.00		.10		.75			.85			(.06	)		—			—			10.79		8.53			5			.31	³		.26	³		.61	³		.89	³
Class R-4:
4/30/15^7,8		13.32		.11		.59			.70			(.19	)		(.18	)		(.37	)		13.65		3.99			45			.47	⁹		.37	⁹		.76	⁹		1.69	⁹
10/31/14		12.44		.21		.89			1.10			(.22	)		—			(.22	)		13.32		8.88			40			.47			.37			.71			1.61
10/31/13		10.80		.20		1.65			1.85			(.21	)		—			—			12.44		17.33			24			.43			.33			.67			1.71
10/31/12^7,10		10.00		.10		.76			.86			(.06	)		—			—			10.80		8.61			1			.20	³		.15	³		.50	³		.92	³
Class R-5:
4/30/15^7,8		13.34		.14		.58			.72			(.21	)		(.18	)		(.39	)		13.67		4.13			9			.18	⁹		.08	⁹		.47	⁹		2.03	⁹
10/31/14		12.45		.27		.87			1.14			(.25	)		—			(.25	)		13.34		9.24			9			.19			.09			.43			2.06
10/31/13		10.81		.24		1.63			1.87			(.23	)		—			—			12.45		17.56			15			.18			.08			.42			2.06
10/31/12^7,10		10.00		.09		.79			.88			(.07	)		—			—			10.81		8.80			7			.08	³		.03	³		.38	³		.83	³
Class R-6:
4/30/15^7,8		13.34		.13		.59			.72			(.21	)		(.18	)		(.39	)		13.67		4.16			71			.13	⁹		.03	⁹		.42	⁹		1.99	⁹
10/31/14		12.45		.25		.90			1.15			(.26	)		—			(.26	)		13.34		9.29			39			.13			.03			.37			1.89
10/31/13		10.81		.24		1.64			1.88			(.24	)		—			—			12.45		17.57			10			.14			.04			.38			2.01
10/31/12^7,10		10.00		.10		.77			.87			(.06	)		—			—			10.81		8.77			—	¹²		.13	³		.08	³		.43	³		.93	³

52	American Funds Portfolio Series

Income Portfolio

			Income from investment operations¹						Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)		expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class A:
4/30/15^7,8	$	11.98	$	.21	$	.09	$	.30	$	(.20	)	$	(.04	)	$	(.24	)	$	12.04		2.55	%	$	2,103		.45	%⁹		.35	%⁹		.65	%⁹		3.53	%⁹
10/31/14		11.46		.37		.53		.90		(.37	)		(.01	)		(.38	)		11.98		7.94			1,766		.45			.35			.66			3.18
10/31/13		10.57		.36		.90		1.26		(.37	)		—			(.37	)		11.46		12.19			1,067		.48			.38			.68			3.28
10/31/12^7,10		10.00		.16		.52		.68		(.11	)		—			(.11	)		10.57		6.84			307		.23	³		.18	³		.49	³		1.54	³
Class B:
4/30/15^7,8		11.96		.16		.09		.25		(.16	)		(.04	)		(.20	)		12.01		2.06			5		1.23	⁹		1.13	⁹		1.43	⁹		2.76	⁹
10/31/14		11.43		.28		.53		.81		(.27	)		(.01	)		(.28	)		11.96		7.17			6		1.23			1.13			1.44			2.40
10/31/13		10.55		.28		.90		1.18		(.30	)		—			(.30	)		11.43		11.35			6		1.25			1.15			1.45			2.51
10/31/12^7,10		10.00		.13		.51		.64		(.09	)		—			(.09	)		10.55		6.47			2		.55	³		.50	³		.81	³		1.26	³
Class C:
4/30/15^7,8		11.93		.16		.09		.25		(.16	)		(.04	)		(.20	)		11.98		2.13			479		1.22	⁹		1.12	⁹		1.42	⁹		2.75	⁹
10/31/14		11.41		.28		.54		.82		(.29	)		(.01	)		(.30	)		11.93		7.19			381		1.22			1.12			1.43			2.41
10/31/13		10.54		.28		.90		1.18		(.31	)		—			(.31	)		11.41		11.35			214		1.23			1.13			1.43			2.51
10/31/12^7,10		10.00		.12		.52		.64		(.10	)		—			(.10	)		10.54		6.41			58		.54	³		.50	³		.81	³		1.20	³
Class F-1:
4/30/15^7,8		11.99		.21		.08		.29		(.20	)		(.04	)		(.24	)		12.04		2.45			71		.49	⁹		.39	⁹		.69	⁹		3.50	⁹
10/31/14		11.46		.37		.53		.90		(.36	)		(.01	)		(.37	)		11.99		7.97			62		.49			.39			.70			3.15
10/31/13		10.57		.37		.89		1.26		(.37	)		—			(.37	)		11.46		12.17			42		.51			.41			.71			3.31
10/31/12^7,10		10.00		.16		.52		.68		(.11	)		—			(.11	)		10.57		6.85			18		.20	³		.16	³		.47	³		1.50	³
Class F-2:
4/30/15^7,8		12.00		.22		.09		.31		(.22	)		(.04	)		(.26	)		12.05		2.57			76		.24	⁹		.14	⁹		.44	⁹		3.73	⁹
10/31/14		11.46		.40		.54		.94		(.39	)		(.01	)		(.40	)		12.00		8.32			59		.23			.13			.44			3.39
10/31/13		10.57		.39		.90		1.29		(.40	)		—			(.40	)		11.46		12.44			36		.25			.15			.45			3.50
10/31/12^7,10		10.00		.17		.52		.69		(.12	)		—			(.12	)		10.57		6.90			10		.09	³		.04	³		.35	³		1.61	³
Class 529-A:
4/30/15^7,8		11.98		.20		.10		.30		(.20	)		(.04	)		(.24	)		12.04		2.51			69		.53	⁹		.43	⁹		.73	⁹		3.45	⁹
10/31/14		11.45		.36		.54		.90		(.36	)		(.01	)		(.37	)		11.98		7.94			62		.53			.43			.74			3.11
10/31/13		10.56		.35		.91		1.26		(.37	)		—			(.37	)		11.45		12.14			39		.55			.45			.75			3.20
10/31/12^7,10		10.00		.16		.51		.67		(.11	)		—			(.11	)		10.56		6.72			13		.25	³		.20	³		.51	³		1.56	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Income Portfolio

