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, 2017

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 Series^®   Semi-annual report
for the six months ended
April 30, 2017

We believe high-
conviction investing
and diverse
perspectives lead
to better results.

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 managed American Funds.

American Funds, from Capital Group, is one of the nation’s largest mutual fund families. For more than 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, 2017 (the most recent calendar quarter-end). Also shown are the gross expense ratios as of the series prospectus dated April 7, 2017:

	Cumulative			Average annual
	total returns			total returns
				Lifetime			Gross
Class A shares	1 year			(since 5/18/12)			expense ratio
Reflecting 5.75% maximum initial sales charge:
American Funds Global Growth PortfolioSM		8.22	%		10.27	%		0.82	%
American Funds Growth PortfolioSM		9.55			11.97			0.76
American Funds Growth and Income PortfolioSM		5.66			9.38			0.71
American Funds Balanced PortfolioSM		3.51			8.30			0.73
American Funds Income PortfolioSM		3.57			6.41			0.65
Reflecting 3.75% maximum initial sales charge:
American Funds Tax-Advantaged Income PortfolioSM		3.70			7.62			0.78
Reflecting 2.50% maximum initial sales charge:
American Funds Preservation PortfolioSM		–2.14			0.40			0.71
American Funds Tax-Exempt Preservation PortfolioSM		–2.72			1.29			0.79	*

* The net expense ratio for American Funds Tax-Exempt Preservation Portfolio is 0.76% as of the series prospectus dated April 7, 2017.

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

The portfolio series funds invest in Class R-6 shares of the underlying funds. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Preservation Portfolio, and has in the past reimbursed certain expenses for other funds. Fund results and the net expense ratio reflect the reimbursements, without which the results would have been lower and the expenses would have been higher. After April 7, 2018, the adviser may modify or terminate the reimbursements. Expense ratios are as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds.

For other share class results, visit 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
22	Notes to financial statements
44	Financial highlights

Fellow investors:

It is our pleasure to present this semi-annual report for the American Funds Portfolio Series for the six months ended April 30, 2017.

Despite market volatility over the reporting period, all but two of the funds within the series advanced. Returns ranged from 12.34% (for American Funds Global Growth Portfolio) to –0.33% (for American Funds Tax-Exempt Preservation Portfolio). For a glimpse at how the series fared over the past six-month and one-year periods in comparison to their benchmark indexes, see Results at a glance on page 2 of this report.

How the series works

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. In creating the series, the Committee carefully selects a mix of individual American Funds, employing an objective-based process and rigorous analysis. The Committee regularly monitors each fund in 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).

The economy

The U.S. economy continued its upward trajectory during the first six months of the current fiscal year. We are seeing signs of moderation in that growth cycle — a modest tempering in consumer activity and hiring, for example — but wages have improved steadily while inflation remains under control. The new administration has yet to make its mark from an economic standpoint, though there remains the potential for deregulation and lower taxes should the Republican-led Congress come to agreement on those topics.

Overseas, China’s economy remains more volatile than that of the United States and many other nations. This contributed to commodity price fluctuations throughout the period. Chinese authorities seem to be managing the situation reasonably well, though it bears watching. European economies appear to have stabilized somewhat despite hard-edged political campaigning in France, Britain and elsewhere.

The stock market

Domestically, equity markets surged and bond yields rose in the wake of the presidential election as investors anticipated the aforementioned tax cuts and deregulation. These expectations have lessened of late, but stocks remain strong overall. Corporate earnings were sound for the six months, further helping equities. The Standard & Poor’s 500 Composite Index, a market capitalization-weighted index based on the results of 500 widely held common stocks, rose 13.32%.

Overseas equities advanced, though areas of geopolitical or economic instability have triggered unease in some markets. The MSCI ACWI (All Country World Index) ex USA, which reflects the returns of more than 40 developed and developing country stock markets, climbed 10.37%, while the MSCI Emerging Markets Index (a measure of markets in more than 20 developing countries) gained 8.88%.

The bond market

The U.S. Federal Reserve raised the benchmark federal funds rate (the rate at which the central bank loans money to other banks) by a quarter percentage point in March — a move that lends credence to the case for continued growth and economic stability.

As inflation expectations rose, the yield on the 10-year U.S. Treasury — a widely regarded benchmark — increased nearly 50 basis points during the period. The Bloomberg Barclays U.S. Aggregate Index, which measures investment-grade U.S. bonds (rated BBB/Baa and above), fell 0.67%. This development is consistent with

American Funds Portfolio Series 1

the Fed’s move and the rise in equities. Global bonds fared worse, with the Bloomberg Barclays Global Aggregate Index, a measure of global investment-grade bonds (rated BBB/Baa and above), slipping 1.63%.

Results for the series

Since each portfolio within the series is composed of a mix of individual American Funds, their results reflect those of the underlying funds.

For the six-month period, domestic-oriented growth and growth-and-income funds such as The Growth Fund of America^®, The New Economy Fund^®, Fundamental Investors^® and The Investment Company of America^® were key contributors to results. Among bond funds, American High-Income Trust^® and Short-Term Bond Fund of America^® were also additive, providing a stabilizing influence. All other fixed income funds delivered slightly negative results, owing in part to concern over the Fed’s actions toward tightening the money supply by raising interest rates in March.

Generally speaking, growth funds tended to outpace income-oriented funds, due to their higher investments in information technology companies. Investments in fixed income funds tended to deliver negative results, with lower quality bonds slightly outpacing those of higher quality. 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 and to note, as the table below reflects, that all of the portfolios in the series have returned positive results over their nearly five-year lifetimes (since 5/18/12).

Moving forward

Looking ahead, we believe the U.S. economy will continue to expand, though

Results at a glance

For periods ended April 30, 2017, 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		12.34	%		16.75	%		11.99	%
MSCI All Country World Index1,2		11.76			15.14			11.16
Lipper Global Large-Cap Growth Funds Index3		12.66			15.36			11.29
American Funds Growth Portfolio		12.18			16.87			13.56
Standard & Poor’s 500 Composite Index1		13.32			17.92			15.54
MSCI All Country World ex USA Index1,2,3		10.37			12.59			7.57
Lipper Global Multi-Cap Growth Funds Index3		12.30			16.00			11.33
American Funds Growth and Income Portfolio		8.99			11.93			10.82
Standard & Poor’s 500 Composite Index1		13.32			17.92			15.54
MSCI All Country World ex USA Index1,2,3		10.37			12.59			7.57
Bloomberg Barclays Global Aggregate Index1,3		–1.63			–2.10			0.53
Lipper Mixed-Asset Target Allocation Growth Funds Index3		8.92			12.54			10.29
American Funds Balanced Portfolio		7.49			10.05			9.76
Standard & Poor’s 500 Composite Index1		13.32			17.92			15.54
MSCI All Country World ex USA Index1,2,3		10.37			12.59			7.57
Bloomberg Barclays U.S. Aggregate Index1,3		–0.67			0.83			2.19
Lipper Mixed-Asset Target Allocation Growth Funds Index3		8.92			12.54			10.29
American Funds Income Portfolio		6.20			9.12			7.71
Standard & Poor’s 500 Composite Index1		13.32			17.92			15.54
MSCI All Country World ex USA Index1,2,3		10.37			12.59			7.57
Bloomberg Barclays U.S. Aggregate Index1,3		–0.67			0.83			2.19
Lipper Mixed-Asset Target Allocation Moderate Funds Index3		7.26			10.39			8.28
American Funds Tax-Advantaged Income Portfolio		5.42			7.79			8.56
Standard & Poor’s 500 Composite Index1,3		13.32			17.92			15.54
MSCI All Country World ex USA Index1,2,3		10.37			12.59			7.57
Bloomberg Barclays Municipal Bond Index1		–0.34			0.14			3.03
Lipper Mixed-Asset Target Allocation Moderate Funds Index3		7.26			10.39			8.28
American Funds Preservation Portfolio		–0.22			0.45			0.98
Bloomberg Barclays 1-5 Year U.S. Government/Credit A+ Index1,3		–0.08			0.44			1.14
Bloomberg Barclays U.S. Government/Credit 1-7 Years ex BBB Index1,4		–0.26			0.36			1.34
Lipper Short-Intermediate Investment-Grade Debt Funds Index		0.46			2.00			1.83
American Funds Tax-Exempt Preservation Portfolio		–0.33			–0.06			1.89
Bloomberg Barclays Municipal Bond 1-7 Year Blend Index1,3		0.36			0.53			1.67
Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index1,5		0.22			0.40			1.91
Lipper Short-Intermediate Municipal Debt Funds Index		–0.09			0.37			1.29

2 American Funds Portfolio Series

there will come a point when government action — or inaction if agreements on major legislation fail to materialize — will start to have an effect on the markets. Geopolitical challenges continue to plague many areas of the world, from nuclear tensions in North Korea to the continued conflict in Syria and the potential for sweeping political change in Europe. All these issues, along with China’s increasing influence on the global economy, warrant monitoring.

With that said, we believe the market environment remains positive. Our equity investment analysts continue to find potential opportunities around the globe and across asset classes. In terms of fixed income, we believe that it is not necessary to take excessive risk to provide returns for our investors. While we may experience near-term volatility — more likely attributable to politics and policy ambiguity rather than economic fundamentals — our focus will continue to be on investing for the long term, as it has been for more than 85 years. We encourage you to take a similar view with regard to your investments.

As always, we thank you for placing your trust in American Funds. 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 14, 2017

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

1	Sources: Bloomberg Index Services Ltd., MSCI, S&P Dow Jones Indices LLC and Thomson Reuters Lipper. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
2	Results reflect dividends net of withholding taxes.
3	This index was added as a benchmark for the fund, as it is more representative of the fund’s objective.
4	This index is being replaced by the Bloomberg Barclays 1-5 Year U.S. Government/Credit A+ Index, which is more representative of the fund’s objective.
5	This index is being replaced by the Bloomberg Barclays Municipal Bond 1-7 Year Blend Index, which is more representative of the fund’s objective.

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. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results of more than 40 global developed and emerging markets, excluding the United States. The S&P 500 is a market capitalization-weighted index based on the average weighted results of 500 widely held common stocks. Lipper Global Large-Cap Growth Funds Index is an equally weighted index of funds that invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper’s global large-cap floor. Global large-cap growth funds typically have above-average characteristics compared to their large-cap-specific subset of the MSCI World Index. Lipper Global Multi-Cap Growth Funds Index is an equally weighted index of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap growth funds typically have above-average characteristics compared to the MSCI World Index. Lipper Mixed-Asset Target Allocation Moderate Funds Index is an equally weighted index of funds that seeks to maintain a mix of between 40%-60% equity securities, with the remainder invested in bonds, cash, and cash equivalents. Lipper Mixed-Asset Target Allocation Growth Funds Index is an equally weighted index of funds that seeks to maintain a mix of between 60%-80% equity securities, with the remainder invested in bonds, cash, and cash equivalents. Lipper Short-Intermediate Investment-Grade Debt Funds Index is an equally weighted index of funds that invest primarily in investment-grade debt issues (rated BBB/Baa and above) with dollar-weighted average maturities of one to five years. Lipper Short-Intermediate Municipal Debt Funds Index is an equally weighted index of funds that invest in municipal debt issues with dollar-weighted average maturities of five to 10 years. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category. Bloomberg Barclays Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. Bloomberg Barclays 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. Bloomberg 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. Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Bloomberg Barclays 1-5 Year U.S. Government/ Credit A+ Index is a market-value weighted index that tracks the total return results of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to five years, including A-rated securities and above. Bloomberg Barclays Municipal Bond 1-7 Year Blend Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to seven years.

American Funds Portfolio Series 3

American Funds Global Growth Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Growth funds 70%
EuroPacific Growth Fund, Class R-6		3,029,757	$	153,972
New Perspective Fund, Class R-6		13,898,746		553,864
New World Fund, Inc., Class R-6		5,120,123		300,705
SMALLCAP World Fund, Inc., Class R-6		1,024,008		53,074
The Growth Fund of America, Class R-6		1,670,051		77,491
The New Economy Fund, Class R-6		7,311,627		298,680
				1,437,786
Growth-and-income funds 30%
Capital World Growth and Income Fund, Class R-6		10,900,990		520,958
Fundamental Investors, Class R-6		1,383,113		81,037
				601,995
Total investment securities 100% (cost: $1,848,118,000)				2,039,781
Other assets less liabilities 0%				(744	)
Net assets 100%			$	2,039,037

See Notes to Financial Statements

4 American Funds Portfolio Series

American Funds Growth Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Growth funds 69%
AMCAP Fund, Class R-6		44,329,046	$	1,309,480
EuroPacific Growth Fund, Class R-6		21,827,358		1,109,266
SMALLCAP World Fund, Inc., Class R-6		12,882,352		667,692
The Growth Fund of America, Class R-6		6,600,689		306,272
				3,392,710
Growth-and-income funds 31%
Fundamental Investors, Class R-6		22,293,050		1,306,150
The Investment Company of America, Class R-6		5,045,950		193,916
				1,500,066
Total investment securities 100% (cost: $4,365,435,000)				4,892,776
Other assets less liabilities 0%				(1,751	)
Net assets 100%			$	4,891,025

See Notes to Financial Statements

American Funds Portfolio Series 5

American Funds Growth and Income Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Growth funds 19%
The Growth Fund of America, Class R-6		27,283,362	$	1,265,948
Growth-and-income funds 44%
Capital World Growth and Income Fund, Class R-6		31,567,117		1,508,593
The Investment Company of America, Class R-6		38,913,303		1,495,438
				3,004,031
Equity-income and Balanced funds 25%
American Balanced Fund, Class R-6		7,689,896		200,091
Capital Income Builder, Class R-6		24,572,405		1,482,208
				1,682,299
Fixed income funds 12%
Capital World Bond Fund, Class R-6		30,778,824		601,418
The Bond Fund of America, Class R-6		15,520,272		199,901
				801,319
Total investment securities 100% (cost: $6,256,905,000)				6,753,597
Other assets less liabilities 0%				(2,455	)
Net assets 100%			$	6,751,142

See Notes to Financial Statements

6 American Funds Portfolio Series

American Funds Balanced Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Growth funds 18%
New Perspective Fund, Class R-6		25,586,901	$	1,019,638
Growth-and-income funds 21%
Capital World Growth and Income Fund, Class R-6		13,942,556		666,315
Washington Mutual Investors Fund, Class R-6		13,269,400		569,390
				1,235,705
Equity-income and Balanced funds 43%
American Balanced Fund, Class R-6		47,695,030		1,241,024
American Funds Global Balanced Fund, Class R-6		39,998,543		1,241,155
				2,482,179
Fixed income funds 18%
The Bond Fund of America, Class R-6		82,605,248		1,063,956
Total investment securities 100% (cost: $5,350,969,000)				5,801,478
Other assets less liabilities 0%				(2,191	)
Net assets 100%			$	5,799,287

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, 2017, appear below.

	Beginning shares	Additions	Reductions	Ending shares	Net realized gain (000)		Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 4/30/2017 (000)
American Funds Global  Balanced Fund, Class R-6	34,775,521	5,223,022	—	39,998,543	$	—	$	50,255	$	10,791	$	1,241,155

See Notes to Financial Statements

American Funds Portfolio Series 7

American Funds Income Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Growth-and-income funds 20%
American Mutual Fund, Class R-6		21,884,446	$	841,238
Equity-income and Balanced funds 50%
Capital Income Builder, Class R-6		17,425,371		1,051,098
The Income Fund of America, Class R-6		46,967,206		1,050,187
				2,101,285
Fixed income funds 30%
American High-Income Trust, Class R-6		60,845,799		635,230
U.S. Government Securities Fund, Class R-6		45,884,957		632,295
				1,267,525
Total investment securities 100% (cost: $3,971,438,000)				4,210,048
Other assets less liabilities 0%				(1,748	)
Net assets 100%			$	4,208,300

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 year ended April 30, 2017, appear below.

	Beginning shares	Additions	Reductions	Ending shares	Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 4/30/2017 (000)
U.S. Government Securities Fund, Class R-6	40,437,628	5,548,653	101,324	45,884,957	$	(64	)	$	(13,741	)	$	4,674	$	632,295

See Notes to Financial Statements

8 American Funds Portfolio Series

American Funds Tax-Advantaged Income Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Growth-and-income funds 51%
American Mutual Fund, Class R-6		2,022,881	$	77,760
Capital World Growth and Income Fund, Class R-6		6,690,046		319,717
Washington Mutual Investors Fund, Class R-6		6,902,210		296,174
				693,651
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund, Class R-6		21,482,379		333,407
The Tax-Exempt Bond Fund of America, Class R-6		25,861,132		332,315
				665,722
Total investment securities 100% (cost: $1,294,702,000)				1,359,373
Other assets less liabilities 0%				(338	)
Net assets 100%			$	1,359,035

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 year ended April 30, 2017, appear below.

	Beginning shares	Additions	Reductions	Ending shares	Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 4/30/2017 (000)
American High-Income Municipal Bond Fund, Class R-6	18,021,335	3,461,044	—	21,482,379	$	—	$	(6,792	)	$	6,398	$	333,407

See Notes to Financial Statements

American Funds Portfolio Series 9

American Funds Preservation Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Fixed income funds 100%
Intermediate Bond Fund of America, Class R-6		56,697,752	$	760,884
Short-Term Bond Fund of America, Class R-6		50,929,306		507,256
				1,268,140
Total investment securities 100% (cost: $1,276,941,000)				1,268,140
Other assets less liabilities 0%				(560	)
Net assets 100%			$	1,267,580

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 year ended April 30, 2017, appear below.

	Beginning shares	Additions	Reductions	Ending shares	Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 4/30/2017 (000)
Intermediate Bond Fund of  America, Class R-6	36,468,769	21,828,529	1,599,546	56,697,752	$	(263	)	$	(6,186	)	$	4,184	$	760,884
Short-Term Bond Fund of  America, Class R-6	49,670,464	3,628,256	2,369,414	50,929,306		(124	)		(1,945	)		3,365		507,256
					$	(387	)	$	(8,131	)	$	7,549	$	1,268,140

See Notes to Financial Statements

10 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio	unaudited
Investment portfolio April 30, 2017

Fund investments	Shares		Value (000)
Tax-exempt fixed income funds 100%
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		7,445,115	$	75,345
Limited Term Tax-Exempt Bond Fund of America, Class R-6		18,551,972		291,266
The Tax-Exempt Bond Fund of America, Class R-6		3,685,161		47,354
				413,965
Total investment securities 100% (cost: $421,003,000)				413,965
Other assets less liabilities 0%				(110	)
Net assets 100%			$	413,855

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 year ended April 30, 2017, appear below.

