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, 2016

Steven I. Koszalka

American Funds Portfolio Series

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

	American Funds Portfolio SeriesSM
	Semi-annual report for the six months ended April 30, 2016

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 85 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, 2016 (the most recent calendar quarter-end). Also shown are the expense ratios as of the series prospectus dated January 1, 2016:

	Cumulative			Average annual
	total returns			total returns
				Lifetime
Class A shares	1 year			(since 5/18/12)			Expense ratio
Reflecting 5.75% maximum initial sales charge:
American Funds Global Growth PortfolioSM		–9.66	%		9.12	%		0.84	%
American Funds Growth PortfolioSM		–8.30			10.89			0.75
American Funds Growth and Income PortfolioSM		–6.16			8.69			0.69
American Funds Balanced PortfolioSM		–5.66			7.92			0.70
American Funds Income PortfolioSM		–6.05			5.53			0.64
Reflecting 3.75% maximum initial sales charge:
American Funds Tax-Advantaged Income PortfolioSM		–2.39			7.59			0.79
Reflecting 2.50% maximum initial sales charge:
American Funds Preservation PortfolioSM		–1.49			0.40			0.71
American Funds Tax-Exempt Preservation PortfolioSM		–0.45			1.07			0.76

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

The portfolio series funds invest in Class R-6 shares of the underlying funds. The investment adviser is currently reimbursing a portion of other expenses for Tax-Exempt Preservation Portfolio. The reimbursement will be in effect through at least January 1, 2017, unless modified or terminated by the investment adviser. Investment results shown reflect the reimbursements, without which the results would have been lower. Expense ratios are as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds.

For other share class results, visit 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 the American Funds Portfolio Series, for the six months ended April 30, 2016. Despite market volatility during the reporting period, all but two of the funds within the series advanced. Returns ranged from 2.49% (for American Funds Income Portfolio) to –1.99% (for American Funds Global Growth Portfolio, global growth being a category that tends to be more reactive to market volatility).

Broadly speaking, fixed-income funds outpaced investments in equity funds, and funds with larger concentrations of equities domiciled in the U.S. tended to fare better than those with significant holdings in non-U.S. companies. Generally, funds with an income focus, which are likely to be more heavily weighted in the higher yielding telecommunications and utilities sectors, tended to outpace those with a growth objective.

As always, we remind investors that six months is a limited period from which to extract and examine results. It is very important to keep a long-term perspective, especially when short-term results exhibit marked fluctuations.

About the series

The American Funds Portfolio Series consists of 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. These funds of funds can be used individually or in combination, based on an investor’s needs, risk tolerance and time horizon (the total length of time that an investor expects to hold a security or portfolio, before it will be used to fund retirement or college, for example).

The series was created by the American Funds Portfolio Oversight Committee, a group of seasoned investment professionals with varied backgrounds, diverse investment approaches and decades of experience. The Committee regularly monitors the Portfolio Series funds.

The economy

The U.S. economy continued to grow at a modest pace over the first six months of the Portfolio Series’ fiscal year. U.S. economic indicators were generally weaker during the reporting period, with real gross domestic product increasing 1.4% for the fourth quarter of 2015, and 0.5% in the first quarter of 2016. This reflected a drop in private investment and slower consumer spending. The labor market continued to be a bright spot, as payroll employment increased by 208,000 in March and the labor force participation rate increased for four straight months.

Mixed U.S. economic data amplified the deep uncertainty among many investors over the sharp slowing of growth in China, exacerbated by the continued decline in oil prices that has hurt emerging markets economies.

The stock market

Exhibiting volatile behavior early in the reporting period, the U.S. stock market ended the period essentially flat, with the Standard & Poor’s 500 Composite Index (a market capitalization-weighted index based on the results of 500 widely held common stocks) advancing 0.43%. Signs that commodity prices have stabilized, along with improved investor sentiment, may have helped share prices recover from their lows.

American Funds Portfolio Series 1

International markets were off slightly, with the MSCI All Country World ex USA Index (a leading benchmark for developed markets outside North America) registering –1.75% for the period. China and the U.K. fell 9.44% and 7.14% respectively. Japanese companies weakened by 3.81% amid fears that the resurgent yen would hurt company profits and derail government efforts to prevent deflation. Companies domiciled in Europe produced lower returns. The European Central Bank lowered interest rates and expanded its quantitative easing program in an attempt to slow deflation.

The bond market

In December, the Federal Reserve raised the federal funds rate (the rate at which the central bank loans money to other banks) by 25 basis points. While this was expected, it was significant because it was the first such move by the Fed since 2006. The Fed opted not to increase the rate again in early 2016, saying it would continue to closely monitor inflation and global economic conditions.

U.S. bonds were volatile during late 2015, with yields trending higher as the Fed raised interest rates. The broad U.S. market advanced over the reporting period, however, with the Barclays U.S. Aggregate Index (a measure of the broad fixed-income investment-grade market of bonds rated BBB/Baa and above) gaining 2.82%. Global bonds posted solid gains, with the Barclays Global Aggregate Index increasing 6.09%. Among U.S. corporate sectors the Barclays U.S. Corporate High Yield 2% Issuer Capped Index gained 2.38% and the Citigroup Broad Investment Grade (BIG) Index advanced 2.86%.

How the series fared

The eight portfolios in the series are combinations of individual funds, which makes the results of the underlying funds a primary driver of series results. Six of the funds in the series posted positive results. Those geared toward income — American Funds Income Portfolio and American Funds Growth and Income Portfolio — increased 2.49% and 1.25%, respectively. These funds benefited from greater investments in higher yielding telecommunications services and utilities sectors, and fared better than the growth-oriented funds as a result.

The two growth funds that posted negative results over the period were American Funds Global Growth Portfolio, at –1.99%, and American Funds Growth Portfolio, at –0.74%. Growth-oriented stocks, which tend to be more sensitive to market volatility, lagged fixed income in keeping with financial markets’ results. Key underlying funds that detracted were The New Economy Fund, an equity fund that seeks companies deeply involved in innovation and new technologies; and EuroPacific Growth Fund, which invests in large and small European and Pacific Basin countries.

Underlying bond funds experienced solid returns. Capital World Bond Fund, which invests in both developed and developing markets in both sovereign and corporate bonds, advanced 4.85%. Also benefitting the fixed-income category were American High-Income Municipal Bond Fund, which seeks high-yield, tax-exempt bonds and notes, at 4.74%; followed by The Tax-Exempt Bond Fund of America, which offers a quality-oriented, diversified range of tax-exempt bonds, at 3.36%. American Mutual Fund, an equity fund which aims for conservation of capital, increased 3.24%.

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

Moving forward

From a global investment perspective, we continue to monitor the situations in China and Japan, as well as Europe’s economic challenges and the U.K.’s potential departure from the European Union. While these are difficult markets, we believe there are still opportunities to be found and that choosing companies with strong fundamentals is key.

The U.S. economy continues to recover and expansion remains on track despite external pressures. U.S. company earnings overall appear to be strong, but we anticipate more market volatility over the coming period. Looking ahead, we remain cautiously optimistic. We believe the U.S. economy is in the midst of an extraordinary transformation and that innovation and entrepreneurialism are the chief engines of our nation’s resilience in the face of adversity. As this transformation continues, we expect to find long-term growth opportunities for both companies and investors.

We thank you for placing your trust in American Funds. As always, we take a long-term, research-driven approach to investing that has served clients for 85 years.

We look forward to reporting to you again in six months.

Cordially,

 

Bradley J. Vogt

Vice Chairman of the Board

 

Walter R. Burkley
President

June 13, 2016

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

2 American Funds Portfolio Series

Results at a glance

For periods ended April 30, 2016, with all distributions reinvested for Class A shares

	Cumulative						Average annual
	total returns						total returns
							Lifetime
	6 months			1 year			(since 5/18/12)
American Funds Global Growth Portfolio		–1.99	%		–5.31	%		10.82	%
MSCI All Country World Index (ACWI)*†		–0.94			–5.66			10.17
Lipper Global Funds Index		–1.57			–5.49			10.77
American Funds Growth Portfolio		–0.74			–3.19			12.74
Standard & Poor’s 500 Composite Index*		0.43			1.21			14.95
Lipper Growth Funds Index		–2.27			–2.10			14.17
American Funds Growth and Income Portfolio		1.25			–1.00			10.54
Standard & Poor’s 500 Composite Index*		0.43			1.21			14.95
Lipper Growth and Income Funds Index		0.12			–2.46			11.77
American Funds Balanced Portfolio		1.04			–0.17			9.69
Standard & Poor’s 500 Composite Index*		0.43			1.21			14.95
Lipper Balanced Funds Index		0.77			–0.69			8.65
American Funds Income Portfolio		2.49			–0.23			7.36
Standard & Poor’s 500 Composite Index*		0.43			1.21			14.95
Lipper Income Funds Index		1.13			–1.05			5.94
American Funds Tax-Advantaged Income Portfolio		2.22			1.93			8.76
Barclays Municipal Bond Index*		3.55			5.29			3.77
Lipper Income Funds Index		1.13			–1.05			5.94
American Funds Preservation Portfolio		1.23			1.25			1.12
Barclays U.S. Government/Credit 1–7 Years ex BBB Index*		1.59			2.12			1.59
Lipper Short-Intermediate Investment-Grade Debt Funds Index		1.41			1.13			1.78
American Funds Tax-Exempt Preservation Portfolio		1.81			2.85			2.39
Barclays Municipal Short-Intermediate 1–10 Years Index*		1.83			3.22			2.30
Lipper Intermediate Municipal Debt Funds Index		2.96			4.27			2.91

*	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 3

American Funds Global Growth Portfolio	unaudited
Investment portfolio, April 30, 2016

 

Fund investments	Shares		Value (000)
Growth funds 70%
New Perspective Fund, Class R-6		14,233,352	$	505,569
New World Fund, Inc., Class R-6		6,657,131		338,182
The New Economy Fund, Class R-6		9,665,561		334,622
				1,178,373
Growth-and-income funds 30%
Capital World Growth and Income Fund, Class R-6		11,593,690		509,079
Total investment securities 100% (cost: $1,732,734,000)				1,687,452
Other assets less liabilities 0%				(298	)
Net assets 100%			$	1,687,154

See Notes to Financial Statements

4 American Funds Portfolio Series

American Funds Growth Portfolio	unaudited
Investment portfolio, April 30, 2016

 

Fund investments	Shares		Value (000)
Growth funds 70%
AMCAP Fund, Class R-6		41,965,584	$	1,117,963
EuroPacific Growth Fund, Class R-6		20,790,912		932,680
SMALLCAP World Fund, Inc., Class R-6		12,791,864		558,749
				2,609,392
Growth-and-income funds 30%
Fundamental Investors, Class R-6		21,696,572		1,120,628
Total investment securities 100% (cost: $3,757,669,000)				3,730,020
Other assets less liabilities 0%				(1,369	)
Net assets 100%			$	3,728,651

See Notes to Financial Statements

American Funds Portfolio Series 5

American Funds Growth and Income Portfolio	unaudited
Investment portfolio, April 30, 2016

 

Fund investments	Shares		Value (000)
Growth funds 20%
The Growth Fund of America, Class R-6		26,874,704	$	1,100,788
Growth-and-income funds 40%
Capital World Growth and Income Fund, Class R-6		25,060,477		1,100,405
The Investment Company of America, Class R-6		31,422,807		1,100,427
				2,200,832
Equity-income and Balanced funds 25%
Capital Income Builder, Class R-6		23,799,347		1,381,076
Fixed income funds 15%
Capital World Bond Fund, Class R-6		41,796,539		840,111
Total investment securities 100% (cost: $5,483,108,000)				5,522,807
Other assets less liabilities 0%				(2,060	)
Net assets 100%			$	5,520,747

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, 2016, appear below.

											Value of
									Dividend		affiliates at
	Beginning						Ending		income		4/30/2016
	shares		Additions		Reductions		shares		(000)		(000)
Capital World Bond Fund, Class R-6		38,079,140		3,813,942		96,543		41,796,539	$	6,737	$	840,111

See Notes to Financial Statements

6 American Funds Portfolio Series

American Funds Balanced Portfolio	unaudited
Investment portfolio, April 30, 2016

Fund investments	Shares		Value (000)
Growth funds 20%
New Perspective Fund, Class R-6		26,345,086	$	935,777
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		10,634,745		466,972
Washington Mutual Investors Fund, Class R-6		11,851,223		466,938
				933,910
Equity-income and Balanced funds 40%
American Balanced Fund, Class R-6		38,257,460		935,778
American Funds Global Balanced Fund, Class R-6		31,753,448		939,267
				1,875,045
Fixed income funds 20%
The Bond Fund of America, Class R-6		72,869,594		943,661
Total investment securities 100% (cost: $4,571,126,000)				4,688,393
Other assets less liabilities 0%				(1,846	)
Net assets 100%			$	4,686,547

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, 2016, appear below.

											Value of
									Dividend		affiliates at
	Beginning						Ending		income		4/30/2016
	shares		Additions		Reductions		shares		(000)		(000)
American Funds Global Balanced Fund, Class R-6		26,894,799		4,858,649		—		31,753,448	$	7,540	$	939,267

See Notes to Financial Statements

American Funds Portfolio Series 7

American Funds Income Portfolio	unaudited
Investment portfolio, April 30, 2016

 

Fund investments	Shares		Value (000)
Growth-and-income funds 20%
American Mutual Fund, Class R-6		19,381,155	$	686,287
Equity-income and Balanced funds 50%
Capital Income Builder, Class R-6		14,797,284		858,686
The Income Fund of America, Class R-6		41,178,588		858,574
				1,717,260
Fixed income funds 30%
American High-Income Trust, Class R-6		53,516,066		523,922
U.S. Government Securities Fund, Class R-6		36,549,235		518,268
				1,042,190
Total investment securities 100% (cost: $3,398,691,000)				3,445,737
Other assets less liabilities 0%				(1,443	)
Net assets 100%			$	3,444,294

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, 2016, appear below.

											Value of
									Dividend		affiliates at
	Beginning						Ending		income		4/30/2016
	shares		Additions		Reductions		shares		(000)		(000)
U.S. Government Securities Fund, Class R-6		43,703,109		4,645,084		11,798,958		36,549,235	$	3,483	$	518,268

See Notes to Financial Statements

8 American Funds Portfolio Series

American Funds Tax-Advantaged Income Portfolio	unaudited
Investment portfolio, April 30, 2016

 

Fund investments	Shares		Value (000)
Growth-and-income funds 50%
Capital World Growth and Income Fund, Class R-6		5,445,316	$	239,104
Washington Mutual Investors Fund, Class R-6		6,069,372		239,133
				478,237
Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		15,121,695		240,737
The Tax-Exempt Bond Fund of America, Class R-6		18,149,484		240,481
				481,218
Total investment securities 100% (cost: $930,628,000)				959,455
Other assets less liabilities 0%				(431	)
Net assets 100%			$	959,024

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, 2016, appear below.

											Value of
									Dividend		affiliates at
	Beginning						Ending		income		4/30/2016
	shares		Additions		Reductions		shares		(000)		(000)
American High-Income Municipal Bond Fund, Class R-6		12,970,358		2,178,350		27,013		15,121,695	$	4,602	$	240,737

See Notes to Financial Statements

American Funds Portfolio Series 9

American Funds Preservation Portfolio	unaudited
Investment portfolio, April 30, 2016

 

Fund investments	Shares		Value (000)
Fixed income funds 100%
Intermediate Bond Fund of America, Class R-6		31,426,262	$	428,654
Short-Term Bond Fund of America, Class R-6		42,865,422		428,654
The Bond Fund of America, Class R-6		16,559,640		214,448
				1,071,756
Total investment securities 100% (cost: $1,068,889,000)				1,071,756
Other assets less liabilities 0%				(437	)
Net assets 100%			$	1,071,319

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, 2016, appear below.

											Value of
									Dividend		affiliates at
	Beginning						Ending		income		4/30/2016
	shares		Additions		Reductions		shares		(000)		(000)
Short-Term Bond Fund of America, Class R-6		35,637,520		7,850,283		622,381		42,865,422	$	1,781	$	428,654

See Notes to Financial Statements

10 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio	unaudited
Investment portfolio, April 30, 2016

 

Fund investments	Shares		Value (000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6		15,993,276	$	255,893
The Tax-Exempt Bond Fund of America, Class R-6		8,284,093		109,764
				365,657
Total investment securities 100% (cost: $365,544,000)				365,657
Other assets less liabilities 0%				(93	)
Net assets 100%			$	365,564

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, 2016, appear below.

											Value of
									Dividend		affiliates at
	Beginning						Ending		income		4/30/2016
	shares		Additions		Reductions		shares		(000)		(000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		13,293,797		3,233,471		533,992		15,993,276	$	2,832	$	255,893

See Notes to Financial Statements

American Funds Portfolio Series 11

Financial statements

Statements of assets and liabilities
at April 30, 2016

	Global Growth			Growth			Growth and Income
	Portfolio			Portfolio			Portfolio
Assets:
Investment securities, at value:
Unaffiliated issuers	$	1,687,452		$	3,730,020		$	4,682,696
Affiliated issuers		—			—			840,111
Receivables for:
Sales of fund’s shares		2,430			5,554			7,674
Dividends		—			—			—
Total assets		1,689,882			3,735,574			5,530,481
Liabilities:
Payables for:
Purchases of investments		536			3,154			4,186
Repurchases of fund’s shares		1,559			2,376			3,460
Services provided by related parties		615			1,353			2,045
Trustees’ deferred compensation		3			6			10
Other		15			34			33
Total liabilities		2,728			6,923			9,734
Net assets at April 30, 2016	$	1,687,154		$	3,728,651		$	5,520,747
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,684,461		$	3,636,680		$	5,332,761
Undistributed (distributions in excess of) net investment income		162			(1,707	)		(3,281	)
Undistributed (accumulated) net realized gain (loss)		47,813			121,327			151,568
Net unrealized (depreciation) appreciation		(45,282	)		(27,649	)		39,699
Net assets at April 30, 2016	$	1,687,154		$	3,728,651		$	5,520,747
Investment securities, at cost:
Unaffiliated issuers	$	1,732,734		$	3,757,669		$	4,633,716
Affiliated issuers		—			—			849,392

*Amount less than one thousand.