			Income from investment operations¹						Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class 529-B:
4/30/15^7,8	$	11.96	$	.16	$	.09	$	.25	$	(.15	)	$	(.04	)	$	(.19	)	$	12.02		2.07	%	$	1			1.32	%⁹		1.22	%⁹		1.52	%⁹		2.64	%⁹
10/31/14		11.43		.27		.54		.81		(.27	)		(.01	)		(.28	)		11.96		7.10			1			1.32			1.22			1.53			2.34
10/31/13		10.55		.27		.90		1.17		(.29	)		—			(.29	)		11.43		11.23			1			1.34			1.24			1.54			2.45
10/31/12^7,10		10.00		.12		.53		.65		(.10	)		—			(.10	)		10.55		6.50			—	¹²		.58	³		.53	³		.84	³		1.12	³
Class 529-C:
4/30/15^7,8		11.93		.16		.10		.26		(.16	)		(.04	)		(.20	)		11.99		2.15			45			1.31	⁹		1.21	⁹		1.51	⁹		2.66	⁹
10/31/14		11.41		.27		.53		.80		(.27	)		(.01	)		(.28	)		11.93		7.06			40			1.31			1.21			1.52			2.33
10/31/13		10.54		.27		.89		1.16		(.29	)		—			(.29	)		11.41		11.23			29			1.33			1.23			1.53			2.42
10/31/12^7,10		10.00		.13		.51		.64		(.10	)		—			(.10	)		10.54		6.41			9			.59	³		.54	³		.85	³		1.20	³
Class 529-E:
4/30/15^7,8		11.97		.19		.09		.28		(.19	)		(.04	)		(.23	)		12.02		2.32			6			.77	⁹		.67	⁹		.97	⁹		3.19	⁹
10/31/14		11.44		.34		.53		.87		(.33	)		(.01	)		(.34	)		11.97		7.70			5			.78			.68			.99			2.86
10/31/13		10.56		.33		.89		1.22		(.34	)		—			(.34	)		11.44		11.80			3			.80			.70			1.00			2.98
10/31/12^7,10		10.00		.15		.52		.67		(.11	)		—			(.11	)		10.56		6.69			1			.35	³		.30	³		.61	³		1.47	³
Class 529-F-1:
4/30/15^7,8		11.99		.22		.09		.31		(.21	)		(.04	)		(.25	)		12.05		2.63			6			.30	⁹		.20	⁹		.50	⁹		3.66	⁹
10/31/14		11.46		.40		.52		.92		(.38	)		(.01	)		(.39	)		11.99		8.16			4			.30			.20			.51			3.36
10/31/13		10.57		.39		.89		1.28		(.39	)		—			(.39	)		11.46		12.36			2			.33			.23			.53			3.54
10/31/12^7,10		10.00		.17		.52		.69		(.12	)		—			(.12	)		10.57		6.89			—	¹²		.14	³		.09	³		.40	³		1.63	³
Class R-1:
4/30/15^7,8		11.94		.16		.09		.25		(.16	)		(.04	)		(.20	)		11.99		2.12			1			1.23	⁹		1.13	⁹		1.43	⁹		2.76	⁹
10/31/14		11.42		.27		.55		.82		(.29	)		(.01	)		(.30	)		11.94		7.20			2			1.23			1.13			1.44			2.34
10/31/13		10.55		.28		.90		1.18		(.31	)		—			(.31	)		11.42		11.36			1			1.23			1.13			1.43			2.57
10/31/12^7,10		10.00		.17		.49		.66		(.11	)		—			(.11	)		10.55		6.59			—	¹²		.48	³		.43	³		.74	³		1.63	³
Class R-2:
4/30/15^7,8		11.94		.16		.09		.25		(.16	)		(.04	)		(.20	)		11.99		2.13			20			1.22	⁹		1.12	⁹		1.42	⁹		2.77	⁹
10/31/14		11.42		.27		.54		.81		(.28	)		(.01	)		(.29	)		11.94		7.10			15			1.29			1.19			1.50			2.35
10/31/13		10.56		.27		.90		1.17		(.31	)		—			(.31	)		11.42		11.26			10			1.25			1.15			1.45			2.44
10/31/12^7,10		10.00		.13		.53		.66		(.10	)		—			(.10	)		10.56		6.67			2			.50	³		.45	³		.76	³		1.28	³

54	American Funds Portfolio Series

Income Portfolio

			Income from investment operations¹							Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class R-2E:
4/30/15^7,8	$	11.98	$	.22	$	.09		$	.31	$	(.21	)	$	(.04	)	$	(.25	)	$	12.04		2.60	%¹³	$	—	¹²		.36	%^9,13		.25	%^9,13		.55	%^9,13		3.64	%^9,13
10/31/14^7,14		12.07		.08		(.07	)		.01		(.10	)		—			(.10	)		11.98		.07	¹³		—	¹²		.06	^3,13		.04	^3,13		.35	^3,13		.69	^3,13
Class R-3:
4/30/15^7,8		11.97		.19		.09			.28		(.19	)		(.04	)		(.23	)		12.02		2.34			16			.78	⁹		.68	⁹		.98	⁹		3.17	⁹
10/31/14		11.45		.33		.53			.86		(.33	)		(.01	)		(.34	)		11.97		7.58			11			.81			.71			1.02			2.84
10/31/13		10.56		.31		.92			1.23		(.34	)		—			(.34	)		11.45		11.86			6			.81			.71			1.01			2.83
10/31/12^7,10		10.00		.19		.48			.67		(.11	)		—			(.11	)		10.56		6.75			2			.31	³		.26	³		.57	³		1.85	³
Class R-4:
4/30/15^7,8		11.99		.20		.09			.29		(.20	)		(.04	)		(.24	)		12.04		2.47			17			.46	⁹		.36	⁹		.66	⁹		3.37	⁹
10/31/14		11.46		.36		.55			.91		(.37	)		(.01	)		(.38	)		11.99		7.99			10			.47			.37			.68			3.05
10/31/13		10.57		.37		.90			1.27		(.38	)		—			(.38	)		11.46		12.24			6			.45			.35			.65			3.37
10/31/12^7,10		10.00		.23		.46			.69		(.12	)		—			(.12	)		10.57		6.89			1			.18	³		.14	³		.45	³		2.21	³
Class R-5:
4/30/15^7,8		12.00		.22		.10			.32		(.22	)		(.04	)		(.26	)		12.06		2.68			3			.18	⁹		.08	⁹		.38	⁹		3.74	⁹
10/31/14		11.47		.42		.51			.93		(.39	)		(.01	)		(.40	)		12.00		8.24			2			.19			.09			.40			3.58
10/31/13		10.57		.39		.91			1.30		(.40	)		—			(.40	)		11.47		12.58			9			.19			.09			.39			3.54
10/31/12^7,10		10.00		.17		.52			.69		(.12	)		—			(.12	)		10.57		6.91			5			.08	³		.03	³		.34	³		1.68	³
Class R-6:
4/30/15^7,8		12.00		.23		.09			.32		(.22	)		(.04	)		(.26	)		12.06		2.70			14			.13	⁹		.03	⁹		.33	⁹		3.78	⁹
10/31/14		11.47		.41		.53			.94		(.40	)		(.01	)		(.41	)		12.00		8.33			12			.13			.03			.34			3.48
10/31/13		10.57		.37		.93			1.30		(.40	)		—			(.40	)		11.47		12.57			2			.13			.03			.33			3.29
10/31/12^7,10		10.00		.19		.50			.69		(.12	)		—			(.12	)		10.57		6.89			—	¹²		.14	³		.09	³		.40	³		1.79	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Tax-Advantaged Income Portfolio