	Beginning shares	Additions	Reductions	Ending shares	Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Dividend income (000)		Value of affiliates at 4/30/2017 (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6	19,754,313	1,127,266	2,329,607	18,551,972	$	(1,037	)	$	(2,298	)	$	3,433	$	291,266
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6	—	7,445,115	—	7,445,115		—			74			61		75,345
					$	(1,037	)	$	(2,224	)	$	3,494	$	366,611

See Notes to Financial Statements

American Funds Portfolio Series 11

Financial statements

Statements of assets and liabilities
at April 30, 2017

	Global Growth			Growth			Growth and Income
	Portfolio			Portfolio			Portfolio
Assets:
Investment securities, at value:
Unaffiliated issuers	$	2,039,781		$	4,892,776		$	6,753,597
Affiliated issuers		—			—			—
Receivables for:
Sales of investments		—			—			—
Sales of fund’s shares		2,194			6,108			6,395
Dividends		—			—			174
Total assets		2,041,975			4,898,884			6,760,166
Liabilities:
Payables for:
Purchases of investments		793			3,200			2,529
Repurchases of fund’s shares		1,407			2,858			3,982
Services provided by related parties		720			1,755			2,467
Trustees’ deferred compensation		4			9			14
Other		14			37			32
Total liabilities		2,938			7,859			9,024
Net assets at April 30, 2017	$	2,039,037		$	4,891,025		$	6,751,142
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,817,689		$	4,319,959		$	6,141,603
(Distributions in excess of) undistributed net investment income		(66	)		(2,451	)		(3,733	)
Undistributed (accumulated) net realized gain (loss)		29,751			46,176			116,581
Net unrealized appreciation (depreciation)		191,663			527,341			496,691
Net assets at April 30, 2017	$	2,039,037		$	4,891,025		$	6,751,142
Investment securities, at cost:
Unaffiliated issuers	$	1,848,118		$	4,365,435		$	6,256,905
Affiliated issuers		—			—			—

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
$	4,560,323	$	3,577,753		$	1,025,966	$	—		$	47,354
	1,241,155		632,295			333,407		1,268,140			366,611
	—		—			—		183			532
	6,381		3,285			2,013		2,277			319
	2,048		3,864			2,083		1,716			838
	5,809,907		4,217,197			1,363,469		1,272,316			415,654
	3,366		4,503			3,699		1,668			838
	5,048		2,652			397		2,519			851
	2,173		1,725			336		491			109
	12		9			2		3			1
	21		8			—		55			—
	10,620		8,897			4,434		4,736			1,799
$	5,799,287	$	4,208,300		$	1,359,035	$	1,267,580		$	413,855
$	5,260,764	$	3,946,259		$	1,271,805	$	1,277,360		$	426,703
	3,742		(1,065	)		2,270		(1,562	)		236
	84,272		24,496			20,289		583			(6,046	)
	450,509		238,610			64,671		(8,801	)		(7,038	)
$	5,799,287	$	4,208,300		$	1,359,035	$	1,267,580		$	413,855
$	4,144,408	$	3,332,230		$	963,255	$	—		$	47,783
	1,206,561		639,208			331,447		1,276,941			373,220

American Funds Portfolio Series 13

Statements of assets and liabilities
at April 30, 2017

		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	$	1,201,246		$	2,918,989		$	4,377,284
	Shares outstanding		77,590			178,568			311,521
	Net asset value per share	$	15.48		$	16.35		$	14.05
Class B:	Net assets	$	1		$	1		$	1
	Shares outstanding		—	*		—	*		—	*
	Net asset value per share	$	15.45		$	16.22		$	14.10
Class C:	Net assets	$	249,779		$	682,293		$	1,031,457
	Shares outstanding		16,350			42,380			73,853
	Net asset value per share	$	15.28		$	16.10		$	13.97
Class T:	Net assets	$	10		$	10		$	10
	Shares outstanding		1			1			1
	Net asset value per share	$	15.49		$	16.34		$	14.05
Class F-1:	Net assets	$	41,185		$	71,689		$	138,209
	Shares outstanding		2,657			4,388			9,837
	Net asset value per share	$	15.50		$	16.34		$	14.05
Class F-2:	Net assets	$	141,523		$	208,670		$	274,065
	Shares outstanding		9,114			12,722			19,478
	Net asset value per share	$	15.53		$	16.40		$	14.07
Class F-3:	Net assets	$	2,591		$	1,785		$	6,342
	Shares outstanding		167			109			451
	Net asset value per share	$	15.49		$	16.36		$	14.05
Class 529-A:	Net assets	$	176,401		$	469,232		$	386,714
	Shares outstanding		11,406			28,734			27,532
	Net asset value per share	$	15.47		$	16.33		$	14.05
Class 529-B:	Net assets	$	1		$	1		$	1
	Shares outstanding		—	*		—	*		—	*
	Net asset value per share	$	15.41		$	16.18		$	14.11
Class 529-C:	Net assets	$	59,597		$	161,177		$	147,704
	Shares outstanding		3,898			10,017			10,568
	Net asset value per share	$	15.29		$	16.09		$	13.98
Class 529-E:	Net assets	$	6,953		$	22,070		$	18,705
	Shares outstanding		451			1,359			1,334
	Net asset value per share	$	15.40		$	16.23		$	14.02
Class 529-T:	Net assets	$	10		$	10		$	10
	Shares outstanding		1			1			1
	Net asset value per share	$	15.49		$	16.34		$	14.05
Class 529-F-1:	Net assets	$	12,422		$	42,229		$	30,027
	Shares outstanding		801			2,578			2,136
	Net asset value per share	$	15.51		$	16.38		$	14.06

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
$	3,557,838		$	2,944,989		$	1,026,592		$	840,297		$	318,449
	254,770			241,820			79,420			84,664			32,620
$	13.96		$	12.18		$	12.93		$	9.93		$	9.76
$	1		$	1		$	1		$	1		$	1
	—	*		—	*		—	*		—	*		—	*
$	13.99		$	12.27		$	13.09		$	9.95		$	9.81
$	943,881		$	668,959		$	176,809		$	164,803		$	55,212
	67,991			55,220			13,761			16,631			5,664
$	13.88		$	12.11		$	12.85		$	9.91		$	9.75
$	10		$	10		$	10		$	10		$	10
	1			1			1			1			1
$	13.97		$	12.18		$	12.92		$	9.93		$	9.76
$	132,526		$	86,374		$	78,466		$	25,944		$	9,055
	9,490			7,089			6,072			2,614			927
$	13.96		$	12.18		$	12.92		$	9.93		$	9.77
$	294,687		$	220,229		$	73,177		$	50,386		$	31,004
	21,074			18,060			5,654			5,076			3,176
$	13.98		$	12.19		$	12.94		$	9.93		$	9.76
$	6,126		$	3,564		$	3,980		$	423		$	124
	439			293			308			43			13
$	13.97		$	12.18		$	12.93		$	9.92		$	9.76
$	243,823		$	90,400					$	76,244
	17,464			7,425						7,684
$	13.96		$	12.17					$	9.92
$	1		$	1					$	1
	—	*		—	*					—	*
$	14.01		$	12.24					$	9.95
$	112,683		$	49,570					$	35,161
	8,107			4,089						3,547
$	13.90		$	12.12					$	9.91
$	10,381		$	6,104					$	3,149
	745			502						317
$	13.94		$	12.17					$	9.92
$	10		$	10					$	10
	1			1						1
$	13.97		$	12.18					$	9.93
$	25,664		$	8,362					$	15,246
	1,836			686						1,536
$	13.98		$	12.19					$	9.92

See end of statements of assets and liabilities for footnotes.

American Funds Portfolio Series 15

Statements of assets and liabilities
at April 30, 2017

		Global Growth		Growth		Growth and Income
		Portfolio		Portfolio		Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class R-1:	Net assets	$	3,005	$	7,774	$	6,242
	Shares outstanding		196		480		446
	Net asset value per share	$	15.36	$	16.18	$	14.00
Class R-2:	Net assets	$	56,920	$	118,279	$	108,651
	Shares outstanding		3,735		7,347		7,785
	Net asset value per share	$	15.24	$	16.10	$	13.96
Class R-2E:	Net assets	$	1,199	$	4,839	$	4,367
	Shares outstanding		78		299		311
	Net asset value per share	$	15.40	$	16.19	$	14.02
Class R-3:	Net assets	$	28,756	$	73,930	$	72,465
	Shares outstanding		1,868		4,548		5,173
	Net asset value per share	$	15.39	$	16.25	$	14.01
Class R-4:	Net assets	$	13,430	$	39,793	$	64,857
	Shares outstanding		869		2,438		4,618
	Net asset value per share	$	15.46	$	16.32	$	14.05
Class R-5E:	Net assets	$	11	$	10	$	10
	Shares outstanding		1		1		1
	Net asset value per share	$	15.46	$	16.32	$	14.04
Class R-5:	Net assets	$	6,055	$	17,643	$	12,519
	Shares outstanding		388		1,072		888
	Net asset value per share	$	15.59	$	16.46	$	14.10
Class R-6:	Net assets	$	37,942	$	50,601	$	71,502
	Shares outstanding		2,429		3,080		5,080
	Net asset value per share	$	15.62	$	16.43	$	14.08

*   Amount less than one thousand.

See Notes to Financial Statements

16 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
$	10,728	$	1,762		$	1,365
	771		145			138
$	13.91	$	12.13		$	9.92
$	86,697	$	29,876		$	15,253
	6,241		2,465			1,541
$	13.89	$	12.12		$	9.90
$	8,827	$	292		$	2,284
	634		24			230
$	13.93	$	12.17		$	9.92
$	90,428	$	28,315		$	15,047
	6,490		2,329			1,517
$	13.93	$	12.16		$	9.92
$	77,236	$	33,540		$	9,631
	5,531		2,754			970
$	13.96	$	12.18		$	9.93
$	2,111	$	193		$	10
	151		16			1
$	13.97	$	12.17		$	9.94
$	15,431	$	5,308		$	2,021
	1,103		435			203
$	13.99	$	12.20		$	9.93
$	180,198	$	30,441		$	10,294
	12,879		2,495			1,037
$	13.99	$	12.20		$	9.93

American Funds Portfolio Series 17

Statements of operations
for the six months ended April 30, 2017

	Global Growth			Growth			Growth and Income
	Portfolio			Portfolio			Portfolio
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	20,138		$	46,312		$	79,965
Affiliated issuers		—			—			—
		20,138			46,312			79,965
Fees and expenses*:
Distribution services		3,194			7,841			11,203
Transfer agent services		941			2,238			3,097
Reports to shareholders		33			77			110
Registration statement and prospectus		240			382			429
Trustees’ compensation		5			12			18
Auditing and legal		—	†		2			2
Custodian		7			7			7
Other		81			219			196
Total fees and expenses before reimbursements		4,501			10,778			15,062
Less reimbursements of fees and expenses:
Transfer agent services reimbursement		—	†		—	†		—	†
Total fees and expenses after reimbursements		4,501			10,778			15,062
Net investment income		15,637			35,534			64,903
Net realized gain (loss) and unrealized (depreciation) appreciation:
Net realized (loss) gain on sale of investments:
Unaffiliated issuers		31,411			47,831			117,897
Affiliated issuers		—			—			—
Net realized gain (loss)		31,411			47,831			117,897
Net unrealized (depreciation) appreciation on
investments:
Unaffiliated issuers		172,180			427,748			360,280
Affiliated issuers		—			—			—
Net unrealized appreciation (depreciation)		172,180			427,748			360,280
Net realized gain (loss) and unrealized (depreciation) appreciation		203,591			475,579			478,177
Net increase in net assets resulting from operations	$	219,228		$	511,113		$	543,080

*	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

18 American Funds Portfolio Series

unaudited

(dollars in thousands)

Balanced		Income			Tax-Advantaged Income			Preservation			Tax-Exempt Preservation
Portfolio		Portfolio			Portfolio			Portfolio			Portfolio
$	48,634	$	63,095		$	12,582		$	2,144		$	1,960
	10,791		4,674			6,398			7,549			3,494
	59,425		67,769			18,980			9,693			5,454
	9,782		7,530			2,029			2,417			775
	2,609		1,926			584			607			205
	95		71			22			23			8
	422		311			199			254			132
	14		11			3			3			1
	2		2			—	†		—	†		—	†
	7		7			7			7			7
	135		57			2			45			1
	13,066		9,915			2,846			3,356			1,129
	—		—	†		—			—	†		—	†
	13,066		9,915			2,846			3,356			1,129
	46,359		57,854			16,134			6,337			4,325
	85,722		28,259			20,815			2,282			(1,951	)
	—		(64	)		—			(387	)		(1,037	)
	85,722		28,195			20,815			1,895			(2,988	)
	209,811		166,047			35,666			(4,467	)		(1,239	)
	50,255		(13,741	)		(6,792	)		(8,131	)		(2,224	)
	260,066		152,306			28,874			(12,598	)		(3,463	)
	345,788		180,501			49,689			(10,703	)		(6,451	)
$	392,147	$	238,355		$	65,823		$	(4,366	)	$	(2,126	)

American Funds Portfolio Series 19

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
	2017*			2016			2017*			2016			2017*			2016
Operations:
Net investment income	$	15,637		$	15,966		$	35,534		$	18,795		$	64,903		$	101,268
Net realized gain (loss)		31,411			47,523			47,831			152,109			117,897			151,383
Net unrealized (depreciation) appreciation		172,180			(27,474	)		427,748			(26,463	)		360,280			(29,360	)
Net increase (decrease) in net assets resulting from operations		219,228			36,015			511,113			144,441			543,080			223,291
Dividends and distributions paid to shareholders:
Dividends from net investment income		(15,699	)		(12,486	)		(35,599	)		(19,413	)		(68,623	)		(91,948	)
Distributions from net realized gain on investments		(45,356	)		(47,394	)		(138,199	)		(132,451	)		(144,461	)		(131,752	)
Total dividends and distributions paid to shareholders		(61,055	)		(59,880	)		(173,798	)		(151,864	)		(213,084	)		(223,700	)
Net capital share transactions		96,225			228,222			440,468			869,507			484,790			1,004,406
Total increase in net assets		254,398			204,357			777,783			862,084			814,786			1,003,997
Net assets:
Beginning of year		1,784,639			1,580,282			4,113,242			3,251,158			5,936,356			4,932,359
End of year	$	2,039,037		$	1,784,639		$	4,891,025		$	4,113,242		$	6,751,142		$	5,936,356
(Distributions in excess of) undistributed net investment income	$	(66	)	$	(4	)	$	(2,451	)	$	(2,386	)	$	(3,733	)	$	(13	)

*  Unaudited.

See Notes to Financial Statements

20 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
2017*			2016			2017*			2016			2017*			2016			2017*			2016			2017*			2016
$	46,359		$	65,273		$	57,854		$	102,768		$	16,134		$	25,331		$	6,337		$	9,748		$	4,325		$	7,842
	85,722			114,866			28,195			20,764			20,815			11,602			1,895			1,619			(2,988	)		(389	)
	260,066			(11,645	)		152,306			52,084			28,874			4,924			(12,598	)		7,953			(3,463	)		(973	)
	392,147			168,494			238,355			175,616			65,823			41,857			(4,366	)		19,320			(2,126	)		6,480
	(48,774	)		(63,958	)		(61,281	)		(113,238	)		(15,713	)		(24,858	)		(8,242	)		(10,176	)		(4,421	)		(7,712	)
	(102,337	)		(86,331	)		(15,840	)		(14,453	)		(10,551	)		(5,812	)		(680	)		—			—			—
	(151,111	)		(150,289	)		(77,121	)		(127,691	)		(26,264	)		(30,670	)		(8,922	)		(10,176	)		(4,421	)		(7,712	)
	402,871			1,137,336			249,922			594,707			174,962			326,999			39,589			342,419			(27,054	)		145,870
	643,907			1,155,541			411,156			642,632			214,521			338,186			26,301			351,563			(33,601	)		144,638
	5,155,380			3,999,839			3,797,144			3,154,512			1,144,514			806,328			1,241,279			889,716			447,456			302,818
$	5,799,287		$	5,155,380		$	4,208,300		$	3,797,144		$	1,359,035		$	1,144,514		$	1,267,580		$	1,241,279		$	413,855		$	447,456
$	3,742		$	6,157		$	(1,065	)	$	2,362		$	2,270		$	1,849		$	(1,562	)	$	343		$	236		$	332

American Funds Portfolio Series 21

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 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 21 share classes consisting of seven retail share classes (Classes A, B, C, T, F-1, F-2 and F-3), six 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E, 529-T 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 seven retail share classes (Classes A, B, C, T, F-1, F-2 and F-3). The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge  upon redemption	Conversion feature
Classes A 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 T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3 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, T, 529-B and 529-T shares of each fund are not available for purchase. Final conversion of Class B and 529-B shares to Class A and 529-A shares, respectively, occurred on April 28, 2017. These share classes were fully liquidated on May 5, 2017, upon the removal of seed capital invested by the fund’s investment adviser.

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

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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.

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

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

3. Valuation

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

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

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. At April 30, 2017, 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.

American Funds Portfolio Series 23

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.

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

24 American Funds Portfolio Series

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 the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, 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.

Liquidity risk — Certain underlying fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. Liquidity risk may result from the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs.

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

Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make an underlying fund more susceptible to certain economic, political or regulatory occurrences. As a result, the 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 underlying 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 underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable,

American Funds Portfolio Series 25

the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction.

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

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 such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2017, none of the funds had a liability for any unrecognized tax benefits. These funds recognize 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 investment 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; deferred expenses; and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2016, the components of distributable earnings on a tax basis for each fund were as follows (dollars in thousands):

	Global Growth Portfolio		Growth Portfolio			Growth and Income Portfolio		Balanced Portfolio		Income Portfolio		Tax- Advantaged Income Portfolio		Preservation Portfolio		Tax-Exempt Preservation Portfolio
Undistributed ordinary income	$	—	$	—		$	—	$	6,168	$	2,370	$	739	$	346	$	—
Late year ordinary loss deferral*		—		(2,378	)		—		—		—		—		—		—
Undistributed tax-exempt income		—		—			—		—		—		1,113		—		333
Undistributed long-term capital gain		45,351		138,158			144,446		102,348		15,829		10,549		673		—
Capital loss carryforward†:		—		—			—		—		—		—		—		(2,004	)
Capital loss carryforward utilized:		—		—			—		—		—		—		14		—

*	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 the current year or subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

26 American Funds Portfolio Series

As of April 30, 2017, the tax basis unrealized appreciation (depreciation) and cost of investment securities for each fund were as follows (dollars in thousands):

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio			Balanced Portfolio		Income Portfolio			Tax- Advantaged Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
Gross unrealized appreciation on investment securities	$	190,646	$	525,855	$	500,179		$	448,953	$	276,792		$	68,216		$	—		$	1,002
Gross unrealized depreciation on investment securities		—		—		(4,179	)		—		(42,209	)		(4,019	)		(9,744	)		(8,488	)
Net unrealized appreciation (depreciation) on investment securities		190,646		525,855		496,000			448,953		234,583			64,197			(9,744	)		(7,486	)
Cost of investment securities		1,849,135		4,366,921		6,257,597			5,352,525		3,975,465			1,295,176			1,277,884			421,451

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

Global Growth Portfolio

	Six months ended April 30, 2017									Year ended October 31, 2016
Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class A	$	10,787		$	27,044		$	37,831		$	9,026		$	29,527		$	38,553
Class B		—			10			10			—			43			43
Class C		617			5,840			6,457			503			6,068			6,571
Class T1		—			—			—
Class F-1		367			993			1,360			300			1,177			1,477
Class F-2		1,329			2,765			4,094			640			1,715			2,355
Class F-32		—			—			—
Class 529-A		1,464			3,819			5,283			1,081			3,780			4,861
Class 529-B		—			3			3			—			11			11
Class 529-C		22			1,317			1,339			59			1,613			1,672
Class 529-E		42			145			187			31			143			174
Class 529-T1		—			—			—
Class 529-F-1		122			269			391			84			243			327
Class R-1		—			59			59			5			73			78
Class R-2		173			1,250			1,423			100			1,043			1,143
Class R-2E		11			25			36			—	3		—	3		—	3
Class R-3		162			573			735			102			519			621
Class R-4		119			296			415			86			276			362
Class R-5E4		—	3		—	3		—	3		—	3		—	3		—	3
Class R-5		62			125			187			32			82			114
Class R-6		422			823			1,245			437			1,081			1,518
Total	$	15,699		$	45,356		$	61,055		$	12,486		$	47,394		$	59,880

See page 30 for footnotes.