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
$	3,749,126	$	2,927,469		$	718,718	$	643,102		$	109,764
	939,267		518,268			240,737		428,654			255,893
	7,636		4,468			1,341		2,683			541
	1,237		3,208			1,430		1,091			791
	4,697,266		3,453,413			962,226		1,075,530			366,989
	6,941		6,015			2,230		2,538			937
	1,931		1,660			541		1,205			396
	1,816		1,427			430		458			92
	8		7			1		2			—	*
	23		10			—		8			—
	10,719		9,119			3,202		4,211			1,425
$	4,686,547	$	3,444,294		$	959,024	$	1,071,319		$	365,564
$	4,459,389	$	3,378,543		$	917,616	$	1,068,663		$	368,055
	2,293		(2,026	)		1,407		(397	)		286
	107,598		20,731			11,174		186			(2,890	)
	117,267		47,046			28,827		2,867			113
$	4,686,547	$	3,444,294		$	959,024	$	1,071,319		$	365,564
$	3,613,755	$	2,889,256		$	699,040	$	639,421		$	107,800
	957,371		509,435			231,588		429,468			257,744

American Funds Portfolio Series 13

Statements of assets and liabilities
at April 30, 2016

		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	$	1,039,719	$	2,302,578	$	3,715,514
	Shares outstanding		75,641		157,718		283,588
	Net asset value per share	$	13.75	$	14.60	$	13.10
Class B:	Net assets	$	1,072	$	2,540	$	3,853
	Shares outstanding		78		176		295
	Net asset value per share	$	13.68	$	14.46	$	13.08
Class C:	Net assets	$	215,493	$	542,696	$	849,499
	Shares outstanding		15,878		37,695		65,199
	Net asset value per share	$	13.57	$	14.40	$	13.03
Class F-1:	Net assets	$	38,548	$	62,758	$	95,752
	Shares outstanding		2,802		4,301		7,308
	Net asset value per share	$	13.76	$	14.59	$	13.10
Class F-2:	Net assets	$	71,871	$	130,293	$	156,292
	Shares outstanding		5,213		8,896		11,913
	Net asset value per share	$	13.79	$	14.65	$	13.12
Class 529-A:	Net assets	$	137,532	$	323,791	$	300,788
	Shares outstanding		10,015		22,197		22,966
	Net asset value per share	$	13.73	$	14.59	$	13.10
Class 529-B:	Net assets	$	250	$	519	$	649
	Shares outstanding		18		36		50
	Net asset value per share	$	13.65	$	14.43	$	13.09
Class 529-C:	Net assets	$	56,087	$	109,359	$	123,165
	Shares outstanding		4,136		7,593		9,446
	Net asset value per share	$	13.56	$	14.40	$	13.04
Class 529-E:	Net assets	$	5,241	$	15,721	$	15,696
	Shares outstanding		383		1,084		1,201
	Net asset value per share	$	13.68	$	14.51	$	13.07
Class 529-F-1:	Net assets	$	9,389	$	26,076	$	23,100
	Shares outstanding		682		1,782		1,762
	Net asset value per share	$	13.77	$	14.63	$	13.11
Class R-1:	Net assets	$	2,952	$	7,462	$	7,651
	Shares outstanding		217		516		586
	Net asset value per share	$	13.60	$	14.45	$	13.05
Class R-2:	Net assets	$	40,929	$	81,118	$	79,318
	Shares outstanding		3,021		5,632		6,091
	Net asset value per share	$	13.55	$	14.40	$	13.02
Class R-2E:	Net assets	$	10	$	1,727	$	1,716
	Shares outstanding		1		119		131
	Net asset value per share	$	13.73	$	14.51	$	13.08
Class R-3:	Net assets	$	19,493	$	42,982	$	50,831
	Shares outstanding		1,426		2,958		3,891
	Net asset value per share	$	13.67	$	14.53	$	13.06
Class R-4:	Net assets	$	9,296	$	27,227	$	44,218
	Shares outstanding		677		1,867		3,376
	Net asset value per share	$	13.73	$	14.58	$	13.10
Class R-5E:	Net assets	$	9	$	9	$	10
	Shares outstanding		1		1		1
	Net asset value per share	$	13.71	$	14.57	$	13.09
Class R-5:	Net assets	$	3,399	$	6,320	$	4,018
	Shares outstanding		246		430		306
	Net asset value per share	$	13.84	$	14.70	$	13.14
Class R-6:	Net assets	$	35,864	$	45,475	$	48,677
	Shares outstanding		2,587		3,101		3,709
	Net asset value per share	$	13.86	$	14.67	$	13.12

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
$	2,964,519	$	2,437,389	$	756,195	$	691,384	$	267,348
	225,459		210,839		60,863		69,010		26,778
$	13.15	$	11.56	$	12.42	$	10.02	$	9.98
$	3,182	$	2,446	$	112	$	950	$	64
	242		212		9		95		6
$	13.13	$	11.55	$	12.44	$	10.02	$	10.00
$	786,977	$	582,667	$	124,767	$	161,484	$	59,020
	60,178		50,653		10,096		16,144		5,921
$	13.08	$	11.50	$	12.36	$	10.00	$	9.97
$	120,427	$	78,999	$	31,731	$	23,016	$	7,681
	9,159		6,831		2,554		2,297		769
$	13.15	$	11.56	$	12.42	$	10.02	$	9.99
$	166,119	$	111,677	$	46,219	$	32,710	$	31,451
	12,617		9,648		3,716		3,265		3,150
$	13.17	$	11.57	$	12.44	$	10.02	$	9.98
$	197,475	$	73,941			$	67,048
	15,020		6,398				6,694
$	13.15	$	11.56			$	10.02
$	471	$	259			$	267
	36		22				27
$	13.14	$	11.55			$	10.02
$	97,375	$	45,220			$	29,459
	7,438		3,929				2,944
$	13.09	$	11.51			$	10.01
$	8,672	$	5,921			$	2,767
	661		513				276
$	13.13	$	11.55			$	10.01
$	19,600	$	7,758			$	11,815
	1,489		671				1,179
$	13.16	$	11.57			$	10.02
$	10,229	$	1,776			$	1,807
	781		154				181
$	13.10	$	11.51			$	10.01
$	66,289	$	24,258			$	16,153
	5,066		2,107				1,616
$	13.09	$	11.51			$	10.00
$	1,523	$	10			$	443
	116		1				44
$	13.13	$	11.56			$	10.02
$	70,322	$	20,263			$	14,536
	5,359		1,755				1,452
$	13.12	$	11.54			$	10.01
$	67,552	$	27,200			$	7,887
	5,137		2,353				787
$	13.15	$	11.56			$	10.02
$	10	$	10			$	10
	1		1				1
$	13.15	$	11.56			$	10.03
$	11,600	$	3,772			$	981
	881		326				98
$	13.17	$	11.58			$	10.02
$	94,205	$	20,728			$	8,602
	7,152		1,790				858
$	13.17	$	11.58			$	10.02

American Funds Portfolio Series 15

Statements of operations
for the six months ended April 30, 2016

	Global Growth			Growth			Growth and Income
	Portfolio			Portfolio			Portfolio
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	16,605		$	27,985		$	57,927
Affiliated issuers		—			—			6,737
		16,605			27,985			64,664
Fees and expenses*:
Investment advisory services		267			555			826
Distribution services		2,642			5,903			9,080
Transfer agent services		863			1,811			2,663
Reports to shareholders		65			137			206
Registration statement and prospectus		283			460			506
Trustees’ compensation		4			8			12
Auditing and legal		2			4			7
Custodian		6			6			6
State and local taxes		(1	)		—			—
Other		89			197			199
Total fees and expenses before reimbursements/ waivers		4,220			9,081			13,505
Less reimbursements/waivers of fees and expenses:
Investment advisory services		267			555			826
Other		—			—			—
Total fees and expenses after reimbursements/waivers		3,953			8,526			12,679
Net investment income		12,652			19,459			51,985
Net realized gain (loss) and unrealized (depreciation) appreciation on investments:
Net realized (loss) gain on sale of investments:
Unaffiliated issuers		(596	)		(380	)		—
Affiliated issuers		—			—			(7	)
Capital gain distributions received		49,505			122,308			152,731
Net realized gain (loss) on investments		48,910			121,928			152,725
Net unrealized (depreciation) appreciation on investments		(92,239	)		(153,705	)		(126,072	)
Net realized gain (loss) and unrealized (depreciation) appreciation on investments		(43,329	)		(31,777	)		26,653
Net (decrease) increase in net assets resulting from operations	$	(30,677	)	$	(12,318	)	$	78,638

*	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
$	37,102		$	54,209		$	9,297		$	4,919		$	1,675
	7,540			3,483			4,602			1,781			2,832
	44,642			57,692			13,899			6,700			4,507
	683			527			138			151			52
	8,111			5,833			1,612			1,976			642
	2,213			1,673			439			517			167
	173			132			36			41			14
	529			371			166			240			127
	10			7			2			2			1
	6			4			1			1			—	†
	6			6			6			6			6
	—			—			—			(2	)		—
	143			62			2			46			1
	11,874			8,615			2,402			2,978			1,010
	683			527			138			151			52
	—			—			—			—			60
	11,191			8,088			2,264			2,827			898
	33,451			49,604			11,635			3,873			3,609
	—			(20,669	)		(93	)		14			14
	—			(5,119	)		15			(6	)		(235	)
	108,998			46,917			11,697			1,557			—
	108,998			21,129			11,619			1,565			(222	)
	(84,821	)		12,826			(2,046	)		7,023			2,715
	24,177			33,955			9,573			8,588			2,493
$	57,628		$	83,559		$	21,208		$	12,461		$	6,102

American Funds Portfolio Series 17

Statements of changes in net assets

	Global Growth Portfolio						Growth Portfolio						Growth and Income 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
	2016*			2015			2016*			2015			2016*			2015
Operations:
Net investment income	$	12,652		$	12,245		$	19,459		$	13,176		$	51,985		$	78,392
Net realized gain (loss)		48,910			49,384			121,928			142,693			152,725			142,377
Net unrealized (depreciation) appreciation		(92,239	)		(60,174	)		(153,705	)		(86,586	)		(126,072	)		(202,565	)
Net (decrease) increase in net assets resulting from operations		(30,677	)		1,455			(12,318	)		69,283			78,638			18,204
Dividends and distributions paid to shareholders:
Dividends from net investment income		(12,487	)		(10,086	)		(19,413	)		(14,893	)		(55,260	)		(77,710	)
Distributions from net realized gain on investments		(47,396	)		(18,251	)		(132,452	)		(51,426	)		(131,752	)		(51,739	)
Total dividends and distributions paid to shareholders		(59,883	)		(28,337	)		(151,865	)		(66,319	)		(187,012	)		(129,449	)
Net capital share transactions		197,432			451,959			641,676			1,166,265			696,762			1,384,310
Total increase in net assets		106,872			425,077			477,493			1,169,229			588,388			1,273,065
Net assets:
Beginning of period		1,580,282			1,155,205			3,251,158			2,081,929			4,932,359			3,659,294
End of period	$	1,687,154		$	1,580,282		$	3,728,651		$	3,251,158		$	5,520,747		$	4,932,359
Undistributed (distributions in excess of) net investment income	$	162		$	(3	)	$	(1,707	)	$	(1,753	)	$	(3,281	)	$	(6	)

*Unaudited.

See Notes to Financial Statements

18 American Funds Portfolio Series

(dollars in thousands)

Balanced Portfolio						Income Portfolio						Tax-Advantaged Income Portfolio						Preservation Portfolio						Tax-Exempt Preservation Portfolio
Six months						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
2016*			2015			2016*			2015			2016*			2015			2016*			2015			2016*			2015
$	33,451		$	45,530		$	49,604		$	91,336		$	11,635		$	17,783		$	3,873		$	7,085		$	3,609		$	5,995
	108,998			94,059			21,129			16,753			11,619			6,470			1,565			150			(222	)		(77	)
	(84,821	)		(59,544	)		12,826			(125,346	)		(2,046	)		(11,403	)		7,023			(966	)		2,715			(2,154	)
	57,628			80,045			83,559			(17,257	)		21,208			12,850			12,461			6,269			6,102			3,764
	(36,023	)		(41,329	)		(59,945	)		(85,492	)		(11,607	)		(17,083	)		(4,450	)		(7,166	)		(3,526	)		(5,845	)
	(86,331	)		(18,862	)		(14,453	)		(8,168	)		(5,812	)		(1,238	)		—			—			—			—
	(122,354	)		(60,191	)		(74,398	)		(93,660	)		(17,419	)		(18,321	)		(4,450	)		(7,166	)		(3,526	)		(5,845	)
	751,434			1,224,740			280,621			826,949			148,907			304,845			173,592			236,639			60,170			88,416
	686,708			1,244,594			289,782			716,032			152,696			299,374			181,603			235,742			62,746			86,335
	3,999,839			2,755,245			3,154,512			2,438,480			806,328			506,954			889,716			653,974			302,818			216,483
$	4,686,547		$	3,999,839		$	3,444,294		$	3,154,512		$	959,024		$	806,328		$	1,071,319		$	889,716		$	365,564		$	302,818
$	2,293		$	4,865		$	(2,026	)	$	8,315		$	1,407		$	1,379		$	(397	)	$	180		$	286		$	203

American Funds Portfolio Series 19

Notes to financial statements unaudited

1. Organization

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

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

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

The Global Growth Portfolio, Growth Portfolio, Growth and Income Portfolio, Balanced Portfolio, Income Portfolio and Preservation Portfolio each have 18 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 eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The Tax-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-5E, R-5 and R-6	None	None	None

*Class B and 529-B shares of each fund are not available for purchase.

On November 20, 2015, the Global Growth Portfolio, Growth Portfolio, Growth and Income Portfolio, Balanced Portfolio, Income Portfolio and Preservation Portfolio made an additional retirement plan share class (Class R-5E) available for sale pursuant to an amendment to its registration statement filed with the U.S. Securities and Exchange Commission. Refer to the series’ prospectus for more details.

20 American Funds Portfolio Series

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.

2. Significant accounting policies

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

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

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

American Funds Portfolio Series 21

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, 2016, all of the investment securities held by each fund were classified as Level 1.

4. Risk factors

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

Allocation risk — Investments in the 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, as described below.

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 exchange rate, interest rate and commodity price fluctuations.

Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.

22 American Funds Portfolio Series

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as the imposition of price controls or punitive taxes, that could adversely impact revenues. 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 underlying 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, other debt securities or derivatives, 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.

American Funds Portfolio Series 23

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

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

Management — The investment adviser to the series 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.

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, 2016, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the period, none of the funds incurred any interest or penalties.

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

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; 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, 2015, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

	Global Growth Portfolio		Growth Portfolio			Growth and Income Portfolio		Balanced Portfolio		Income Portfolio		Tax- Advantaged Income Portfolio		Preservation Portfolio			Tax-Exempt Preservation Portfolio
Undistributed ordinary income	$	—	$	—		$	—	$	4,871	$	8,319	$	546	$	183		$	—
Late year ordinary loss deferral*		—		(1,749	)		—		—		—		—		—			—
Undistributed tax-exempt income		—		—			—		—		—		833		—			203
Undistributed long-term capital gain		47,303		132,268			131,408		86,281		14,361		5,797		—			—
Capital loss carryforward†		—		—			—		—		—		—		(14	)		(1,648	)

*	These deferrals are considered incurred in the subsequent year.
†	The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

24 American Funds Portfolio Series

As of April 30, 2016, 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	$	3,753		$	41,310		$	52,548		$	134,020		$	115,243		$	28,320	$	2,627		$	1,802
Gross unrealized depreciation on investment securities		(50,636	)		(69,756	)		(13,667	)		(18,103	)		(71,521	)		—		(1,117	)		(2,737	)
Net unrealized appreciation (depreciation) on investment securities		(46,883	)		(28,446	)		38,881			115,917			43,722			28,320		1,510			(935	)
Cost of investment securities		1,734,335			3,758,466			5,483,926			4,572,476			3,402,015			931,135		1,070,246			366,592

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

Global Growth Portfolio

	Six months ended April 30, 2016									Year ended October 31, 2015
							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	$	9,026		$	29,527		$	38,553		$	7,104		$	11,346		$	18,450
Class B		—			43			43			1			34			35
Class C		503			6,068			6,571			434			2,133			2,567
Class F-1		300			1,177			1,477			374			647			1,021
Class F-2		640			1,715			2,355			470			645			1,115
Class 529-A		1,082			3,782			4,864			883			1,497			2,380
Class 529-B		—			11			11			—			8			8
Class 529-C		59			1,613			1,672			131			669			800
Class 529-E		31			143			174			29			61			90
Class 529-F-1		84			243			327			49			69			118
Class R-1		5			73			78			5			25			30
Class R-2		100			1,043			1,143			73			324			397
Class R-2E		—	1		—	1		—	1		—	1		—	1		—	1
Class R-3		102			519			621			85			200			285
Class R-4		86			276			362			54			84			138
Class R-5E2		—	1		—	1		—	1
Class R-5		32			82			114			11			19			30
Class R-6		437			1,081			1,518			383			490			873
Total	$	12,487		$	47,396		$	59,883		$	10,086		$	18,251		$	28,337

See page 28 for footnotes.

American Funds Portfolio Series 25

Growth Portfolio

	Six months ended April 30, 2016									Year ended October 31, 2015
							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	$	14,695		$	82,330		$	97,025		$	11,240		$	33,060		$	44,300
Class B		—			141			141			—			122			122
Class C		446			19,249			19,695			515			6,534			7,049
Class F-1		337			2,139			2,476			309			981			1,290
Class F-2		981			4,384			5,365			557			1,394			1,951
Class 529-A		1,881			11,480			13,361			1,442			4,557			5,999
Class 529-B		—			36			36			—			27			27
Class 529-C		—	1		4,001			4,001			48			1,635			1,683
Class 529-E		65			585			650			60			273			333
Class 529-F-1		159			815			974			96			252			348
Class R-1		—			263			263			5			113			118
Class R-2		38			2,584			2,622			56			868			924
Class R-2E		15			65			80			—	1		—	1		—	1
Class R-3		137			1,429			1,566			118			536			654
Class R-4		177			966			1,143			61			179			240
Class R-5E2		—	1		—	1		—	1
Class R-5		48			205			253			10			33			43
Class R-6		434			1,780			2,214			376			862			1,238
Total	$	19,413		$	132,452		$	151,865		$	14,893		$	51,426		$	66,319

Growth and Income Portfolio

	Six months ended April 30, 2016									Year ended October 31, 2015
							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	$	39,786		$	89,249		$	129,035		$	57,879		$	36,062		$	93,941
Class B		35			145			180			104			132			236
Class C		6,151			19,979			26,130			7,275			7,097			14,372
Class F-1		1,002			2,279			3,281			1,403			916			2,319
Class F-2		1,717			3,442			5,159			2,111			1,102			3,213
Class 529-A		3,143			7,325			10,468			4,691			3,067			7,758
Class 529-B		5			23			28			14			19			33
Class 529-C		852			3,033			3,885			1,163			1,299			2,462
Class 529-E		151			392			543			201			148			349
Class 529-F-1		250			516			766			370			228			598
Class R-1		55			188			243			88			94			182
Class R-2		550			1,748			2,298			582			552			1,134
Class R-2E		8			6			14			—	1		—	1		—	1
Class R-3		443			1,109			1,552			544			408			952
Class R-4		479			1,091			1,570			417			153			570
Class R-5E2		—	1		—	1		—	1
Class R-5		44			86			130			44			20			64
Class R-6		589			1,141			1,730			824			442			1,266
Total	$	55,260		$	131,752		$	187,012		$	77,710		$	51,739		$	129,449

26 American Funds Portfolio Series

Balanced Portfolio

	Six months ended April 30, 2016									Year ended October 31, 2015
							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	$	25,028		$	55,406		$	80,434		$	30,100		$	12,343		$	42,443
Class B		20			89			109			35			43			78
Class C		3,943			14,303			18,246			3,451			2,895			6,346
Class F-1		856			1,812			2,668			975			420			1,395
Class F-2		1,395			2,641			4,036			1,276			453			1,729
Class 529-A		1,641			3,808			5,449			2,133			960			3,093
Class 529-B		2			12			14			4			6			10
Class 529-C		462			1,915			2,377			468			503			971
Class 529-E		59			156			215			69			36			105
Class 529-F-1		177			363			540			212			80			292
Class R-1		49			189			238			53			46			99
Class R-2		306			1,145			1,451			280			247			527
Class R-2E		2			—	1		2			—	1		—	1		—	1
Class R-3		486			1,304			1,790			530			258			788
Class R-4		601			1,329			1,930			586			244			830
Class R-5E2		—	1		—	1		—	1
Class R-5		109			208			317			154			57			211
Class R-6		887			1,651			2,538			1,003			271			1,274
Total	$	36,023		$	86,331		$	122,354		$	41,329		$	18,862		$	60,191

Income Portfolio

	Six months ended April 30, 2016									Year ended October 31, 2015
							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	$	44,007		$	10,212		$	54,219		$	64,213		$	5,900		$	70,113
Class B		44			15			59			117			19			136
Class C		8,389			2,391			10,780			11,280			1,301			12,581
Class F-1		1,380			322			1,702			2,157			205			2,362
Class F-2		2,347			566			2,913			2,379			205			2,584
Class 529-A		1,303			314			1,617			2,040			200			2,240
Class 529-B		5			2			7			12			2			14
Class 529-C		639			192			831			1,000			130			1,130
Class 529-E		100			26			126			165			16			181
Class 529-F-1		135			29			164			184			16			200
Class R-1		24			7			31			41			5			46
Class R-2		357			104			461			457			52			509
Class R-2E		—	1		—	1		—	1		—	1		—	1		—	1
Class R-3		328			81			409			424			40			464
Class R-4		455			103			558			463			33			496
Class R-5E2		—	1		—	1		—	1
Class R-5		63			13			76			83			7			90
Class R-6		369			76			445			477			37			514
Total	$	59,945		$	14,453		$	74,398		$	85,492		$	8,168		$	93,660

See page 28 for footnotes.