			Income from investment operations¹						Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers⁵			expenses to average net assets after reimburse- ments/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class A:
4/30/15^7,8	$	12.48	$	.17	$	.14	$	.31	$	(.14	)	$	(.03	)	$	(.17	)	$	12.62		2.51	%	$	552			.54	%⁹		.44	%⁹		.80	%⁹		2.71	%⁹
10/31/14		11.54		.34		.94		1.28		(.34	)		—			(.34	)		12.48		11.25			413			.54			.44			.81			2.85
10/31/13		10.66		.33		.86		1.19		(.30	)		(.01	)		(.31	)		11.54		11.28			220			.55			.45			.82			2.93
10/31/12^7,10		10.00		.15		.62		.77		(.11	)		—			(.11	)		10.66		7.73			66			.24	³		.19	³		.55	³		1.45	³
Class B:
4/30/15^7,8		12.47		.12		.14		.26		(.09	)		(.03	)		(.12	)		12.61		2.11			—	¹²		1.25	⁹		1.15	⁹		1.51	⁹		1.98	⁹
10/31/14		11.52		.26		.94		1.20		(.25	)		—			(.25	)		12.47		10.55			—	¹²		1.25			1.15			1.52			2.16
10/31/13		10.66		.25		.85		1.10		(.23	)		(.01	)		(.24	)		11.52		10.38			—	¹²		1.28			1.18			1.55			2.24
10/31/12^7,10		10.00		.12		.63		.75		(.09	)		—			(.09	)		10.66		7.51			—	¹²		.52	³		.48	³		.84	³		1.20	³
Class C:
4/30/15^7,8		12.43		.12		.14		.26		(.10	)		(.03	)		(.13	)		12.56		2.12			83			1.24	⁹		1.14	⁹		1.50	⁹		2.00	⁹
10/31/14		11.50		.26		.93		1.19		(.26	)		—			(.26	)		12.43		10.49			60			1.24			1.14			1.51			2.14
10/31/13		10.64		.25		.85		1.10		(.23	)		(.01	)		(.24	)		11.50		10.45			27			1.27			1.17			1.54			2.21
10/31/12^7,10		10.00		.11		.63		.74		(.10	)		—			(.10	)		10.64		7.43			8			.55	³		.50	³		.86	³		1.01	³
Class F-1:
4/30/15^7,8		12.48		.17		.14		.31		(.14	)		(.03	)		(.17	)		12.62		2.51			19			.51	⁹		.41	⁹		.77	⁹		2.72	⁹
10/31/14		11.54		.35		.93		1.28		(.34	)		—			(.34	)		12.48		11.25			16			.51			.41			.78			2.91
10/31/13		10.66		.33		.86		1.19		(.30	)		(.01	)		(.31	)		11.54		11.31			11			.53			.43			.80			2.92
10/31/12^7,10		10.00		.14		.63		.77		(.11	)		—			(.11	)		10.66		7.79			3			.19	³		.15	³		.51	³		1.30	³
Class F-2:
4/30/15^7,8		12.50		.18		.14		.32		(.16	)		(.03	)		(.19	)		12.63		2.56			29			.27	⁹		.17	⁹		.53	⁹		2.96	⁹
10/31/14		11.54		.37		.96		1.33		(.37	)		—			(.37	)		12.50		11.71			18			.24			.14			.51			3.09
10/31/13		10.67		.36		.85		1.21		(.33	)		(.01	)		(.34	)		11.54		11.46			6			.28			.18			.55			3.21
10/31/12^7,10		10.00		.15		.64		.79		(.12	)		—			(.12	)		10.67		7.92			1			.10	³		.05	³		.41	³		1.48	³

56	American Funds Portfolio Series

Preservation Portfolio

			Income (loss) from investment operations¹																		Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)		expenses to average net assets before reimbursements/ waivers⁵			expenses to average net assets after reimbursements/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class A:
4/30/15^7,8	$	9.95	$	.04	$	.07		$	.11		$	(.05	)	$	10.01		1.06	%	$	489		.55	%⁹		.45	%⁹		.75	%⁹		.90	%⁹
10/31/14		9.91		.10		.04			.14			(.10	)		9.95		1.44			436		.50			.39			.69			1.01
10/31/13		10.08		.11		(.17	)		(.06	)		(.11	)		9.91		(.59	)		333		.53			.41			.71			1.13
10/31/12^7,10		10.00		.06		.07			.13			(.05	)		10.08		1.26			163		.23	³		.19	³		.50	³		.60	³
Class B:
4/30/15^7,8		9.95		.01		.06			.07			(.01	)		10.01		.71			1		1.27	⁹		1.17	⁹		1.47	⁹		.17	⁹
10/31/14		9.91		.03		.03			.06			(.02	)		9.95		.64			2		1.26			1.15			1.45			.28
10/31/13		10.08		.04		(.17	)		(.13	)		(.04	)		9.91		(1.32	)		2		1.28			1.17			1.47			.38
10/31/12^7,10		10.00		.03		.07			.10			(.02	)		10.08		.97			2		.55	³		.51	³		.82	³		.28	³
Class C:
4/30/15^7,8		9.94		.01		.05			.06			(.01	)		9.99		.63			106		1.25	⁹		1.15	⁹		1.45	⁹		.20	⁹
10/31/14		9.90		.03		.04			.07			(.03	)		9.94		.68			93		1.25			1.14			1.44			.27
10/31/13		10.07		.04		(.17	)		(.13	)		(.04	)		9.90		(1.29	)		67		1.27			1.15			1.45			.39
10/31/12^7,10		10.00		.03		.06			.09			(.02	)		10.07		.93			33		.55	³		.50	³		.81	³		.28	³
Class F-1:
4/30/15^7,8		9.96		.05		.05			.10			(.05	)		10.01		.97			11		.53	⁹		.43	⁹		.73	⁹		.93	⁹
10/31/14		9.91		.10		.05			.15			(.10	)		9.96		1.51			9		.51			.41			.71			1.00
10/31/13		10.08		.11		(.17	)		(.06	)		(.11	)		9.91		(.61	)		6		.54			.42			.72			1.13
10/31/12^7,10		10.00		.06		.07			.13			(.05	)		10.08		1.33			7		.20	³		.15	³		.46	³		.63	³
Class F-2:
4/30/15^7,8		9.95		.06		.06			.12			(.06	)		10.01		1.19			15		.28	⁹		.18	⁹		.48	⁹		1.18	⁹
10/31/14		9.91		.12		.04			.16			(.12	)		9.95		1.67			12		.25			.15			.45			1.25
10/31/13		10.08		.14		(.17	)		(.03	)		(.14	)		9.91		(.34	)		6		.28			.17			.47			1.37
10/31/12^7,10		10.00		.07		.07			.14			(.06	)		10.08		1.40			3		.10	³		.05	³		.36	³		.74	³
Class 529-A:
4/30/15^7,8		9.95		.04		.05			.09			(.04	)		10.00		.95			48		.57	⁹		.47	⁹		.77	⁹		.88	⁹
10/31/14		9.91		.09		.04			.13			(.09	)		9.95		1.36			44		.56			.45			.75			.96
10/31/13		10.08		.11		(.17	)		(.06	)		(.11	)		9.91		(.61	)		33		.56			.44			.74			1.09
10/31/12^7,10		10.00		.06		.06			.12			(.04	)		10.08		1.25			17		.26	³		.22	³		.53	³		.57	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio

			Income (loss) from investment operations¹																			Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimbursements/ waivers⁵			expenses to average net assets after reimbursements/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class 529-B:
4/30/15^7,8	$	9.96	$	.01	$	.05		$	.06		$	(.01	)	$	10.01		.58	%	$	—	¹²		1.35	%⁹		1.25	%⁹		1.55	%⁹		.11	%⁹
10/31/14		9.92		.02		.04			.06			(.02	)		9.96		.56			—	¹²		1.34			1.23			1.53			.20
10/31/13		10.08		.03		(.16	)		(.13	)		(.03	)		9.92		(1.33	)		—	¹²		1.38			1.26			1.56			.29
10/31/12^7,10		10.00		.02		.07			.09			(.01	)		10.08		.89			1			.59	³		.55	³		.86	³		.25	³
Class 529-C:
4/30/15^7,8		9.95		.01		.05			.06			(.01	)		10.00		.59			24			1.34	⁹		1.24	⁹		1.54	⁹		.11	⁹
10/31/14		9.91		.02		.04			.06			(.02	)		9.95		.60			22			1.34			1.23			1.53			.18
10/31/13		10.08		.03		(.17	)		(.14	)		(.03	)		9.91		(1.38	)		17			1.37			1.25			1.55			.29
10/31/12^7,10		10.00		.02		.07			.09			(.01	)		10.08		.93			9			.60	³		.55	³		.86	³		.24	³
Class 529-E:
4/30/15^7,8		9.95		.03		.05			.08			(.03	)		10.00		.84			3			.81	⁹		.71	⁹		1.01	⁹		.64	⁹
10/31/14		9.91		.07		.04			.11			(.07	)		9.95		1.12			2			.80			.70			1.00			.71
10/31/13		10.07		.08		(.16	)		(.08	)		(.08	)		9.91		(.78	)		2			.83			.71			1.01			.83
10/31/12^7,10		10.00		.05		.06			.11			(.04	)		10.07		1.13			1			.35	³		.31	³		.62	³		.47	³
Class 529-F-1:
4/30/15^7,8		9.95		.06		.04			.10			(.05	)		10.00		1.06			8			.34	⁹		.24	⁹		.54	⁹		1.11	⁹
10/31/14		9.91		.12		.04			.16			(.12	)		9.95		1.59			8			.33			.22			.52			1.18
10/31/13		10.08		.13		(.17	)		(.04	)		(.13	)		9.91		(.40	)		6			.35			.24			.54			1.28
10/31/12^7,10		10.00		.07		.07			.14			(.06	)		10.08		1.37			1			.14	³		.10	³		.41	³		.68	³
Class R-1:
4/30/15^7,8		9.95		.01		.05			.06			(.01	)		10.00		.65			1			1.27	⁹		1.17	⁹		1.47	⁹		.20	⁹
10/31/14		9.91		.02		.05			.07			(.03	)		9.95		.66			1			1.26			1.15			1.45			.25
10/31/13		10.08		.04		(.17	)		(.13	)		(.04	)		9.91		(1.32	)		1			1.27			1.15			1.45			.39
10/31/12^7,10		10.00		.03		.10			.13			(.05	)		10.08		1.30			—	¹²		.45	³		.41	³		.72	³		.35	³
Class R-2:
4/30/15^7,8		9.94		.01		.05			.06			(.01	)		9.99		.64			10			1.24	⁹		1.14	⁹		1.44	⁹		.21	⁹
10/31/14		9.90		.02		.04			.06			(.02	)		9.94		.62			8			1.33			1.22			1.52			.19
10/31/13		10.07		.04		(.17	)		(.13	)		(.04	)		9.90		(1.30	)		6			1.29			1.17			1.47			.36
10/31/12^7,10		10.00		.03		.08			.11			(.04	)		10.07		1.11			1			.47	³		.42	³		.73	³		.33	³

58	American Funds Portfolio Series

Preservation Portfolio

			Income (loss) from investment operations¹																				Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)				expenses to average net assets before reimbursements/ waivers⁵			expenses to average net assets after reimbursements/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class R-2E:
4/30/15^7,8	$	9.96	$	.05	$	.05		$	.10		$	(.05	)	$	10.01		1.04	%¹³		$	—	¹²		.38	%^9,13		.28	%^9,13		.58	%^9,13		1.07	%^9,13
10/31/14^7,14		9.96		.02		—	¹¹		.02			(.02	)		9.96		.16				—	¹²		.06	¹³		.04	¹³		.34	¹³		.17	¹³
Class R-3:
4/30/15^7,8		9.95		.03		.05			.08			(.03	)		10.00		.83				10			.82	⁹		.72	⁹		1.02	⁹		.63	⁹
10/31/14		9.91		.07		.04			.11			(.07	)		9.95		1.09				7			.84			.73			1.03			.67
10/31/13		10.08		.08		(.17	)		(.09	)		(.08	)		9.91		(.85	)			5			.83			.72			1.02			.80
10/31/12^7,10		10.00		.05		.07			.12			(.04	)		10.08		1.19				—	¹²		.33	³		.29	³		.60	³		.51	³
Class R-4:
4/30/15^7,8		9.96		.05		.05			.10			(.05	)		10.01		.98				4			.50	⁹		.40	⁹		.70	⁹		.96	⁹
10/31/14		9.92		.10		.04			.14			(.10	)		9.96		1.43				3			.49			.39			.69			1.03
10/31/13		10.08		.12		(.17	)		(.05	)		(.11	)		9.92		(.45	)			1			.49			.38			.68			1.16
10/31/12^7,10		10.00		.06		.08			.14			(.06	)		10.08		1.36				—	¹²		.17	³		.13	³		.44	³		.63	³
Class R-5:
4/30/15^7,8		9.96		.06		.05			.11			(.06	)		10.01		1.11				—	¹²		.23	⁹		.13	⁹		.43	⁹		1.21	⁹
10/31/14		9.91		.14		.04			.18			(.13	)		9.96		1.78				1			.22			.11			.41			1.35
10/31/13		10.08		.14		(.17	)		(.03	)		(.14	)		9.91		(.28	)			4			.22			.10			.40			1.44
10/31/12^7,10		10.00		.07		.07			.14			(.06	)		10.08		1.42				3			.08	³		.04	³		.35	³		.75	³
Class R-6:
4/30/15^7,8		9.96		.06		.05			.11			(.06	)		10.01		1.14				6			.17	⁹		.07	⁹		.37	⁹		1.28	⁹
10/31/14		9.91		.13		.05			.18			(.13	)		9.96		1.76				6			.14			.04			.34			1.31
10/31/13		10.08		.15		(.18	)		(.03	)		(.14	)		9.91		(.16	)			—	¹²		.20			.08			.38			1.45
10/31/12^7,10		10.00		.07		.06			.13			(.05	)		10.08		1.34				—	¹²		.13	³		.08	³		.39	³		.72	³

See page 61 for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Tax-Exempt Preservation Portfolio