American Funds Portfolio Series 27

Growth Portfolio

	Six months ended April 30, 2017									Year ended October 31, 2016
Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class A	$	25,081		$	83,165		$	108,246		$	14,693		$	82,330		$	97,023
Class B		—			35			35			—			141			141
Class C		1,607			19,972			21,579			446			19,249			19,695
Class T1		—			—			—
Class F-1		579			2,066			2,645			337			2,139			2,476
Class F-2		2,074			5,800			7,874			981			4,384			5,365
Class F-32		—			—			—
Class 529-A		3,607			12,636			16,243			1,882			11,480			13,362
Class 529-B		—			4			4			—			36			36
Class 529-C		389			4,516			4,905			—			4,000			4,000
Class 529-E		126			598			724			65			585			650
Class 529-T1		—			—			—
Class 529-F-1		347			1,025			1,372			160			815			975
Class R-1		12			237			249			—			263			263
Class R-2		323			3,240			3,563			38			2,584			2,622
Class R-2E		31			126			157			15			65			80
Class R-3		416			1,888			2,304			137			1,429			1,566
Class R-4		315			1,079			1,394			177			966			1,143
Class R-5E4		—	3		—	3		—	3		—	3		—	3		—	3
Class R-5		175			465			640			48			205			253
Class R-6		517			1,347			1,864			434			1,780			2,214
Total	$	35,599		$	138,199		$	173,798		$	19,413		$	132,451		$	151,864
Growth and Income Portfolio
		Six months ended April 30, 2017									Year ended October 31, 2016
Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid			Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class A	$	47,828		$	94,686		$	142,514		$	67,057		$	89,249		$	156,306
Class B		5			32			37			40			145			185
Class C		7,688			22,610			30,298			9,124			19,979			29,103
Class T1		—			—			—
Class F-1		1,411			2,808			4,219			1,732			2,279			4,011
Class F-2		3,033			5,299			8,332			3,209			3,442			6,651
Class F-32		5			—			5
Class 529-A		4,019			8,095			12,114			5,233			7,325			12,558
Class 529-B		1			6			7			6			23			29
Class 529-C		1,044			3,177			4,221			1,209			3,033			4,242
Class 529-E		176			401			577			241			392			633
Class 529-T1		—			—			—
Class 529-F-1		342			621			963			432			516			948
Class R-1		47			146			193			76			188			264
Class R-2		781			2,234			3,015			848			1,748			2,596
Class R-2E		38			90			128			18			6			24
Class R-3		646			1,429			2,075			761			1,109			1,870
Class R-4		686			1,364			2,050			846			1,091			1,937
Class R-5E4		—	3		—	3		—	3		—	3		—	3		—	3
Class R-5		118			176			294			90			86			176
Class R-6		755			1,287			2,042			1,026			1,141			2,167
Total	$	68,623		$	144,461		$	213,084		$	91,948		$	131,752		$	223,700

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Balanced Portfolio

	Six months ended April 30, 2017								Year ended October 31, 2016
Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid		Ordinary income			Long-term capital gains			Total dividends and  distributions paid
Class A	$	32,666		$	63,486		$	96,152	$	44,752		$	55,406		$	100,158
Class B		5			23			28		23			89			112
Class C		5,404			17,262			22,666		6,207			14,303			20,510
Class T1		—			—			—
Class F-1		1,155			2,335			3,490		1,668			1,812			3,480
Class F-2		2,725			4,690			7,415		2,876			2,641			5,517
Class F-32		3			—			3
Class 529-A		2,133			4,297			6,430		2,877			3,808			6,685
Class 529-B		—	3		3			3		3			12			15
Class 529-C		596			2,032			2,628		684			1,915			2,599
Class 529-E		87			192			279		104			156			260
Class 529-T1		—			—			—
Class 529-F-1		251			446			697		325			363			688
Class R-1		66			214			280		73			189			262
Class R-2		469			1,487			1,956		501			1,145			1,646
Class R-2E		35			65			100		9			—	3		9
Class R-3		672			1,544			2,216		865			1,304			2,169
Class R-4		645			1,234			1,879		987			1,329			2,316
Class R-5E4		6			—	3		6		—	3		—	3		—	3
Class R-5		138			235			373		197			208			405
Class R-6		1,718			2,792			4,510		1,807			1,651			3,458
Total	$	48,774		$	102,337		$	151,111	$	63,958		$	86,331		$	150,289
Income Portfolio
	Six months ended April 30, 2017									Year ended October 31, 2016
Share class	Ordinary income			Long-term capital gains			Total dividends and distributions paid		Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class A	$	44,629		$	11,087		$	55,716	$	83,240		$	10,212		$	93,452
Class B		5			3			8		60			15			75
Class C		7,989			2,591			10,580		15,423			2,391			17,814
Class T1		—			—			—
Class F-1		1,322			333			1,655		2,615			322			2,937
Class F-2		3,351			760			4,111		4,691			566			5,257
Class F-32		1			—			1
Class 529-A		1,321			332			1,653		2,465			314			2,779
Class 529-B		1			—	3		1		6			2			8
Class 529-C		578			192			770		1,155			192			1,347
Class 529-E		87			24			111		180			26			206
Class 529-T1		—			—			—
Class 529-F-1		149			36			185		275			29			304
Class R-1		21			8			29		44			7			51
Class R-2		353			113			466		654			104			758
Class R-2E		4			1			5		1			—	3		1
Class R-3		393			106			499		645			81			726
Class R-4		522			128			650		892			103			995
Class R-5E4		3			1			4		1			—	3		1
Class R-5		84			19			103		132			13			145
Class R-6		468			106			574		759			76			835
Total	$	61,281		$	15,840		$	77,121	$	113,238		$	14,453		$	127,691

See page 30 for footnotes.

American Funds Portfolio Series 29

Tax-Advantaged Income Portfolio

	Six months ended April 30, 2017									Year ended October 31, 2016
							Total								Total
							dividends and								dividends and
	Ordinary			Long-term			distributions			Ordinary			Long-term		distributions
Share class	income5			capital gains			paid			income5			capital gains		paid
Class A	$	12,460		$	8,157		$	20,617		$	20,163		$	4,658	$	24,821
Class B		—	3		—	3		—	3		2			1		3
Class C		1,571			1,425			2,996			2,500			738		3,238
Class T1		—			—			—
Class F-1		727			412			1,139			812			159		971
Class F-2		951			557			1,508			1,381			256		1,637
Class F-32		4			—			4
Total	$	15,713		$	10,551		$	26,264		$	24,858		$	5,812	$	30,670
Preservation Portfolio
	Six months ended April 30, 2017									Year ended October 31, 2016
							Total
							dividends and								Total
	Ordinary			Long-term			distributions			Ordinary			Long-term		dividends
Share class	income			capital gains			paid			income			capital gains		paid
Class A	$	5,823		$	439		$	6,262		$	7,507		$	—	$	7,507
Class B		1			—	3		1			2			—		2
Class C		641			97			738			581			—		581
Class T1		—	3		—			—	3
Class F-1		195			15			210			268			—		268
Class F-2		426			27			453			453			—		453
Class F-32		1			—			1
Class 529-A		539			41			580			695			—		695
Class 529-B		—	3		—	3		—	3		—	3		—		—	3
Class 529-C		118			19			137			85			—		85
Class 529-E		19			2			21			23			—		23
Class 529-T1		—	3		—			—	3
Class 529-F-1		120			8			128			155			—		155
Class R-1		5			1			6			6			—		6
Class R-2		67			9			76			55			—		55
Class R-2E		14			1			15			11			—		11
Class R-3		94			9			103			108			—		108
Class R-4		74			5			79			86			—		86
Class R-5E4		—	3		—	3		—	3		—	3		—		—	3
Class R-5		12			1			13			13			—		13
Class R-6		93			6			99			128			—		128
Total	$	8,242		$	680		$	8,922		$	10,176		$	—	$	10,176
Tax-Exempt Preservation Portfolio
	Six months ended April 30, 2017									Year ended October 31, 2016
							Total								Total
	Ordinary			Long-term			dividends			Ordinary			Long-term		dividends
Share class	income5			capital gains			paid			income5			capital gains		paid
Class A	$	3,487		$	—		$	3,487		$	5,889		$	—	$	5,889
Class B		—	3		—			—	3		—	3		—		—	3
Class C		431			—			431			862			—		862
Class T1		—	3		—			—	3
Class F-1		105			—			105			178			—		178
Class F-2		397			—			397			783			—		783
Class F-32		1			—			1
Total	$	4,421		$	—		$	4,421		$	7,712		$	—	$	7,712

1	Class T and 529-T shares began investment operations on April 7, 2017.
2	Class F-3 shares began investment operations on January 27, 2017.
3	Amount less than one thousand.
4	Class R-5E shares began investment operations on November 20, 2015.
5	Ordinary income may include both taxable and tax-exempt income.

30 American Funds Portfolio Series

6. Fees and transactions with related parties

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

Investment advisory services — The series has an investment advisory and service agreement with CRMC. 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.

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses of Tax-Exempt Preservation Portfolio. Fees and expenses in Tax-Exempt Preservation Portfolio’s statement of operations are presented gross of the reimbursement from CRMC. The amounts reimbursed by CRMC are reflected as miscellaneous fee 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 of each fund, except Class F-2, F-3, 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 T, F-1, 529-T, 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, 2017, 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		22		—
Tax-Exempt Preservation Portfolio		1,013	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

American Funds Portfolio Series 31

from the Class R-6 shares of the underlying funds for administrative services provided to the series. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

529 plan services — 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 $20 billion of the net assets invested in the Class 529 shares of the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2017, were as follows (dollars in thousands):

Global Growth Portfolio

	Distribution			Transfer agent			529 plan
Share class	services			services			services
Class A		$1,269			$518			Not applicable
Class B		1			—	1		Not applicable
Class C		1,156			111			Not applicable
Class T2		—			—	1		Not applicable
Class F-1		49			25			Not applicable
Class F-2		Not applicable			65			Not applicable
Class F-33		—			—	1		Not applicable
Class 529-A		157			80			$54
Class 529-B		—	1		—	1		—	1
Class 529-C		267			27			18
Class 529-E		15			2			2
Class 529-T2		—			—	1		—	1
Class 529-F-1		—			5			4
Class R-1		13			1			Not applicable
Class R-2		189			84			Not applicable
Class R-2E		3			1			Not applicable
Class R-3		60			16			Not applicable
Class R-4		15			5			Not applicable
Class R-5E		Not applicable			—	1		Not applicable
Class R-5		Not applicable			1			Not applicable
Class R-6		Not applicable			—	1		Not applicable
Total class-specific expenses		$3,194			$941			$78

Growth Portfolio

	Distribution			Transfer agent			529 plan
Share class	services			services			services
Class A		$2,801			$1,249			Not applicable
Class B		4			—	1		Not applicable
Class C		3,143			299			Not applicable
Class T2		—			—	1		Not applicable
Class F-1		83			40			Not applicable
Class F-2		Not applicable			105			Not applicable
Class F-33		—			—	1		Not applicable
Class 529-A		398			208			$142
Class 529-B		—	1		—	1		—	1
Class 529-C		722			71			50
Class 529-E		48			5			7
Class 529-T2		—			—	1		—	1
Class 529-F-1		—			17			12
Class R-1		36			4			Not applicable
Class R-2		391			175			Not applicable
Class R-2E		13			4			Not applicable
Class R-3		158			42			Not applicable
Class R-4		44			15			Not applicable
Class R-5E		Not applicable			—	1		Not applicable
Class R-5		Not applicable			4			Not applicable
Class R-6		Not applicable			—	1		Not applicable
Total class-specific expenses		$7,841			$2,238			$211

32 American Funds Portfolio Series

Growth and Income Portfolio

	Distribution		Transfer agent			529 plan
Share class	services		services			services
Class A		$4,458		$1,923			Not applicable
Class B		4		1			Not applicable
Class C		4,837		461			Not applicable
Class T2		—		—	1		Not applicable
Class F-1		155		74			Not applicable
Class F-2		Not applicable		132			Not applicable
Class F-33		—		—	1		Not applicable
Class 529-A		373		180			$122
Class 529-B		1		—	1		—	1
Class 529-C		685		68			47
Class 529-E		44		5			6
Class 529-T2		—		—	1		—	1
Class 529-F-1		—		13			9
Class R-1		31		3			Not applicable
Class R-2		367		163			Not applicable
Class R-2E		13		4			Not applicable
Class R-3		161		42			Not applicable
Class R-4		74		26			Not applicable
Class R-5E		Not applicable		—	1		Not applicable
Class R-5		Not applicable		2			Not applicable
Class R-6		Not applicable		—	1		Not applicable
Total class-specific expenses		$11,203		$3,097			$184

Balanced Portfolio

	Distribution		Transfer agent			529 plan
Share class	services		services			services
Class A		$3,708		$1,561			Not applicable
Class B		4		—	1		Not applicable
Class C		4,453		426			Not applicable
Class T2		—		—	1		Not applicable
Class F-1		160		79			Not applicable
Class F-2		Not applicable		139			Not applicable
Class F-33		—		—	1		Not applicable
Class 529-A		254		115			$77
Class 529-B		1		—	1		—	1
Class 529-C		528		53			36
Class 529-E		25		3			4
Class 529-T2		—		—	1		—	1
Class 529-F-1		—		12			8
Class R-1		53		5			Not applicable
Class R-2		294		129			Not applicable
Class R-2E		16		5			Not applicable
Class R-3		207		52			Not applicable
Class R-4		79		25			Not applicable
Class R-5E		Not applicable		1			Not applicable
Class R-5		Not applicable		3			Not applicable
Class R-6		Not applicable		1			Not applicable
Total class-specific expenses		$9,782		$2,609			$125

Income Portfolio

	Distribution			Transfer agent			529 plan
Share class	services			services			services
Class A		$3,637			$1,308			Not applicable
Class B		3			1			Not applicable
Class C		3,216			308			Not applicable
Class T2		—			—	1		Not applicable
Class F-1		104			51			Not applicable
Class F-2		Not applicable			107			Not applicable
Class F-33		—			—	1		Not applicable
Class 529-A		99			43			$29
Class 529-B		—	1		—	1		—	1
Class 529-C		234			24			16
Class 529-E		15			2			2
Class 529-T2		—			—	1		—	1
Class 529-F-1		—			4			3
Class R-1		9			1			Not applicable
Class R-2		105			46			Not applicable
Class R-2E		1			—	1		Not applicable
Class R-3		67			17			Not applicable
Class R-4		40			13			Not applicable
Class R-5E		Not applicable			—	1		Not applicable
Class R-5		Not applicable			1			Not applicable
Class R-6		Not applicable			—	1		Not applicable
Total class-specific expenses		$7,530			$1,926			$50

Tax-Advantaged Income Portfolio

	Distribution			Transfer agent
Share class	services			services
Class A		$1,145			$439
Class B		—	1		—	1
Class C		816			77
Class T2		—			—	1
Class F-1		68			30
Class F-2		Not applicable			38
Class F-33		Not applicable			—	1
Total class-specific expenses		$2,029			$584

American Funds Portfolio Series 33

Preservation Portfolio

	Distribution			Transfer agent			529 plan
Share class	services			services			services
Class A		$1,149			$375			Not applicable
Class B		1			—	1		Not applicable
Class C		846			83			Not applicable
Class T2		—			—	1		Not applicable
Class F-1		33			16			Not applicable
Class F-2		Not applicable			28			Not applicable
Class F-33		—			—	1		Not applicable
Class 529-A		86			39			$25
Class 529-B		—	1		—	1		—	1
Class 529-C		169			17			12
Class 529-E		8			1			1
Class 529-T2		—			—	1		—	1
Class 529-F-1		—			7			5
Class R-1		6			1			Not applicable
Class R-2		61			24			Not applicable
Class R-2E		8			3			Not applicable
Class R-3		38			9			Not applicable
Class R-4		12			4			Not applicable
Class R-5E		Not applicable			—	1		Not applicable
Class R-5		Not applicable			—	1		Not applicable
Class R-6		Not applicable			—	1		Not applicable
Total class-specific expenses		$2,417			$607			$43

1	Amount less than one thousand.
2	Class T and 529-T shares began investment operations on April 7, 2017.
3	Class F-3 shares began investment operations on January 27, 2017.

Tax-Exempt Preservation Portfolio

	Distribution			Transfer agent
Share class	services			services
Class A		$475			$152
Class B		—	1		—	1
Class C		288			29
Class T2		—			—	1
Class F-1		12			6
Class F-2		Not applicable			18
Class F-33		Not applicable			—	1
Total class-specific expenses		$775			$205

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	$	4,975	$	178	$	5,153
Growth Portfolio		11,635		433		12,068
Growth and Income Portfolio		16,714		603		17,317
Balanced Portfolio		14,369		513		14,882
Income Portfolio		10,631		379		11,010
Tax-Advantaged Income Portfolio		3,183		120		3,303
Preservation Portfolio		3,378		110		3,488
Tax-Exempt Preservation Portfolio		1,168		37		1,205

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.