American Funds Portfolio Series 27

Tax-Advantaged Income Portfolio

	Six months ended April 30, 2016						Year ended October 31, 2015
					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	$	9,483	$	4,658	$	14,141	$	14,176	$	1,011		$	15,187
Class B		1		1		2		4		—	1		4
Class C		1,156		738		1,894		1,620		148			1,768
Class F-1		365		159		524		489		34			523
Class F-2		602		256		858		794		45			839
Total	$	11,607	$	5,812	$	17,419	$	17,083	$	1,238		$	18,321

Preservation Portfolio

	Six months ended April 30, 2016								Year ended October 31, 2015
						Total								Total
	Ordinary			Long-term		dividends			Ordinary			Long-term		dividends
Share class	income			capital gains		paid			income			capital gains		paid
Class A	$	3,304		$	—	$	3,304		$	5,411		$	—	$	5,411
Class B		1			—		1			5			—		5
Class C		263			—		263			419			—		419
Class F-1		128			—		128			142			—		142
Class F-2		169			—		169			201			—		201
Class 529-A		301			—		301			510			—		510
Class 529-B		—	1		—		—	1		1			—		1
Class 529-C		33			—		33			70			—		70
Class 529-E		10			—		10			20			—		20
Class 529-F-1		67			—		67			110			—		110
Class R-1		2			—		2			4			—		4
Class R-2		22			—		22			43			—		43
Class R-2E		2			—		2			—	1		—		—	1
Class R-3		51			—		51			82			—		82
Class R-4		38			—		38			50			—		50
Class R-5E2		—	1		—		—	1
Class R-5		6			—		6			7			—		7
Class R-6		53			—		53			91			—		91
Total	$	4,450		$	—	$	4,450		$	7,166		$	—	$	7,166

Tax-Exempt Preservation Portfolio

	Six months ended April 30, 2016							Year ended October 31, 2015
						Total						Total
	Ordinary			Long-term		dividends		Ordinary		Long-term		dividends
Share class	income3			capital gains		paid		income3		capital gains		paid
Class A	$	2,660		$	—	$	2,660	$	4,517	$	—	$	4,517
Class B		—	1		—		—		1		—		1
Class C		417			—		417		777		—		777
Class F-1		73			—		73		106		—		106
Class F-2		376			—		376		444		—		444
Total	$	3,526		$	—	$	3,526	$	5,845	$	—	$	5,845

1	Amount less than one thousand.
2	Class R-5E shares were offered beginning November 20, 2015.
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.

28 American Funds Portfolio Series

Investment advisory services — At the beginning of the reporting period, the series had an investment advisory and service agreement with CRMC that provided for monthly fees, accrued daily. These fees were based on an annual rate of 0.10% of daily net assets. CRMC waived these fees through December 31, 2015. Effective January 1, 2016, CRMC eliminated the management fee. 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 reimbursed a portion of the fees and expenses of Tax-Exempt Preservation Portfolio. Fees and expenses in the statements of operations are presented gross of the reimbursement from CRMC. The amounts reimbursed by CRMC are reflected as other reimbursements.

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

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

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
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, 2016, unreimbursed expenses subject to reimbursement for the funds’ Class A and 529-A shares were as follows (dollars in thousands):

	Class A		Class 529-A
Global Growth Portfolio	$	—		$—
Growth Portfolio		—		—
Growth and Income Portfolio		—		—
Balanced Portfolio		—		—
Income Portfolio		—		—
Tax-Advantaged Income Portfolio		—		Not applicable
Preservation Portfolio		—		—
Tax-Exempt Preservation Portfolio		618		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.

American Funds Portfolio Series 29

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.

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2016, were as follows (dollars in thousands):

Global Growth Portfolio

	Distribution			Transfer agent			529 plan
Share class	services			services			services
Class A		$1,000			$507			Not applicable
Class B		7			1			Not applicable
Class C		998			104			Not applicable
Class F-1		47			25			Not applicable
Class F-2		Not applicable			33			Not applicable
Class 529-A		111			69			$57
Class 529-B		2			—	*		—	*
Class 529-C		264			28			23
Class 529-E		12			1			2
Class 529-F-1		—			4			4
Class R-1		13			1			Not applicable
Class R-2		133			69			Not applicable
Class R-2E		—	*		—	*		Not applicable
Class R-3		44			15			Not applicable
Class R-4		11			4			Not applicable
Class R-5E†		Not applicable			—	*		Not applicable
Class R-5		Not applicable			1			Not applicable
Class R-6		Not applicable			1			Not applicable
Total class-specific expenses		$2,642			$863			$86

Growth Portfolio

	Distribution		Transfer agent			529 plan
Share class	services		services			services
Class A		$2,167		$1,063			Not applicable
Class B		16		2			Not applicable
Class C		2,414		245			Not applicable
Class F-1		67		33			Not applicable
Class F-2		Not applicable		62			Not applicable
Class 529-A		283		157			$129
Class 529-B		4		—	*		—	*
Class 529-C		498		53			44
Class 529-E		36		4			7
Class 529-F-1		—		11			10
Class R-1		34		4			Not applicable
Class R-2		255		130			Not applicable
Class R-2E		4		1			Not applicable
Class R-3		95		32			Not applicable
Class R-4		30		12			Not applicable
Class R-5E†		Not applicable		—	*		Not applicable
Class R-5		Not applicable		1			Not applicable
Class R-6		Not applicable		1			Not applicable
Total class-specific expenses		$5,903		$1,811			$190

Growth and Income Portfolio

	Distribution		Transfer agent			529 plan
Share class	services		services			services
Class A		$3,789		$1,725			Not applicable
Class B		24		3			Not applicable
Class C		3,800		388			Not applicable
Class F-1		108		52			Not applicable
Class F-2		Not applicable		73			Not applicable
Class 529-A		293		150			$123
Class 529-B		4		1			—	*
Class 529-C		571		61			51
Class 529-E		37		4			6
Class 529-F-1		—		10			9
Class R-1		36		4			Not applicable
Class R-2		256		133			Not applicable
Class R-2E		3		1			Not applicable
Class R-3		108		36			Not applicable
Class R-4		51		20			Not applicable
Class R-5E†		Not applicable		—	*		Not applicable
Class R-5		Not applicable		1			Not applicable
Class R-6		Not applicable		1			Not applicable
Total class-specific expenses		$9,080		$2,663			$189

Balanced Portfolio

	Distribution		Transfer agent			529 plan
Share class	services		services			services
Class A		$3,292		$1,365			Not applicable
Class B		20		2			Not applicable
Class C		3,503		354			Not applicable
Class F-1		122		56			Not applicable
Class F-2		Not applicable		70			Not applicable
Class 529-A		190		100			$82
Class 529-B		3		—	*		—	*
Class 529-C		458		49			41
Class 529-E		19		2			3
Class 529-F-1		—		9			8
Class R-1		46		5			Not applicable
Class R-2		215		111			Not applicable
Class R-2E		3		1			Not applicable
Class R-3		160		54			Not applicable
Class R-4		80		31			Not applicable
Class R-5E†		Not applicable		—	*		Not applicable
Class R-5		Not applicable		3			Not applicable
Class R-6		Not applicable		1			Not applicable
Total class-specific expenses		$8,111		$2,213			$134

30 American Funds Portfolio Series

Income Portfolio

	Distribution		Transfer agent			529 plan
Share class	services		services			services
Class A		$2,596		$1,159			Not applicable
Class B		15		2			Not applicable
Class C		2,660		273			Not applicable
Class F-1		90		44			Not applicable
Class F-2		Not applicable		55			Not applicable
Class 529-A		76		38			$31
Class 529-B		1		—	*		—	*
Class 529-C		212		23			19
Class 529-E		14		2			2
Class 529-F-1		—		3			3
Class R-1		8		1			Not applicable
Class R-2		85		45			Not applicable
Class R-2E		—		—	*		Not applicable
Class R-3		47		16			Not applicable
Class R-4		29		11			Not applicable
Class R-5E†		Not applicable		—	*		Not applicable
Class R-5		Not applicable		1			Not applicable
Class R-6		Not applicable		—	*		Not applicable
Total class-specific expenses		$5,833		$1,673			$55

Tax-Advantaged Income Portfolio

	Distribution		Transfer agent
Share class	services		services
Class A		$1,029		$348
Class B		1		—	*
Class C		549		55
Class F-1		33		15
Class F-2		Not applicable		21
Total class-specific expenses		$1,612		$439

Preservation Portfolio

	Distribution		Transfer agent			529 plan
Share class	services		services			services
Class A		$912		$320			Not applicable
Class B		5		1			Not applicable
Class C		725		73			Not applicable
Class F-1		31		14			Not applicable
Class F-2		Not applicable		13			Not applicable
Class 529-A		62		32			$26
Class 529-B		2		—	*		—	*
Class 529-C		128		14			12
Class 529-E		6		1			1
Class 529-F-1		—		5			5
Class R-1		7		1			Not applicable
Class R-2		56		29			Not applicable
Class R-2E		1		—	*		Not applicable
Class R-3		33		11			Not applicable
Class R-4		8		3			Not applicable
Class R-5E†		Not applicable		—	*		Not applicable
Class R-5		Not applicable		—	*		Not applicable
Class R-6		Not applicable		—	*		Not applicable
Total class-specific expenses		$1,976		$517			$44

Tax-Exempt Preservation Portfolio

	Distribution			Transfer agent
Share class	services			services
Class A		$360			$120
Class B		—	*		—	*
Class C		274			28
Class F-1		8			3
Class F-2		Not applicable			16
Total class-specific expenses		$642			$167

*	Amount less than one thousand.
†	Class R-5E shares were offered beginning November 20, 2015.

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

			Increase in value of		Total trustees’
	Current fees		deferred amounts		compensation
Global Growth Portfolio	$	3,730	$	85	$	3,815
Growth Portfolio		7,822		181		8,003
Growth and Income Portfolio		11,626		254		11,880
Balanced Portfolio		9,672		203		9,875
Income Portfolio		7,397		155		7,552
Tax-Advantaged Income Portfolio		1,963		38		2,001
Preservation Portfolio		2,155		36		2,191
Tax-Exempt Preservation Portfolio		732		13		745

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 31

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2016, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	206,175	$	6,748
Growth Portfolio		633,957		2,076
Growth and Income Portfolio		716,771		1,898
Balanced Portfolio		771,990		—
Income Portfolio		573,248		270,300
Tax-Advantaged Income Portfolio		157,164		2,330
Preservation Portfolio		186,896		12,219
Tax-Exempt Preservation Portfolio		72,868		12,614

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, 2016
Class A	$	159,119		11,707		$	38,436			2,744		$	(90,136	)		(6,674	)	$	107,419			7,777
Class B		105		8			43			3			(593	)		(45	)		(445	)		(34	)
Class C		38,527		2,866			6,566			474			(16,655	)		(1,252	)		28,438			2,088
Class F-1		11,191		829			1,476			105			(11,097	)		(839	)		1,570			95
Class F-2		31,719		2,339			2,334			166			(14,114	)		(1,049	)		19,939			1,456
Class 529-A		18,746		1,382			4,863			348			(5,287	)		(392	)		18,322			1,338
Class 529-B		13		1			11			1			(132	)		(11	)		(108	)		(9	)
Class 529-C		6,150		459			1,672			121			(1,975	)		(150	)		5,847			430
Class 529-E		931		68			174			12			(314	)		(23	)		791			57
Class 529-F-1		2,120		156			327			23			(513	)		(39	)		1,934			140
Class R-1		880		67			77			5			(274	)		(20	)		683			52
Class R-2		11,707		877			1,137			82			(3,163	)		(236	)		9,681			723
Class R-2E		1		—	2		—	2		—	2		—	2		—	2		1			—	2
Class R-3		3,962		295			621			44			(2,440	)		(177	)		2,143			162
Class R-4		2,590		190			362			26			(2,155	)		(158	)		797			58
Class R-5E3		10		1			—			—			—			—			10			1
Class R-5		979		75			114			8			(341	)		(25	)		752			58
Class R-6		1,495		109			1,518			107			(3,355	)		(244	)		(342	)		(28	)
Total net increase (decrease)	$	290,245		21,429		$	59,731			4,269		$	(152,544	)		(11,334	)	$	197,432			14,364
Year ended October 31, 2015
Class A	$	379,782		25,714		$	18,397			1,273		$	(114,558	)		(7,820	)	$	283,621			19,167
Class B		453		31			35			3			(1,178	)		(81	)		(690	)		(47	)
Class C		91,150		6,247			2,564			179			(25,798	)		(1,785	)		67,916			4,641
Class F-1		34,846		2,359			1,017			70			(33,539	)		(2,342	)		2,324			87
Class F-2		34,994		2,365			1,103			76			(21,860	)		(1,479	)		14,237			962
Class 529-A		43,168		2,927			2,379			164			(11,079	)		(754	)		34,468			2,337
Class 529-B		56		4			8			1			(225	)		(16	)		(161	)		(11	)
Class 529-C		15,584		1,071			800			56			(4,146	)		(285	)		12,238			842
Class 529-E		2,291		157			89			6			(1,240	)		(88	)		1,140			75
Class 529-F-1		4,124		283			119			8			(511	)		(34	)		3,732			257
Class R-1		1,230		85			29			2			(376	)		(26	)		883			61
Class R-2		17,877		1,230			396			28			(4,283	)		(295	)		13,990			963
Class R-2E		1		—	2		—			—			—	2		—	2		1			—	2
Class R-3		7,694		526			285			20			(2,147	)		(148	)		5,832			398
Class R-4		7,389		498			139			10			(2,842	)		(194	)		4,686			314
Class R-5		1,939		129			30			2			(372	)		(25	)		1,597			106
Class R-6		9,814		655			873			60			(4,542	)		(307	)		6,145			408
Total net increase (decrease)	$	652,392		44,281		$	28,263			1,958		$	(228,696	)		(15,679	)	$	451,959			30,560

See page 40 for footnotes.

American Funds Portfolio Series 33

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, 2016
Class A	$	440,794		30,818		$	96,700		6,574	$	(173,936	)		(12,168	)	$	363,558			25,224
Class B		207		14			141		10		(1,434	)		(103	)		(1,086	)		(79	)
Class C		129,717		9,144			19,633		1,349		(41,419	)		(2,946	)		107,931			7,547
Class F-1		21,219		1,475			2,471		168		(9,663	)		(689	)		14,027			954
Class F-2		47,690		3,302			5,338		362		(21,350	)		(1,507	)		31,678			2,157
Class 529-A		55,363		3,862			13,361		909		(10,761	)		(758	)		57,963			4,013
Class 529-B		35		3			35		2		(450	)		(33	)		(380	)		(28	)
Class 529-C		17,599		1,244			4,001		274		(5,137	)		(367	)		16,463			1,151
Class 529-E		2,418		170			650		45		(885	)		(67	)		2,183			148
Class 529-F-1		7,275		503			974		66		(1,023	)		(70	)		7,226			499
Class R-1		2,028		142			259		18		(1,350	)		(92	)		937			68
Class R-2		26,925		1,923			2,619		180		(7,065	)		(496	)		22,479			1,607
Class R-2E		1,748		115			79		5		(29	)		(2	)		1,798			118
Class R-3		12,491		884			1,532		105		(6,116	)		(424	)		7,907			565
Class R-4		9,361		655			1,143		78		(5,281	)		(374	)		5,223			359
Class R-5E3		10		1			—		—		—			—			10			1
Class R-5		1,809		128			254		17		(334	)		(24	)		1,729			121
Class R-6		5,172		363			2,214		150		(5,356	)		(382	)		2,030			131
Total net increase (decrease)	$	781,861		54,746		$	151,404		10,312	$	(291,589	)		(20,502	)	$	641,676			44,556
Year ended October 31, 2015
Class A	$	859,489		55,673		$	44,170		2,919	$	(209,748	)		(13,649	)	$	693,911			44,943
Class B		1,207		79			121		8		(2,951	)		(193	)		(1,623	)		(106	)
Class C		237,543		15,566			7,036		469		(45,423	)		(2,982	)		199,156			13,053
Class F-1		37,177		2,406			1,290		85		(26,496	)		(1,725	)		11,971			766
Class F-2		62,599		4,043			1,943		128		(17,872	)		(1,160	)		46,670			3,011
Class 529-A		105,006		6,796			5,999		396		(15,096	)		(975	)		95,909			6,217
Class 529-B		155		10			27		2		(467	)		(31	)		(285	)		(19	)
Class 529-C		37,845		2,476			1,682		112		(6,615	)		(432	)		32,912			2,156
Class 529-E		3,898		254			332		22		(1,131	)		(75	)		3,099			201
Class 529-F-1		11,131		716			348		23		(1,333	)		(85	)		10,146			654
Class R-1		4,169		272			116		8		(2,062	)		(137	)		2,223			143
Class R-2		34,446		2,257			924		62		(8,019	)		(528	)		27,351			1,791
Class R-2E		7		—	2		—		—		—			—			7			—	2
Class R-3		18,948		1,229			654		43		(4,477	)		(293	)		15,125			979
Class R-4		20,645		1,357			240		16		(4,724	)		(310	)		16,161			1,063
Class R-5		3,607		230			43		3		(248	)		(16	)		3,402			217
Class R-6		16,856		1,073			1,238		81		(7,964	)		(519	)		10,130			635
Total net increase (decrease)	$	1,454,728		94,437		$	66,163		4,377	$	(354,626	)		(23,110	)	$	1,166,265			75,704

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, 2016
Class A	$	548,551		43,067	$	128,164		9,958	$	(249,657	)		(19,623	)	$	427,058			33,402
Class B		308		25		180		14		(2,580	)		(205	)		(2,092	)		(166	)
Class C		170,020		13,401		25,986		2,028		(67,597	)		(5,348	)		128,409			10,081
Class F-1		25,713		2,012		3,223		250		(15,101	)		(1,193	)		13,835			1,069
Class F-2		52,585		4,130		4,961		385		(23,676	)		(1,859	)		33,870			2,656
Class 529-A		35,283		2,762		10,466		813		(13,980	)		(1,105	)		31,769			2,470
Class 529-B		43		4		28		2		(384	)		(30	)		(313	)		(24	)
Class 529-C		13,146		1,034		3,885		303		(5,615	)		(444	)		11,416			893
Class 529-E		1,757		137		543		42		(621	)		(49	)		1,679			130
Class 529-F-1		5,699		444		766		60		(1,781	)		(141	)		4,684			363
Class R-1		1,473		116		242		19		(1,088	)		(86	)		627			49
Class R-2		23,306		1,841		2,296		179		(8,362	)		(657	)		17,240			1,363
Class R-2E		1,877		148		14		1		(248	)		(19	)		1,643			130
Class R-3		14,675		1,148		1,550		121		(5,478	)		(425	)		10,747			844
Class R-4		16,146		1,246		1,527		119		(7,766	)		(613	)		9,907			752
Class R-5E3		10		1		—		—		—			—			10			1
Class R-5		1,718		138		130		10		(992	)		(80	)		856			68
Class R-6		8,289		676		1,729		134		(4,601	)		(365	)		5,417			445
Total net increase (decrease)	$	920,599		72,330	$	185,690		14,438	$	(409,527	)		(32,242	)	$	696,762			54,526
Year ended October 31, 2015
Class A	$	1,161,900		85,594	$	93,342		6,904	$	(379,576	)		(28,062	)	$	875,666			64,436
Class B		1,465		108		235		17		(5,265	)		(389	)		(3,565	)		(264	)
Class C		332,505		24,616		14,292		1,058		(85,166	)		(6,322	)		261,631			19,352
Class F-1		43,278		3,196		2,212		164		(22,419	)		(1,658	)		23,071			1,702
Class F-2		79,853		5,869		3,158		233		(28,446	)		(2,111	)		54,565			3,991
Class 529-A		72,873		5,365		7,753		573		(19,770	)		(1,462	)		60,856			4,476
Class 529-B		278		20		33		2		(795	)		(58	)		(484	)		(36	)
Class 529-C		33,473		2,476		2,459		182		(11,790	)		(872	)		24,142			1,786
Class 529-E		4,928		362		349		26		(1,037	)		(77	)		4,240			311
Class 529-F-1		6,320		465		597		44		(3,965	)		(293	)		2,952			216
Class R-1		3,979		293		182		13		(3,277	)		(249	)		884			57
Class R-2		36,051		2,674		1,134		84		(11,191	)		(837	)		25,994			1,921
Class R-2E		—		—		—		—		—			—			—			—
Class R-3		18,976		1,404		952		71		(5,742	)		(427	)		14,186			1,048
Class R-4		30,242		2,240		570		42		(5,504	)		(411	)		25,308			1,871
Class R-5		1,980		147		64		5		(192	)		(14	)		1,852			138
Class R-6		19,808		1,456		1,266		94		(8,062	)		(594	)		13,012			956
Total net increase (decrease)	$	1,847,909		136,285	$	128,598		9,512	$	(592,197	)		(43,836	)	$	1,384,310			101,961

See page 40 for footnotes.