			Income (loss) from investment operations¹																			Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return^2,3,4			Net assets, end of period (in millions)			expenses to average net assets before reimbursements/ waivers⁵			expenses to average net assets after reimbursements/ waivers^4,5			Net effective expense ratio^4,6			Ratio of net income to average net assets⁴
Class A:
4/30/15^7,8	$	9.99	$	.12	$	(.07	)	$	.05		$	(.11	)	$	9.93		.53	%	$	193			.57	%⁹		.45	%⁹		.76	%⁹		2.44	%⁹
10/31/14		9.81		.26		.18			.44			(.26	)		9.99		4.50			159			.56			.44			.75			2.59
10/31/13		10.11		.25		(.30	)		(.05	)		(.25	)		9.81		(.48	)		123			.58			.45			.76			2.54
10/31/12^7,10		10.00		.12		.09			.21			(.10	)		10.11		2.10			72			.24	³		.19	³		.50	³		1.22	³
Class B:
4/30/15^7,8		10.00		.09		(.07	)		.02			(.08	)		9.94		.19			—	¹²		1.27	⁹		1.15	⁹		1.46	⁹		1.73	⁹
10/31/14		9.82		.19		.17			.36			(.18	)		10.00		3.74			—	¹²		1.27			1.15			1.46			1.91
10/31/13		10.12		.18		(.30	)		(.12	)		(.18	)		9.82		(1.21	)		—	¹²		1.29			1.16			1.47			1.83
10/31/12^7,10		10.00		.09		.09			.18			(.06	)		10.12		1.84			—	¹²		.53	³		.49	³		.80	³		.92	³
Class C:
4/30/15^7,8		9.98		.09		(.07	)		.02			(.08	)		9.92		.20			46			1.27	⁹		1.15	⁹		1.46	⁹		1.74	⁹
10/31/14		9.80		.19		.18			.37			(.19	)		9.98		3.79			42			1.26			1.14			1.45			1.90
10/31/13		10.10		.18		(.30	)		(.12	)		(.18	)		9.80		(1.17	)		39			1.28			1.15			1.46			1.85
10/31/12^7,10		10.00		.09		.09			.18			(.08	)		10.10		1.77			22			.55	³		.51	³		.82	³		.89	³
Class F-1:
4/30/15^7,8		9.99		.12		(.06	)		.06			(.11	)		9.94		.64			4			.54	⁹		.42	⁹		.73	⁹		2.46	⁹
10/31/14		9.81		.26		.18			.44			(.26	)		9.99		4.54			4			.52			.40			.71			2.64
10/31/13		10.11		.26		(.31	)		(.05	)		(.25	)		9.81		(.49	)		5			.56			.42			.73			2.56
10/31/12^7,10		10.00		.12		.09			.21			(.10	)		10.11		2.13			9			.20	³		.16	³		.47	³		1.24	³
Class F-2:
4/30/15^7,8		9.99		.13		(.06	)		.07			(.13	)		9.93		.67			16			.29	⁹		.17	⁹		.48	⁹		2.71	⁹
10/31/14		9.81		.29		.18			.47			(.29	)		9.99		4.81			11			.26			.15			.46			2.89
10/31/13		10.11		.28		(.30	)		(.02	)		(.28	)		9.81		(.22	)		8			.30			.16			.47			2.82
10/31/12^7,10		10.00		.13		.09			.22			(.11	)		10.11		2.25			12			.10	³		.05	³		.36	³		1.34	³

60	American Funds Portfolio Series

	Six months ended			Period ended October 31
Portfolio turnover rate for all share classes	April 30, 2015^3,7,8			2014			2013			2012^3,7,9,16
Global Growth Portfolio		—	%¹⁷		—	%¹⁷		—	%¹⁷		40	%
Growth Portfolio		—	¹⁷		—	¹⁷		—	¹⁷		24
Growth and Income Portfolio		—	¹⁷		—	¹⁷		—	¹⁷		7
Balanced Portfolio		14			—	¹⁷		—	¹⁷		9
Income Portfolio		—	¹⁷		—	¹⁷		—	¹⁷		7
Tax-Advantaged Income Portfolio		—	¹⁷		1			2	¹⁶		45
Preservation Portfolio		1			5			11	¹⁶		16
Tax-Exempt Preservation Portfolio		4			14			28	¹⁶		36

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges.
³	Not annualized.
⁴	This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services. During some of the periods shown, CRMC reimbursed other fees and expenses for Preservation Portfolio. During the periods shown, CRMC also reimbursed other fees and expenses for Tax-Exempt Preservation Portfolio.
⁵	This column does not include expenses of the underlying funds in which each fund invests.
⁶	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 62 to 70 for further information regarding fees and expenses.
⁷	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁸	Unaudited.
⁹	Annualized.
¹⁰	For the period May 18, 2012, commencement of operations, through October 31, 2012.
¹¹	Amount less than $.01.
¹²	Amount less than $1 million.
¹³	This class consisted solely of seed capital invested by CRMC; therefore, certain fees were not accrued.
¹⁴	Class R-2E shares were offered beginning August 29, 2014.
¹⁵	Although the fund has a plan of distribution for Class R-2E shares, fees for distribution services are not paid by the fund on accounts for which a broker-dealer (or other financial intermediary) has not been assigned, including amounts invested in the fund by CRMC and/or its affiliates. If fees for distribution services were charged on these assets, fund expenses would be higher and net income and total return would be lower.
¹⁶	Portfolio turnover rates reflect the redemption (or removal) of CRMC’s initial capital investment, without which the portfolio turnover rates would have been lower.
¹⁷	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 fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including 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 fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2014, through April 30, 2015).

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 fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1 and F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

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

62	American Funds Portfolio Series

Global Growth Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,043.76	$	1.72		.34	%	$	4.21		.83	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			4.16		.83
Class B – actual return		1,000.00		1,039.31		5.76		1.14			8.24		1.63
Class B – assumed 5% return		1,000.00		1,019.14		5.71		1.14			8.15		1.63
Class C – actual return		1,000.00		1,038.94		5.71		1.13			8.19		1.62
Class C – assumed 5% return		1,000.00		1,019.19		5.66		1.13			8.10		1.62
Class F-1 – actual return		1,000.00		1,042.99		2.03		.40			4.51		.89
Class F-1 – assumed 5% return		1,000.00		1,022.81		2.01		.40			4.46		.89
Class F-2 – actual return		1,000.00		1,044.59		.81		.16			3.30		.65
Class F-2 – assumed 5% return		1,000.00		1,024.00		.80		.16			3.26		.65
Class 529-A – actual return		1,000.00		1,042.54		2.13		.42			4.61		.91
Class 529-A – assumed 5% return		1,000.00		1,022.71		2.11		.42			4.56		.91
Class 529-B – actual return		1,000.00		1,038.37		6.22		1.23			8.69		1.72
Class 529-B – assumed 5% return		1,000.00		1,018.70		6.16		1.23			8.60		1.72
Class 529-C – actual return		1,000.00		1,038.86		6.17		1.22			8.64		1.71
Class 529-C – assumed 5% return		1,000.00		1,018.74		6.11		1.22			8.55		1.71
Class 529-E – actual return		1,000.00		1,041.55		3.49		.69			5.97		1.18
Class 529-E – assumed 5% return		1,000.00		1,021.37		3.46		.69			5.91		1.18
Class 529-F-1 – actual return		1,000.00		1,044.36		1.06		.21			3.55		.70
Class 529-F-1 – assumed 5% return		1,000.00		1,023.75		1.05		.21			3.51		.70
Class R-1 – actual return		1,000.00		1,039.20		5.71		1.13			8.19		1.62
Class R-1 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			8.10		1.62
Class R-2 – actual return		1,000.00		1,039.29		5.76		1.14			8.24		1.63
Class R-2 – assumed 5% return		1,000.00		1,019.14		5.71		1.14			8.15		1.63
Class R-2E – actual return		1,000.00		1,044.06		1.32		.26			3.80		.75
Class R-2E – assumed 5% return		1,000.00		1,023.51		1.30		.26			3.76		.75
Class R-3 – actual return		1,000.00		1,041.52		3.54		.70			6.02		1.19
Class R-3 – assumed 5% return		1,000.00		1,021.32		3.51		.70			5.96		1.19
Class R-4 – actual return		1,000.00		1,043.40		1.93		.38			4.41		.87
Class R-4 – assumed 5% return		1,000.00		1,022.91		1.91		.38			4.36		.87
Class R-5 – actual return		1,000.00		1,044.97		.46		.09			2.94		.58
Class R-5 – assumed 5% return		1,000.00		1,024.35		.45		.09			2.91		.58
Class R-6 – actual return		1,000.00		1,045.20		.25		.05			2.74		.54
Class R-6 – assumed 5% return		1,000.00		1,024.55		.25		.05			2.71		.54