34 American Funds Portfolio Series

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2017, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	459,819	$	372,004
Growth Portfolio		799,873		449,385
Growth and Income Portfolio		1,178,207		690,619
Balanced Portfolio		642,531		257,934
Income Portfolio		277,262		17,762
Tax-Advantaged Income Portfolio		240,421		54,792
Preservation Portfolio		340,607		300,457
Tax-Exempt Preservation Portfolio		101,062		128,222

American Funds Portfolio Series 35

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, 2017
Class A	$	135,718		9,299		$	37,637			2,728		$	(139,492	)		(9,611	)	$	33,863			2,416
Class B		9		1			11			1			(625	)		(44	)		(605	)		(42	)
Class C		30,286		2,099			6,439			472			(34,530	)		(2,406	)		2,195			165
Class T2		10		1			—			—			—			—			10			1
Class F-1		8,474		578			1,360			98			(12,365	)		(847	)		(2,531	)		(171	)
Class F-2		41,051		2,791			4,041			292			(18,722	)		(1,285	)		26,370			1,798
Class F-33		2,522		167			—			—			(3	)		—	4		2,519			167
Class 529-A		22,372		1,539			5,283			383			(11,464	)		(792	)		16,191			1,130
Class 529-B		2		—	4		3			—	4		(134	)		(9	)		(129	)		(9	)
Class 529-C		6,478		451			1,338			98			(8,523	)		(610	)		(707	)		(61	)
Class 529-E		988		68			187			14			(226	)		(16	)		949			66
Class 529-T2		10		1			—			—			—			—			10			1
Class 529-F-1		2,227		153			390			28			(1,222	)		(82	)		1,395			99
Class R-1		935		64			58			4			(1,049	)		(73	)		(56	)		(5	)
Class R-2		13,344		928			1,424			104			(8,992	)		(626	)		5,776			406
Class R-2E		191		13			36			3			(97	)		(6	)		130			10
Class R-3		7,528		516			734			53			(3,770	)		(260	)		4,492			309
Class R-4		4,130		288			415			30			(2,424	)		(169	)		2,121			149
Class R-5E		—		—			—			—			—			—			—			—
Class R-5		1,537		105			187			14			(354	)		(24	)		1,370			95
Class R-6		4,549		310			1,244			90			(2,931	)		(200	)		2,862			200
Total net increase (decrease)	$	282,361		19,372		$	60,787			4,412		$	(246,923	)		(17,060	)	$	96,225			6,724
Year ended October 31, 2016
Class A	$	260,846		18,918		$	38,436			2,743		$	(198,891	)		(14,351	)	$	100,391			7,310
Class B		124		9			43			3			(1,127	)		(82	)		(960	)		(70	)
Class C		62,890		4,623			6,566			474			(36,897	)		(2,702	)		32,559			2,395
Class F-1		18,621		1,358			1,476			105			(18,156	)		(1,342	)		1,941			121
Class F-2		73,139		5,274			2,335			166			(25,901	)		(1,881	)		49,573			3,559
Class 529-A		32,891		2,383			4,861			348			(15,743	)		(1,132	)		22,009			1,599
Class 529-B		14		1			11			—	4		(261	)		(19	)		(236	)		(18	)
Class 529-C		11,681		859			1,672			121			(10,127	)		(727	)		3,226			253
Class 529-E		1,399		101			174			12			(757	)		(54	)		816			59
Class 529-F-1		3,153		229			327			23			(1,262	)		(92	)		2,218			160
Class R-1		1,168		88			76			5			(787	)		(57	)		457			36
Class R-2		21,140		1,558			1,137			82			(8,376	)		(609	)		13,901			1,031
Class R-2E		961		67			—	4		—	4		—	4		—	4		961			67
Class R-3		8,421		613			621			44			(5,058	)		(362	)		3,984			295
Class R-4		4,177		303			362			26			(3,119	)		(228	)		1,420			101
Class R-5E5		10		1			—			—			—			—			10			1
Class R-5		2,259		165			114			8			(945	)		(68	)		1,428			105
Class R-6		3,323		238			1,518			108			(10,317	)		(732	)		(5,476	)		(386	)
Total net increase (decrease)	$	506,217		36,788		$	59,729			4,268		$	(337,724	)		(24,438	)	$	228,222			16,618

36 American Funds Portfolio Series

Growth Portfolio

	Sales1					Reinvestments of dividends and distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2017
Class A	$	409,582		26,157		$	107,886		7,212		$	(304,849	)		(19,511	)	$	212,619			13,858
Class B		138		9			35		2			(1,593	)		(103	)		(1,420	)		(92	)
Class C		104,117		6,742			21,529		1,458			(86,685	)		(5,620	)		38,961			2,580
Class T2		10		1			—		—			—			—			10			1
Class F-1		19,303		1,243			2,637		176			(15,550	)		(1,000	)		6,390			419
Class F-2		63,545		4,049			7,796		520			(42,965	)		(2,724	)		28,376			1,845
Class F-33		1,776		111			—		—			(30	)		(2	)		1,746			109
Class 529-A		66,532		4,259			16,240		1,087			(15,611	)		(1,003	)		67,161			4,343
Class 529-B		5		—	4		4		—	4		(210	)		(13	)		(201	)		(13	)
Class 529-C		26,241		1,723			4,905		332			(7,191	)		(466	)		23,955			1,589
Class 529-E		2,882		185			724		48			(619	)		(40	)		2,987			193
Class 529-T2		10		1			—		—			—			—			10			1
Class 529-F-1		11,157		712			1,372		92			(3,200	)		(205	)		9,329			599
Class R-1		1,636		105			244		16			(1,701	)		(110	)		179			11
Class R-2		28,739		1,862			3,562		241			(15,846	)		(1,028	)		16,455			1,075
Class R-2E		1,063		69			157		11			(473	)		(30	)		747			50
Class R-3		20,337		1,305			2,304		155			(8,314	)		(531	)		14,327			929
Class R-4		10,228		655			1,394		93			(5,938	)		(384	)		5,684			364
Class R-5E		—		—			—		—			—			—			—			—
Class R-5		7,506		477			640		43			(1,384	)		(88	)		6,762			432
Class R-6		9,403		604			1,864		124			(4,876	)		(309	)		6,391			419
Total net increase (decrease)	$	784,210		50,269		$	173,293		11,610		$	(517,035	)		(33,167	)	$	440,468			28,712
Year ended October 31, 2016
Class A	$	758,872		51,997		$	96,699		6,574		$	(388,362	)		(26,355	)	$	467,209			32,216
Class B		301		21			141		10			(2,789	)		(194	)		(2,347	)		(163	)
Class C		214,622		14,883			19,633		1,350			(95,424	)		(6,581	)		138,831			9,652
Class F-1		32,830		2,252			2,471		168			(26,095	)		(1,798	)		9,206			622
Class F-2		103,792		7,017			5,338		362			(47,667	)		(3,241	)		61,463			4,138
Class 529-A		100,435		6,855			13,362		909			(22,810	)		(1,557	)		90,987			6,207
Class 529-B		48		4			36		2			(805	)		(57	)		(721	)		(51	)
Class 529-C		37,143		2,553			4,000		275			(12,157	)		(842	)		28,986			1,986
Class 529-E		4,345		299			649		44			(1,601	)		(113	)		3,393			230
Class 529-F-1		12,178		831			974		66			(2,980	)		(201	)		10,172			696
Class R-1		3,139		217			259		18			(3,165	)		(214	)		233			21
Class R-2		45,116		3,148			2,619		180			(15,755	)		(1,081	)		31,980			2,247
Class R-2E		3,772		249			79		5			(89	)		(6	)		3,762			248
Class R-3		27,278		1,872			1,532		105			(11,039	)		(751	)		17,771			1,226
Class R-4		17,790		1,218			1,143		77			(10,671	)		(729	)		8,262			566
Class R-5E5		10		1			—		—			—			—			10			1
Class R-5		6,672		451			254		17			(2,036	)		(137	)		4,890			331
Class R-6		7,711		531			2,214		150			(14,505	)		(990	)		(4,580	)		(309	)
Total net increase (decrease)	$	1,376,054		94,399		$	151,403		10,312		$	(657,950	)		(44,847	)	$	869,507			59,864

See page 43 for footnotes.

American Funds Portfolio Series 37

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, 2017
Class A	$	527,456		38,724	$	141,492		10,683		$	(431,333	)		(31,712	)	$	237,615			17,695
Class B		50		4		37		3			(2,039	)		(150	)		(1,952	)		(143	)
Class C		145,937		10,780		30,141		2,292			(118,075	)		(8,720	)		58,003			4,352
Class T2		10		1		—		—			—			—			10			1
Class F-1		35,637		2,622		4,147		313			(19,223	)		(1,414	)		20,561			1,521
Class F-2		102,146		7,495		8,184		617			(52,574	)		(3,839	)		57,756			4,273
Class F-33		6,424		464		5		—	4		(178	)		(13	)		6,251			451
Class 529-A		47,075		3,467		12,113		915			(19,836	)		(1,461	)		39,352			2,921
Class 529-B		40		3		7		1			(374	)		(28	)		(327	)		(24	)
Class 529-C		16,207		1,198		4,219		321			(8,238	)		(608	)		12,188			911
Class 529-E		1,947		143		578		44			(1,398	)		(102	)		1,127			85
Class 529-T2		10		1		—		—			—			—			10			1
Class 529-F-1		6,129		449		962		73			(2,884	)		(210	)		4,207			312
Class R-1		953		70		192		14			(1,432	)		(105	)		(287	)		(21	)
Class R-2		24,250		1,790		3,015		229			(14,374	)		(1,060	)		12,891			959
Class R-2E		1,158		86		128		9			(877	)		(63	)		409			32
Class R-3		18,774		1,381		2,075		157			(11,552	)		(850	)		9,297			688
Class R-4		12,123		893		2,050		155			(7,785	)		(574	)		6,388			474
Class R-5E		—		—		—		—			—			—			—			—
Class R-5		6,075		443		294		22			(912	)		(67	)		5,457			398
Class R-6		20,611		1,494		2,041		154			(6,818	)		(495	)		15,834			1,153
Total net increase (decrease)	$	973,012		71,508	$	211,680		16,002		$	(699,902	)		(51,471	)	$	484,790			36,039
Year ended October 31, 2016
Class A	$	995,138		76,482	$	155,209		11,956		$	(587,774	)		(44,798	)	$	562,573			43,640
Class B		442		34		184		14			(4,740	)		(366	)		(4,114	)		(318	)
Class C		304,214		23,490		28,940		2,247			(147,673	)		(11,354	)		185,481			14,383
Class F-1		54,989		4,211		3,920		302			(31,725	)		(2,436	)		27,184			2,077
Class F-2		123,823		9,434		6,426		493			(52,199	)		(3,979	)		78,050			5,948
Class 529-A		72,529		5,546		12,556		968			(31,360	)		(2,399	)		53,725			4,115
Class 529-B		109		9		29		2			(795	)		(61	)		(657	)		(50	)
Class 529-C		24,895		1,915		4,241		329			(14,918	)		(1,140	)		14,218			1,104
Class 529-E		3,261		250		633		49			(1,575	)		(121	)		2,319			178
Class 529-F-1		8,900		684		948		73			(4,350	)		(332	)		5,498			425
Class R-1		2,685		206		262		21			(3,913	)		(297	)		(966	)		(70	)
Class R-2		41,614		3,215		2,594		201			(17,198	)		(1,318	)		27,010			2,098
Class R-2E		3,949		302		24		2			(335	)		(26	)		3,638			278
Class R-3		29,978		2,293		1,869		144			(13,180	)		(999	)		18,667			1,438
Class R-4		31,925		2,434		1,894		146			(13,734	)		(1,060	)		20,085			1,520
Class R-5E5		10		1		—		—			—			—			10			1
Class R-5		4,409		339		176		13			(1,260	)		(100	)		3,325			252
Class R-6		15,982		1,248		2,167		166			(9,789	)		(751	)		8,360			663
Total net increase (decrease)	$	1,718,852		132,093	$	222,072		17,126		$	(936,518	)		(71,537	)	$	1,004,406			77,682

38 American Funds Portfolio Series

Balanced Portfolio

	Sales1				Reinvestments of dividends and distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2017
Class A	$	450,885		33,295	$	95,493		7,244		$	(346,117	)		(25,603	)	$	200,261			14,936
Class B		86		6		27		2			(1,838	)		(136	)		(1,725	)		(128	)
Class C		120,905		8,973		22,526		1,720			(105,381	)		(7,826	)		38,050			2,867
Class T2		10		1		—		—			—			—			10			1
Class F-1		34,146		2,534		3,466		263			(47,400	)		(3,522	)		(9,788	)		(725	)
Class F-2		99,587		7,331		7,212		546			(45,383	)		(3,340	)		61,416			4,537
Class F-33		6,336		461		3		—	4		(306	)		(22	)		6,033			439
Class 529-A		31,875		2,356		6,428		488			(17,925	)		(1,330	)		20,378			1,514
Class 529-B		16		1		3		—	4		(262	)		(19	)		(243	)		(18	)
Class 529-C		13,440		1,000		2,629		201			(10,405	)		(775	)		5,664			426
Class 529-E		1,182		88		279		21			(995	)		(74	)		466			35
Class 529-T2		10		1		—		—			—			—			10			1
Class 529-F-1		6,093		450		696		53			(4,561	)		(333	)		2,228			170
Class R-1		2,487		185		280		21			(2,711	)		(201	)		56			5
Class R-2		20,113		1,492		1,951		149			(13,994	)		(1,039	)		8,070			602
Class R-2E		7,740		577		101		8			(2,246	)		(169	)		5,595			416
Class R-3		16,924		1,247		2,200		167			(12,173	)		(898	)		6,951			516
Class R-4		28,845		2,127		1,879		142			(11,605	)		(854	)		19,119			1,415
Class R-5E		2,144		163		5		—	4		(189	)		(14	)		1,960			149
Class R-5		4,556		335		372		28			(1,811	)		(135	)		3,117			228
Class R-6		55,989		4,135		4,509		341			(25,255	)		(1,858	)		35,243			2,618
Total net increase (decrease)	$	903,369		66,758	$	150,059		11,394		$	(650,557	)		(48,148	)	$	402,871			30,004
Year ended October 31, 2016
Class A	$	949,538		72,537	$	99,508		7,610		$	(435,771	)		(33,184	)	$	613,275			46,963
Class B		657		50		112		9			(3,824	)		(292	)		(3,055	)		(233	)
Class C		320,188		24,635		20,395		1,571			(136,184	)		(10,425	)		204,399			15,781
Class F-1		79,875		6,184		3,469		265			(34,034	)		(2,598	)		49,310			3,851
Class F-2		152,469		11,583		5,355		408			(41,795	)		(3,182	)		116,029			8,809
Class 529-A		52,565		4,001		6,684		511			(27,678	)		(2,106	)		31,571			2,406
Class 529-B		101		8		15		1			(509	)		(39	)		(393	)		(30	)
Class 529-C		27,570		2,108		2,595		200			(19,812	)		(1,507	)		10,353			801
Class 529-E		3,061		234		261		20			(1,183	)		(89	)		2,139			165
Class 529-F-1		7,710		586		689		53			(3,402	)		(258	)		4,997			381
Class R-1		4,784		367		262		20			(4,148	)		(316	)		898			71
Class R-2		32,531		2,497		1,641		126			(13,538	)		(1,032	)		20,634			1,591
Class R-2E		3,173		243		9		—	4		(344	)		(26	)		2,838			217
Class R-3		33,543		2,567		2,165		166			(19,021	)		(1,452	)		16,687			1,281
Class R-4		35,897		2,725		2,316		178			(35,881	)		(2,724	)		2,332			179
Class R-5E5		26		2		—		—			—			—			26			2
Class R-5		5,116		397		405		31			(4,621	)		(354	)		900			74
Class R-6		97,186		7,326		3,458		263			(36,248	)		(2,737	)		64,396			4,852
Total net increase (decrease)	$	1,805,990		138,050	$	149,339		11,432		$	(817,993	)		(62,321	)	$	1,137,336			87,161

See page 43 for footnotes.

American Funds Portfolio Series 39

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, 2017
Class A	$	383,654		32,097		$	54,476			4,589		$	(261,581	)		(21,879	)	$	176,549			14,807
Class B		22		2			8			1			(1,157	)		(97	)		(1,127	)		(94	)
Class C		79,083		6,643			10,436			883			(73,083	)		(6,143	)		16,436			1,383
Class T2		10		1			—			—			—			—			10			1
Class F-1		16,387		1,371			1,619			136			(18,422	)		(1,546	)		(416	)		(39	)
Class F-2		69,462		5,788			4,040			340			(35,456	)		(2,959	)		38,046			3,169
Class F-33		3,552		294			1			—	4		(9	)		(1	)		3,544			293
Class 529-A		13,230		1,106			1,652			139			(8,511	)		(714	)		6,371			531
Class 529-B		2		—	4		1			—	4		(110	)		(9	)		(107	)		(9	)
Class 529-C		6,345		534			770			65			(6,076	)		(512	)		1,039			87
Class 529-E		490		41			111			9			(662	)		(55	)		(61	)		(5	)
Class 529-T2		10		1			—			—			—			—			10			1
Class 529-F-1		1,467		122			186			16			(2,866	)		(240	)		(1,213	)		(102	)
Class R-1		465		39			28			2			(607	)		(51	)		(114	)		(10	)
Class R-2		5,799		487			464			39			(3,948	)		(331	)		2,315			195
Class R-2E		52		4			6			1			(104	)		(9	)		(46	)		(4	)
Class R-3		5,812		486			499			42			(4,389	)		(366	)		1,922			162
Class R-4		5,665		474			650			55			(5,028	)		(421	)		1,287			108
Class R-5E		98		9			4			—	4		(1	)		—	4		101			9
Class R-5		1,483		123			102			9			(720	)		(60	)		865			72
Class R-6		8,227		685			573			48			(4,289	)		(359	)		4,511			374
Total net increase (decrease)	$	601,315		50,307		$	75,626			6,374		$	(427,019	)		(35,752	)	$	249,922			20,929
Year ended October 31, 2016
Class A	$	697,584		60,692		$	91,671			7,997		$	(433,560	)		(37,835	)	$	355,695			30,854
Class B		502		44			74			7			(3,125	)		(272	)		(2,549	)		(221	)
Class C		197,713		17,327			17,572			1,542			(126,124	)		(11,042	)		89,161			7,827
Class F-1		37,817		3,294			2,881			251			(30,277	)		(2,633	)		10,421			912
Class F-2		171,186		14,880			4,346			376			(77,956	)		(7,021	)		97,576			8,235
Class 529-A		24,082		2,089			2,778			242			(17,963	)		(1,566	)		8,897			765
Class 529-B		62		6			8			1			(383	)		(34	)		(313	)		(27	)
Class 529-C		13,138		1,145			1,347			118			(13,049	)		(1,138	)		1,436			125
Class 529-E		724		63			206			18			(1,366	)		(120	)		(436	)		(39	)
Class 529-F-1		4,430		384			305			27			(1,714	)		(148	)		3,021			263
Class R-1		612		54			50			4			(404	)		(35	)		258			23
Class R-2		11,900		1,038			754			66			(8,564	)		(748	)		4,090			356
Class R-2E		318		27			—	4		—	4		—			—			318			27
Class R-3		11,512		1,004			727			63			(5,193	)		(455	)		7,046			612
Class R-4		16,804		1,462			995			87			(6,679	)		(578	)		11,120			971
Class R-5E5		85		7			1			—	4		—			—			86			7
Class R-5		2,169		189			145			13			(958	)		(83	)		1,356			119
Class R-6		12,071		1,049			835			72			(5,382	)		(466	)		7,524			655
Total net increase (decrease)	$	1,202,709		104,754		$	124,695			10,884		$	(732,697	)		(64,174	)	$	594,707			51,464

40 American Funds Portfolio Series

Tax-Advantaged Income Portfolio

	Sales1				Reinvestments of dividends and distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2017
Class A	$	148,385		11,736	$	20,360			1,630		$	(61,390	)		(4,861	)	$	107,355			8,505
Class B		—		—		—	4		—	4		(42	)		(3	)		(42	)		(3	)
Class C		28,234		2,243		2,954			238			(14,096	)		(1,121	)		17,092			1,360
Class T2		10		1		—			—			—			—			10			1
Class F-1		51,327		4,052		1,135			90			(14,753	)		(1,175	)		37,709			2,967
Class F-2		22,764		1,802		1,475			118			(15,337	)		(1,210	)		8,902			710
Class F-33		3,956		310		4			—	4		(24	)		(2	)		3,936			308
Total net increase (decrease)	$	254,676		20,144	$	25,928			2,076		$	(105,642	)		(8,372	)	$	174,962			13,848
Year ended October 31, 2016
Class A	$	307,714		24,775	$	24,557			1,976		$	(101,195	)		(8,169	)	$	231,076			18,582
Class B		38		3		2			—			(186	)		(15	)		(146	)		(12	)
Class C		70,862		5,728		3,208			260			(21,222	)		(1,721	)		52,848			4,267
Class F-1		20,656		1,678		967			78			(5,590	)		(448	)		16,033			1,308
Class F-2		35,376		2,846		1,608			129			(9,796	)		(792	)		27,188			2,183
Total net increase (decrease)	$	434,646		35,030	$	30,342			2,443		$	(137,989	)		(11,145	)	$	326,999			26,328

See page 43 for footnotes.