American Funds Portfolio Series 35

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, 2016
Class A	$	532,292		41,339	$	79,947		6,160		$	(190,722	)		(14,911	)	$	421,517			32,588
Class B		433		34		109		8			(2,058	)		(161	)		(1,516	)		(119	)
Class C		182,360		14,259		18,146		1,404			(61,586	)		(4,828	)		138,920			10,835
Class F-1		48,744		3,851		2,664		205			(16,249	)		(1,261	)		35,159			2,795
Class F-2		77,206		5,964		3,911		301			(17,590	)		(1,376	)		63,527			4,889
Class 529-A		25,953		2,014		5,449		420			(12,265	)		(958	)		19,137			1,476
Class 529-B		74		6		14		1			(241	)		(19	)		(153	)		(12	)
Class 529-C		14,261		1,110		2,373		183			(9,471	)		(735	)		7,163			558
Class 529-E		1,854		144		216		17			(588	)		(45	)		1,482			116
Class 529-F-1		3,263		253		540		42			(1,178	)		(91	)		2,625			204
Class R-1		3,277		254		237		18			(2,409	)		(186	)		1,105			86
Class R-2		17,778		1,392		1,446		112			(6,272	)		(486	)		12,952			1,018
Class R-2E		1,629		128		2		—	2		(165	)		(13	)		1,466			115
Class R-3		15,511		1,218		1,789		138			(8,805	)		(690	)		8,495			666
Class R-4		24,049		1,837		1,930		149			(10,065	)		(786	)		15,914			1,200
Class R-5E3		10		1		—		—			—			—			10			1
Class R-5		2,904		231		316		25			(2,246	)		(176	)		974			80
Class R-6		34,281		2,638		2,538		195			(14,162	)		(1,090	)		22,657			1,743
Total net increase (decrease)	$	985,879		76,673	$	121,627		9,378		$	(356,072	)		(27,812	)	$	751,434			58,239
Year ended October 31, 2015
Class A	$	993,186		74,182	$	42,191		3,167		$	(265,868	)		(19,887	)	$	769,509			57,462
Class B		1,287		97		78		6			(3,887	)		(292	)		(2,522	)		(189	)
Class C		320,596		24,034		6,320		475			(86,785	)		(6,523	)		240,131			17,986
Class F-1		40,031		2,988		1,392		104			(18,182	)		(1,370	)		23,241			1,722
Class F-2		61,782		4,608		1,716		129			(24,150	)		(1,796	)		39,348			2,941
Class 529-A		53,121		3,958		3,091		232			(19,522	)		(1,457	)		36,690			2,733
Class 529-B		275		20		10		1			(554	)		(41	)		(269	)		(20	)
Class 529-C		29,495		2,214		970		73			(13,972	)		(1,045	)		16,493			1,242
Class 529-E		3,062		228		105		8			(1,123	)		(84	)		2,044			152
Class 529-F-1		7,282		542		293		22			(2,783	)		(205	)		4,792			359
Class R-1		5,695		426		99		8			(3,745	)		(281	)		2,049			153
Class R-2		28,593		2,145		524		39			(10,781	)		(812	)		18,336			1,372
Class R-2E		—		—		—		—			—			—			—			—
Class R-3		37,736		2,825		789		59			(11,319	)		(848	)		27,206			2,036
Class R-4		23,800		1,772		829		62			(12,176	)		(912	)		12,453			922
Class R-5		3,790		283		211		16			(2,071	)		(157	)		1,930			142
Class R-6		50,760		3,800		1,274		95			(18,725	)		(1,404	)		33,309			2,491
Total net increase (decrease)	$	1,660,491		124,122	$	59,892		4,496		$	(495,643	)		(37,114	)	$	1,224,740			91,504

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, 2016
Class A	$	334,076		29,806	$	53,237		4,743	$	(221,810	)		(19,869	)	$	165,503			14,680
Class B		274		25		59		5		(1,489	)		(133	)		(1,156	)		(103	)
Class C		102,421		9,183		10,644		953		(61,104	)		(5,493	)		51,961			4,643
Class F-1		17,216		1,536		1,675		149		(11,919	)		(1,070	)		6,972			615
Class F-2		93,854		8,331		2,040		181		(60,216	)		(5,520	)		35,678			2,992
Class 529-A		10,240		910		1,616		144		(8,738	)		(785	)		3,118			269
Class 529-B		52		4		6		1		(214	)		(19	)		(156	)		(14	)
Class 529-C		6,118		547		831		74		(6,352	)		(569	)		597			52
Class 529-E		394		35		125		11		(882	)		(79	)		(363	)		(33	)
Class 529-F-1		2,168		193		165		15		(694	)		(62	)		1,639			146
Class R-1		356		32		30		2		(136	)		(12	)		250			22
Class R-2		5,675		507		458		41		(3,950	)		(355	)		2,183			193
Class R-2E		—		—		—		—		—			—			—			—
Class R-3		5,065		455		409		37		(3,276	)		(292	)		2,198			200
Class R-4		11,383		1,002		558		50		(4,269	)		(374	)		7,672			678
Class R-5E3		10		1		—		—		—			—			10			1
Class R-5		1,116		100		76		7		(277	)		(25	)		915			82
Class R-6		5,532		495		445		40		(2,377	)		(211	)		3,600			324
Total net increase (decrease)	$	595,950		53,162	$	72,374		6,453	$	(387,703	)		(34,868	)	$	280,621			24,747
Year ended October 31, 2015
Class A	$	811,243		68,593	$	68,847		5,877	$	(302,274	)		(25,738	)	$	577,816			48,732
Class B		1,322		111		136		12		(3,808	)		(323	)		(2,350	)		(200	)
Class C		241,244		20,489		12,408		1,063		(87,525	)		(7,490	)		166,127			14,062
Class F-1		32,198		2,738		2,319		198		(21,841	)		(1,873	)		12,676			1,063
Class F-2		41,280		3,490		2,560		218		(23,418	)		(1,995	)		20,422			1,713
Class 529-A		23,319		1,974		2,239		191		(14,235	)		(1,208	)		11,323			957
Class 529-B		104		9		14		1		(372	)		(32	)		(254	)		(22	)
Class 529-C		15,014		1,273		1,130		97		(10,186	)		(868	)		5,958			502
Class 529-E		2,442		205		181		16		(931	)		(79	)		1,692			142
Class 529-F-1		3,260		274		200		17		(1,633	)		(138	)		1,827			153
Class R-1		615		52		46		4		(674	)		(57	)		(13	)		(1	)
Class R-2		10,569		897		505		43		(3,124	)		(269	)		7,950			671
Class R-2E		—		—		—		—		—			—			—			—
Class R-3		9,191		780		463		39		(2,375	)		(203	)		7,279			616
Class R-4		14,157		1,195		496		42		(4,537	)		(383	)		10,116			854
Class R-5		1,447		122		89		8		(689	)		(59	)		847			71
Class R-6		9,121		776		515		44		(4,103	)		(348	)		5,533			472
Total net increase (decrease)	$	1,216,526		102,978	$	92,148		7,870	$	(481,725	)		(41,063	)	$	826,949			69,785

See page 40 for footnotes.

American Funds Portfolio Series 37

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, 2016
Class A	$	142,545		11,676	$	13,994		1,142		$	(52,169	)		(4,288	)	$	104,370			8,530
Class B		27		2		2		—	2		(102	)		(8	)		(73	)		(6	)
Class C		31,549		2,598		1,880		154			(9,552	)		(790	)		23,877			1,962
Class F-1		10,719		890		521		43			(2,140	)		(176	)		9,100			757
Class F-2		15,691		1,290		846		69			(4,904	)		(404	)		11,633			955
Total net increase (decrease)	$	200,531		16,456	$	17,243		1,408		$	(68,867	)		(5,666	)	$	148,907			12,198
Year ended October 31, 2015
Class A	$	293,454		23,513	$	15,025		1,217		$	(68,055	)		(5,486	)	$	240,424			19,244
Class B		94		8		5		—	2		(205	)		(17	)		(106	)		(9	)
Class C		54,518		4,389		1,749		142			(15,347	)		(1,237	)		40,920			3,294
Class F-1		9,213		740		522		42			(2,800	)		(225	)		6,935			557
Class F-2		22,531		1,802		828		67			(6,687	)		(541	)		16,672			1,328
Total net increase (decrease)	$	379,810		30,452	$	18,129		1,468		$	(93,094	)		(7,506	)	$	304,845			24,414

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, 2016
Class A	$	205,441		20,695	$	3,271			330		$	(104,318	)		(10,503	)	$	104,394			10,522
Class B		263		27		2			—	2		(554	)		(56	)		(289	)		(29	)
Class C		57,211		5,771		260			26			(27,262	)		(2,750	)		30,209			3,047
Class F-1		14,119		1,423		125			13			(11,985	)		(1,203	)		2,259			233
Class F-2		17,906		1,802		168			17			(6,507	)		(655	)		11,567			1,164
Class 529-A		18,045		1,816		301			31			(7,552	)		(762	)		10,794			1,085
Class 529-B		52		5		—	2		—	2		(188	)		(18	)		(136	)		(13	)
Class 529-C		9,559		963		33			4			(4,915	)		(496	)		4,677			471
Class 529-E		743		74		10			1			(557	)		(56	)		196			19
Class 529-F-1		3,007		303		67			6			(1,328	)		(134	)		1,746			175
Class R-1		684		69		2			—	2		(24	)		(2	)		662			67
Class R-2		4,945		500		22			2			(2,857	)		(288	)		2,110			214
Class R-2E		427		43		2			—	2		—			—			429			43
Class R-3		3,754		378		50			5			(1,912	)		(193	)		1,892			190
Class R-4		2,809		283		38			4			(1,297	)		(132	)		1,550			155
Class R-5E3		10		1		—			—			—			—			10			1
Class R-5		382		38		6			1			(111	)		(11	)		277			28
Class R-6		2,709		273		53			5			(1,517	)		(153	)		1,245			125
Total net increase (decrease)	$	342,066		34,464	$	4,410			445		$	(172,884	)		(17,412	)	$	173,592			17,497
Year ended October 31, 2015
Class A	$	318,904		32,012	$	5,359			538		$	(178,287	)		(17,897	)	$	145,976			14,653
Class B		878		88		5			1			(1,352	)		(136	)		(469	)		(47	)
Class C		73,837		7,422		415			42			(37,487	)		(3,768	)		36,765			3,696
Class F-1		14,656		1,471		138			14			(3,099	)		(311	)		11,695			1,174
Class F-2		15,508		1,556		199			20			(6,873	)		(689	)		8,834			887
Class 529-A		26,598		2,669		509			51			(14,828	)		(1,489	)		12,279			1,231
Class 529-B		283		28		1			—	2		(265	)		(27	)		19			1
Class 529-C		10,022		1,007		70			7			(7,806	)		(785	)		2,286			229
Class 529-E		1,120		113		20			2			(926	)		(93	)		214			22
Class 529-F-1		4,805		483		110			11			(2,665	)		(268	)		2,250			226
Class R-1		718		72		4			—	2		(306	)		(30	)		416			42
Class R-2		10,448		1,051		43			4			(4,094	)		(412	)		6,397			643
Class R-2E		—		—		—			—			—			—			—			—
Class R-3		9,569		962		82			8			(4,489	)		(451	)		5,162			519
Class R-4		4,929		495		50			5			(1,593	)		(160	)		3,386			340
Class R-5		631		63		7			1			(457	)		(46	)		181			18
Class R-6		3,728		374		91			9			(2,571	)		(258	)		1,248			125
Total net increase (decrease)	$	496,634		49,866	$	7,103			713		$	(267,098	)		(26,820	)	$	236,639			23,759

See page 40 for footnotes.

American Funds Portfolio Series 39

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, 2016
Class A	$	81,327		8,177	$	2,605		262		$	(41,365	)		(4,162	)	$	42,567			4,277
Class B		13		1		1		—	2		(14	)		(2	)		—	2		(1	)
Class C		14,303		1,439		407		41			(7,367	)		(741	)		7,343			739
Class F-1		3,368		338		70		7			(588	)		(59	)		2,850			286
Class F-2		19,781		1,991		367		37			(12,738	)		(1,281	)		7,410			747
Total net increase (decrease)	$	118,792		11,946	$	3,450		347		$	(62,072	)		(6,245	)	$	60,170			6,048
Year ended October 31, 2015
Class A	$	125,006		12,577	$	4,432		447		$	(63,866	)		(6,428	)	$	65,572			6,596
Class B		55		6		1		—	2		(59	)		(6	)		(3	)		—	2
Class C		22,636		2,282		757		76			(13,747	)		(1,385	)		9,646			973
Class F-1		1,895		191		106		11			(1,567	)		(158	)		434			44
Class F-2		17,075		1,721		440		44			(4,748	)		(478	)		12,767			1,287
Total net increase (decrease)	$	166,667		16,777	$	5,736		578		$	(83,987	)		(8,455	)	$	88,416			8,900

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	Class R-5E shares were offered beginning November 20, 2015.

40 American Funds Portfolio Series

Financial highlights

Global Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/166,7	$	14.58	$	.12		$	(.40	)	$	(.28	)	$	(.13	)	$	(.42	)	$	(.55	)	$	13.75		(1.99	)%8	$	1,040		.39	%9		.35	%9		.84	%9		1.76	%9
10/31/15		14.82		.15			(.03	)		.12			(.14	)		(.22	)		(.36	)		14.58		.85			990		.45			.35			.84			1.02
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
10/31/127,10		10.00		.03			1.14			1.17			—			—			—			11.17		11.70	8		53		.25	8		.20	8		.71	8		.29	8
Class B:
4/30/166,7		14.44		.07			(.41	)		(.34	)		—			(.42	)		(.42	)		13.68		(2.41	)8		1		1.20	9		1.16	9		1.65	9		1.03	9
10/31/15		14.66		.06			(.06	)		—			—	11		(.22	)		(.22	)		14.44		.05			2		1.23			1.13			1.62			.41
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
10/31/127,10		10.00		(.01	)		1.14			1.13			—			—			—			11.13		11.30	8		1		.56	8		.51	8		1.02	8		(.08	)8
Class C:
4/30/166,7		14.37		.06			(.41	)		(.35	)		(.03	)		(.42	)		(.45	)		13.57		(2.46)	8		216		1.18	9		1.15	9		1.64	9		.95	9
10/31/15		14.63		.03			(.02	)		.01			(.05	)		(.22	)		(.27	)		14.37		.06			198		1.22			1.12			1.61			.22
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
10/31/127,10		10.00		(.02	)		1.15			1.13			—			—			—			11.13		11.30	8		8		.56	8		.51	8		1.02	8		(.17	)8
Class F-1:
4/30/166,7		14.58		.12			(.41	)		(.29	)		(.11	)		(.42	)		(.53	)		13.76		(2.07	)8		39		.46	9		.42	9		.91	9		1.75	9
10/31/15		14.82		.15			(.04	)		.11			(.13	)		(.22	)		(.35	)		14.58		.77			39		.50			.40			.89			1.01
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
10/31/127,10		10.00		.03			1.14			1.17			—			—			—			11.17		11.70	8		2		.19	8		.14	8		.65	8		.28	8
Class F-2:
4/30/166,7		14.64		.12			(.39	)		(.27	)		(.16	)		(.42	)		(.58	)		13.79		(1.93	)8		72		.19	9		.16	9		.65	9		1.84	9
10/31/15		14.87		.19			(.04	)		.15			(.16	)		(.22	)		(.38	)		14.64		1.08			55		.24			.14			.63			1.28
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
10/31/127,10		10.00		.04			1.14			1.18			—			—			—			11.18		11.80	8		1		.11	8		.06	8		.57	8		.37	8
Class 529-A:
4/30/166,7		14.56		.11			(.40	)		(.29	)		(.12	)		(.42	)		(.54	)		13.73		(2.06	)8		138		.45	9		.42	9		.91	9		1.66	9
10/31/15		14.81		.14			(.04	)		.10			(.13	)		(.22	)		(.35	)		14.56		.73			126		.51			.41			.90			.97
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
10/31/127,10		10.00		.02			1.14			1.16			—			—			—			11.16		11.60	8		9		.23	8		.18	8		.69	8		.21	8

See page 61 for footnotes.

American Funds Portfolio Series 41

Financial highlights (continued)

Global Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-B:
4/30/166,7	$	14.42	$	.07		$	(.42	)	$	(.35	)	$	—		$	(.42	)	$	(.42	)	$	13.65		(2.49	)%8	$	—	12		1.30	%9		1.26	%9		1.75	%9		1.06	%9
10/31/15		14.65		.05			(.06	)		(.01	)		—			(.22	)		(.22	)		14.42		(.04	)		—	12		1.32			1.22			1.71			.31
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
10/31/127,10		10.00		(.03	)		1.17			1.14			—			—			—			11.14		11.40	8		—	12		.59	8		.54	8		1.05	8		(.26	)8
Class 529-C:
4/30/166,7		14.34		.06			(.40	)		(.34	)		(.02	)		(.42	)		(.44	)		13.56		(2.46	)8		56			1.28	9		1.24	9		1.73	9		.86	9
10/31/15		14.61		.03			(.04	)		(.01	)		(.04	)		(.22	)		(.26	)		14.34		(.02	)		53			1.31			1.21			1.70			.18
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	)
10/31/127,10		10.00		(.02	)		1.14			1.12			—			—			—			11.12		11.20	8		2			.60	8		.56	8		1.07	8		(.18	)8
Class 529-E:
4/30/166,7		14.50		.09			(.40	)		(.31	)		(.09	)		(.42	)		(.51	)		13.68		(2.20	)8		5			.73	9		.69	9		1.18	9		1.39	9
10/31/15		14.75		.10			(.02	)		.08			(.11	)		(.22	)		(.33	)		14.50		.55			5			.78			.68			1.17			.69
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
10/31/127,10		10.00		.01			1.15			1.16			—			—			—			11.16		11.60	8		—	12		.33	8		.29	8		.80	8		.08	8
Class 529-F-1:
4/30/166,7		14.61		.12			(.39	)		(.27	)		(.15	)		(.42	)		(.57	)		13.77		(1.94	)8		9			.27	9		.24	9		.73	9		1.84	9
10/31/15		14.85		.17			(.03	)		.14			(.16	)		(.22	)		(.38	)		14.61		.98			8			.31			.21			.70			1.12
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
10/31/127,10		10.00		.03			1.15			1.18			—			—			—			11.18		11.80	8		—	12		.16	8		.11	8		.62	8		.23	8
Class R-1:
4/30/166,7		14.39		.06			(.40	)		(.34	)		(.03	)		(.42	)		(.45	)		13.60		(2.42	)8		3			1.18	9		1.15	9		1.64	9		.83	9
10/31/15		14.65		.02			(.02	)		—			(.04	)		(.22	)		(.26	)		14.39		.03			2			1.23			1.13			1.62			.17
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
10/31/127,10		10.00		—	11		1.14			1.14			—			—			—			11.14		11.40	8		—	12		.51	8		.47	8		.98	8		(.04	)8
Class R-2:
4/30/166,7		14.35		.06			(.40	)		(.34	)		(.04	)		(.42	)		(.46	)		13.55		(2.43	)8		41			1.22	9		1.19	9		1.68	9		.85	9
10/31/15		14.62		.02			(.02	)		—			(.05	)		(.22	)		(.27	)		14.35		.03			33			1.25			1.15			1.64			.17
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	)
10/31/127,10		10.00		(.02	)		1.17			1.15			—			—			—			11.15		11.50	8		1			.47	8		.42	8		.93	8		(.21	)8

42 American Funds Portfolio Series

Global Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-2E:
4/30/166,7	$	14.57	$	.13		$	(.41	)	$	(.28	)	$	(.14	)	$	(.42	)	$	(.56	)	$	13.73		(2.02	)%8	$	—	12		.31	%9,13		.25	%9,13		.74	%9,13		1.89	%9,13
10/31/15		14.82		.17			(.04	)		.13			(.16	)		(.22	)		(.38	)		14.57		.94	13		—	12		.38	13		.27	13		.76	13		1.18	13
10/31/147,14		15.02		.01			(.21	)		(.20	)		—			—			—			14.82		(1.33	)8,13		—	12		.06	8,13		.04	8,13		.53	8,13		.09	8,13
Class R-3:
4/30/166,7		14.49		.09			(.41	)		(.32	)		(.08	)		(.42	)		(.50	)		13.67		(2.26	)8		19			.75	9		.72	9		1.21	9		1.34	9
10/31/15		14.74		.10			(.03	)		.07			(.10	)		(.22	)		(.32	)		14.49		.48			18			.79			.69			1.18			.66
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
10/31/127,10		10.00		.04			1.12			1.16			—			—			—			11.16		11.60	8		—	12		.33	8		.29	8		.80	8		.39	8
Class R-4:
4/30/166,7		14.57		.12			(.41	)		(.29	)		(.13	)		(.42	)		(.55	)		13.73		(2.05	)8		9			.43	9		.39	9		.88	9		1.79	9
10/31/15		14.82		.15			(.04	)		.11			(.14	)		(.22	)		(.36	)		14.57		.81			9			.47			.37			.86			1.00
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
10/31/127,10		10.00		—	11		1.18			1.18			—			—			—			11.18		11.80	8		—	12		.21	8		.16	8		.67	8		(.02	)8
Class R-5E:
4/30/166,7,15		14.71		.13			(.54	)		(.41	)		(.17	)		(.42	)		(.59	)		13.71		(2.87	)8		—	12		.13	8		.11	8		.60	8		.98	8
Class R-5:
4/30/166,7		14.70		.13			(.41	)		(.28	)		(.16	)		(.42	)		(.58	)		13.84		(1.94	)8		3			.13	9		.10	9		.59	9		1.94	9
10/31/15		14.88		.16			—	11		.16			(.12	)		(.22	)		(.34	)		14.70		1.13			3			.18			.08			.57			1.10
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
10/31/127,10		10.00		.03			1.15			1.18			—			—			—			11.18		11.80	8		11			.10	8		.05	8		.56	8		.30	8
Class R-6:
4/30/166,7		14.72		.14			(.41	)		(.27	)		(.17	)		(.42	)		(.59	)		13.86		(1.90	)8		36			.08	9		.05	9		.54	9		2.09	9
10/31/15		14.95		.20			(.04	)		.16			(.17	)		(.22	)		(.39	)		14.72		1.15			39			.14			.04			.53			1.36
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
10/31/127,10		10.00		.05			1.12			1.17			—			—			—			11.17		11.70	8		—	12		.13	8		.08	8		.59	8		.52	8

See page 61 for footnotes.