See page 70 for footnotes.

American Funds Portfolio Series

Growth Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,060.99	$	1.69		.33	%	$	3.88		.76	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.81		.76
Class B – actual return		1,000.00		1,056.63		5.81		1.14			8.01		1.57
Class B – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.85		1.57
Class C – actual return		1,000.00		1,056.65		5.71		1.12			7.90		1.55
Class C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.75		1.55
Class F-1 – actual return		1,000.00		1,060.42		1.99		.39			4.19		.82
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			4.11		.82
Class F-2 – actual return		1,000.00		1,062.25		.72		.14			2.91		.57
Class F-2 – assumed 5% return		1,000.00		1,024.10		.70		.14			2.86		.57
Class 529-A – actual return		1,000.00		1,060.46		2.04		.40			4.24		.83
Class 529-A – assumed 5% return		1,000.00		1,022.81		2.01		.40			4.16		.83
Class 529-B – actual return		1,000.00		1,056.00		6.22		1.22			8.41		1.65
Class 529-B – assumed 5% return		1,000.00		1,018.74		6.11		1.22			8.25		1.65
Class 529-C – actual return		1,000.00		1,056.81		6.17		1.21			8.36		1.64
Class 529-C – assumed 5% return		1,000.00		1,018.79		6.06		1.21			8.20		1.64
Class 529-E – actual return		1,000.00		1,059.04		3.47		.68			5.67		1.11
Class 529-E – assumed 5% return		1,000.00		1,021.42		3.41		.68			5.56		1.11
Class 529-F-1 – actual return		1,000.00		1,061.27		1.02		.20			3.22		.63
Class 529-F-1 – assumed 5% return		1,000.00		1,023.80		1.00		.20			3.16		.63
Class R-1 – actual return		1,000.00		1,057.00		5.76		1.13			7.96		1.56
Class R-1 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.80		1.56
Class R-2 – actual return		1,000.00		1,056.95		5.76		1.13			7.96		1.56
Class R-2 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.80		1.56
Class R-2E – actual return		1,000.00		1,061.19		1.48		.29			3.68		.72
Class R-2E – assumed 5% return		1,000.00		1,023.36		1.45		.29			3.61		.72
Class R-3 – actual return		1,000.00		1,058.97		3.52		.69			5.72		1.12
Class R-3 – assumed 5% return		1,000.00		1,021.37		3.46		.69			5.61		1.12
Class R-4 – actual return		1,000.00		1,060.41		1.89		.37			4.09		.80
Class R-4 – assumed 5% return		1,000.00		1,022.96		1.86		.37			4.01		.80
Class R-5 – actual return		1,000.00		1,062.31		.41		.08			2.61		.51
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			2.56		.51
Class R-6 – actual return		1,000.00		1,062.38		.20		.04			2.40		.47
Class R-6 – assumed 5% return		1,000.00		1,024.60		.20		.04			2.36		.47

64	American Funds Portfolio Series

Growth and Income Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,029.82	$	1.66		.33	%	$	3.52		.70	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.51		.70
Class B – actual return		1,000.00		1,024.94		5.67		1.13			7.53		1.50
Class B – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.50		1.50
Class C – actual return		1,000.00		1,025.62		5.57		1.11			7.43		1.48
Class C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.40		1.48
Class F-1 – actual return		1,000.00		1,029.56		1.91		.38			3.77		.75
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.76		.75
Class F-2 – actual return		1,000.00		1,030.00		.70		.14			2.57		.51
Class F-2 – assumed 5% return		1,000.00		1,024.10		.70		.14			2.56		.51
Class 529-A – actual return		1,000.00		1,028.68		2.11		.42			3.97		.79
Class 529-A – assumed 5% return		1,000.00		1,022.71		2.11		.42			3.96		.79
Class 529-B – actual return		1,000.00		1,025.17		6.13		1.22			7.98		1.59
Class 529-B – assumed 5% return		1,000.00		1,018.74		6.11		1.22			7.95		1.59
Class 529-C – actual return		1,000.00		1,025.77		6.03		1.20			7.89		1.57
Class 529-C – assumed 5% return		1,000.00		1,018.84		6.01		1.20			7.85		1.57
Class 529-E – actual return		1,000.00		1,027.55		3.37		.67			5.23		1.04
Class 529-E – assumed 5% return		1,000.00		1,021.47		3.36		.67			5.21		1.04
Class 529-F-1 – actual return		1,000.00		1,030.37		1.01		.20			2.87		.57
Class 529-F-1 – assumed 5% return		1,000.00		1,023.80		1.00		.20			2.86		.57
Class R-1 – actual return		1,000.00		1,025.47		5.62		1.12			7.48		1.49
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.45		1.49
Class R-2 – actual return		1,000.00		1,025.64		5.63		1.12			7.48		1.49
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.45		1.49
Class R-2E – actual return		1,000.00		1,030.11		1.26		.25			3.12		.62
Class R-2E – assumed 5% return		1,000.00		1,023.55		1.25		.25			3.11		.62
Class R-3 – actual return		1,000.00		1,027.53		3.42		.68			5.28		1.05
Class R-3 – assumed 5% return		1,000.00		1,021.42		3.41		.68			5.26		1.05
Class R-4 – actual return		1,000.00		1,029.74		1.81		.36			3.67		.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		1,030.98		.40		.08			2.27		.45
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			2.26		.45
Class R-6 – actual return		1,000.00		1,031.19		.15		.03			2.01		.40
Class R-6 – assumed 5% return		1,000.00		1,024.65		.15		.03			2.01		.40

See page 70 for footnotes.