American Funds Portfolio Series 41

Preservation 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, 2017
Class A	$	249,843		25,209	$	6,217			630		$	(209,817	)		(21,194	)	$	46,243			4,645
Class B		10		1		1			—	4		(378	)		(38	)		(367	)		(37	)
Class C		32,256		3,260		728			74			(41,553	)		(4,203	)		(8,569	)		(869	)
Class T2		10		1		—			—			—			—			10			1
Class F-1		5,964		601		206			21			(7,500	)		(756	)		(1,330	)		(134	)
Class F-2		20,512		2,069		448			45			(19,067	)		(1,926	)		1,893			188
Class F-33		421		43		1			—	4		—			—			422			43
Class 529-A		13,975		1,411		580			59			(14,354	)		(1,451	)		201			19
Class 529-B		10		1		—	4		—	4		(119	)		(12	)		(109	)		(11	)
Class 529-C		7,042		711		137			14			(5,986	)		(606	)		1,193			119
Class 529-E		557		56		21			2			(549	)		(56	)		29			2
Class 529-T2		10		1		—	4		—	4		—			—			10			1
Class 529-F-1		4,834		488		127			13			(3,474	)		(351	)		1,487			150
Class R-1		224		23		6			1			(471	)		(48	)		(241	)		(24	)
Class R-2		3,692		373		76			8			(5,255	)		(532	)		(1,487	)		(151	)
Class R-2E		1,216		122		15			1			(1,832	)		(185	)		(601	)		(62	)
Class R-3		5,404		547		103			10			(5,002	)		(506	)		505			51
Class R-4		2,654		267		80			8			(2,909	)		(294	)		(175	)		(19	)
Class R-5E		—		—		—			—			—			—			—			—
Class R-5		1,366		137		13			1			(547	)		(55	)		832			83
Class R-6		3,191		320		99			10			(3,647	)		(368	)		(357	)		(38	)
Total net increase (decrease)	$	353,191		35,641	$	8,858			897		$	(322,460	)		(32,581	)	$	39,589			3,957
Year ended October 31, 2016
Class A	$	425,229		42,594	$	7,445			746		$	(217,793	)		(21,809	)	$	214,881			21,531
Class B		361		36		2			—			(1,232	)		(123	)		(869	)		(87	)
Class C		98,359		9,878		574			58			(55,136	)		(5,533	)		43,797			4,403
Class F-1		23,208		2,328		264			27			(16,681	)		(1,671	)		6,791			684
Class F-2		44,328		4,433		452			45			(16,909	)		(1,691	)		27,871			2,787
Class 529-A		38,996		3,905		695			70			(19,166	)		(1,919	)		20,525			2,056
Class 529-B		90		9		—			—			(384	)		(38	)		(294	)		(29	)
Class 529-C		20,439		2,049		85			9			(11,001	)		(1,103	)		9,523			955
Class 529-E		1,658		166		22			2			(1,100	)		(110	)		580			58
Class 529-F-1		6,605		661		155			15			(2,937	)		(294	)		3,823			382
Class R-1		931		93		6			1			(459	)		(46	)		478			48
Class R-2		10,454		1,050		55			5			(7,644	)		(765	)		2,865			290
Class R-2E		3,081		307		11			1			(177	)		(17	)		2,915			291
Class R-3		7,110		713		108			11			(5,184	)		(520	)		2,034			204
Class R-4		5,915		592		86			9			(2,425	)		(244	)		3,576			357
Class R-5E5		10		1		—			—			—			—			10			1
Class R-5		660		66		13			1			(177	)		(17	)		496			50
Class R-6		7,117		712		128			13			(3,828	)		(383	)		3,417			342
Total net increase (decrease)	$	694,551		69,593	$	10,101			1,013		$	(362,233	)		(36,283	)	$	342,419			34,323

42 American Funds Portfolio Series

Tax-Exempt Preservation 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, 2017
Class A	$	82,716		8,530	$	3,404			351		$	(101,202	)		(10,439	)	$	(15,082	)		(1,558	)
Class B		—		—		—	4		—	4		(20	)		(2	)		(20	)		(2	)
Class C		6,921		713		423			44			(15,782	)		(1,630	)		(8,438	)		(873	)
Class T2		10		1		—			—			—			—			10			1
Class F-1		1,267		130		100			10			(2,844	)		(293	)		(1,477	)		(153	)
Class F-2		9,209		948		371			39			(11,750	)		(1,211	)		(2,170	)		(224	)
Class F-33		123		13		—	4		—	4		—	4		—	4		123			13
Total net increase (decrease)	$	100,246		10,335	$	4,298			444		$	(131,598	)		(13,575	)	$	(27,054	)		(2,796	)
Year ended October 31, 2016
Class A	$	186,764		18,722	$	5,761			578		$	(75,982	)		(7,623	)	$	116,543			11,677
Class B		35		3		—			—			(80	)		(8	)		(45	)		(5	)
Class C		29,007		2,911		843			85			(16,352	)		(1,641	)		13,498			1,355
Class F-1		8,429		844		172			17			(2,637	)		(264	)		5,964			597
Class F-2		30,985		3,111		768			77			(21,843	)		(2,191	)		9,910			997
Total net increase (decrease)	$	255,220		25,591	$	7,544			757		$	(116,894	)		(11,727	)	$	145,870			14,621

1	Includes exchanges between share classes of the fund.
2	Class T and 529-T shares began investment operations on April 7, 2017.
3	Class F-3 shares began investment operations on January 27, 2017.
4	Amount less than one thousand.
5	Class R-5E shares began investment operations on November 20, 2015.

American Funds Portfolio Series 43

Financial highlights

Global Growth Portfolio

			Income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/176,7	$	14.29	$	.13		$	1.58		$	1.71	$	(.15	)	$	(.37	)	$	(.52	)	$	15.48		12.34	%8	$	1,201			.36	%9		.36	%9		.81	%9		1.83	%9
10/31/16		14.58		.15			.11			.26		(.13	)		(.42	)		(.55	)		14.29		1.86			1,074			.35			.33			.82			1.11
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
10/31/126,10		10.00		.03			1.14			1.17		—			—			—			11.17		11.70	8		53			.25	8		.20	8		.71	8		.29	8
Class B:
4/30/176,7		14.16		.13			1.53			1.66		—			(.37	)		(.37	)		15.45		12.00	8		—	11		1.15	9		1.15	9		1.60	9		1.82	9
10/31/16		14.44		.07			.07			.14		—			(.42	)		(.42	)		14.16		1.01			1			1.17			1.15			1.64			.52
10/31/15		14.66		.06			(.06	)		—		—	12		(.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
10/31/126,10		10.00		(.01	)		1.14			1.13		—			—			—			11.13		11.30	8		1			.56	8		.51	8		1.02	8		(.08	)8
Class C:
4/30/176,7		14.05		.08			1.56			1.64		(.04	)		(.37	)		(.41	)		15.28		11.97	8		250			1.13	9		1.13	9		1.58	9		1.08	9
10/31/16		14.37		.04			.09			.13		(.03	)		(.42	)		(.45	)		14.05		.99			227			1.14			1.13			1.62			.30
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
10/31/126,10		10.00		(.02	)		1.15			1.13		—			—			—			11.13		11.30	8		8			.56	8		.51	8		1.02	8		(.17	)8
Class T:
4/30/176,7,13		15.06		—	12		.43			.43		—			—			—			15.49		2.86	8,14		—	11		.01	8,14		.01	8,14		.46	8,14		(.01	)8,14
Class F-1:
4/30/176,7		14.30		.13			1.58			1.71		(.14	)		(.37	)		(.51	)		15.50		12.31	8		41			.40	9		.40	9		.85	9		1.84	9
10/31/16		14.58		.15			.10			.25		(.11	)		(.42	)		(.53	)		14.30		1.77			40			.42			.40			.89			1.08
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
10/31/126,10		10.00		.03			1.14			1.17		—			—			—			11.17		11.70	8		2			.19	8		.14	8		.65	8		.28	8
Class F-2:
4/30/176,7		14.34		.14			1.60			1.74		(.18	)		(.37	)		(.55	)		15.53		12.53	8		142			.14	9		.14	9		.59	9		1.99	9
10/31/16		14.64		.16			.12			.28		(.16	)		(.42	)		(.58	)		14.34		1.98			105			.15			.13			.62			1.15
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
10/31/126,10		10.00		.04			1.14			1.18		—			—			—			11.18		11.80	8		1			.11	8		.06	8		.57	8		.37	8

44 American Funds Portfolio Series

Global Growth Portfolio

			Income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class F-3:
4/30/176,7,15	$	14.50	$	.01		$	.98		$	.99		$	—		$	—		$	—		$	15.49		6.83	%8	$	3			.02	%8		.02	%8		.47	%8		.04	%8
Class 529-A:
4/30/176,7		14.27		.13			1.58			1.71			(.14	)		(.37	)		(.51	)		15.47		12.38	8		176			.40	9		.40	9		.85	9		1.77	9
10/31/16		14.56		.14			.11			.25			(.12	)		(.42	)		(.54	)		14.27		1.79			147			.41			.39			.88			1.03
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
10/31/126,10		10.00		.02			1.14			1.16			—			—			—			11.16		11.60	8		9			.23	8		.18	8		.69	8		.21	8
Class 529-B:
4/30/176,7		14.13		.18			1.47			1.65			—			(.37	)		(.37	)		15.41		11.95	8		—	11		1.20	9		1.20	9		1.65	9		2.58	9
10/31/16		14.42		.08			.05			.13			—			(.42	)		(.42	)		14.13		.94			—	11		1.26			1.23			1.72			.55
10/31/15		14.65		.05			(.06	)		(.01	)		—			(.22	)		(.22	)		14.42		(.04	)		—	11		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
10/31/126,10		10.00		(.03	)		1.17			1.14			—			—			—			11.14		11.40	8		—	11		.59	8		.54	8		1.05	8		(.26	)8
Class 529-C:
4/30/176,7		14.03		.07			1.57			1.64			(.01	)		(.37	)		(.38	)		15.29		11.94	8		60			1.20	9		1.20	9		1.65	9		.96	9
10/31/16		14.34		.03			.10			.13			(.02	)		(.42	)		(.44	)		14.03		.92			56			1.23			1.21			1.70			.22
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		—	12		.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	)
10/31/126,10		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:
4/30/176,7		14.19		.11			1.57			1.68			(.10	)		(.37	)		(.47	)		15.40		12.23	8		7			.66	9		.66	9		1.11	9		1.49	9
10/31/16		14.50		.10			.10			.20			(.09	)		(.42	)		(.51	)		14.19		1.45			6			.68			.67			1.16			.75
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
10/31/126,10		10.00		.01			1.15			1.16			—			—			—			11.16		11.60	8		—	11		.33	8		.29	8		.80	8		.08	8
Class 529-T:
4/30/176,7,13		15.06		—	12		.43			.43			—			—			—			15.49		2.86	8,14		—	11		.02	8,14		.02	8,14		.47	8,14		(.02	)8,14

See page 72 for footnotes.

American Funds Portfolio Series 45

Financial highlights (continued)

Global Growth Portfolio

			Income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-F-1:
4/30/176,7	$	14.32	$	.14		$	1.59		$	1.73		$	(.17	)	$	(.37	)	$	(.54	)	$	15.51		12.47	%8	$	12			.20	%9		.20	%9		.65	%9		1.96	%9
10/31/16		14.61		.17			.11			.28			(.15	)		(.42	)		(.57	)		14.32		1.97			10			.22			.21			.70			1.19
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
10/31/126,10		10.00		.03			1.15			1.18			—			—			—			11.18		11.80	8		—	11		.16	8		.11	8		.62	8		.23	8
Class R-1:
4/30/176,7		14.08		.07			1.58			1.65			—			(.37	)		(.37	)		15.36		12.00	8		3			1.13	9		1.13	9		1.58	9		.91	9
10/31/16		14.39		.03			.11			.14			(.03	)		(.42	)		(.45	)		14.08		1.03			3			1.15			1.14			1.63			.24
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
10/31/126,10		10.00		—	12		1.14			1.14			—			—			—			11.14		11.40	8		—	11		.51	8		.47	8		.98	8		(.04	)8
Class R-2:
4/30/176,7		14.03		.07			1.56			1.63			(.05	)		(.37	)		(.42	)		15.24		11.95	8		57			1.12	9		1.12	9		1.57	9		1.05	9
10/31/16		14.35		.03			.11			.14			(.04	)		(.42	)		(.46	)		14.03		1.03			47			1.16			1.15			1.64			.22
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		—	12		.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	)
10/31/126,10		10.00		(.02	)		1.17			1.15			—			—			—			11.15		11.50	8		1			.47	8		.42	8		.93	8		(.21	)8
Class R-2E:
4/30/176,7		14.27		.09			1.58			1.67			(.17	)		(.37	)		(.54	)		15.40		12.09	8		1			.80	9		.80	9		1.25	9		1.24	9
10/31/16		14.57		(.05	)		.31			.26			(.14	)		(.42	)		(.56	)		14.27		1.84			1			.75			.75			1.24			(.42	)
10/31/15		14.82		.17			(.04	)		.13			(.16	)		(.22	)		(.38	)		14.57		.94	14		—	11		.38	14		.27	14		.76	14		1.18	14
10/31/146,16		15.02		.01			(.21	)		(.20	)		—			—			—			14.82		(1.33	)8,14		—	11		.06	8,14		.04	8,14		.53	8,14		.09	8,14
Class R-3:
4/30/176,7		14.19		.10			1.57			1.67			(.10	)		(.37	)		(.47	)		15.39		12.16	8		29			.66	9		.66	9		1.11	9		1.45	9
10/31/16		14.49		.09			.11			.20			(.08	)		(.42	)		(.50	)		14.19		1.46			22			.72			.70			1.19			.69
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
10/31/126,10		10.00		.04			1.12			1.16			—			—			—			11.16		11.60	8		—	11		.33	8		.29	8		.80	8		.39	8
Class R-4:
4/30/176,7		14.27		.13			1.58			1.71			(.15	)		(.37	)		(.52	)		15.46		12.37	8		13			.36	9		.36	9		.81	9		1.84	9
10/31/16		14.57		.15			.10			.25			(.13	)		(.42	)		(.55	)		14.27		1.81			10			.41			.39			.88			1.08
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
10/31/126,10		10.00		—	12		1.18			1.18			—			—			—			11.18		11.80	8		—	11		.21	8		.16	8		.67	8		(.02	)8

46 American Funds Portfolio Series

Global Growth Portfolio

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-5E:
4/30/176,7	$	14.26	$	.15	$	1.58		$	1.73	$	(.16	)	$	(.37	)	$	(.53	)	$	15.46		12.52	%8	$	—	11		.15	%9		.11	%9		.56	%9		2.13	%9
10/31/166,17		14.71		.17		(.03	)		.14		(.17	)		(.42	)		(.59	)		14.26		1.03	8		—	11		.27	9		.25	9		.74	9		1.32	9
Class R-5:
4/30/176,7		14.40		.15		1.59			1.74		(.18	)		(.37	)		(.55	)		15.59		12.53	8		6			.08	9		.08	9		.53	9		2.09	9
10/31/16		14.70		.17		.11			.28		(.16	)		(.42	)		(.58	)		14.40		2.03			4			.10			.09			.58			1.25
10/31/15		14.88		.16		—	12		.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
10/31/126,10		10.00		.03		1.15			1.18		—			—			—			11.18		11.80	8		11			.10	8		.05	8		.56	8		.30	8
Class R-6:
4/30/176,7		14.43		.16		1.59			1.75		(.19	)		(.37	)		(.56	)		15.62		12.55	8		38			.03	9		.03	9		.48	9		2.14	9
10/31/16		14.72		.21		.09			.30		(.17	)		(.42	)		(.59	)		14.43		2.13			32			.05			.03			.52			1.47
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
10/31/126,10		10.00		.05		1.12			1.17		—			—			—			11.17		11.70	8		—	11		.13	8		.08	8		.59	8		.52	8

See page 72 for footnotes.

American Funds Portfolio Series 47

Financial highlights (continued)

Growth Portfolio

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/176,7	$	15.21	$	.14		$	1.65	$	1.79	$	(.15	)	$	(.50	)	$	(.65	)	$	16.35		12.18	%8	$	2,919			.32	%9		.32	%9		.71	%9		1.77	%9
10/31/16		15.41		.10			.41		.51		(.11	)		(.60	)		(.71	)		15.21		3.41			2,505			.34			.32			.76			.68
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
10/31/126,10		10.00		.02			1.00		1.02		—			—			—			11.02		10.20	8		108			.24	8		.19	8		.64	8		.15	8
Class B:
4/30/176,7		15.00		.14			1.58		1.72		—			(.50	)		(.50	)		16.22		11.78	8		—	11		1.14	9		1.14	9		1.53	9		1.85	9
10/31/16		15.23		.02			.35		.37		—			(.60	)		(.60	)		15.00		2.50			1			1.17			1.14			1.58			.12
10/31/15		15.18		—	12		.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		—	12		3.00		3.00		(.09	)		—			(.09	)		13.89		27.47			5			1.26			1.16			1.60			(.04	)
10/31/126,10		10.00		(.02	)		1.00		.98		—			—			—			10.98		9.80	8		1			.55	8		.51	8		.96	8		(.23	)8
Class C:
4/30/176,7		14.94		.07			1.63		1.70		(.04	)		(.50	)		(.54	)		16.10		11.71	8		682			1.12	9		1.12	9		1.51	9		.98	9
10/31/16		15.18		(.02	)		.39		.37		(.01	)		(.60	)		(.61	)		14.94		2.54			595			1.14			1.12			1.56			(.13	)
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	)
10/31/126,10		10.00		(.03	)		1.01		.98		—			—			—			10.98		9.80	8		14			.55	8		.50	8		.95	8		(.27	)8
Class T:
4/30/176,7,13		16.00		—	12		.34		.34		—			—			—			16.34		2.13	8,14		—	11		.01	8,14		.01	8,14		.40	8,14		(.01	)8,14
Class F-1:
4/30/176,7		15.20		.13			1.65		1.78		(.14	)		(.50	)		(.64	)		16.34		12.11	8		72			.39	9		.39	9		.78	9		1.71	9
10/31/16		15.40		.09			.40		.49		(.09	)		(.60	)		(.69	)		15.20		3.32			60			.41			.39			.83			.63
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
10/31/126,10		10.00		.02			1.00		1.02		—			—			—			11.02		10.20	8		3			.19	8		.15	8		.60	8		.19	8
Class F-2:
4/30/176,7		15.27		.15			1.66		1.81		(.18	)		(.50	)		(.68	)		16.40		12.27	8		209			.13	9		.13	9		.52	9		1.94	9
10/31/16		15.47		.12			.41		.53		(.13	)		(.60	)		(.73	)		15.27		3.58			166			.14			.13			.57			.81
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
10/31/126,10		10.00		.03			1.00		1.03		—			—			—			11.03		10.30	8		2			.09	8		.05	8		.50	8		.27	8

48 American Funds Portfolio Series

Growth Portfolio

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class F-3:
4/30/176,7,15	$	15.59	$	.01		$	.76	$	.77	$	—		$	—		$	—		$	16.36		4.94	%8	$	2			.01	%8		.01	%8		.40	%8		.07	%8
Class 529-A:
4/30/176,7		15.19		.13			1.65		1.78		(.14	)		(.50	)		(.64	)		16.33		12.14	8		469			.38	9		.38	9		.77	9		1.67	9
10/31/16		15.40		.09			.40		.49		(.10	)		(.60	)		(.70	)		15.19		3.28			370			.41			.40			.84			.60
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
10/31/126,10		10.00		.01			1.00		1.01		—			—			—			11.01		10.10	8		21			.23	8		.18	8		.63	8		.09	8
Class 529-B:
4/30/176,7		14.96		.13			1.59		1.72		—			(.50	)		(.50	)		16.18		11.81	8		—	11		1.19	9		1.19	9		1.58	9		1.76	9
10/31/16		15.20		.03			.33		.36		—			(.60	)		(.60	)		14.96		2.44			—	11		1.26			1.23			1.67			.18
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
10/31/126,10		10.00		(.02	)		1.00		.98		—			—			—			10.98		9.80	8		1			.59	8		.55	8		1.00	8		(.23	)8
Class 529-C:
4/30/176,7		14.94		.07			1.62		1.69		(.04	)		(.50	)		(.54	)		16.09		11.66	8		161			1.19	9		1.19	9		1.58	9		.88	9
10/31/16		15.18		(.03	)		.39		.36		—			(.60	)		(.60	)		14.94		2.44			126			1.22			1.21			1.65			(.20	)
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		—	12		(.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	)
10/31/126,10		10.00		(.03	)		1.01		.98		—			—			—			10.98		9.80	8		8			.60	8		.55	8		1.00	8		(.30	)8
Class 529-E:
4/30/176,7		15.09		.11			1.64		1.75		(.11	)		(.50	)		(.61	)		16.23		11.94	8		22			.65	9		.65	9		1.04	9		1.42	9
10/31/16		15.31		.05			.40		.45		(.07	)		(.60	)		(.67	)		15.09		3.02			18			.68			.66			1.10			.35
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
10/31/126,10		10.00		(.01	)		1.01		1.00		—			—			—			11.00		10.00	8		1			.35	8		.30	8		.75	8		(.05	)8
Class 529-T:
4/30/176,7,13		16.00		—	12		.34		.34		—			—			—			16.34		2.13	8,14		—	11		.02	8,14		.02	8,14		.41	8,14		(.02	)8,14

See page 72 for footnotes.