American Funds Portfolio Series 43

Financial highlights (continued)

Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/166,7	$	15.41	$	.09		$	(.19	)	$	(.10	)	$	(.11	)	$	(.60	)	$	(.71	)	$	14.60		(.74	)%8	$	2,303		.38	%9		.35	%9		.78	%9		1.33	%9
10/31/15		15.36		.10			.43			.53			(.12	)		(.36	)		(.48	)		15.41		3.48			2,042		.42			.32			.75			.65
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
10/31/127,10		10.00		.02			1.00			1.02			—			—			—			11.02		10.20	8		108		.24	8		.19	8		.64	8		.15	8
Class B:
4/30/166,7		15.23		.05			(.22	)		(.17	)		—			(.60	)		(.60	)		14.46		(1.19	)8		3		1.19	9		1.16	9		1.59	9		.64	9
10/31/15		15.18		—	11		.41			.41			—			(.36	)		(.36	)		15.23		2.70			4		1.23			1.13			1.56			.01
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	)
10/31/127,10		10.00		(.02	)		1.00			.98			—			—			—			10.98		9.80	8		1		.55	8		.51	8		.96	8		(.23	)8
Class C:
4/30/166,7		15.18		.04			(.21	)		(.17	)		(.01	)		(.60	)		(.61	)		14.40		(1.17	)8		543		1.17	9		1.14	9		1.57	9		.52	9
10/31/15		15.16		(.03	)		.44			.41			(.03	)		(.36	)		(.39	)		15.18		2.69			458		1.21			1.11			1.54			(.18	)
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	)
10/31/127,10		10.00		(.03	)		1.01			.98			—			—			—			10.98		9.80	8		14		.55	8		.50	8		.95	8		(.27	)8
Class F-1:
4/30/166,7		15.40		.09			(.21	)		(.12	)		(.09	)		(.60	)		(.69	)		14.59		(.82	)8		63		.44	9		.41	9		.84	9		1.27	9
10/31/15		15.35		.09			.43			.52			(.11	)		(.36	)		(.47	)		15.40		3.42			51		.49			.39			.82			.61
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
10/31/127,10		10.00		.02			1.00			1.02			—			—			—			11.02		10.20	8		3		.19	8		.15	8		.60	8		.19	8
Class F-2:
4/30/166,7		15.47		.11			(.20	)		(.09	)		(.13	)		(.60	)		(.73	)		14.65		(.62	)8		130		.18	9		.15	9		.58	9		1.47	9
10/31/15		15.41		.13			.43			.56			(.14	)		(.36	)		(.50	)		15.47		3.68			104		.23			.13			.56			.82
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
10/31/127,10		10.00		.03			1.00			1.03			—			—			—			11.03		10.30	8		2		.09	8		.05	8		.50	8		.27	8
Class 529-A:
4/30/166,7		15.40		.09			(.20	)		(.11	)		(.10	)		(.60	)		(.70	)		14.59		(.80	)8		324		.46	9		.43	9		.86	9		1.23	9
10/31/15		15.35		.09			.43			.52			(.11	)		(.36	)		(.47	)		15.40		3.43			280		.49			.39			.82			.58
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
10/31/127,10		10.00		.01			1.00			1.01			—			—			—			11.01		10.10	8		21		.23	8		.18	8		.63	8		.09	8

44 American Funds Portfolio Series

Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-B:
4/30/166,7	$	15.20	$	.05		$	(.22	)	$	(.17	)	$	—		$	(.60	)	$	(.60	)	$	14.43		(1.19	)%8	$	1		1.30	%9		1.25	%9		1.68	%9		.70	%9
10/31/15		15.17		(.02	)		.41			.39			—			(.36	)		(.36	)		15.20		2.56			1		1.31			1.21			1.64			(.12	)
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
10/31/127,10		10.00		(.02	)		1.00			.98			—			—			—			10.98		9.80	8		1		.59	8		.55	8		1.00	8		(.23	)8
Class 529-C:
4/30/166,7		15.18		.03			(.21	)		(.18	)		—			(.60	)		(.60	)		14.40		(1.26	)8		109		1.26	9		1.23	9		1.66	9		.44	9
10/31/15		15.15		(.04	)		.44			.40			(.01	)		(.36	)		(.37	)		15.18		2.64			98		1.31			1.21			1.64			(.24	)
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	)
10/31/127,10		10.00		(.03	)		1.01			.98			—			—			—			10.98		9.80	8		8		.60	8		.55	8		1.00	8		(.30	)8
Class 529-E:
4/30/166,7		15.31		.07			(.20	)		(.13	)		(.07	)		(.60	)		(.67	)		14.51		(.94	)8		16		.72	9		.69	9		1.12	9		1.00	9
10/31/15		15.27		.05			.43			.48			(.08	)		(.36	)		(.44	)		15.31		3.14			14		.77			.67			1.10			.34
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
10/31/127,10		10.00		(.01	)		1.01			1.00			—			—			—			11.00		10.00	8		1		.35	8		.30	8		.75	8		(.05	)8
Class 529-F-1:
4/30/166,7		15.45		.10			(.20	)		(.10	)		(.12	)		(.60	)		(.72	)		14.63		(.74	)8		26		.26	9		.23	9		.66	9		1.37	9
10/31/15		15.39		.11			.45			.56			(.14	)		(.36	)		(.50	)		15.45		3.64			20		.30			.20			.63			.70
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
10/31/127,10		10.00		.02			1.01			1.03			—			—			—			11.03		10.20	8		1		.14	8		.10	8		.55	8		.16	8
Class R-1:
4/30/166,7		15.22		.04			(.21	)		(.17	)		—			(.60	)		(.60	)		14.45		(1.19	)8		7		1.18	9		1.15	9		1.58	9		.50	9
10/31/15		15.19		(.03	)		.44			.41			(.02	)		(.36	)		(.38	)		15.22		2.66			7		1.22			1.12			1.55			(.19	)
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
10/31/127,10		10.00		(.04	)		1.03			.99			—			—			—			10.99		9.90	8		1		.56	8		.51	8		.96	8		(.34	)8
Class R-2:
4/30/166,7		15.18		.03			(.20	)		(.17	)		(.01	)		(.60	)		(.61	)		14.40		(1.20	)8		81		1.20	9		1.17	9		1.60	9		.43	9
10/31/15		15.16		(.03	)		.43			.40			(.02	)		(.36	)		(.38	)		15.18		2.65			61		1.24			1.14			1.57			(.21	)
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	)
10/31/127,10		10.00		(.03	)		1.03			1.00			—			—			—			11.00		10.00	8		2		.48	8		.44	8		.89	8		(.27	)8

See page 61 for footnotes.

American Funds Portfolio Series 45

Financial highlights (continued)

Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-2E:
4/30/166,7	$	15.38	$	.09		$	(.22	)	$	(.13	)	$	(.14	)	$	(.60	)	$	(.74	)	$	14.51		(.95	)%8	$	2			.76	%9		.74	%9		1.17	%9		1.34	%9
10/31/15		15.36		.07			.45			.52			(.14	)		(.36	)		(.50	)		15.38		3.43	13		—	12		.52	13		.42	13		.85	13		.48	13
10/31/147,14		15.54		.01			(.19	)		(.18	)		—			—			—			15.36		(1.16	)8,13		—	12		.06	8,13		.04	8,13		.47	8,13		.06	8,13
Class R-3:
4/30/166,7		15.32		.07			(.20	)		(.13	)		(.06	)		(.60	)		(.66	)		14.53		(.94	)8		43			.74	9		.70	9		1.13	9		.94	9
10/31/15		15.29		.04			.43			.47			(.08	)		(.36	)		(.44	)		15.32		3.07			37			.78			.68			1.11			.25
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
10/31/127,10		10.00		.02			.99			1.01			—			—			—			11.01		10.10	8		—	12		.32	8		.27	8		.72	8		.19	8
Class R-4:
4/30/166,7		15.40		.09			(.20	)		(.11	)		(.11	)		(.60	)		(.71	)		14.58		(.79	)8		27			.42	9		.39	9		.82	9		1.26	9
10/31/15		15.36		.06			.46			.52			(.12	)		(.36	)		(.48	)		15.40		3.42			23			.47			.37			.80			.40
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
10/31/127,10		10.00		—	11		1.03			1.03			—			—			—			11.03		10.30	8		—	12		.18	8		.13	8		.58	8		.04	8
Class R-5E:
4/30/166,7,15		15.52		.11			(.32	)		(.21	)		(.14	)		(.60	)		(.74	)		14.57		(1.40	)8		—	12		.12	8		.11	8		.54	8		.77	8
Class R-5:
4/30/166,7		15.53		.11			(.20	)		(.09	)		(.14	)		(.60	)		(.74	)		14.70		(.64	)8		6			.12	9		.09	9		.52	9		1.55	9
10/31/15		15.42		.10			.47			.57			(.10	)		(.36	)		(.46	)		15.53		3.76			5			.17			.07			.50			.66
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
10/31/127,10		10.00		.03			1.00			1.03			—			—			—			11.03		10.30	8		9			.09	8		.04	8		.49	8		.24	8
Class R-6:
4/30/166,7		15.50		.12			(.20	)		(.08	)		(.15	)		(.60	)		(.75	)		14.67		(.61	)8		45			.07	9		.04	9		.47	9		1.66	9
10/31/15		15.43		.16			.42			.58			(.15	)		(.36	)		(.51	)		15.50		3.83			46			.13			.03			.46			1.00
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
10/31/127,10		10.00		.05			.98			1.03			—			—			—			11.03		10.30	8		—	12		.12	8		.07	8		.52	8		.46	8

46 American Funds Portfolio Series

Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/166,7	$	13.44	$	.14	$	.02		$	.16		$	(.15	)	$	(.35	)	$	(.50	)	$	13.10		1.25	%8	$	3,715		.39	%9		.35	%9		.72	%9		2.23	%9
10/31/15		13.80		.26		(.17	)		.09			(.27	)		(.18	)		(.45	)		13.44		.70			3,363		.42			.32			.69			1.95
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
10/31/127,10		10.00		.09		.87			.96			(.08	)		—			(.08	)		10.88		9.63	8		300		.23	8		.18	8		.56	8		.89	8
Class B:
4/30/166,7		13.42		.09		.01			.10			(.09	)		(.35	)		(.44	)		13.08		.80	8		4		1.19	9		1.15	9		1.52	9		1.46	9
10/31/15		13.77		.17		(.19	)		(.02	)		(.15	)		(.18	)		(.33	)		13.42		(.10	)		6		1.22			1.12			1.49			1.25
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
10/31/127,10		10.00		.06		.87			.93			(.07	)		—			(.07	)		10.86		9.30	8		4		.55	8		.50	8		.88	8		.59	8
Class C:
4/30/166,7		13.37		.09		.02			.11			(.10	)		(.35	)		(.45	)		13.03		.89	8		849		1.16	9		1.13	9		1.50	9		1.44	9
10/31/15		13.74		.15		(.17	)		(.02	)		(.17	)		(.18	)		(.35	)		13.37		(.12	)		737		1.21			1.11			1.48			1.14
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
10/31/127,10		10.00		.06		.87			.93			(.07	)		—			(.07	)		10.86		9.30	8		40		.54	8		.50	8		.88	8		.53	8
Class F-1:
4/30/166,7		13.44		.14		.02			.16			(.15	)		(.35	)		(.50	)		13.10		1.23	8		96		.43	9		.40	9		.77	9		2.19	9
10/31/15		13.80		.26		(.18	)		.08			(.26	)		(.18	)		(.44	)		13.44		.64			84		.48			.38			.75			1.90
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
10/31/127,10		10.00		.08		.88			.96			(.08	)		—			(.08	)		10.88		9.66	8		7		.20	8		.15	8		.53	8		.79	8
Class F-2:
4/30/166,7		13.46		.15		.02			.17			(.16	)		(.35	)		(.51	)		13.12		1.36	8		156		.17	9		.14	9		.51	9		2.41	9
10/31/15		13.82		.28		(.16	)		.12			(.30	)		(.18	)		(.48	)		13.46		.88			125		.23			.13			.50			2.08
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
10/31/127,10		10.00		.11		.87			.98			(.09	)		—			(.09	)		10.89		9.81	8		4		.09	8		.04	8		.42	8		1.06	8
Class 529-A:
4/30/166,7		13.44		.14		.02			.16			(.15	)		(.35	)		(.50	)		13.10		1.21	8		301		.47	9		.44	9		.81	9		2.14	9
10/31/15		13.80		.25		(.17	)		.08			(.26	)		(.18	)		(.44	)		13.44		.61			276		.51			.41			.78			1.87
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
10/31/127,10		10.00		.09		.87			.96			(.08	)		—			(.08	)		10.88		9.61	8		36		.26	8		.22	8		.60	8		.84	8

See page 61 for footnotes.

American Funds Portfolio Series 47

Financial highlights (continued)

Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-B:
4/30/166,7	$	13.42	$	.08	$	.02		$	.10		$	(.08	)	$	(.35	)	$	(.43	)	$	13.09		.80	%8	$	1		1.27	%9		1.23	%9		1.60	%9		1.33	%9
10/31/15		13.77		.15		(.18	)		(.03	)		(.14	)		(.18	)		(.32	)		13.42		(.19	)		1		1.31			1.21			1.58			1.11
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
10/31/127,10		10.00		.06		.86			.92			(.06	)		—			(.06	)		10.86		9.25	8		1		.59	8		.54	8		.92	8		.53	8
Class 529-C:
4/30/166,7		13.38		.09		.02			.11			(.10	)		(.35	)		(.45	)		13.04		.83	8		123		1.26	9		1.22	9		1.59	9		1.35	9
10/31/15		13.74		.15		(.17	)		(.02	)		(.16	)		(.18	)		(.34	)		13.38		(.15	)		114		1.30			1.20			1.57			1.08
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
10/31/127,10		10.00		.05		.88			.93			(.07	)		—			(.07	)		10.86		9.29	8		15		.59	8		.54	8		.92	8		.49	8
Class 529-E:
4/30/166,7		13.41		.12		.02			.14			(.13	)		(.35	)		(.48	)		13.07		1.10	8		16		.71	9		.68	9		1.05	9		1.92	9
10/31/15		13.78		.22		(.18	)		.04			(.23	)		(.18	)		(.41	)		13.41		.29			14		.76			.66			1.03			1.61
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
10/31/127,10		10.00		.07		.88			.95			(.08	)		—			(.08	)		10.87		9.52	8		1		.34	8		.30	8		.68	8		.63	8
Class 529-F-1:
4/30/166,7		13.45		.15		.02			.17			(.16	)		(.35	)		(.51	)		13.11		1.31	8		23		.25	9		.22	9		.59	9		2.32	9
10/31/15		13.81		.28		(.17	)		.11			(.29	)		(.18	)		(.47	)		13.45		.81			19		.30			.20			.57			2.09
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
10/31/127,10		10.00		.10		.87			.97			(.08	)		—			(.08	)		10.89		9.78	8		1		.14	8		.09	8		.47	8		.89	8
Class R-1:
4/30/166,7		13.39		.09		.02			.11			(.10	)		(.35	)		(.45	)		13.05		.86	8		8		1.18	9		1.14	9		1.51	9		1.42	9
10/31/15		13.75		.15		(.17	)		(.02	)		(.16	)		(.18	)		(.34	)		13.39		(.11	)		7		1.22			1.12			1.49			1.12
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
10/31/127,10		10.00		.08		.85			.93			(.07	)		—			(.07	)		10.86		9.28	8		1		.54	8		.50	8		.88	8		.79	8
Class R-2:
4/30/166,7		13.37		.09		.01			.10			(.10	)		(.35	)		(.45	)		13.02		.80	8		79		1.20	9		1.17	9		1.54	9		1.40	9
10/31/15		13.74		.15		(.17	)		(.02	)		(.17	)		(.18	)		(.35	)		13.37		(.12	)		63		1.24			1.14			1.51			1.09
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
10/31/127,10		10.00		.06		.87			.93			(.07	)		—			(.07	)		10.86		9.38	8		1		.48	8		.43	8		.81	8		.52	8

48 American Funds Portfolio Series

Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2E:
4/30/166,7	$	13.44	$	.08	$	.06		$	.14		$	(.15	)	$	(.35	)	$	(.50	)	$	13.08		1.07	%8	$	2			.75	%9		.75	%9		1.12	%9		1.32	%9
10/31/15		13.80		.28		(.18	)		.10			(.28	)		(.18	)		(.46	)		13.44		.76	13		—	12		.36	13		.25	13		.62	13		2.07	13
10/31/147,14		13.91		.06		(.11	)		(.05	)		(.06	)		—			(.06	)		13.80		(.34	)8,13		—	12		.06	8,13		.04	8,13		.41	8,13		.44	8,13
Class R-3:
4/30/166,7		13.41		.12		.01			.13			(.13	)		(.35	)		(.48	)		13.06		1.02	8		51			.73	9		.70	9		1.07	9		1.88	9
10/31/15		13.77		.22		(.17	)		.05			(.23	)		(.18	)		(.41	)		13.41		.36			41			.78			.68			1.05			1.59
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
10/31/127,10		10.00		.12		.83			.95			(.08	)		—			(.08	)		10.87		9.52	8		1			.31	8		.27	8		.65	8		1.09	8
Class R-4:
4/30/166,7		13.44		.14		.02			.16			(.15	)		(.35	)		(.50	)		13.10		1.25	8		44			.41	9		.38	9		.75	9		2.21	9
10/31/15		13.80		.22		(.13	)		.09			(.27	)		(.18	)		(.45	)		13.44		.67			35			.46			.36			.73			1.66
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
10/31/127,10		10.00		.11		.86			.97			(.08	)		—			(.08	)		10.89		9.78	8		—	12		.16	8		.11	8		.49	8		1.02	8
Class R-5E:
4/30/166,7,15		13.41		.15		.04			.19			(.16	)		(.35	)		(.51	)		13.09		1.50	8		—	12		.12	8		.10	8		.47	8		1.20	8
Class R-5:
4/30/166,7		13.48		.16		.02			.18			(.17	)		(.35	)		(.52	)		13.14		1.38	8		4			.12	9		.09	9		.46	9		2.47	9
10/31/15		13.84		.29		(.17	)		.12			(.30	)		(.18	)		(.48	)		13.48		.94			3			.17			.07			.44			2.16
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
10/31/127,10		10.00		.10		.88			.98			(.09	)		—			(.09	)		10.89		9.81	8		11			.08	8		.03	8		.41	8		.96	8
Class R-6:
4/30/166,7		13.46		.16		.02			.18			(.17	)		(.35	)		(.52	)		13.12		1.40	8		49			.06	9		.03	9		.40	9		2.54	9
10/31/15		13.82		.30		(.17	)		.13			(.31	)		(.18	)		(.49	)		13.46		.98			44			.12			.02			.39			2.20
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
10/31/127,10		10.00		.11		.86			.97			(.08	)		—			(.08	)		10.89		9.78	8		—	12		.14	8		.10	8		.48	8		1.02	8

See page 61 for footnotes.