American Funds Portfolio Series

Balanced Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,040.03	$	1.67		.33	%	$	3.64		.72	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.61		.72
Class B – actual return		1,000.00		1,035.15		5.70		1.13			7.67		1.52
Class B – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.60		1.52
Class C – actual return		1,000.00		1,035.98		5.60		1.11			7.57		1.50
Class C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.50		1.50
Class F-1 – actual return		1,000.00		1,039.90		1.97		.39			3.95		.78
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.91		.78
Class F-2 – actual return		1,000.00		1,041.12		.71		.14			2.68		.53
Class F-2 – assumed 5% return		1,000.00		1,024.10		.70		.14			2.66		.53
Class 529-A – actual return		1,000.00		1,038.90		2.12		.42			4.09		.81
Class 529-A – assumed 5% return		1,000.00		1,022.71		2.11		.42			4.06		.81
Class 529-B – actual return		1,000.00		1,035.49		6.16		1.22			8.13		1.61
Class 529-B – assumed 5% return		1,000.00		1,018.74		6.11		1.22			8.05		1.61
Class 529-C – actual return		1,000.00		1,035.37		6.06		1.20			8.02		1.59
Class 529-C – assumed 5% return		1,000.00		1,018.84		6.01		1.20			7.95		1.59
Class 529-E – actual return		1,000.00		1,038.66		3.39		.67			5.36		1.06
Class 529-E – assumed 5% return		1,000.00		1,021.47		3.36		.67			5.31		1.06
Class 529-F-1 – actual return		1,000.00		1,040.73		1.01		.20			2.99		.59
Class 529-F-1 – assumed 5% return		1,000.00		1,023.80		1.00		.20			2.96		.59
Class R-1 – actual return		1,000.00		1,035.88		5.65		1.12			7.62		1.51
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.55		1.51
Class R-2 – actual return		1,000.00		1,035.97		5.70		1.13			7.67		1.52
Class R-2 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.60		1.52
Class R-2E – actual return		1,000.00		1,040.51		1.26		.25			3.24		.64
Class R-2E – assumed 5% return		1,000.00		1,023.55		1.25		.25			3.21		.64
Class R-3 – actual return		1,000.00		1,038.03		3.44		.68			5.41		1.07
Class R-3 – assumed 5% return		1,000.00		1,021.42		3.41		.68			5.36		1.07
Class R-4 – actual return		1,000.00		1,039.93		1.87		.37			3.84		.76
Class R-4 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.81		.76
Class R-5 – actual return		1,000.00		1,041.31		.40		.08			2.38		.47
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			2.36		.47
Class R-6 – actual return		1,000.00		1,041.56		.15		.03			2.13		.42
Class R-6 – assumed 5% return		1,000.00		1,024.65		.15		.03			2.11		.42

66	American Funds Portfolio Series

Income Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,025.48	$	1.76		.35	%	$	3.26		.65	%
Class A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.26		.65
Class B – actual return		1,000.00		1,020.63		5.66		1.13			7.16		1.43
Class B – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.15		1.43
Class C – actual return		1,000.00		1,021.28		5.61		1.12			7.12		1.42
Class C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.10		1.42
Class F-1 – actual return		1,000.00		1,024.48		1.96		.39			3.46		.69
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.46		.69
Class F-2 – actual return		1,000.00		1,025.68		.70		.14			2.21		.44
Class F-2 – assumed 5% return		1,000.00		1,024.10		.70		.14			2.21		.44
Class 529-A – actual return		1,000.00		1,025.12		2.16		.43			3.67		.73
Class 529-A – assumed 5% return		1,000.00		1,022.66		2.16		.43			3.66		.73
Class 529-B – actual return		1,000.00		1,020.71		6.11		1.22			7.62		1.52
Class 529-B – assumed 5% return		1,000.00		1,018.74		6.11		1.22			7.60		1.52
Class 529-C – actual return		1,000.00		1,021.54		6.06		1.21			7.57		1.51
Class 529-C – assumed 5% return		1,000.00		1,018.79		6.06		1.21			7.55		1.51
Class 529-E – actual return		1,000.00		1,023.20		3.36		.67			4.87		.97
Class 529-E – assumed 5% return		1,000.00		1,021.47		3.36		.67			4.86		.97
Class 529-F-1 – actual return		1,000.00		1,026.30		1.00		.20			2.51		.50
Class 529-F-1 – assumed 5% return		1,000.00		1,023.80		1.00		.20			2.51		.50
Class R-1 – actual return		1,000.00		1,021.20		5.66		1.13			7.17		1.43
Class R-1 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.15		1.43
Class R-2 – actual return		1,000.00		1,021.31		5.61		1.12			7.12		1.42
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.10		1.42
Class R-2E – actual return		1,000.00		1,025.95		1.26		.25			2.76		.55
Class R-2E – assumed 5% return		1,000.00		1,023.55		1.25		.25			2.76		.55
Class R-3 – actual return		1,000.00		1,023.36		3.41		.68			4.92		.98
Class R-3 – assumed 5% return		1,000.00		1,021.42		3.41		.68			4.91		.98
Class R-4 – actual return		1,000.00		1,024.69		1.81		.36			3.31		.66
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.31		.66
Class R-5 – actual return		1,000.00		1,026.81		.40		.08			1.91		.38
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			1.91		.38
Class R-6 – actual return		1,000.00		1,027.02		.15		.03			1.66		.33
Class R-6 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.66		.33

See page 70 for footnotes.

American Funds Portfolio Series

Tax-Advantaged Income Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,025.08	$	2.21		.44	%	$	4.02		.80	%
Class A – assumed 5% return		1,000.00		1,022.61		2.21		.44			4.01		.80
Class B – actual return		1,000.00		1,021.08		5.76		1.15			7.57		1.51
Class B – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.55		1.51
Class C – actual return		1,000.00		1,021.24		5.71		1.14			7.52		1.50
Class C – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.50		1.50
Class F-1 – actual return		1,000.00		1,025.15		2.06		.41			3.87		.77
Class F-1 – assumed 5% return		1,000.00		1,022.76		2.06		.41			3.86		.77
Class F-2 – actual return		1,000.00		1,025.57		.85		.17			2.66		.53
Class F-2 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.66		.53

68	American Funds Portfolio Series

Preservation Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,010.61	$	2.24		.45	%	$	3.74		.75	%
Class A – assumed 5% return		1,000.00		1,022.56		2.26		.45			3.76		.75
Class B – actual return		1,000.00		1,007.06		5.82		1.17			7.32		1.47
Class B – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.35		1.47
Class C – actual return		1,000.00		1,006.28		5.72		1.15			7.21		1.45
Class C – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.25		1.45
Class F-1 – actual return		1,000.00		1,009.68		2.14		.43			3.64		.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		1,011.91		.90		.18			2.39		.48
Class F-2 – assumed 5% return		1,000.00		1,023.90		.90		.18			2.41		.48
Class 529-A – actual return		1,000.00		1,009.48		2.34		.47			3.84		.77
Class 529-A – assumed 5% return		1,000.00		1,022.46		2.36		.47			3.86		.77
Class 529-B – actual return		1,000.00		1,005.82		6.22		1.25			7.71		1.55
Class 529-B – assumed 5% return		1,000.00		1,018.60		6.26		1.25			7.75		1.55
Class 529-C – actual return		1,000.00		1,005.92		6.17		1.24			7.66		1.54
Class 529-C – assumed 5% return		1,000.00		1,018.65		6.21		1.24			7.70		1.54
Class 529-E – actual return		1,000.00		1,008.35		3.54		.71			5.03		1.01
Class 529-E – assumed 5% return		1,000.00		1,021.27		3.56		.71			5.06		1.01
Class 529-F-1 – actual return		1,000.00		1,010.57		1.20		.24			2.69		.54
Class 529-F-1 – assumed 5% return		1,000.00		1,023.60		1.20		.24			2.71		.54
Class R-1 – actual return		1,000.00		1,006.52		5.82		1.17			7.31		1.47
Class R-1 – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.35		1.47
Class R-2 – actual return		1,000.00		1,006.42		5.67		1.14			7.16		1.44
Class R-2 – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.20		1.44
Class R-2E – actual return		1,000.00		1,010.39		1.40		.28			2.89		.58
Class R-2E – assumed 5% return		1,000.00		1,023.41		1.40		.28			2.91		.58
Class R-3 – actual return		1,000.00		1,008.30		3.59		.72			5.08		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.22		3.61		.72			5.11		1.02
Class R-4 – actual return		1,000.00		1,009.84		1.99		.40			3.49		.70
Class R-4 – assumed 5% return		1,000.00		1,022.81		2.01		.40			3.51		.70
Class R-5 – actual return		1,000.00		1,011.06		.65		.13			2.14		.43
Class R-5 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.16		.43
Class R-6 – actual return		1,000.00		1,011.40		.35		.07			1.85		.37
Class R-6 – assumed 5% return		1,000.00		1,024.45		.35		.07			1.86		.37