American Funds Portfolio Series 49

Financial highlights (continued)

Growth Portfolio

			Income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-F-1:
4/30/176,7	$	15.25	$	.14		$	1.66		$	1.80		$	(.17	)	$	(.50	)	$	(.67	)	$	16.38		12.22	%8	$	42			.18	%9		.18	%9		.57	%9		1.80	%9
10/31/16		15.45		.11			.41			.52			(.12	)		(.60	)		(.72	)		15.25		3.47			30			.21			.20			.64			.74
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
10/31/126,10		10.00		.02			1.01			1.03			—			—			—			11.03		10.20	8		1			.14	8		.10	8		.55	8		.16	8
Class R-1:
4/30/176,7		15.00		.08			1.63			1.71			(.03	)		(.50	)		(.53	)		16.18		11.70	8		8			1.12	9		1.12	9		1.51	9		1.03	9
10/31/16		15.22		(.02	)		.40			.38			—			(.60	)		(.60	)		15.00		2.57			7			1.15			1.13			1.57			(.11	)
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
10/31/126,10		10.00		(.04	)		1.03			.99			—			—			—			10.99		9.90	8		1			.56	8		.51	8		.96	8		(.34	)8
Class R-2:
4/30/176,7		14.95		.07			1.63			1.70			(.05	)		(.50	)		(.55	)		16.10		11.71	8		118			1.11	9		1.11	9		1.50	9		.94	9
10/31/16		15.18		(.03	)		.41			.38			(.01	)		(.60	)		(.61	)		14.95		2.57			94			1.15			1.14			1.58			(.20	)
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	)
10/31/126,10		10.00		(.03	)		1.03			1.00			—			—			—			11.00		10.00	8		2			.48	8		.44	8		.89	8		(.27	)8
Class R-2E:
4/30/176,7		15.08		.09			1.64			1.73			(.12	)		(.50	)		(.62	)		16.19		11.87	8		5			.81	9		.81	9		1.20	9		1.17	9
10/31/16		15.38		.03			.41			.44			(.14	)		(.60	)		(.74	)		15.08		2.94			4			.82			.81			1.25			.23
10/31/15		15.36		.07			.45			.52			(.14	)		(.36	)		(.50	)		15.38		3.43	14		—	11		.52	14		.42	14		.85	14		.48	14
10/31/146,16		15.54		.01			(.19	)		(.18	)		—			—			—			15.36		(1.16	)8,14		—	11		.06	8,14		.04	8,14		.47	8,14		.06	8,14
Class R-3:
4/30/176,7		15.11		.11			1.64			1.75			(.11	)		(.50	)		(.61	)		16.25		11.96	8		74			.65	9		.65	9		1.04	9		1.36	9
10/31/16		15.32		.04			.41			.45			(.06	)		(.60	)		(.66	)		15.11		3.02			55			.71			.69			1.13			.26
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
10/31/126,10		10.00		.02			.99			1.01			—			—			—			11.01		10.10	8		—	11		.32	8		.27	8		.72	8		.19	8
Class R-4:
4/30/176,7		15.18		.13			1.66			1.79			(.15	)		(.50	)		(.65	)		16.32		12.17	8		40			.36	9		.36	9		.75	9		1.73	9
10/31/16		15.40		.09			.40			.49			(.11	)		(.60	)		(.71	)		15.18		3.29			31			.40			.38			.82			.59
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
10/31/126,10		10.00		—	12		1.03			1.03			—			—			—			11.03		10.30	8		—	11		.18	8		.13	8		.58	8		.04	8

50 American Funds Portfolio Series

Growth Portfolio

			Income from investment operations1						Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-5E:
4/30/176,7	$	15.18	$	.16	$	1.64	$	1.80	$	(.16	)	$	(.50	)	$	(.66	)	$	16.32		12.26	%8	$	—	11		.14	%9		.10	%9		.49	%9		2.06	%9
10/31/166,17		15.52		.12		.28		.40		(.14	)		(.60	)		(.74	)		15.18		2.738			—	11		.26	9		.25	9		.69	9		.89	9
Class R-5:
4/30/176,7		15.33		.17		1.65		1.82		(.19	)		(.50	)		(.69	)		16.46		12.29	8		18			.08	9		.08	9		.47	9		2.11	9
10/31/16		15.53		.13		.41		.54		(.14	)		(.60	)		(.74	)		15.33		3.62			10			.10			.08			.52			.85
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
10/31/126,10		10.00		.03		1.00		1.03		—			—			—			11.03		10.30	8		9			.09	8		.04	8		.49	8		.24	8
Class R-6:
4/30/176,7		15.30		.16		1.66		1.82		(.19	)		(.50	)		(.69	)		16.43		12.34	8		50			.02	9		.02	9		.41	9		2.00	9
10/31/16		15.50		.16		.39		.55		(.15	)		(.60	)		(.75	)		15.30		3.66			41			.05			.03			.47			1.05
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
10/31/126,10		10.00		.05		.98		1.03		—			—			—			11.03		10.30	8		—	11		.12	8		.07	8		.52	8		.46	8

See page 72 for footnotes.

American Funds Portfolio Series 51

Financial highlights (continued)

Growth and Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/176,7	$	13.36	$	.15		$	1.02		$	1.17		$	(.16	)	$	(.32	)	$	(.48	)	$	14.05		8.99	%8	$	4,377			.33	%9		.33	%9		.66	%9		2.23	%9
10/31/16		13.44		.26			.25			.51			(.24	)		(.35	)		(.59	)		13.36		3.98			3,924			.35			.34			.71			2.02
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
10/31/126,10		10.00		.09			.87			.96			(.08	)		—			(.08	)		10.88		9.63	8		300			.23	8		.18	8		.56	8		.89	8
Class B:
4/30/176,7		13.35		.10			1.03			1.13			(.06	)		(.32	)		(.38	)		14.10		8.63	8		—	11		1.16	9		1.16	9		1.49	9		1.50	9
10/31/16		13.42		.17			.22			.39			(.11	)		(.35	)		(.46	)		13.35		3.05			2			1.16			1.14			1.51			1.27
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
10/31/126,10		10.00		.06			.87			.93			(.07	)		—			(.07	)		10.86		9.30	8		4			.55	8		.50	8		.88	8		.59	8
Class C:
4/30/176,7		13.28		.10			1.02			1.12			(.11	)		(.32	)		(.43	)		13.97		8.63	8		1,031			1.11	9		1.11	9		1.44	9		1.45	9
10/31/16		13.37		.16			.25			.41			(.15	)		(.35	)		(.50	)		13.28		3.16			923			1.13			1.12			1.49			1.23
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
10/31/126,10		10.00		.06			.87			.93			(.07	)		—			(.07	)		10.86		9.30	8		40			.54	8		.50	8		.88	8		.53	8
Class T:
4/30/176,7,13		13.85		—	12		.20			.20			—			—			—			14.05		1.44	8,14		—	11		.01	8,14		.01	8,14		.34	8,14		(.01	)8,14
Class F-1:
4/30/176,7		13.35		.15			1.03			1.18			(.16	)		(.32	)		(.48	)		14.05		9.05	8		138			.39	9		.39	9		.72	9		2.18	9
10/31/16		13.44		.26			.24			.50			(.24	)		(.35	)		(.59	)		13.35		3.86			111			.40			.39			.76			1.96
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
10/31/126,10		10.00		.08			.88			.96			(.08	)		—			(.08	)		10.88		9.66	8		7			.20	8		.15	8		.53	8		.79	8
Class F-2:
4/30/176,7		13.37		.16			1.03			1.19			(.17	)		(.32	)		(.49	)		14.07		9.18	8		274			.13	9		.13	9		.46	9		2.41	9
10/31/16		13.46		.29			.24			.53			(.27	)		(.35	)		(.62	)		13.37		4.11			203			.14			.13			.50			2.20
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
10/31/126,10		10.00		.11			.87			.98			(.09	)		—			(.09	)		10.89		9.81	8		4			.09	8		.04	8		.42	8		1.06	8

52 American Funds Portfolio Series

Growth and Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class F-3:
4/30/176,7,15	$	13.57	$	.03		$	.51		$	.54		$	(.06	)	$	—		$	(.06	)	$	14.05		4.02	%8	$	6			.01	%8		.01	%8		.34	%8		.24	%8
Class 529-A:
4/30/176,7		13.35		.15			1.03			1.18			(.16	)		(.32	)		(.48	)		14.05		9.04	8		387			.40	9		.40	9		.73	9		2.15	9
10/31/16		13.44		.25			.24			.49			(.23	)		(.35	)		(.58	)		13.35		3.81			329			.44			.43			.80			1.92
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
10/31/126,10		10.00		.09			.87			.96			(.08	)		—			(.08	)		10.88		9.61	8		36			.26	8		.22	8		.60	8		.84	8
Class 529-B:
4/30/176,7		13.36		.09			1.04			1.13			(.06	)		(.32	)		(.38	)		14.11		8.65	8		—	11		1.19	9		1.19	9		1.52	9		1.33	9
10/31/16		13.42		.15			.24			.39			(.10	)		(.35	)		(.45	)		13.36		3.01			—	11		1.24			1.22			1.59			1.16
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
10/31/126,10		10.00		.06			.86			.92			(.06	)		—			(.06	)		10.86		9.25	8		1			.59	8		.54	8		.92	8		.53	8
Class 529-C:
4/30/176,7		13.29		.09			1.02			1.11			(.10	)		(.32	)		(.42	)		13.98		8.59	8		148			1.19	9		1.19	9		1.52	9		1.37	9
10/31/16		13.38		.15			.24			.39			(.13	)		(.35	)		(.48	)		13.29		3.05			128			1.22			1.20			1.57			1.15
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
10/31/126,10		10.00		.05			.88			.93			(.07	)		—			(.07	)		10.86		9.29	8		15			.59	8		.54	8		.92	8		.49	8
Class 529-E:
4/30/176,7		13.33		.13			1.02			1.15			(.14	)		(.32	)		(.46	)		14.02		8.85	8		19			.64	9		.64	9		.97	9		1.91	9
10/31/16		13.41		.22			.25			.47			(.20	)		(.35	)		(.55	)		13.33		3.67			17			.68			.66			1.03			1.71
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
10/31/126,10		10.00		.07			.88			.95			(.08	)		—			(.08	)		10.87		9.52	8		1			.34	8		.30	8		.68	8		.63	8
Class 529-T:
4/30/176,7,13		13.85		—	12		.20			.20			—			—			—			14.05		1.44	8,14		—	11		.02	8,14		.02	8,14		.35	8,14		(.01	)8,14

See page 72 for footnotes.

American Funds Portfolio Series 53

Financial highlights (continued)

Growth and Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-F-1:
4/30/176,7	$	13.36	$	.16	$	1.03		$	1.19		$	(.17	)	$	(.32	)	$	(.49	)	$	14.06		9.15	%8	$	30			.18	%9		.18	%9		.51	%9		2.36	%9
10/31/16		13.45		.28		.24			.52			(.26	)		(.35	)		(.61	)		13.36		4.03			24			.21			.20			.57			2.12
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
10/31/126,10		10.00		.10		.87			.97			(.08	)		—			(.08	)		10.89		9.78	8		1			.14	8		.09	8		.47	8		.89	8
Class R-1:
4/30/176,7		13.30		.10		1.02			1.12			(.10	)		(.32	)		(.42	)		14.00		8.67	8		6			1.11	9		1.11	9		1.44	9		1.43	9
10/31/16		13.39		.16		.24			.40			(.14	)		(.35	)		(.49	)		13.30		3.08			6			1.15			1.13			1.50			1.23
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
10/31/126,10		10.00		.08		.85			.93			(.07	)		—			(.07	)		10.86		9.28	8		1			.54	8		.50	8		.88	8		.79	8
Class R-2:
4/30/176,7		13.27		.10		1.02			1.12			(.11	)		(.32	)		(.43	)		13.96		8.65	8		109			1.10	9		1.10	9		1.43	9		1.44	9
10/31/16		13.37		.16		.24			.40			(.15	)		(.35	)		(.50	)		13.27		3.08			91			1.15			1.14			1.51			1.20
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
10/31/126,10		10.00		.06		.87			.93			(.07	)		—			(.07	)		10.86		9.38	8		1			.48	8		.43	8		.81	8		.52	8
Class R-2E:
4/30/176,7		13.33		.12		1.02			1.14			(.13	)		(.32	)		(.45	)		14.02		8.76	8		4			.81	9		.81	9		1.14	9		1.76	9
10/31/16		13.44		.16		.29			.45			(.21	)		(.35	)		(.56	)		13.33		3.47			4			.82			.82			1.19			1.19
10/31/15		13.80		.28		(.18	)		.10			(.28	)		(.18	)		(.46	)		13.44		.76	14		—	11		.36	14		.25	14		.62	14		2.07	14
10/31/146,16		13.91		.06		(.11	)		(.05	)		(.06	)		—			(.06	)		13.80		(.34	)8,14		—	11		.06	8,14		.04	8,14		.41	8,14		.44	8,14
Class R-3:
4/30/176,7		13.31		.13		1.03			1.16			(.14	)		(.32	)		(.46	)		14.01		8.93	8		72			.65	9		.65	9		.98	9		1.89	9
10/31/16		13.41		.22		.23			.45			(.20	)		(.35	)		(.55	)		13.31		3.51			60			.70			.69			1.06			1.66
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
10/31/126,10		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:
4/30/176,7		13.35		.15		1.03			1.18			(.16	)		(.32	)		(.48	)		14.05		9.07	8		65			.35	9		.35	9		.68	9		2.19	9
10/31/16		13.44		.26		.24			.50			(.24	)		(.35	)		(.59	)		13.35		3.88			55			.39			.38			.75			1.99
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
10/31/126,10		10.00		.11		.86			.97			(.08	)		—			(.08	)		10.89		9.78	8		—	11		.16	8		.11	8		.49	8		1.02	8

54 American Funds Portfolio Series

Growth and Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-5E:
4/30/176,7	$	13.34	$	.17	$	1.02		$	1.19	$	(.17	)	$	(.32	)	$	(.49	)	$	14.04		9.19	%8	$	—	11		.14	%9		.10	%9		.43	%9		2.49	%9
10/31/166,17		13.41		.28		.26			.54		(.26	)		(.35	)		(.61	)		13.34		4.20	8		—	11		.25	9		.24	9		.61	9		2.28	9
Class R-5:
4/30/176,7		13.40		.16		1.04			1.20		(.18	)		(.32	)		(.50	)		14.10		9.19	8		13			.07	9		.07	9		.40	9		2.39	9
10/31/16		13.48		.30		.25			.55		(.28	)		(.35	)		(.63	)		13.40		4.23			7			.09			.08			.45			2.24
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
10/31/126,10		10.00		.10		.88			.98		(.09	)		—			(.09	)		10.89		9.81	8		11			.08	8		.03	8		.41	8		.96	8
Class R-6:
4/30/176,7		13.38		.17		1.03			1.20		(.18	)		(.32	)		(.50	)		14.08		9.23	8		72			.02	9		.02	9		.35	9		2.50	9
10/31/16		13.46		.30		.25			.55		(.28	)		(.35	)		(.63	)		13.38		4.28			52			.04			.02			.39			2.32
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
10/31/126,10		10.00		.11		.86			.97		(.08	)		—			(.08	)		10.89		9.78	8		—	11		.14	8		.10	8		.48	8		1.02	8

See page 72 for footnotes.