American Funds Portfolio Series 49

Financial highlights (continued)

Balanced Portfolio

			Income (loss) from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/166,7	$	13.41	$	.11	$	.02	$	.13	$	(.12	)	$	(.27	)	$	(.39	)	$	13.15		1.04	%8	$	2,965		.41	%9		.38	%9		.76	%9		1.74	%9
10/31/15		13.32		.20		.17		.37		(.19	)		(.09	)		(.28	)		13.41		2.76			2,586		.42			.32			.70			1.51
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	)		—			(.21	)		12.44		17.29			1,010		.45			.35			.69			1.76
10/31/127,10		10.00		.08		.78		.86		(.06	)		—			(.06	)		10.80		8.62	8		239		.23	8		.18	8		.53	8		.73	8
Class B:
4/30/166,7		13.39		.06		.01		.07		(.06	)		(.27	)		(.33	)		13.13		.60	8		3		1.19	9		1.15	9		1.53	9		1.00	9
10/31/15		13.29		.10		.16		.26		(.07	)		(.09	)		(.16	)		13.39		1.97			5		1.22			1.12			1.50			.77
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	)		12.41		16.38			7		1.25			1.15			1.49			1.03
10/31/127,10		10.00		.04		.79		.83		(.05	)		—			(.05	)		10.78		8.29	8		3		.55	8		.50	8		.85	8		.37	8
Class C:
4/30/166,7		13.34		.06		.02		.08		(.07	)		(.27	)		(.34	)		13.08		.69	8		787		1.17	9		1.14	9		1.52	9		.98	9
10/31/15		13.26		.09		.17		.26		(.09	)		(.09	)		(.18	)		13.34		1.96			658		1.21			1.11			1.49			.71
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	)		—			(.14	)		12.39		16.32			197		1.23			1.13			1.47			.96
10/31/127,10		10.00		.04		.79		.83		(.05	)		—			(.05	)		10.78		8.30	8		40		.54	8		.50	8		.85	8		.37	8
Class F-1:
4/30/166,7		13.41		.11		.02		.13		(.12	)		(.27	)		(.39	)		13.15		1.03	8		120		.43	9		.40	9		.78	9		1.66	9
10/31/15		13.32		.19		.17		.36		(.18	)		(.09	)		(.27	)		13.41		2.71			85		.48			.38			.76			1.46
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	)		—			(.21	)		12.43		17.20			40		.50			.40			.74			1.61
10/31/127,10		10.00		.08		.78		.86		(.06	)		—			(.06	)		10.80		8.64	8		4		.19	8		.15	8		.50	8		.79	8
Class F-2:
4/30/166,7		13.43		.13		.02		.15		(.14	)		(.27	)		(.41	)		13.17		1.16	8		166		.17	9		.14	9		.52	9		1.96	9
10/31/15		13.33		.23		.17		.40		(.21	)		(.09	)		(.30	)		13.43		3.03			104		.23			.13			.51			1.69
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	)		—			(.23	)		12.45		17.51			29		.25			.15			.49			1.96
10/31/127,10		10.00		.09		.79		.88		(.07	)		—			(.07	)		10.81		8.80	8		6		.09	8		.04	8		.39	8		.88	8
Class 529-A:
4/30/166,7		13.41		.11		.02		.13		(.12	)		(.27	)		(.39	)		13.15		1.01	8		198		.47	9		.44	9		.82	9		1.69	9
10/31/15		13.32		.19		.17		.36		(.18	)		(.09	)		(.27	)		13.41		2.66			182		.52			.42			.80			1.42
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	)		—			(.20	)		12.43		17.27			90		.49			.39			.73			1.77
10/31/127,10		10.00		.07		.78		.85		(.06	)		—			(.06	)		10.79		8.51	8		34		.27	8		.23	8		.58	8		.66	8

50 American Funds Portfolio Series

Balanced Portfolio

			Income (loss) from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-B:
4/30/166,7	$	13.39	$	.06	$	.02	$	.08	$	(.06	)	$	(.27	)	$	(.33	)	$	13.14		.61	%8	$	—	12		1.29	%9		1.25	%9		1.63	%9		.91	%9
10/31/15		13.29		.09		.16		.25		(.06	)		(.09	)		(.15	)		13.39		1.89			1			1.31			1.21			1.59			.66
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	)		—			(.11	)		12.41		16.23			1			1.34			1.24			1.58			.91
10/31/127,10		10.00		.04		.78		.82		(.04	)		—			(.04	)		10.78		8.25	8		—	12		.59	8		.54	8		.89	8		.38	8
Class 529-C:
4/30/166,7		13.35		.06		.02		.08		(.07	)		(.27	)		(.34	)		13.09		.62	8		97			1.26	9		1.23	9		1.61	9		.89	9
10/31/15		13.27		.09		.16		.25		(.08	)		(.09	)		(.17	)		13.35		1.84			92			1.30			1.20			1.58			.64
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	)		12.40		16.26			44			1.33			1.23			1.57			.91
10/31/127,10		10.00		.04		.78		.82		(.04	)		—			(.04	)		10.78		8.25	8		14			.59	8		.55	8		.90	8		.33	8
Class 529-E:
4/30/166,7		13.39		.09		.02		.11		(.10	)		(.27	)		(.37	)		13.13		.89	8		9			.72	9		.68	9		1.06	9		1.44	9
10/31/15		13.30		.16		.17		.33		(.15	)		(.09	)		(.24	)		13.39		2.43			7			.77			.67			1.05			1.16
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	)		—			(.17	)		12.42		16.89			3			.80			.70			1.04			1.44
10/31/127,10		10.00		.06		.79		.85		(.06	)		—			(.06	)		10.79		8.49	8		1			.35	8		.30	8		.65	8		.61	8
Class 529-F-1:
4/30/166,7		13.42		.12		.02		.14		(.13	)		(.27	)		(.40	)		13.16		1.11	8		20			.26	9		.22	9		.60	9		1.89	9
10/31/15		13.33		.22		.16		.38		(.20	)		(.09	)		(.29	)		13.42		2.89			17			.30			.20			.58			1.64
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	)		—			(.22	)		12.44		17.45			9			.32			.22			.56			2.03
10/31/127,10		10.00		.09		.77		.86		(.06	)		—			(.06	)		10.80		8.67	8		1			.14	8		.09	8		.44	8		.85	8
Class R-1:
4/30/166,7		13.36		.06		.02		.08		(.07	)		(.27	)		(.34	)		13.10		.65	8		10			1.18	9		1.15	9		1.53	9		.97	9
10/31/15		13.27		.09		.18		.27		(.09	)		(.09	)		(.18	)		13.36		1.99			9			1.22			1.12			1.50			.70
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	)		—			(.13	)		12.40		16.40			4			1.24			1.14			1.48			.95
10/31/127,10		10.00		.04		.79		.83		(.05	)		—			(.05	)		10.78		8.32	8		1			.55	8		.50	8		.85	8		.36	8
Class R-2:
4/30/166,7		13.35		.06		.02		.08		(.07	)		(.27	)		(.34	)		13.09		.66	8		66			1.20	9		1.17	9		1.55	9		.92	9
10/31/15		13.27		.09		.17		.26		(.09	)		(.09	)		(.18	)		13.35		1.92			54			1.24			1.14			1.52			.67
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	)		—			(.14	)		12.40		16.33			15			1.25			1.15			1.49			.90
10/31/127,10		10.00		.04		.81		.85		(.06	)		—			(.06	)		10.79		8.50	8		3			.48	8		.44	8		.79	8		.40	8

See page 61 for footnotes.

American Funds Portfolio Series 51

Financial highlights (continued)

Balanced Portfolio

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2E:
4/30/166,7	$	13.40	$	.04	$	.07		$	.11		$	(.11	)	$	(.27	)	$	(.38	)	$	13.13		.91	%8	$	2			.76	%9		.76	%9		1.14	%9		.56	%9
10/31/15		13.31		.22		.16			.38			(.20	)		(.09	)		(.29	)		13.40		2.82	13		—	12		.35	13		.25	13		.63	13		1.61	13
10/31/147,14		13.37		.04		(.05	)		(.01	)		(.05	)		—			(.05	)		13.31		(.10	)8,13		—	12		.06	8,13		.04	8,13		.38	8,13		.31	8,13
Class R-3:
4/30/166,7		13.38		.09		.02			.11			(.10	)		(.27	)		(.37	)		13.12		.88	8		70			.74	9		.70	9		1.08	9		1.42	9
10/31/15		13.30		.15		.17			.32			(.15	)		(.09	)		(.24	)		13.38		2.38			63			.78			.68			1.06			1.15
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	)		—			(.17	)		12.42		16.86			18			.80			.70			1.04			1.36
10/31/127,10		10.00		.10		.75			.85			(.06	)		—			(.06	)		10.79		8.53	8		5			.31	8		.26	8		.61	8		.89	8
Class R-4:
4/30/166,7		13.41		.11		.02			.13			(.12	)		(.27	)		(.39	)		13.15		1.04	8		68			.41	9		.38	9		.76	9		1.76	9
10/31/15		13.32		.19		.17			.36			(.18	)		(.09	)		(.27	)		13.41		2.72			53			.46			.36			.74			1.45
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	)		—			(.21	)		12.44		17.33			24			.43			.33			.67			1.71
10/31/127,10		10.00		.10		.76			.86			(.06	)		—			(.06	)		10.80		8.61	8		1			.20	8		.15	8		.50	8		.92	8
Class R-5E:
4/30/166,7,15		13.44		.12		(.01	)		.11			(.13	)		(.27	)		(.40	)		13.15		.92	8		—	12		.12	8		.11	8		.49	8		.94	8
Class R-5:
4/30/166,7		13.43		.13		.02			.15			(.14	)		(.27	)		(.41	)		13.17		1.17	8		12			.12	9		.09	9		.47	9		2.03	9
10/31/15		13.34		.24		.16			.40			(.22	)		(.09	)		(.31	)		13.43		3.00			11			.17			.07			.45			1.78
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	)		—			(.23	)		12.45		17.56			15			.18			.08			.42			2.06
10/31/127,10		10.00		.09		.79			.88			(.07	)		—			(.07	)		10.81		8.80	8		7			.08	8		.03	8		.38	8		.83	8
Class R-6:
4/30/166,7		13.43		.13		.02			.15			(.14	)		(.27	)		(.41	)		13.17		1.20	8		94			.07	9		.04	9		.42	9		2.02	9
10/31/15		13.34		.24		.17			.41			(.23	)		(.09	)		(.32	)		13.43		3.05			73			.12			.02			.40			1.77
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	)		—			(.24	)		12.45		17.57			10			.14			.04			.38			2.01
10/31/127,10		10.00		.10		.77			.87			(.06	)		—			(.06	)		10.81		8.77	8		—	12		.13	8		.08	8		.43	8		.93	8

52 American Funds Portfolio Series

Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments/ waivers4			Ratio of expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/166,7	$	11.55	$	.18	$	.10		$	.28		$	(.22	)	$	(.05	)	$	(.27	)	$	11.56		2.49	%8	$	2,437		.40	%9		.36	%9		.66	%9		3.26	%9
10/31/15		11.98		.40		(.42	)		(.02	)		(.37	)		(.04	)		(.41	)		11.55		(.18	)		2,265		.44			.34			.64			3.35
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
10/31/127,10		10.00		.16		.52			.68			(.11	)		—			(.11	)		10.57		6.84	8		307		.23	8		.18	8		.49	8		1.54	8
Class B:
4/30/166,7		11.53		.13		.11			.24			(.17	)		(.05	)		(.22	)		11.55		2.11	8		2		1.19	9		1.15	9		1.45	9		2.39	9
10/31/15		11.96		.31		(.43	)		(.12	)		(.27	)		(.04	)		(.31	)		11.53		(1.02	)		4		1.22			1.12			1.42			2.59
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
10/31/127,10		10.00		.13		.51			.64			(.09	)		—			(.09	)		10.55		6.47	8		2		.55	8		.50	8		.81	8		1.26	8
Class C:
4/30/166,7		11.49		.14		.10			.24			(.18	)		(.05	)		(.23	)		11.50		2.12	8		583		1.17	9		1.14	9		1.44	9		2.48	9
10/31/15		11.93		.30		(.41	)		(.11	)		(.29	)		(.04	)		(.33	)		11.49		(.98	)		529		1.21			1.11			1.41			2.57
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
10/31/127,10		10.00		.12		.52			.64			(.10	)		—			(.10	)		10.54		6.41	8		58		.54	8		.50	8		.81	8		1.20	8
Class F-1:
4/30/166,7		11.55		.18		.10			.28			(.22	)		(.05	)		(.27	)		11.56		2.47	8		79		.44	9		.41	9		.71	9		3.22	9
10/31/15		11.99		.39		(.42	)		(.03	)		(.37	)		(.04	)		(.41	)		11.55		(.30	)		72		.48			.38			.68			3.32
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
10/31/127,10		10.00		.16		.52			.68			(.11	)		—			(.11	)		10.57		6.85	8		18		.20	8		.16	8		.47	8		1.50	8
Class F-2:
4/30/166,7		11.56		.21		.08			.29			(.23	)		(.05	)		(.28	)		11.57		2.61	8		112		.18	9		.15	9		.45	9		3.80	9
10/31/15		12.00		.42		(.42	)		—			(.40	)		(.04	)		(.44	)		11.56		(.06	)		77		.24			.14			.44			3.56
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
10/31/127,10		10.00		.17		.52			.69			(.12	)		—			(.12	)		10.57		6.90	8		10		.09	8		.04	8		.35	8		1.61	8
Class 529-A:
4/30/166,7		11.54		.18		.10			.28			(.21	)		(.05	)		(.26	)		11.56		2.52	8		74		.49	9		.45	9		.75	9		3.17	9
10/31/15		11.98		.38		(.42	)		(.04	)		(.36	)		(.04	)		(.40	)		11.54		(.35	)		71		.55			.45			.75			3.25
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
10/31/127,10		10.00		.16		.51			.67			(.11	)		—			(.11	)		10.56		6.72	8		13		.25	8		.20	8		.51	8		1.56	8

See page 61 for footnotes.

American Funds Portfolio Series 53

Financial highlights (continued)

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)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers4			expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-B:
4/30/166,7	$	11.53	$	.13	$	.10		$	.23		$	(.16	)	$	(.05	)	$	(.21	)	$	11.55		2.07	%8	$	—	12		1.26	%9		1.22	%9		1.52	%9		2.34	%9
10/31/15		11.96		.30		(.43	)		(.13	)		(.26	)		(.04	)		(.30	)		11.53		(1.11	)		—	12		1.31			1.21			1.51			2.51
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
10/31/127,10		10.00		.12		.53			.65			(.10	)		—			(.10	)		10.55		6.50	8		—	12		.58	8		.53	8		.84	8		1.12	8
Class 529-C:
4/30/166,7		11.50		.13		.10			.23			(.17	)		(.05	)		(.22	)		11.51		2.06	8		45			1.26	9		1.23	9		1.53	9		2.38	9
10/31/15		11.93		.29		(.41	)		(.12	)		(.27	)		(.04	)		(.31	)		11.50		(1.01	)		45			1.30			1.20			1.50			2.49
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
10/31/127,10		10.00		.13		.51			.64			(.10	)		—			(.10	)		10.54		6.41	8		9			.59	8		.54	8		.85	8		1.20	8
Class 529-E:
4/30/166,7		11.53		.16		.11			.27			(.20	)		(.05	)		(.25	)		11.55		2.41	8		6			.72	9		.68	9		.98	9		2.92	9
10/31/15		11.97		.35		(.41	)		(.06	)		(.34	)		(.04	)		(.38	)		11.53		(.56	)		6			.77			.67			.97			3.00
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
10/31/127,10		10.00		.15		.52			.67			(.11	)		—			(.11	)		10.56		6.69	8		1			.35	8		.30	8		.61	8		1.47	8
Class 529-F-1:
4/30/166,7		11.55		.19		.11			.30			(.23	)		(.05	)		(.28	)		11.57		2.65	8		8			.25	9		.22	9		.52	9		3.42	9
10/31/15		11.99		.41		(.42	)		(.01	)		(.39	)		(.04	)		(.43	)		11.55		(.11	)		6			.30			.20			.50			3.50
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
10/31/127,10		10.00		.17		.52			.69			(.12	)		—			(.12	)		10.57		6.89	8		—	12		.14	8		.09	8		.40	8		1.63	8
Class R-1:
4/30/166,7		11.50		.14		.09			.23			(.17	)		(.05	)		(.22	)		11.51		2.10	8		2			1.18	9		1.15	9		1.45	9		2.44	9
10/31/15		11.94		.30		(.42	)		(.12	)		(.28	)		(.04	)		(.32	)		11.50		(1.03	)		1			1.22			1.12			1.42			2.56
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
10/31/127,10		10.00		.17		.49			.66			(.11	)		—			(.11	)		10.55		6.59	8		—	12		.48	8		.43	8		.74	8		1.63	8
Class R-2:
4/30/166,7		11.50		.14		.09			.23			(.17	)		(.05	)		(.22	)		11.51		2.11	8		24			1.22	9		1.18	9		1.48	9		2.44	9
10/31/15		11.94		.30		(.41	)		(.11	)		(.29	)		(.04	)		(.33	)		11.50		(.99	)		22			1.24			1.14			1.44			2.55
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
10/31/127,10		10.00		.13		.53			.66			(.10	)		—			(.10	)		10.56		6.67	8		2			.50	8		.45	8		.76	8		1.28	8

54 American Funds Portfolio Series

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)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers4			expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2E:
4/30/166,7	$	11.54	$	.19	$	.10		$	.29		$	(.22	)	$	(.05	)	$	(.27	)	$	11.56		2.65	%8,13	$	—	12		.23	%9,13		.18	%9,13		.48	%9,13		3.45	%9,13
10/31/15		11.98		.41		(.43	)		(.02	)		(.38	)		(.04	)		(.42	)		11.54		(.18	)13		—	12		.36	13		.25	13		.55	13		3.46	13
10/31/147,14		12.07		.08		(.07	)		.01			(.10	)		—			(.10	)		11.98		.07	8,13		—	12		.06	8,13		.04	8,13		.35	8,13		.69	8,13
Class R-3:
4/30/166,7		11.53		.16		.10			.26			(.20	)		(.05	)		(.25	)		11.54		2.33	8		20			.73	9		.70	9		1.00	9		2.94	9
10/31/15		11.97		.35		(.41	)		(.06	)		(.34	)		(.04	)		(.38	)		11.53		(.56	)		18			.78			.68			.98			2.99
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
10/31/127,10		10.00		.19		.48			.67			(.11	)		—			(.11	)		10.56		6.75	8		2			.31	8		.26	8		.57	8		1.85	8
Class R-4:
4/30/166,7		11.55		.18		.10			.28			(.22	)		(.05	)		(.27	)		11.56		2.50	8		27			.41	9		.38	9		.68	9		3.21	9
10/31/15		11.99		.38		(.41	)		(.03	)		(.37	)		(.04	)		(.41	)		11.55		(.27	)		19			.46			.36			.66			3.26
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
10/31/127,10		10.00		.23		.46			.69			(.12	)		—			(.12	)		10.57		6.89	8		1			.18	8		.14	8		.45	8		2.21	8
Class R-5E:
4/30/166,7,15		11.47		.18		.19			.37			(.23	)		(.05	)		(.28	)		11.56		3.31	8		—	12		.12	8		.11	8		.41	8		1.61	8
Class R-5:
4/30/166,7		11.57		.19		.10			.29			(.23	)		(.05	)		(.28	)		11.58		2.62	8		4			.12	9		.09	9		.39	9		3.43	9
10/31/15		12.00		.42		(.41	)		.01			(.40	)		(.04	)		(.44	)		11.57		.09			3			.18			.08			.38			3.58
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
10/31/127,10		10.00		.17		.52			.69			(.12	)		—			(.12	)		10.57		6.91	8		5			.08	8		.03	8		.34	8		1.68	8
Class R-6:
4/30/166,7		11.56		.20		.11			.31			(.24	)		(.05	)		(.29	)		11.58		2.74	8		21			.07	9		.04	9		.34	9		3.58	9
10/31/15		12.00		.43		(.42	)		.01			(.41	)		(.04	)		(.45	)		11.56		.05			17			.13			.03			.33			3.64
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
10/31/127,10		10.00		.19		.50			.69			(.12	)		—			(.12	)		10.57		6.89	8		—	12		.14	8		.09	8		.40	8		1.79	8

See page 61 for footnotes.