See page 70 for footnotes.

American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Beginning account value 11/1/2014		Ending account value 4/30/2015		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	1,005.34	$	2.24		.45	%	$	3.78		.76	%
Class A – assumed 5% return		1,000.00		1,022.56		2.26		.45			3.81		.76
Class B – actual return		1,000.00		1,001.88		5.71		1.15			7.25		1.46
Class B – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.30		1.46
Class C – actual return		1,000.00		1,002.03		5.71		1.15			7.25		1.46
Class C – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.30		1.46
Class F-1 – actual return		1,000.00		1,006.40		2.09		.42			3.63		.73
Class F-1 – assumed 5% return		1,000.00		1,022.71		2.11		.42			3.66		.73
Class F-2 – actual return		1,000.00		1,006.67		.85		.17			2.39		.48
Class F-2 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.41		.48

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

70	American Funds Portfolio Series

Approval of Investment Advisory and Service Agreement

The American Funds Portfolio Series’ board has approved renewal of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) through January 31, 2016. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all of the series’ independent board members. The board and the committee determined that each fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of each fund and its shareholders.

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

1. Nature, extent and quality of services

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

2. Investment results

The board and the committee considered the investment results of each fund in light of its objective. They compared each fund’s investment results with those of other relevant funds (including funds that form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes, for the three-month, six-month, one-year and since-inception periods ended June 30, 2014. This report, including the letter to shareholders and related disclosures, contains certain information about each fund’s investment results.

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

American Funds Growth Portfolio seeks to provide long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500 Index, (ii) the Lipper Growth Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End World Stock Category (the Morningstar category is comprised of a group of similar funds whose results are averaged). They noted that the fund’s investment results were higher than the Morningstar Category for all of the periods, although they were lower than the other comparisons for all periods except the S&P 500 Index for the one-year period.

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

American Funds Portfolio Series

category is comprised of a group of similar funds whose results are averaged). They noted that the fund’s investment results were higher than all of the comparisons except the S&P 500 for all periods and the Lipper Index for the since-inception period.

American Funds Balanced Portfolio seeks to provide current income and long-term growth of capital and income. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500 Index, (ii) the Lipper Balanced Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Moderate Allocation Category (the Morningstar category is comprised of a group of similar funds whose results are averaged). They noted that the fund’s investment results were higher than the Lipper Index and Morningstar Category for the one-year and since-inception periods, although they were lower than the S&P Index for those periods and for all comparisons for the three-month and six-month periods.

American Funds Income Portfolio seeks to provide current income and, secondarily, long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500 Index, (ii) the Lipper Income Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Conservative Allocation Category (the Morningstar category is comprised of a group of similar funds whose results are averaged). They noted that the fund’s investment results were higher than the Lipper Index and Morningstar Category for all of the periods, although they were lower than the S&P Index for all periods.

American Funds Tax-Advantaged Income Portfolio seeks to provide current income, a portion of which is exempt from regular federal income tax, while secondarily striving for long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays Municipal Bond Index, (ii) the Lipper Income Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Conservative Allocation Category (the Morningstar category is comprised of a group of similar funds whose results are averaged). They noted that the fund’s investment results were higher than all of the comparisons.

American Funds Preservation Portfolio seeks to provide current income, consistent with preservation of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays U.S. Government/Credit 1-7 Years ex BBB Index, (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Index (the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Intermediate-Term Bond Category (the Morningstar category is comprised of a group of similar funds whose results are averaged). They noted that the fund’s investment results were higher than all of the comparisons except the Barclays for the since-inception period, the Lipper for the one-year, three- and six-month, and since-inception periods, and the Morningstar for the one-year, three- and six-month, and since-inception periods.

American Funds Tax-Exempt Preservation Portfolio seeks to provide current income that is exempt from regular federal income tax, consistent with preservation of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays Municipal Short-Intermediate 1-10 Years Index, (ii) the Lipper Intermediate Municipal Debt Funds Index (the Lipper category that includes the fund)

72	American Funds Portfolio Series

and (iii) the Morningstar U.S. Open End Municipal National Intermediate Bond Category (the Morningstar category is comprised of a group of similar funds whose results are averaged). They noted that the fund’s investment results were higher than all of the comparisons for the since-inception period and higher than the Barclays Index for all periods, although they were lower than the Lipper Index and Morningstar Category for the one-year, three-month and six-month periods.

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

3. Advisory fees and total expenses

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

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

4. Ancillary benefits

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

American Funds Portfolio Series

5. Adviser financial information

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

74	American Funds Portfolio Series

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American Funds Portfolio Series

Office of the series

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

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

Transfer agent for shareholder accounts

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

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

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

Custodian of assets

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

Counsel

Morgan, Lewis & Bockius LLP

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

76	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.

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

American Funds Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form 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, 2015, 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 27 years of investment experience, including 22 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 91% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 54% of 10-year periods and 57% 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, 2014.
	²	Based on Class A share results for rolling periods through December 31, 2014. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except SMALLCAP World Fund, for which the Lipper average was used).
	³	On average, our management fees were in the lowest quintile 70% of the time, based on the 20-year period ended December 31, 2014, versus comparable Lipper categories, excluding funds of funds.

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)

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

(b)

There were no changes in our internal control over financial reporting during the quarter ended April 30, 2015, which were identified in connection with management's evaluation required by paragraph (d) of Rule 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, other than as provided below.

Effective November 10, 2014, the American Funds Portfolio Series’ investment adviser implemented a new accounting system. In connection with introducing this new system, additional automated and manual controls were implemented and some existing controls were modified. None of these changes were in response to any identified deficiency or weakness in the American Funds Portfolio Series’ internal control over financial reporting.

ITEM 12 – Exhibits

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

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

SIGNATURES

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

	AMERICAN FUNDS PORTFOLIO SERIES

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

	Date: June 30, 2015

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

By /s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

Date: June 30, 2015

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2015