American Funds Portfolio Series 55

Financial highlights (continued)

Balanced Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/176,7	$	13.38	$	.13		$	.84	$	.97	$	(.13	)	$	(.26	)	$	(.39	)	$	13.96		7.49	%8	$	3,558			.34	%9		.34	%9		.72	%9		1.88	%9
10/31/16		13.41		.21			.24		.45		(.21	)		(.27	)		(.48	)		13.38		3.45			3,209			.37			.35			.73			1.57
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
10/31/126,10		10.00		.08			.78		.86		(.06	)		—			(.06	)		10.80		8.62	8		239			.23	8		.18	8		.53	8		.73	8
Class B:
4/30/176,7		13.37		.08			.85		.93		(.05	)		(.26	)		(.31	)		13.99		7.15	8		—	11		1.16	9		1.16	9		1.54	9		1.22	9
10/31/16		13.39		.11			.22		.33		(.08	)		(.27	)		(.35	)		13.37		2.57			2			1.17			1.14			1.52			.84
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
10/31/126,10		10.00		.04			.79		.83		(.05	)		—			(.05	)		10.78		8.29	8		3			.55	8		.50	8		.85	8		.37	8
Class C:
4/30/176,7		13.30		.07			.85		.92		(.08	)		(.26	)		(.34	)		13.88		7.12	8		944			1.12	9		1.12	9		1.50	9		1.11	9
10/31/16		13.34		.10			.24		.34		(.11	)		(.27	)		(.38	)		13.30		2.65			866			1.13			1.12			1.50			.80
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
10/31/126,10		10.00		.04			.79		.83		(.05	)		—			(.05	)		10.78		8.30	8		40			.54	8		.50	8		.85	8		.37	8
Class T:
4/30/176,7,13		13.76		—	12		.21		.21		—			—			—			13.97		1.53	8,14		—	11		.01	8,14		.01	8,14		.39	8,14		.02	8,14
Class F-1:
4/30/176,7		13.38		.12			.85		.97		(.13	)		(.26	)		(.39	)		13.96		7.44	8		132			.39	9		.39	9		.77	9		1.76	9
10/31/16		13.41		.20			.24		.44		(.20	)		(.27	)		(.47	)		13.38		3.43			137			.40			.39			.77			1.50
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
10/31/126,10		10.00		.08			.78		.86		(.06	)		—			(.06	)		10.80		8.64	8		4			.19	8		.15	8		.50	8		.79	8
Class F-2:
4/30/176,7		13.40		.14			.85		.99		(.15	)		(.26	)		(.41	)		13.98		7.59	8		295			.13	9		.13	9		.51	9		2.07	9
10/31/16		13.43		.23			.25		.48		(.24	)		(.27	)		(.51	)		13.40		3.68			222			.14			.13			.51			1.77
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
10/31/126,10		10.00		.09			.79		.88		(.07	)		—			(.07	)		10.81		8.80	8		6			.09	8		.04	8		.39	8		.88	8

56 American Funds Portfolio Series

Balanced Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class F-3:
4/30/176,7,15	$	13.48	$	.03		$	.50	$	.53	$	(.04	)	$	—		$	(.04	)	$	13.97		3.93	%8	$	6			.01	%8		.01	%8		.39	%8		.21	%8
Class 529-A:
4/30/176,7		13.38		.12			.85		.97		(.13	)		(.26	)		(.39	)		13.96		7.45	8		244			.42	9		.42	9		.80	9		1.80	9
10/31/16		13.41		.20			.24		.44		(.20	)		(.27	)		(.47	)		13.38		3.38			213			.44			.42			.80			1.50
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
10/31/126,10		10.00		.07			.78		.85		(.06	)		—			(.06	)		10.79		8.51	8		34			.27	8		.23	8		.58	8		.66	8
Class 529-B:
4/30/176,7		13.38		.09			.84		.93		(.04	)		(.26	)		(.30	)		14.01		7.15	8		—	11		1.23	9		1.23	9		1.61	9		1.35	9
10/31/16		13.39		.10			.23		.33		(.07	)		(.27	)		(.34	)		13.38		2.55			—	11		1.25			1.23			1.61			.77
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
10/31/126,10		10.00		.04			.78		.82		(.04	)		—			(.04	)		10.78		8.25	8		—	11		.59	8		.54	8		.89	8		.38	8
Class 529-C:
4/30/176,7		13.32		.07			.85		.92		(.08	)		(.26	)		(.34	)		13.90		7.07	8		113			1.19	9		1.19	9		1.57	9		1.02	9
10/31/16		13.35		.09			.24		.33		(.09	)		(.27	)		(.36	)		13.32		2.61			102			1.22			1.21			1.59			.72
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
10/31/126,10		10.00		.04			.78		.82		(.04	)		—			(.04	)		10.78		8.25	8		14			.59	8		.55	8		.90	8		.33	8
Class 529-E:
4/30/176,7		13.36		.11			.85		.96		(.12	)		(.26	)		(.38	)		13.94		7.37	8		10			.65	9		.65	9		1.03	9		1.59	9
10/31/16		13.39		.17			.24		.41		(.17	)		(.27	)		(.44	)		13.36		3.16			9			.67			.66			1.04			1.26
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
10/31/126,10		10.00		.06			.79		.85		(.06	)		—			(.06	)		10.79		8.49	8		1			.35	8		.30	8		.65	8		.61	8
Class 529-T:
4/30/176,7,13		13.76		—	12		.21		.21		—			—			—			13.97		1.53	8,14		—	11		.02	8,14		.02	8,14		.40	8,14		.01	8,14

See page 72 for footnotes.

American Funds Portfolio Series 57

Financial highlights (continued)

Balanced Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-F-1:
4/30/176,7	$	13.39	$	.14	$	.85		$	.99		$	(.14	)	$	(.26	)	$	(.40	)	$	13.98		7.62	%8	$	26			.19	%9		.19	%9		.57	%9		2.03	%9
10/31/16		13.42		.23		.23			.46			(.22	)		(.27	)		(.49	)		13.39		3.60			22			.22			.20			.58			1.71
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
10/31/126,10		10.00		.09		.77			.86			(.06	)		—			(.06	)		10.80		8.67	8		1			.14	8		.09	8		.44	8		.85	8
Class R-1:
4/30/176,7		13.33		.08		.84			.92			(.08	)		(.26	)		(.34	)		13.91		7.10	8		11			1.12	9		1.12	9		1.50	9		1.13	9
10/31/16		13.36		.10		.24			.34			(.10	)		(.27	)		(.37	)		13.33		2.66			10			1.15			1.13			1.51			.78
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
10/31/126,10		10.00		.04		.79			.83			(.05	)		—			(.05	)		10.78		8.32	8		1			.55	8		.50	8		.85	8		.36	8
Class R-2:
4/30/176,7		13.31		.07		.85			.92			(.08	)		(.26	)		(.34	)		13.89		7.11	8		87			1.10	9		1.10	9		1.48	9		1.10	9
10/31/16		13.35		.10		.24			.34			(.11	)		(.27	)		(.38	)		13.31		2.63			75			1.16			1.14			1.52			.76
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
10/31/126,10		10.00		.04		.81			.85			(.06	)		—			(.06	)		10.79		8.50	8		3			.48	8		.44	8		.79	8		.40	8
Class R-2E:
4/30/176,7		13.36		.08		.86			.94			(.11	)		(.26	)		(.37	)		13.93		7.26	8		9			.81	9		.81	9		1.19	9		1.13	9
10/31/16		13.40		.09		.31			.40			(.17	)		(.27	)		(.44	)		13.36		3.09			3			.82			.82			1.20			.73
10/31/15		13.31		.22		.16			.38			(.20	)		(.09	)		(.29	)		13.40		2.82	14		—	11		.35	14		.25	14		.63	14		1.61	14
10/31/146,16		13.37		.04		(.05	)		(.01	)		(.05	)		—			(.05	)		13.31		(.10	)8,14		—	11		.06	8,14		.04	8,14		.38	8,14		.31	8,14
Class R-3:
4/30/176,7		13.35		.10		.85			.95			(.11	)		(.26	)		(.37	)		13.93		7.33	8		90			.65	9		.65	9		1.03	9		1.56	9
10/31/16		13.38		.16		.24			.40			(.16	)		(.27	)		(.43	)		13.35		3.13			80			.71			.69			1.07			1.24
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
10/31/126,10		10.00		.10		.75			.85			(.06	)		—			(.06	)		10.79		8.53	8		5			.31	8		.26	8		.61	8		.89	8
Class R-4:
4/30/176,7		13.38		.13		.84			.97			(.13	)		(.26	)		(.39	)		13.96		7.49	8		77			.34	9		.34	9		.72	9		1.88	9
10/31/16		13.41		.21		.23			.44			(.20	)		(.27	)		(.47	)		13.38		3.43			55			.40			.38			.76			1.62
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
10/31/126,10		10.00		.10		.76			.86			(.06	)		—			(.06	)		10.80		8.61	8		1			.20	8		.15	8		.50	8		.92	8

58 American Funds Portfolio Series

Balanced Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-5E:
4/30/176,7	$	13.38	$	.08	$	.91	$	.99	$	(.14	)	$	(.26	)	$	(.40	)	$	13.97		7.58	%8	$	2			.15	%9		.15	%9		.53	%9		1.13	%9
10/31/166,17		13.44		.20		.23		.43		(.22	)		(.27	)		(.49	)		13.38		3.38	8		—	11		.26	9		.25	9		.63	9		1.60	9
Class R-5:
4/30/176,7		13.41		.14		.85		.99		(.15	)		(.26	)		(.41	)		13.99		7.61	8		15			.07	9		.07	9		.45	9		2.11	9
10/31/16		13.43		.24		.25		.49		(.24	)		(.27	)		(.51	)		13.41		3.79			12			.10			.08			.46			1.85
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
10/31/126,10		10.00		.09		.79		.88		(.07	)		—			(.07	)		10.81		8.80	8		7			.08	8		.03	8		.38	8		.83	8
Class R-6:
4/30/176,7		13.40		.14		.86		1.00		(.15	)		(.26	)		(.41	)		13.99		7.72	8		180			.02	9		.02	9		.40	9		2.14	9
10/31/16		13.43		.24		.25		.49		(.25	)		(.27	)		(.52	)		13.40		3.77			138			.04			.02			.40			1.81
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
10/31/126,10		10.00		.10		.77		.87		(.06	)		—			(.06	)		10.81		8.77	8		—	11		.13	8		.08	8		.43	8		.93	8

See page 72 for footnotes.

American Funds Portfolio Series 59

Financial highlights (continued)

Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/176,7	$	11.70	$	.18	$	.54		$	.72		$	(.19	)	$	(.05	)	$	(.24	)	$	12.18		6.20	%8	$	2,945			.38	%9		.38	%9		.68	%9		3.03	%9
10/31/16		11.55		.36		.24			.60			(.40	)		(.05	)		(.45	)		11.70		5.30			2,655			.36			.35			.65			3.13
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
10/31/126,10		10.00		.16		.52			.68			(.11	)		—			(.11	)		10.57		6.84	8		307			.23	8		.18	8		.49	8		1.54	8
Class B:
4/30/176,7		11.71		.12		.56			.68			(.07	)		(.05	)		(.12	)		12.27		5.85	8		—	11		1.15	9		1.15	9		1.45	9		2.02	9
10/31/16		11.53		.26		.25			.51			(.28	)		(.05	)		(.33	)		11.71		4.50			1			1.17			1.14			1.44			2.28
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
10/31/126,10		10.00		.13		.51			.64			(.09	)		—			(.09	)		10.55		6.47	8		2			.55	8		.50	8		.81	8		1.26	8
Class C:
4/30/176,7		11.64		.14		.53			.67			(.15	)		(.05	)		(.20	)		12.11		5.76	8		669			1.12	9		1.12	9		1.42	9		2.29	9
10/31/16		11.49		.27		.24			.51			(.31	)		(.05	)		(.36	)		11.64		4.55			627			1.14			1.12			1.42			2.35
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
10/31/126,10		10.00		.12		.52			.64			(.10	)		—			(.10	)		10.54		6.41	8		58			.54	8		.50	8		.81	8		1.20	8
Class T:
4/30/176,7,13		12.11		.01		.06			.07			—			—			—			12.18		.58	8,14		—	11		.01	8,14		.01	8,14		.31	8,14		.06	8,14
Class F-1:
4/30/176,7		11.70		.18		.54			.72			(.19	)		(.05	)		(.24	)		12.18		6.19	8		86			.39	9		.39	9		.69	9		3.02	9
10/31/16		11.55		.36		.23			.59			(.39	)		(.05	)		(.44	)		11.70		5.26			83			.41			.39			.69			3.09
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
10/31/126,10		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:
4/30/176,7		11.71		.19		.55			.74			(.21	)		(.05	)		(.26	)		12.19		6.33	8		220			.13	9		.13	9		.43	9		3.27	9
10/31/16		11.56		.40		.22			.62			(.42	)		(.05	)		(.47	)		11.71		5.54			174			.14			.13			.43			3.45
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
10/31/126,10		10.00		.17		.52			.69			(.12	)		—			(.12	)		10.57		6.90	8		10			.09	8		.04	8		.35	8		1.61	8

60 American Funds Portfolio Series

Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class F-3:
4/30/176,7,15	$	11.96	$	.04	$	.27		$	.31		$	(.09	)	$	—		$	(.09	)	$	12.18		2.62	%8	$	4			.01	%8		.01	%8		.31	%8		.31	%8
Class 529-A:
4/30/176,7		11.69		.18		.54			.72			(.19	)		(.05	)		(.24	)		12.17		6.18	8		90			.43	9		.43	9		.73	9		2.98	9
10/31/16		11.54		.35		.23			.58			(.38	)		(.05	)		(.43	)		11.69		5.21			81			.44			.43			.73			3.05
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
10/31/126,10		10.00		.16		.51			.67			(.11	)		—			(.11	)		10.56		6.72	8		13			.25	8		.20	8		.51	8		1.56	8
Class 529-B:
4/30/176,7		11.71		.12		.57			.69			(.11	)		(.05	)		(.16	)		12.24		5.88	8		—	11		1.13	9		1.13	9		1.43	9		2.11	9
10/31/16		11.53		.26		.24			.50			(.27	)		(.05	)		(.32	)		11.71		4.45			—	11		1.23			1.20			1.50			2.28
10/31/15		11.96		.30		(.43	)		(.13	)		(.26	)		(.04	)		(.30	)		11.53		(1.11	)		—	11		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
10/31/126,10		10.00		.12		.53			.65			(.10	)		—			(.10	)		10.55		6.50	8		—	11		.58	8		.53	8		.84	8		1.12	8
Class 529-C:
4/30/176,7		11.64		.13		.54			.67			(.14	)		(.05	)		(.19	)		12.12		5.82	8		50			1.17	9		1.17	9		1.47	9		2.23	9
10/31/16		11.50		.26		.23			.49			(.30	)		(.05	)		(.35	)		11.64		4.35			47			1.22			1.20			1.50			2.27
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
10/31/126,10		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:
4/30/176,7		11.69		.16		.54			.70			(.17	)		(.05	)		(.22	)		12.17		6.06	8		6			.65	9		.65	9		.95	9		2.77	9
10/31/16		11.53		.32		.25			.57			(.36	)		(.05	)		(.41	)		11.69		5.05			6			.68			.66			.96			2.81
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
10/31/126,10		10.00		.15		.52			.67			(.11	)		—			(.11	)		10.56		6.69	8		1			.35	8		.30	8		.61	8		1.47	8
Class 529-T:
4/30/176,7,13		12.11		.01		.06			.07			—			—			—			12.18		.58	8,14		—	11		.02	8,14		.02	8,14		.32	8,14		.05	8,14

See page 72 for footnotes.

American Funds Portfolio Series 61

Financial highlights (continued)

Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-F-1:
4/30/176,7	$	11.70	$	.19	$	.55		$	.74		$	(.20	)	$	(.05	)	$	(.25	)	$	12.19		6.38	%8	$	8			.19	%9		.19	%9		.49	%9		3.26	%9
10/31/16		11.55		.38		.23			.61			(.41	)		(.05	)		(.46	)		11.70		5.45			9			.21			.20			.50			3.26
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
10/31/126,10		10.00		.17		.52			.69			(.12	)		—			(.12	)		10.57		6.89	8		—	11		.14	8		.09	8		.40	8		1.63	8
Class R-1:
4/30/176,7		11.65		.13		.54			.67			(.14	)		(.05	)		(.19	)		12.13		5.81	8		2			1.12	9		1.12	9		1.42	9		2.22	9
10/31/16		11.50		.27		.24			.51			(.31	)		(.05	)		(.36	)		11.65		4.50			2			1.15			1.13			1.43			2.33
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
10/31/126,10		10.00		.17		.49			.66			(.11	)		—			(.11	)		10.55		6.59	8		—	11		.48	8		.43	8		.74	8		1.63	8
Class R-2:
4/30/176,7		11.64		.14		.54			.68			(.15	)		(.05	)		(.20	)		12.12		5.86	8		30			1.10	9		1.10	9		1.40	9		2.30	9
10/31/16		11.50		.27		.23			.50			(.31	)		(.05	)		(.36	)		11.64		4.44			27			1.17			1.15			1.45			2.33
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
10/31/126,10		10.00		.13		.53			.66			(.10	)		—			(.10	)		10.56		6.67	8		2			.50	8		.45	8		.76	8		1.28	8
Class R-2E:
4/30/176,7		11.69		.16		.54			.70			(.17	)		(.05	)		(.22	)		12.17		6.00	8		—	11		.78	9		.78	9		1.08	9		2.67	9
10/31/16		11.54		.19		.42			.61			(.41	)		(.05	)		(.46	)		11.69		5.39			—	11		.68			.67			.97			1.65
10/31/15		11.98		.41		(.43	)		(.02	)		(.38	)		(.04	)		(.42	)		11.54		(.18	)14		—	11		.36	14		.25	14		.55	14		3.46	14
10/31/146,16		12.07		.08		(.07	)		.01			(.10	)		—			(.10	)		11.98		.07	8,14		—	11		.06	8,14		.04	8,14		.35	8,14		.69	8,14
Class R-3:
4/30/176,7		11.68		.17		.53			.70			(.17	)		(.05	)		(.22	)		12.16		6.07	8		28			.65	9		.65	9		.95	9		2.79	9
10/31/16		11.53		.32		.24			.56			(.36	)		(.05	)		(.41	)		11.68		4.98			25			.71			.69			.99			2.79
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
10/31/126,10		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:
4/30/176,7		11.70		.18		.54			.72			(.19	)		(.05	)		(.24	)		12.18		6.21	8		34			.35	9		.35	9		.65	9		3.06	9
10/31/16		11.55		.35		.24			.59			(.39	)		(.05	)		(.44	)		11.70		5.28			31			.40			.38			.68			3.07
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
10/31/126,10		10.00		.23		.46			.69			(.12	)		—			(.12	)		10.57		6.89	8		1			.18	8		.14	8		.45	8		2.21	8

62 American Funds Portfolio Series

Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-5E:
4/30/176,7	$	11.69	$	.20	$	.54		$	.74	$	(.21	)	$	(.05	)	$	(.26	)	$	12.17		6.35	%8	$	—	11		.11	%9		.11	%9		.41	%9		3.30	%9
10/31/166,17		11.47		.42		.27			.69		(.42	)		(.05	)		(.47	)		11.69		6.14	8		—	11		.26	9		.25	9		.55	9		3.77	9
Class R-5:
4/30/176,7		11.72		.20		.54			.74		(.21	)		(.05	)		(.26	)		12.20		6.35	8		5			.07	9		.07	9		.37	9		3.36	9
10/31/16		11.57		.39		.24			.63		(.43	)		(.05	)		(.48	)		11.72		5.56			4			.10			.08			.38			3.35
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
10/31/126,10		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:
4/30/176,7		11.72		.20		.54			.74		(.21	)		(.05	)		(.26	)		12.20		6.38	8		31			.02	9		.02	9		.32	9		3.37	9
10/31/16		11.56		.40		.24			.64		(.43	)		(.05	)		(.48	)		11.72		5.71			25			.04			.03			.33			3.43
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
10/31/126,10		10.00		.19		.50			.69		(.12	)		—			(.12	)		10.57		6.89	8		—	11		.14	8		.09	8		.40	8		1.79	8

See page 72 for footnotes.