American Funds Portfolio Series 55

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)			Distri- butions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before reimburse- ments/ waivers4			expenses to average net assets after reimburse- ments/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/166,7	$	12.40	$	.17	$	.10		$	.27	$	(.17	)	$	(.08	)	$	(.25	)	$	12.42		2.22	%8	$	756			.48	%9		.45	%9		.81	%9		2.76	%9
10/31/15		12.48		.34		(.07	)		.27		(.32	)		(.03	)		(.35	)		12.40		2.22			649			.53			.43			.79			2.74
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
10/31/127,10		10.00		.15		.62			.77		(.11	)		—			(.11	)		10.66		7.73	8		66			.24	8		.19	8		.55	8		1.45	8
Class B:
4/30/166,7		12.40		.12		.11			.23		(.11	)		(.08	)		(.19	)		12.44		1.88	8		—	12		1.21	9		1.17	9		1.53	9		1.90	9
10/31/15		12.47		.25		(.07	)		.18		(.22	)		(.03	)		(.25	)		12.40		1.45			—	12		1.23			1.13			1.49			2.01
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
10/31/127,10		10.00		.12		.63			.75		(.09	)		—			(.09	)		10.66		7.51	8		—	12		.52	8		.48	8		.84	8		1.20	8
Class C:
4/30/166,7		12.34		.12		.11			.23		(.13	)		(.08	)		(.21	)		12.36		1.90	8		125			1.18	9		1.15	9		1.51	9		2.06	9
10/31/15		12.43		.25		(.06	)		.19		(.25	)		(.03	)		(.28	)		12.34		1.50			101			1.23			1.13			1.49			2.04
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
10/31/127,10		10.00		.11		.63			.74		(.10	)		—			(.10	)		10.64		7.43	8		8			.55	8		.50	8		.86	8		1.01	8
Class F-1:
4/30/166,7		12.40		.17		.10			.27		(.17	)		(.08	)		(.25	)		12.42		2.24	8		32			.44	9		.41	9		.77	9		2.77	9
10/31/15		12.48		.34		(.06	)		.28		(.33	)		(.03	)		(.36	)		12.40		2.24			22			.50			.40			.76			2.76
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
10/31/127,10		10.00		.14		.63			.77		(.11	)		—			(.11	)		10.66		7.79	8		3			.19	8		.15	8		.51	8		1.30	8
Class F-2:
4/30/166,7		12.42		.18		.10			.28		(.18	)		(.08	)		(.26	)		12.44		2.36	8		46			.19	9		.16	9		.52	9		3.05	9
10/31/15		12.50		.37		(.06	)		.31		(.36	)		(.03	)		(.39	)		12.42		2.49			34			.25			.15			.51			3.01
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
10/31/127,10		10.00		.15		.64			.79		(.12	)		—			(.12	)		10.67		7.92	8		1			.10	8		.05	8		.41	8		1.48	8

56 American Funds Portfolio Series

Preservation Portfolio

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/166,7	$	9.95	$	.05	$	.07		$	.12		$	(.05	)	$	10.02		1.23	%8	$	691		.48	%9		.45	%9		.75	%9		.93	%9
10/31/15		9.95		.11		—	11		.11			(.11	)		9.95		1.08			582		.51			.41			.71			1.09
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
10/31/127,10		10.00		.06		.07			.13			(.05	)		10.08		1.26	8		163		.23	8		.19	8		.50	8		.60	8
Class B:
4/30/166,7		9.95		.01		.07			.08			(.01	)		10.02		.85	8		1		1.21	9		1.17	9		1.47	9		.21	9
10/31/15		9.95		.03		—	11		.03			(.03	)		9.95		.35			1		1.24			1.14			1.44			.33
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
10/31/127,10		10.00		.03		.07			.10			(.02	)		10.08		.97	8		2		.55	8		.51	8		.82	8		.28	8
Class C:
4/30/166,7		9.93		.01		.08			.09			(.02	)		10.00		.89	8		161		1.19	9		1.16	9		1.46	9		.22	9
10/31/15		9.94		.04		(.01	)		.03			(.04	)		9.93		.28			130		1.23			1.13			1.43			.36
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
10/31/127,10		10.00		.03		.06			.09			(.02	)		10.07		.93	8		33		.55	8		.50	8		.81	8		.28	8
Class F-1:
4/30/166,7		9.95		.05		.07			.12			(.05	)		10.02		1.24	8		23		.45	9		.42	9		.72	9		.95	9
10/31/15		9.96		.11		(.01	)		.10			(.11	)		9.95		1.00			20		.50			.40			.70			1.11
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
10/31/127,10		10.00		.06		.07			.13			(.05	)		10.08		1.33	8		7		.20	8		.15	8		.46	8		.63	8
Class F-2:
4/30/166,7		9.95		.06		.08			.14			(.07	)		10.02		1.37	8		33		.20	9		.17	9		.47	9		1.20	9
10/31/15		9.95		.13		—	11		.13			(.13	)		9.95		1.33			21		.25			.15			.45			1.34
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
10/31/127,10		10.00		.07		.07			.14			(.06	)		10.08		1.40	8		3		.10	8		.05	8		.36	8		.74	8
Class 529-A:
4/30/166,7		9.94		.05		.08			.13			(.05	)		10.02		1.32	8		67		.50	9		.46	9		.76	9		.91	9
10/31/15		9.95		.10		(.01	)		.09			(.10	)		9.94		.93			56		.57			.47			.77			1.03
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
10/31/127,10		10.00		.06		.06			.12			(.04	)		10.08		1.25	8		17		.26	8		.22	8		.53	8		.57	8

See page 61 for footnotes.

American Funds Portfolio Series 57

Financial highlights (continued)

Preservation Portfolio

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-B:
4/30/166,7	$	9.95	$	.01	$	.07		$	.08		$	(.01	)	$	10.02		.80	%8	$	—	12		1.31	%9		1.27	%9		1.57	%9		.13	%9
10/31/15		9.96		.03		(.01	)		.02			(.03	)		9.95		.17			—	12		1.33			1.23			1.53			.26
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
10/31/127,10		10.00		.02		.07			.09			(.01	)		10.08		.89	8		1			.59	8		.55	8		.86	8		.25	8
Class 529-C:
4/30/166,7		9.94		.01		.07			.08			(.01	)		10.01		.84	8		29			1.28	9		1.25	9		1.55	9		.13	9
10/31/15		9.95		.03		(.01	)		.02			(.03	)		9.94		.19			25			1.32			1.22			1.52			.27
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
10/31/127,10		10.00		.02		.07			.09			(.01	)		10.08		.93	8		9			.60	8		.55	8		.86	8		.24	8
Class 529-E:
4/30/166,7		9.94		.03		.08			.11			(.04	)		10.01		1.11	8		3			.74	9		.71	9		1.01	9		.67	9
10/31/15		9.95		.08		(.01	)		.07			(.08	)		9.94		.70			3			.79			.69			.99			.81
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
10/31/127,10		10.00		.05		.06			.11			(.04	)		10.07		1.13	8		1			.35	8		.31	8		.62	8		.47	8
Class 529-F-1:
4/30/166,7		9.94		.06		.08			.14			(.06	)		10.02		1.43	8		12			.28	9		.25	9		.55	9		1.13	9
10/31/15		9.95		.13		(.01	)		.12			(.13	)		9.94		1.17			10			.32			.22			.52			1.28
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
10/31/127,10		10.00		.07		.07			.14			(.06	)		10.08		1.37	8		1			.14	8		.10	8		.41	8		.68	8
Class R-1:
4/30/166,7		9.94		.01		.08			.09			(.02	)		10.01		.90	8		2			1.19	9		1.17	9		1.47	9		.20	9
10/31/15		9.95		.04		(.01	)		.03			(.04	)		9.94		.28			1			1.24			1.14			1.44			.37
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
10/31/127,10		10.00		.03		.10			.13			(.05	)		10.08		1.30	8		—	12		.45	8		.41	8		.72	8		.35	8
Class R-2:
4/30/166,7		9.93		.01		.08			.09			(.02	)		10.00		.86	8		16			1.249			1.20	9		1.50	9		.17	9
10/31/15		9.94		.04		(.01	)		.03			(.04	)		9.93		.28			14			1.25			1.15			1.45			.36
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
10/31/127,10		10.00		.03		.08			.11			(.04	)		10.07		1.11	8		1			.47	8		.42	8		.73	8		.33	8

58 American Funds Portfolio Series

Preservation Portfolio

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2E:
4/30/166,7	$	9.95	$	.03	$	.08		$	.11		$	(.04	)	$	10.02		1.14	%8	$	—	12		.78	%9		.75	%9		1.05	%9		.66	%9
10/31/15		9.96		.12		(.01	)		.11			(.12	)		9.95		1.12	13		—	12		.38	13		.27	13		.57	13		1.22	13
10/31/147,14		9.96		.02		—	11		.02			(.02	)		9.96		.16	8,13		—	12		.06	8,13		.04	8,13		.34	8,13		.17	8,13
Class R-3:
4/30/166,7		9.94		.03		.08			.11			(.04	)		10.01		1.10	8		15			.76	9		.73	9		1.03	9		.65	9
10/31/15		9.95		.08		(.01	)		.07			(.08	)		9.94		.70			13			.80			.70			1.00			.80
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
10/31/127,10		10.00		.05		.07			.12			(.04	)		10.08		1.19	8		—	12		.33	8		.29	8		.60	8		.51	8
Class R-4:
4/30/166,7		9.95		.05		.07			.12			(.05	)		10.02		1.26	8		8			.44	9		.41	9		.71	9		.97	9
10/31/15		9.96		.11		(.01	)		.10			(.11	)		9.95		1.01			6			.48			.38			.68			1.13
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
10/31/127,10		10.00		.06		.08			.14			(.06	)		10.08		1.36	8		—	12		.17	8		.13	8		.44	8		.63	8
Class R-5E:
4/30/166,7,15		9.91		.05		.12			.17			(.05	)		10.03		1.75	8		—	12		.13	8		.12	8		.42	8		.49	8
Class R-5:
4/30/166,7		9.95		.06		.08			.14			(.07	)		10.02		1.39	8		1			.15	9		.12	9		.42	9		1.26	9
10/31/15		9.96		.14		(.01	)		.13			(.14	)		9.95		1.28			1			.20			.10			.40			1.40
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
10/31/127,10		10.00		.07		.07			.14			(.06	)		10.08		1.42	8		3			.08	8		.04	8		.35	8		.75	8
Class R-6:
4/30/166,7		9.95		.06		.08			.14			(.07	)		10.02		1.42	8		9			.10	9		.06	9		.36	9		1.31	9
10/31/15		9.96		.14		(.01	)		.13			(.14	)		9.95		1.34			7			.15			.05			.35			1.45
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
10/31/127,10		10.00		.07		.06			.13			(.05	)		10.08		1.34	8		—	12		.13	8		.08	8		.39	8		.72	8

See page 61 for footnotes.

American Funds Portfolio Series 59

Financial highlights (continued)

Tax-Exempt Preservation Portfolio

			Income (loss) from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/166,7	$	9.91	$	.11	$	.07		$	.18		$	(.11	)	$	9.98		1.81	%8	$	267			.52	%9		.45	%9		.75	%9		2.27	%9
10/31/15		9.99		.24		(.09	)		.15			(.23	)		9.91		1.55			223			.55			.44			.75			2.43
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
10/31/127,10		10.00		.12		.09			.21			(.10	)		10.11		2.10	8		72			.24	8		.19	8		.50	8		1.22	8
Class B:
4/30/166,7		9.92		.08		.07			.15			(.07	)		10.00		1.54	8		—	12		1.23	9		1.16	9		1.46	9		1.57	9
10/31/15		10.00		.17		(.09	)		.08			(.16	)		9.92		.81			—	12		1.26			1.15			1.46			1.72
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
10/31/127,10		10.00		.09		.09			.18			(.06	)		10.12		1.84	8		—	12		.53	8		.49	8		.80	8		.92	8
Class C:
4/30/166,7		9.89		.08		.08			.16			(.08	)		9.97		1.57	8		59			1.22	9		1.16	9		1.46	9		1.57	9
10/31/15		9.98		.17		(.09	)		.08			(.17	)		9.89		.76			51			1.25			1.14			1.45			1.73
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
10/31/127,10		10.00		.09		.09			.18			(.08	)		10.10		1.77	8		22			.55	8		.51	8		.82	8		.89	8
Class F-1:
4/30/166,7		9.91		.11		.08			.19			(.11	)		9.99		1.94	8		8			.47	9		.41	9		.71	9		2.31	9
10/31/15		9.99		.24		(.08	)		.16			(.24	)		9.91		1.58			5			.52			.41			.72			2.46
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
10/31/127,10		10.00		.12		.09			.21			(.10	)		10.11		2.13	8		9			.20	8		.16	8		.47	8		1.24	8
Class F-2:
4/30/166,7		9.91		.13		.06			.19			(.12	)		9.98		1.96	8		32			.23	9		.16	9		.46	9		2.56	9
10/31/15		9.99		.27		(.09	)		.18			(.26	)		9.91		1.83			24			.27			.16			.47			2.71
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
10/31/127,10		10.00		.13		.09			.22			(.11	)		10.11		2.25	8		12			.10	8		.05	8		.36	8		1.34	8

60 American Funds Portfolio Series

	Six months ended			Period ended October 31
Portfolio turnover rate for all share classes	April 30, 20166,7,8			2015			2014			2013			20127,8,10,16
Global Growth Portfolio		—	%17		2	%		—	%17		—	%17		40	%
Growth Portfolio		—	17		—	17		—	17		—	17		24
Growth and Income Portfolio		—	17		—	17		—	17		—	17		7
Balanced Portfolio		—	17		13			—	17		—	17		9
Income Portfolio		8			—	17		—	17		—	17		7
Tax-Advantaged Income Portfolio		—	17		1			1			2	16		45
Preservation Portfolio		1			2			5			11	16		16
Tax-Exempt Preservation Portfolio		4			8			14			28	16		36

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges.
3	This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services. During some of the periods shown, CRMC also reimbursed other fees and expenses for Preservation Portfolio and Tax-Exempt Preservation Portfolio.
4	This column does not include expenses of the underlying funds in which each fund invests.
5	This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See pages 62 to 70 for further information regarding fees and expenses.
6	Unaudited.
7	Based on operations for the period shown and, accordingly, is not representative of a full year.
8	Not annualized.
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	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
14	Class R-2E shares were offered beginning August 29, 2014.
15	Class R-5E shares were offered beginning November 20, 2015.
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 61

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, 2015, through April 30, 2016).

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		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2015		4/30/2016		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	980.07	$	1.72		.35	%	$	4.14		.84	%
Class A – assumed 5% return		1,000.00		1,023.12		1.76		.35			4.22		.84
Class B – actual return		1,000.00		975.88		5.70		1.16			8.11		1.65
Class B – assumed 5% return		1,000.00		1,019.10		5.82		1.16			8.27		1.65
Class C – actual return		1,000.00		975.36		5.65		1.15			8.05		1.64
Class C – assumed 5% return		1,000.00		1,019.14		5.77		1.15			8.22		1.64
Class F-1 – actual return		1,000.00		979.29		2.07		.42			4.48		.91
Class F-1 – assumed 5% return		1,000.00		1,022.77		2.11		.42			4.57		.91
Class F-2 – actual return		1,000.00		980.70		.79		.16			3.20		.65
Class F-2 – assumed 5% return		1,000.00		1,024.07		.81		.16			3.27		.65
Class 529-A – actual return		1,000.00		979.40		2.07		.42			4.48		.91
Class 529-A – assumed 5% return		1,000.00		1,022.77		2.11		.42			4.57		.91
Class 529-B – actual return		1,000.00		975.14		6.19		1.26			8.59		1.75
Class 529-B – assumed 5% return		1,000.00		1,018.60		6.32		1.26			8.77		1.75
Class 529-C – actual return		1,000.00		975.37		6.09		1.24			8.50		1.73
Class 529-C – assumed 5% return		1,000.00		1,018.70		6.22		1.24			8.67		1.73
Class 529-E – actual return		1,000.00		978.01		3.39		.69			5.80		1.18
Class 529-E – assumed 5% return		1,000.00		1,021.43		3.47		.69			5.92		1.18
Class 529-F-1 – actual return		1,000.00		980.56		1.18		.24			3.59		.73
Class 529-F-1 – assumed 5% return		1,000.00		1,023.67		1.21		.24			3.67		.73
Class R-1 – actual return		1,000.00		975.81		5.65		1.15			8.06		1.64
Class R-1 – assumed 5% return		1,000.00		1,019.14		5.77		1.15			8.22		1.64
Class R-2 – actual return		1,000.00		975.69		5.85		1.19			8.25		1.68
Class R-2 – assumed 5% return		1,000.00		1,018.95		5.97		1.19			8.42		1.68
Class R-2E – actual return		1,000.00		979.84		1.23		.25			3.64		.74
Class R-2E – assumed 5% return		1,000.00		1,023.62		1.26		.25			3.72		.74
Class R-3 – actual return		1,000.00		977.43		3.54		.72			5.95		1.21
Class R-3 – assumed 5% return		1,000.00		1,021.28		3.62		.72			6.07		1.21
Class R-4 – actual return		1,000.00		979.53		1.92		.39			4.33		.88
Class R-4 – assumed 5% return		1,000.00		1,022.92		1.96		.39			4.42		.88
Class R-5E – actual return5		1,000.00		971.34		1.13		.26			3.27		.75
Class R-5E – assumed 5% return5		1,000.00		1,023.57		1.31		.26			3.77		.75
Class R-5 – actual return		1,000.00		980.58		.49		.10			2.91		.59
Class R-5 – assumed 5% return		1,000.00		1,024.37		.50		.10			2.97		.59
Class R-6 – actual return		1,000.00		981.00		.25		.05			2.66		.54
Class R-6 – assumed 5% return		1,000.00		1,024.61		.25		.05			2.72		.54

See page 70 for footnotes.

American Funds Portfolio Series 63

Growth Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2015		4/30/2016		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	992.61	$	1.73		.35	%	$	3.86		.78	%
Class A – assumed 5% return		1,000.00		1,023.12		1.76		.35			3.92		.78
Class B – actual return		1,000.00		988.11		5.73		1.16			7.86		1.59
Class B – assumed 5% return		1,000.00		1,019.10		5.82		1.16			7.97		1.59
Class C – actual return		1,000.00		988.30		5.64		1.14			7.76		1.57
Class C – assumed 5% return		1,000.00		1,019.19		5.72		1.14			7.87		1.57
Class F-1 – actual return		1,000.00		991.77		2.03		.41			4.16		.84
Class F-1 – assumed 5% return		1,000.00		1,022.82		2.06		.41			4.22		.84
Class F-2 – actual return		1,000.00		993.75		.74		.15			2.88		.58
Class F-2 – assumed 5% return		1,000.00		1,024.12		.75		.15			2.92		.58
Class 529-A – actual return		1,000.00		992.03		2.13		.43			4.26		.86
Class 529-A – assumed 5% return		1,000.00		1,022.73		2.16		.43			4.32		.86
Class 529-B – actual return		1,000.00		988.08		6.18		1.25			8.30		1.68
Class 529-B – assumed 5% return		1,000.00		1,018.65		6.27		1.25			8.42		1.68
Class 529-C – actual return		1,000.00		987.38		6.08		1.23			8.20		1.66
Class 529-C – assumed 5% return		1,000.00		1,018.75		6.17		1.23			8.32		1.66
Class 529-E – actual return		1,000.00		990.57		3.41		.69			5.54		1.12
Class 529-E – assumed 5% return		1,000.00		1,021.43		3.47		.69			5.62		1.12
Class 529-F-1 – actual return		1,000.00		992.65		1.14		.23			3.27		.66
Class 529-F-1 – assumed 5% return		1,000.00		1,023.72		1.16		.23			3.32		.66
Class R-1 – actual return		1,000.00		988.08		5.68		1.15			7.81		1.58
Class R-1 – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.92		1.58
Class R-2 – actual return		1,000.00		987.96		5.78		1.17			7.91		1.60
Class R-2 – assumed 5% return		1,000.00		1,019.05		5.87		1.17			8.02		1.60
Class R-2E – actual return		1,000.00		990.50		3.66		.74			5.79		1.17
Class R-2E – assumed 5% return		1,000.00		1,021.18		3.72		.74			5.87		1.17
Class R-3 – actual return		1,000.00		990.61		3.46		.70			5.59		1.13
Class R-3 – assumed 5% return		1,000.00		1,021.38		3.52		.70			5.67		1.13
Class R-4 – actual return		1,000.00		992.11		1.93		.39			4.06		.82
Class R-4 – assumed 5% return		1,000.00		1,022.92		1.96		.39			4.12		.82
Class R-5E – actual return5		1,000.00		986.02		1.05		.24			2.94		.67
Class R-5E – assumed 5% return5		1,000.00		1,023.67		1.21		.24			3.37		.67
Class R-5 – actual return		1,000.00		993.57		.45		.09			2.58		.52
Class R-5 – assumed 5% return		1,000.00		1,024.42		.45		.09			2.61		.52
Class R-6 – actual return		1,000.00		993.91		.20		.04			2.33		.47
Class R-6 – assumed 5% return		1,000.00		1,024.66		.20		.04			2.36		.47

64 American Funds Portfolio Series

Growth and Income Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
		11/1/2015		4/30/2016		period1,2		expense ratio2		during period3			expense ratio4
Class A – actual return	$	1,000.00	$	1,012.50	$	1.75		.35	%	$	3.60		.72	%
Class A – assumed 5% return		1,000.00		1,023.12		1.76		.35			3.62		.72
Class B – actual return		1,000.00		1,007.98		5.74		1.15			7.59		1.52
Class B – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.62		1.52
Class C – actual return		1,000.00		1,008.89		5.64		1.13			7.49		1.50
Class C – assumed 5% return		1,000.00		1,019.24		5.67		1.13			7.52		1.50
Class F-1 – actual return		1,000.00		1,012.34		2.00		.40			3.85		.77
Class F-1 – assumed 5% return		1,000.00		1,022.87		2.01		.40			3.87		.77
Class F-2 – actual return		1,000.00		1,013.57		.70		.14			2.55		.51
Class F-2 – assumed 5% return		1,000.00		1,024.17		.70		.14			2.56		.51
Class 529-A – actual return		1,000.00		1,012.11		2.20		.44			4.05		.81
Class 529-A – assumed 5% return		1,000.00		1,022.68		2.21		.44			4.07		.81
Class 529-B – actual return		1,000.00		1,008.01		6.14		1.23			7.99		1.60
Class 529-B – assumed 5% return		1,000.00		1,018.75		6.17		1.23			8.02		1.60
Class 529-C – actual return		1,000.00		1,008.27		6.09		1.22			7.94		1.59
Class 529-C – assumed 5% return		1,000.00		1,018.80		6.12		1.22			7.97		1.59
Class 529-E – actual return		1,000.00		1,010.99		3.40		.68			5.25		1.05
Class 529-E – assumed 5% return		1,000.00		1,021.48		3.42		.68			5.27		1.05
Class 529-F-1 – actual return		1,000.00		1,013.14		1.10		.22			2.95		.59
Class 529-F-1 – assumed 5% return		1,000.00		1,023.77		1.11		.22			2.97		.59
Class R-1 – actual return		1,000.00		1,008.61		5.69		1.14			7.54		1.51
Class R-1 – assumed 5% return		1,000.00		1,019.19		5.72		1.14			7.57		1.51
Class R-2 – actual return		1,000.00		1,008.03		5.84		1.17			7.69		1.54
Class R-2 – assumed 5% return		1,000.00		1,019.05		5.87		1.17			7.72		1.54
Class R-2E – actual return		1,000.00		1,010.70		3.75		.75			5.60		1.12
Class R-2E – assumed 5% return		1,000.00		1,021.13		3.77		.75			5.62		1.12
Class R-3 – actual return		1,000.00		1,010.20		3.50		.70			5.35		1.07
Class R-3 – assumed 5% return		1,000.00		1,021.38		3.52		.70			5.37		1.07
Class R-4 – actual return		1,000.00		1,012.46		1.90		.38			3.75		.75
Class R-4 – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.77		.75
Class R-5E – actual return5		1,000.00		1,014.96		1.07		.24			2.72		.61
Class R-5E – assumed 5% return5		1,000.00		1,023.67		1.21		.24			3.07		.61
Class R-5 – actual return		1,000.00		1,013.78		.45		.09			2.30		.46
Class R-5 – assumed 5% return		1,000.00		1,024.42		.45		.09			2.31		.46
Class R-6 – actual return		1,000.00		1,014.03		.15		.03			2.00		.40
Class R-6 – assumed 5% return		1,000.00		1,024.71		.15		.03			2.01		.40
See page 70 for footnotes.

American Funds Portfolio Series 65

Balanced Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2015		4/30/2016		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	1,010.42	$	1.90		.38	%	$	3.80		.76	%
Class A – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.82		.76
Class B – actual return		1,000.00		1,005.97		5.74		1.15			7.63		1.53
Class B – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.67		1.53
Class C – actual return		1,000.00		1,006.87		5.69		1.14			7.58		1.52
Class C – assumed 5% return		1,000.00		1,019.19		5.72		1.14			7.62		1.52
Class F-1 – actual return		1,000.00		1,010.34		2.00		.40			3.90		.78
Class F-1 – assumed 5% return		1,000.00		1,022.87		2.01		.40			3.92		.78
Class F-2 – actual return		1,000.00		1,011.59		.70		.14			2.60		.52
Class F-2 – assumed 5% return		1,000.00		1,024.17		.70		.14			2.61		.52
Class 529-A – actual return		1,000.00		1,010.05		2.20		.44			4.10		.82
Class 529-A – assumed 5% return		1,000.00		1,022.68		2.21		.44			4.12		.82
Class 529-B – actual return		1,000.00		1,006.13		6.23		1.25			8.13		1.63
Class 529-B – assumed 5% return		1,000.00		1,018.65		6.27		1.25			8.17		1.63
Class 529-C – actual return		1,000.00		1,006.16		6.14		1.23			8.03		1.61
Class 529-C – assumed 5% return		1,000.00		1,018.75		6.17		1.23			8.07		1.61
Class 529-E – actual return		1,000.00		1,008.94		3.40		.68			5.29		1.06
Class 529-E – assumed 5% return		1,000.00		1,021.48		3.42		.68			5.32		1.06
Class 529-F-1 – actual return		1,000.00		1,011.11		1.10		.22			3.00		.60
Class 529-F-1 – assumed 5% return		1,000.00		1,023.77		1.11		.22			3.02		.60
Class R-1 – actual return		1,000.00		1,006.54		5.74		1.15			7.63		1.53
Class R-1 – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.67		1.53
Class R-2 – actual return		1,000.00		1,006.62		5.84		1.17			7.73		1.55
Class R-2 – assumed 5% return		1,000.00		1,019.05		5.87		1.17			7.77		1.55
Class R-2E – actual return		1,000.00		1,009.13		3.80		.76			5.69		1.14
Class R-2E – assumed 5% return		1,000.00		1,021.08		3.82		.76			5.72		1.14
Class R-3 – actual return		1,000.00		1,008.78		3.50		.70			5.39		1.08
Class R-3 – assumed 5% return		1,000.00		1,021.38		3.52		.70			5.42		1.08
Class R-4 – actual return		1,000.00		1,010.43		1.90		.38			3.80		.76
Class R-4 – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.82		.76
Class R-5E – actual return5		1,000.00		1,009.17		1.07		.24			2.76		.62
Class R-5E – assumed 5% return5		1,000.00		1,023.67		1.21		.24			3.12		.62
Class R-5 – actual return		1,000.00		1,011.73		.45		.09			2.35		.47
Class R-5 – assumed 5% return		1,000.00		1,024.42		.45		.09			2.36		.47
Class R-6 – actual return		1,000.00		1,012.00		.20		.04			2.10		.42
Class R-6 – assumed 5% return		1,000.00		1,024.66		.20		.04			2.11		.42

66 American Funds Portfolio Series

Income Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2015		4/30/2016		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	1,024.90	$	1.81		.36	%	$	3.32		.66	%
Class A – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.32		.66
Class B – actual return		1,000.00		1,021.14		5.78		1.15			7.29		1.45
Class B – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.27		1.45
Class C – actual return		1,000.00		1,021.23		5.73		1.14			7.24		1.44
Class C – assumed 5% return		1,000.00		1,019.19		5.72		1.14			7.22		1.44
Class F-1 – actual return		1,000.00		1,024.71		2.06		.41			3.57		.71
Class F-1 – assumed 5% return		1,000.00		1,022.82		2.06		.41			3.57		.71
Class F-2 – actual return		1,000.00		1,026.11		.76		.15			2.27		.45
Class F-2 – assumed 5% return		1,000.00		1,024.12		.75		.15			2.26		.45
Class 529-A – actual return		1,000.00		1,025.24		2.27		.45			3.78		.75
Class 529-A – assumed 5% return		1,000.00		1,022.63		2.26		.45			3.77		.75
Class 529-B – actual return		1,000.00		1,020.69		6.13		1.22			7.64		1.52
Class 529-B – assumed 5% return		1,000.00		1,018.80		6.12		1.22			7.62		1.52
Class 529-C – actual return		1,000.00		1,020.59		6.18		1.23			7.69		1.53
Class 529-C – assumed 5% return		1,000.00		1,018.75		6.17		1.23			7.67		1.53
Class 529-E – actual return		1,000.00		1,024.10		3.42		.68			4.93		.98
Class 529-E – assumed 5% return		1,000.00		1,021.48		3.42		.68			4.92		.98
Class 529-F-1 – actual return		1,000.00		1,026.54		1.11		.22			2.62		.52
Class 529-F-1 – assumed 5% return		1,000.00		1,023.77		1.11		.22			2.61		.52
Class R-1 – actual return		1,000.00		1,020.96		5.78		1.15			7.29		1.45
Class R-1 – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.27		1.45
Class R-2 – actual return		1,000.00		1,021.05		5.93		1.18			7.44		1.48
Class R-2 – assumed 5% return		1,000.00		1,019.00		5.92		1.18			7.42		1.48
Class R-2E – actual return		1,000.00		1,026.48		.91		.18			2.42		.48
Class R-2E – assumed 5% return		1,000.00		1,023.97		.91		.18			2.41		.48
Class R-3 – actual return		1,000.00		1,023.27		3.52		.70			5.03		1.00
Class R-3 – assumed 5% return		1,000.00		1,021.38		3.52		.70			5.02		1.00
Class R-4 – actual return		1,000.00		1,024.96		1.91		.38			3.42		.68
Class R-4 – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.42		.68
Class R-5E – actual return5		1,000.00		1,033.12		1.08		.24			2.43		.54
Class R-5E – assumed 5% return5		1,000.00		1,023.67		1.21		.24			2.72		.54
Class R-5 – actual return		1,000.00		1,026.22		.45		.09			1.96		.39
Class R-5 – assumed 5% return		1,000.00		1,024.42		.45		.09			1.96		.39
Class R-6 – actual return		1,000.00		1,027.39		.20		.04			1.71		.34
Class R-6 – assumed 5% return		1,000.00		1,024.66		.20		.04			1.71		.34

See page 70 for footnotes.

American Funds Portfolio Series 67

Tax-Advantaged Income Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2015		4/30/2016		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	1,022.18	$	2.26		.45	%	$	4.07		.81	%
Class A – assumed 5% return		1,000.00		1,022.63		2.26		.45			4.07		.81
Class B – actual return		1,000.00		1,018.79		5.87		1.17			7.68		1.53
Class B – assumed 5% return		1,000.00		1,019.05		5.87		1.17			7.67		1.53
Class C – actual return		1,000.00		1,018.96		5.77		1.15			7.58		1.51
Class C – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.57		1.51
Class F-1 – actual return		1,000.00		1,022.40		2.06		.41			3.87		.77
Class F-1 – assumed 5% return		1,000.00		1,022.82		2.06		.41			3.87		.77
Class F-2 – actual return		1,000.00		1,023.58		.81		.16			2.62		.52
Class F-2 – assumed 5% return		1,000.00		1,024.07		.81		.16			2.61		.52

68 American Funds Portfolio Series

Preservation Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2015		4/30/2016		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	1,012.31	$	2.25		.45	%	$	3.75		.75	%
Class A – assumed 5% return		1,000.00		1,022.63		2.26		.45			3.77		.75
Class B – actual return		1,000.00		1,008.51		5.84		1.17			7.34		1.47
Class B – assumed 5% return		1,000.00		1,019.05		5.87		1.17			7.37		1.47
Class C – actual return		1,000.00		1,008.92		5.79		1.16			7.29		1.46
Class C – assumed 5% return		1,000.00		1,019.10		5.82		1.16			7.32		1.46
Class F-1 – actual return		1,000.00		1,012.39		2.10		.42			3.60		.72
Class F-1 – assumed 5% return		1,000.00		1,022.77		2.11		.42			3.62		.72
Class F-2 – actual return		1,000.00		1,013.71		.85		.17			2.35		.47
Class F-2 – assumed 5% return		1,000.00		1,024.02		.86		.17			2.36		.47
Class 529-A – actual return		1,000.00		1,013.16		2.30		.46			3.80		.76
Class 529-A – assumed 5% return		1,000.00		1,022.58		2.31		.46			3.82		.76
Class 529-B – actual return		1,000.00		1,007.99		6.34		1.27			7.84		1.57
Class 529-B – assumed 5% return		1,000.00		1,018.55		6.37		1.27			7.87		1.57
Class 529-C – actual return		1,000.00		1,008.39		6.24		1.25			7.74		1.55
Class 529-C – assumed 5% return		1,000.00		1,018.65		6.27		1.25			7.77		1.55
Class 529-E – actual return		1,000.00		1,011.08		3.55		.71			5.05		1.01
Class 529-E – assumed 5% return		1,000.00		1,021.33		3.57		.71			5.07		1.01
Class 529-F-1 – actual return		1,000.00		1,014.25		1.25		.25			2.75		.55
Class 529-F-1 – assumed 5% return		1,000.00		1,023.62		1.26		.25			2.77		.55
Class R-1 – actual return		1,000.00		1,009.00		5.84		1.17			7.34		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.05		5.87		1.17			7.37		1.47
Class R-2 – actual return		1,000.00		1,008.61		5.99		1.20			7.49		1.50
Class R-2 – assumed 5% return		1,000.00		1,018.90		6.02		1.20			7.52		1.50
Class R-2E – actual return		1,000.00		1,011.37		3.75		.75			5.25		1.05
Class R-2E – assumed 5% return		1,000.00		1,021.13		3.77		.75			5.27		1.05
Class R-3 – actual return		1,000.00		1,010.96		3.65		.73			5.15		1.03
Class R-3 – assumed 5% return		1,000.00		1,021.23		3.67		.73			5.17		1.03
Class R-4 – actual return		1,000.00		1,012.57		2.05		.41			3.55		.71
Class R-4 – assumed 5% return		1,000.00		1,022.82		2.06		.41			3.57		.71
Class R-5E – actual return5		1,000.00		1,017.50		1.21		.27			2.55		.57
Class R-5E – assumed 5% return5		1,000.00		1,023.52		1.36		.27			2.87		.57
Class R-5 – actual return		1,000.00		1,013.93		.60		.12			2.10		.42
Class R-5 – assumed 5% return		1,000.00		1,024.27		.60		.12			2.11		.42
Class R-6 – actual return		1,000.00		1,014.19		.30		.06			1.80		.36
Class R-6 – assumed 5% return		1,000.00		1,024.57		.30		.06			1.81		.36

See page 70 for footnotes.

American Funds Portfolio Series 69

Tax-Exempt Preservation Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2015		4/30/2016		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	1,018.14	$	2.26		.45	%	$	3.76		.75	%
Class A – assumed 5% return		1,000.00		1,022.63		2.26		.45			3.77		.75
Class B – actual return		1,000.00		1,015.43		5.81		1.16			7.32		1.46
Class B – assumed 5% return		1,000.00		1,019.10		5.82		1.16			7.32		1.46
Class C – actual return		1,000.00		1,015.74		5.81		1.16			7.32		1.46
Class C – assumed 5% return		1,000.00		1,019.10		5.82		1.16			7.32		1.46
Class F-1 – actual return		1,000.00		1,019.41		2.06		.41			3.56		.71
Class F-1 – assumed 5% return		1,000.00		1,022.82		2.06		.41			3.57		.71
Class F-2 – actual return		1,000.00		1,019.58		.80		.16			2.31		.46
Class F-2 – assumed 5% return		1,000.00		1,024.07		.81		.16			2.31		.46

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 366 (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 366 (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.
5	The period for the “annualized expense ratio” and “actual return” line is based on the number of days since the initial sale of the share class on November 20, 2015. The “assumed 5% return” line is based on 182 days.

70 American Funds Portfolio Series

Approval of Investment Advisory and Service Agreement

The American Funds Portfolio Series’ board has approved the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through January 31, 2017. The agreement was amended to eliminate the annual management fee, which was previously waived for the series. 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 following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; 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 relevant benchmarks, such as market indexes and fund averages, over various periods ended July 31, 2015. 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 average for 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.

American Funds Growth Portfolio seeks to provide long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Standard & Poor’s 500 Composite Index, (ii) the Lipper Growth Funds Index (the average for 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 seven-month period and higher than the Morningstar Category for all of the periods, although they were lower than the S&P 500 Index and the Lipper Index for the three-month and one-year periods and lifetime of the fund since May 18, 2012.

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 Standard & Poor’s 500 Composite Index, (ii) the Lipper Growth and Income Funds Index (the average for the Lipper category that includes the fund) and (iii) the Morningstar U.S. Open End Aggressive 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 Morningstar Category for all periods, although they were lower than the S&P 500 and the Lipper Index for all periods.

American Funds Portfolio Series 71

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 Standard & Poor’s 500 Composite Index, (ii) the Lipper Balanced Funds Index (the average for 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 seven-month and one-year periods, as well as the lifetime of the fund since May 18, 2012, although they were lower than the S&P Index for those periods. For the three-month period, the fund’s investment results were higher than the Morningstar Category but lower than the Lipper Index.

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 Standard & Poor’s 500 Composite Index, (ii) the Lipper Income Funds Index (the average for 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 the one-year period and lifetime of the fund since May 18, 2012, although they were lower than the S&P Index for all periods. For the seven-month period, the fund’s investment results were higher than the Morningstar Category but lower than the Lipper Index, and the fund’s investment results were lower than all comparisons for the three-month period.

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 average for 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 for all periods except the Barclays Index for the three-month period.

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 average for 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 the Lipper Index and Morningstar Category for the three-month period, although they were lower than the Barclays Index for all comparisons and lower than all comparisons for the lifetime of the fund since May 18, 2012. For the one-year period, the fund’s investment results were higher than the Lipper Index but lower than the Morningstar Category, and for the seven-month period, the fund’s investment results were higher than the Morningstar Category but lower than the Lipper Index.

72 American Funds Portfolio Series

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 average for the Lipper category that includes the fund) 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 the Lipper Index and Morningstar Category for the three-month, seven-month and one-year periods, but lower than the Barclays Index for the three-month and seven-month periods. For the lifetime of the fund since May 18, 2012, the fund’s investment results were higher than the Barclays Index but at or below the Lipper Index and Morningstar Category and lower than all comparisons for the one-year period.

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

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund’s 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) 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 underlying American Funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, 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 underlying American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the funds’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting the benefits CRMC receives

American Funds Portfolio Series 73

from the research obtained with commissions from portfolio transactions made on behalf of the underlying American Funds. 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.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its 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

This page was intentionally left blank.

American Funds Portfolio Series 75

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
300 South Grand Avenue, 22nd Floor
Los Angeles, CA 90071-3132

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 and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the 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, 2016, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The American Funds Advantage^SM

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

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

Superior long-term track record

Our equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 95% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 58% of 10-year periods and 58% of 20-year periods.² Our fund management fees have been among the lowest in the industry.³

1	Portfolio manager experience as of December 31, 2015.
2	Based on Class A share results for rolling periods through December 31, 2015. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used).
3	On average, our management fees were in the lowest quintile 68% of the time, based on the 20-year period ended December 31, 2015, versus comparable Lipper categories, excluding funds of funds.

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

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

SIGNATURES

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

AMERICAN FUNDS PORTFOLIO  SERIES

By /s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

Date: June 30, 2016

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, 2016

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2016

EX-99.CERT

        American Funds Portfolio Series 6455 Irvine Center Drive, Irvine, California 92618 (213) 486-9200

CERTIFICATION

I, Walter R. Burkley, certify that:

1.	I have reviewed this report on Form N-CSR of American Funds Portfolio Series;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 30, 2016

/s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

American Funds Portfolio Series

        American Funds Portfolio Series 6455 Irvine Center Drive, Irvine, California 92618 (213) 486-9200

CERTIFICATION

I, Gregory F. Niland, certify that:

1.	I have reviewed this report on Form N-CSR of American Funds Portfolio Series;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 30, 2016

/s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

American Funds Portfolio Series

EX-99.906 CERT

        American Funds Portfolio Series 6455 Irvine Center Drive, Irvine, California 92618 (213) 486-9200

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

WALTER R. BURKLEY, President and Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of American Funds Portfolio Series (the "Registrant"), each certify to the best of his knowledge that:

1)	The Registrant's periodic report on Form N-CSR for the period ended April 30, 2016 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer	Principal Financial Officer
AMERICAN FUNDS PORTFOLIO SERIES	AMERICAN FUNDS PORTFOLIO SERIES
/s/ Walter R. Burkley	/s/ Gregory F. Niland
Walter R. Burkley, President	Gregory F. Niland, Treasurer
Date: June 30, 2016	Date: June 30, 2016

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AMERICAN FUNDS PORTFOLIO SERIES and will be retained by AMERICAN FUNDS PORTFOLIO SERIES and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.