American Funds Portfolio Series 63

Financial highlights (continued)

Tax-Advantaged Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/176,7	$	12.54	$	.17	$	.50		$	.67	$	(.17	)	$	(.11	)	$	(.28	)	$	12.93		5.42	%8	$	1,027			.37	%9		.37	%9		.72	%9		2.72	%9
10/31/16		12.40		.33		.22			.55		(.33	)		(.08	)		(.41	)		12.54		4.52			889			.43			.42			.78			2.69
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
10/31/126,10		10.00		.15		.62			.77		(.11	)		—			(.11	)		10.66		7.73	8		66			.24	8		.19	8		.55	8		1.45	8
Class B:
4/30/176,7		12.58		.14		.54			.68		(.06	)		(.11	)		(.17	)		13.09		5.49	8		—	11		.79	9		.79	9		1.14	9		2.22	9
10/31/16		12.40		.24		.22			.46		(.20	)		(.08	)		(.28	)		12.58		3.75			—	11		1.14			1.12			1.48			1.93
10/31/15		12.47		.25		(.07	)		.18		(.22	)		(.03	)		(.25	)		12.40		1.45			—	11		1.23			1.13			1.49			2.01
10/31/14		11.52		.26		.94			1.20		(.25	)		—			(.25	)		12.47		10.55			—	11		1.25			1.15			1.52			2.16
10/31/13		10.66		.25		.85			1.10		(.23	)		(.01	)		(.24	)		11.52		10.38			—	11		1.28			1.18			1.55			2.24
10/31/126,10		10.00		.12		.63			.75		(.09	)		—			(.09	)		10.66		7.51	8		—	11		.52	8		.48	8		.84	8		1.20	8
Class C:
4/30/176,7		12.46		.12		.50			.62		(.12	)		(.11	)		(.23	)		12.85		5.07	8		177			1.13	9		1.13	9		1.48	9		1.96	9
10/31/16		12.34		.24		.21			.45		(.25	)		(.08	)		(.33	)		12.46		3.70			155			1.14			1.13			1.49			1.97
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
10/31/126,10		10.00		.11		.63			.74		(.10	)		—			(.10	)		10.64		7.43	8		8			.55	8		.50	8		.86	8		1.01	8
Class T:
4/30/176,7,18		12.81		.01		.10			.11		—			—			—			12.92		.86	8,14		—	11		.01	8,14		.01	8,14		.36	8,14		.11	8,14
Class F-1:
4/30/176,7		12.53		.17		.50			.67		(.17	)		(.11	)		(.28	)		12.92		5.43	8		78			.40	9		.40	9		.75	9		2.68	9
10/31/16		12.40		.33		.21			.54		(.33	)		(.08	)		(.41	)		12.53		4.47			39			.41			.40			.76			2.69
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
10/31/126,10		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:
4/30/176,7		12.55		.18		.50			.68		(.18	)		(.11	)		(.29	)		12.94		5.53	8		73			.15	9		.15	9		.50	9		2.93	9
10/31/16		12.42		.37		.20			.57		(.36	)		(.08	)		(.44	)		12.55		4.72			62			.15			.14			.50			2.95
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
10/31/126,10		10.00		.15		.64			.79		(.12	)		—			(.12	)		10.67		7.92	8		1			.10	8		.05	8		.41	8		1.48	8

64 American Funds Portfolio Series

Tax-Advantaged Income Portfolio

			Income 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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class F-3:
4/30/176,7,15	$	12.62	$	.07	$	.32	$	.39	$	(.08	)	$	—	$	(.08	)	$	12.93		3.10	%8	$	4		.02	%8		.02	%8		.37	%8		.61	%8

See page 72 for footnotes.

American Funds Portfolio Series 65

Financial highlights (continued)

Preservation Portfolio

			Income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/176,7	$	10.03	$	.06	$	(.08	)	$	(.02	)	$	(.07	)	$	(.01	)	$	(.08	)	$	9.93		(.22	)%8	$	840			.43	%9		.43	%9		.73	%9		1.16	%9
10/31/16		9.95		.10		.09			.19			(.11	)		—			(.11	)		10.03		1.90			803			.42			.41			.71			1.05
10/31/15		9.95		.11		—	12		.11			(.11	)		—			(.11	)		9.95		1.08			582			.51			.41			.71			1.09
10/31/14		9.91		.10		.04			.14			(.10	)		—			(.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
10/31/126,10		10.00		.06		.07			.13			(.05	)		—			—			10.08		1.26	8		163			.23	8		.19	8		.50	8		.60	8
Class B:
4/30/176,7		10.04		.02		(.08	)		(.06	)		(.02	)		(.01	)		(.03	)		9.95		(.64	)8		—	11		1.17	9		1.17	9		1.47	9		.39	9
10/31/16		9.95		.03		.08			.11			(.02	)		—			(.02	)		10.04		1.15			—	11		1.19			1.16			1.46			.29
10/31/15		9.95		.03		—	12		.03			(.03	)		—			(.03	)		9.95		.35			1			1.24			1.14			1.44			.33
10/31/14		9.91		.03		.03			.06			(.02	)		—			(.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
10/31/126,10		10.00		.03		.07			.10			(.02	)		—			—			10.08		.97	8		2			.55	8		.51	8		.82	8		.28	8
Class C:
4/30/176,7		10.01		.02		(.07	)		(.05	)		(.04	)		(.01	)		(.05	)		9.91		(.57	)8		165			1.14	9		1.14	9		1.44	9		.44	9
10/31/16		9.93		.03		.09			.12			(.04	)		—			(.04	)		10.01		1.18			175			1.15			1.14			1.44			.32
10/31/15		9.94		.04		(.01	)		.03			(.04	)		—			(.04	)		9.93		.28			130			1.23			1.13			1.43			.36
10/31/14		9.90		.03		.04			.07			(.03	)		—			(.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
10/31/126,10		10.00		.03		.06			.09			(.02	)		—			—			10.07		.93	8		33			.55	8		.50	8		.81	8		.28	8
Class T:
4/30/176,7,13		9.91		.01		.02			.03			(.01	)		—			(.01	)		9.93		.34	8,14		—	11		.02	8,14		.02	8,14		.32	8,14		.09	8,14
Class F-1:
4/30/176,7		10.03		.06		(.08	)		(.02	)		(.07	)		(.01	)		(.08	)		9.93		(.21	)8		26			.42	9		.42	9		.72	9		1.17	9
10/31/16		9.95		.10		.09			.19			(.11	)		—			(.11	)		10.03		1.90			27			.42			.41			.71			1.04
10/31/15		9.96		.11		(.01	)		.10			(.11	)		—			(.11	)		9.95		1.00			20			.50			.40			.70			1.11
10/31/14		9.91		.10		.05			.15			(.10	)		—			(.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
10/31/126,10		10.00		.06		.07			.13			(.05	)		—			—			10.08		1.33	8		7			.20	8		.15	8		.46	8		.63	8
Class F-2:
4/30/176,7		10.03		.07		(.07	)		—			(.09	)		(.01	)		(.10	)		9.93		(.08	)8		51			.16	9		.16	9		.46	9		1.43	9
10/31/16		9.95		.13		.08			.21			(.13	)		—			(.13	)		10.03		2.18			49			.15			.14			.44			1.31
10/31/15		9.95		.13		—	12		.13			(.13	)		—			(.13	)		9.95		1.33			21			.25			.15			.45			1.34
10/31/14		9.91		.12		.04			.16			(.12	)		—			(.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
10/31/126,10		10.00		.07		.07			.14			(.06	)		—			—			10.08		1.40	8		3			.10	8		.05	8		.36	8		.74	8

66 American Funds Portfolio Series

Preservation Portfolio

			Income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class F-3:
4/30/176,7,15	$	9.88	$	.04	$	.04		$	.08		$	(.04	)	$	—		$	(.04	)	$	9.92		.78	%8	$	1	11		.03	%8		.02	%8		.32	%8		.40	%8
Class 529-A:
4/30/176,7		10.03		.06		(.09	)		(.03	)		(.07	)		(.01	)		(.08	)		9.92		(.33	)8		76			.45	9		.45	9		.75	9		1.14	9
10/31/16		9.94		.10		.09			.19			(.10	)		—			(.10	)		10.03		1.97			77			.45			.43			.73			1.03
10/31/15		9.95		.10		(.01	)		.09			(.10	)		—			(.10	)		9.94		.93			56			.57			.47			.77			1.03
10/31/14		9.91		.09		.04			.13			(.09	)		—			(.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
10/31/126,10		10.00		.06		.06			.12			(.04	)		—			—			10.08		1.25	8		17			.26	8		.22	8		.53	8		.57	8
Class 529-B:
4/30/176,7		10.04		.02		(.08	)		(.06	)		(.02	)		(.01	)		(.03	)		9.95		(.66	)8		—	11		1.24	9		1.24	9		1.54	9		.31	9
10/31/16		9.95		.02		.09			.11			(.02	)		—			(.02	)		10.04		1.08			—	11		1.27			1.25			1.55			.22
10/31/15		9.96		.03		(.01	)		.02			(.03	)		—			(.03	)		9.95		.17			—	11		1.33			1.23			1.53			.26
10/31/14		9.92		.02		.04			.06			(.02	)		—			(.02	)		9.96		.56			—	11		1.34			1.23			1.53			.20
10/31/13		10.08		.03		(.16	)		(.13	)		(.03	)		—			—			9.92		(1.33	)		—	11		1.38			1.26			1.56			.29
10/31/126,10		10.00		.02		.07			.09			(.01	)		—			—			10.08		.89	8		1			.59	8		.55	8		.86	8		.25	8
Class 529-C:
4/30/176,7		10.02		.02		(.09	)		(.07	)		(.03	)		(.01	)		(.04	)		9.91		(.70	)8		35			1.21	9		1.21	9		1.51	9		.38	9
10/31/16		9.94		.02		.09			.11			(.03	)		—			(.03	)		10.02		1.10			34			1.23			1.22			1.52			.24
10/31/15		9.95		.03		(.01	)		.02			(.03	)		—			(.03	)		9.94		.19			25			1.32			1.22			1.52			.27
10/31/14		9.91		.02		.04			.06			(.02	)		—			(.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
10/31/126,10		10.00		.02		.07			.09			(.01	)		—			—			10.08		.93	8		9			.60	8		.55	8		.86	8		.24	8
Class 529-E:
4/30/176,7		10.02		.04		(.07	)		(.03	)		(.06	)		(.01	)		(.07	)		9.92		(.33	)8		3			.67	9		.67	9		.97	9		.92	9
10/31/16		9.94		.08		.08			.16			(.08	)		—			(.08	)		10.02		1.64			3			.69			.68			.98			.78
10/31/15		9.95		.08		(.01	)		.07			(.08	)		—			(.08	)		9.94		.70			3			.79			.69			.99			.81
10/31/14		9.91		.07		.04			.11			(.07	)		—			(.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
10/31/126,10		10.00		.05		.06			.11			(.04	)		—			—			10.07		1.13	8		1			.35	8		.31	8		.62	8		.47	8
Class 529-T:
4/30/176,7,13		9.91		.01		.02			.03			(.01	)		—			(.01	)		9.93		.33	8,14		—	11		.02	8,14		.02	8,14		.32	8,14		.08	8,14

See page 72 for footnotes.

American Funds Portfolio Series 67

Financial highlights (continued)

Preservation Portfolio

				Income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period			Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-F-1:
4/30/176,7	$	10.03	$		.07	$	(.09	)	$	(.02	)	$	(.08	)	$	(.01	)	$	(.09	)	$	9.92		(.21	)%8	$	15			.21	%9		.21	%9		.51	%9		1.38	%9
10/31/16		9.94			.12		.10			.22			(.13	)		—			(.13	)		10.03		2.19			14			.23			.22			.52			1.24
10/31/15		9.95			.13		(.01	)		.12			(.13	)		—			(.13	)		9.94		1.17			10			.32			.22			.52			1.28
10/31/14		9.91			.12		.04			.16			(.12	)		—			(.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
10/31/126,10		10.00			.07		.07			.14			(.06	)		—			—			10.08		1.37	8		1			.14	8		.10	8		.41	8		.68	8
Class R-1:
4/30/176,7		10.02			.02		(.07	)		(.05	)		(.04	)		(.01	)		(.05	)		9.92		(.58	)8		2			1.14	9		1.14	9		1.44	9		.44	9
10/31/16		9.94			.03		.09			.12			(.04	)		—			(.04	)		10.02		1.17			2			1.16			1.15			1.45			.31
10/31/15		9.95			.04		(.01	)		.03			(.04	)		—			(.04	)		9.94		.28			1			1.24			1.14			1.44			.37
10/31/14		9.91			.02		.05			.07			(.03	)		—			(.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
10/31/126,10		10.00			.03		.10			.13			(.05	)		—			—			10.08		1.30	8		—	11		.45	8		.41	8		.72	8		.35	8
Class R-2:
4/30/176,7		10.00			.02		(.07	)		(.05	)		(.04	)		(.01	)		(.05	)		9.90		(.55	)8		15			1.09	9		1.09	9		1.39	9		.49	9
10/31/16		9.93			.03		.08			.11			(.04	)		—			(.04	)		10.00		1.07			17			1.20			1.18			1.48			.27
10/31/15		9.94			.04		(.01	)		.03			(.04	)		—			(.04	)		9.93		.28			14			1.25			1.15			1.45			.36
10/31/14		9.90			.02		.04			.06			(.02	)		—			(.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
10/31/126,10		10.00			.03		.08			.11			(.04	)		—			—			10.07		1.11	8		1			.47	8		.42	8		.73	8		.33	8
Class R-2E:
4/30/176,7		10.02			.04		(.08	)		(.04	)		(.05	)		(.01	)		(.06	)		9.92		(.44	)8		2			.85	9		.85	9		1.15	9		.74	9
10/31/16		9.95			.07		.08			.15			(.08	)		—			(.08	)		10.02		1.53			3			.81			.81			1.11			.69
10/31/15		9.96			.12		(.01	)		.11			(.12	)		—			(.12	)		9.95		1.12	14		—	11		.38	14		.27	14		.57	14		1.22	14
10/31/146,16		9.96			.02		—	12		.02			(.02	)		—			(.02	)		9.96		.16	8,14		—	11		.06	8,14		.04	8,14		.34	8,14		.17	8,14
Class R-3:
4/30/176,7		10.02			.04		(.07	)		(.03	)		(.06	)		(.01	)		(.07	)		9.92		(.33	)8		15			.67	9		.67	9		.97	9		.91	9
10/31/16		9.94			.07		.09			.16			(.08	)		—			(.08	)		10.02		1.60			15			.73			.71			1.01			.74
10/31/15		9.95			.08		(.01	)		.07			(.08	)		—			(.08	)		9.94		.70			13			.80			.70			1.00			.80
10/31/14		9.91			.07		.04			.11			(.07	)		—			(.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
10/31/126,10		10.00			.05		.07			.12			(.04	)		—			—			10.08		1.19	8		—	11		.33	8		.29	8		.60	8		.51	8
Class R-4:
4/30/176,7		10.03			.06		(.08	)		(.02	)		(.07	)		(.01	)		(.08	)		9.93		(.19	)8		10			.38	9		.38	9		.68	9		1.20	9
10/31/16		9.95			.11		.08			.19			(.11	)		—			(.11	)		10.03		1.92			10			.41			.40			.70			1.06
10/31/15		9.96			.11		(.01	)		.10			(.11	)		—			(.11	)		9.95		1.01			6			.48			.38			.68			1.13
10/31/14		9.92			.10		.04			.14			(.10	)		—			(.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
10/31/126,10		10.00			.06		.08			.14			(.06	)		—			—			10.08		1.36	8		—	11		.17	8		.13	8		.44	8		.63	8

68 American Funds Portfolio Series

Preservation Portfolio

			Income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			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 waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-5E:
4/30/176,7	$	10.04	$	.07	$	(.07	)	$	—		$	(.09	)	$	(.01	)	$	(.10	)	$	9.94		(.08	)%8	$	—	11		.16	%9		.12	%9		.42	%9		1.46	%9
10/31/166,17		9.91		.11		.13			.24			(.11	)		—			(.11	)		10.04		2.48	8		—	11		.28	9		.27	9		.57	9		1.19	9
Class R-5:
4/30/176,7		10.03		.07		(.07	)		—			(.09	)		(.01	)		(.10	)		9.93		(.05	)8		2			.10	9		.10	9		.40	9		1.51	9
10/31/16		9.95		.14		.08			.22			(.14	)		—			(.14	)		10.03		2.21			1			.11			.10			.40			1.35
10/31/15		9.96		.14		(.01	)		.13			(.14	)		—			(.14	)		9.95		1.28			1			.20			.10			.40			1.40
10/31/14		9.91		.14		.04			.18			(.13	)		—			(.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
10/31/126,10		10.00		.07		.07			.14			(.06	)		—			—			10.08		1.42	8		3			.08	8		.04	8		.35	8		.75	8
Class R-6:
4/30/176,7		10.03		.08		(.08	)		—			(.09	)		(.01	)		(.10	)		9.93		(.03	)8		10			.05	9		.05	9		.35	9		1.54	9
10/31/16		9.95		.14		.08			.22			(.14	)		—			(.14	)		10.03		2.27			11			.06			.04			.34			1.41
10/31/15		9.96		.14		(.01	)		.13			(.14	)		—			(.14	)		9.95		1.34			7			.15			.05			.35			1.45
10/31/14		9.91		.13		.05			.18			(.13	)		—			(.13	)		9.96		1.76			6			.14			.04			.34			1.31
10/31/13		10.08		.15		(.18	)		(.03	)		(.14	)		—			—			9.91		(.16	)		—	11		.20			.08			.38			1.45
10/31/126,10		10.00		.07		.06			.13			(.05	)		—			—			10.08		1.34	8		—	11		.13	8		.08	8		.39	8		.72	8
See page 72 for footnotes.

American Funds Portfolio Series 69

Financial highlights (continued)

Tax-Exempt Preservation Portfolio

			Income from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimbursements4			Ratio of expenses to average net assets after waivers/ reimbursements3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/176,7	$	9.90	$	.10	$	(.13	)	$	(.03	)	$	(.11	)	$	9.76		(.33	)%8	$	319			.47	%9		.47	%9		.81	%9		2.16	%9
10/31/16		9.91		.22		(.01	)		.21			(.22	)		9.90		2.08			338			.47			.44			.74			2.21
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
10/31/126,10		10.00		.12		.09			.21			(.10	)		10.11		2.10	8		72			.24	8		.19	8		.50	8		1.22	8
Class B:
4/30/176,7		9.93		.07		(.13	)		(.06	)		(.06	)		9.81		(.57	)8		—	11		1.05	9		1.05	9		1.39	9		1.52	9
10/31/16		9.92		.15		(.01	)		.14			(.13	)		9.93		1.45	14		—	11		1.19	14		1.15	14		1.45	14		1.54	14
10/31/15		10.00		.17		(.09	)		.08			(.16	)		9.92		.81			—	11		1.26			1.15			1.46			1.72
10/31/14		9.82		.19		.17			.36			(.18	)		10.00		3.74			—	11		1.27			1.15			1.46			1.91
10/31/13		10.12		.18		(.30	)		(.12	)		(.18	)		9.82		(1.21	)		—	11		1.29			1.16			1.47			1.83
10/31/126,10		10.00		.09		.09			.18			(.06	)		10.12		1.84	8		—	11		.53	8		.49	8		.80	8		.92	8
Class C:
4/30/176,7		9.89		.07		(.14	)		(.07	)		(.07	)		9.75		(.68	)8		55			1.17	9		1.17	9		1.51	9		1.45	9
10/31/16		9.89		.15		—	12		.15			(.15	)		9.89		1.48			64			1.17			1.14			1.44			1.51
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
10/31/126,10		10.00		.09		.09			.18			(.08	)		10.10		1.77	8		22			.55	8		.51	8		.82	8		.89	8
Class T:
4/30/176,7,18		9.76		.01		.01			.02			(.02	)		9.76		.21	8,14		—	11		.02	8,14		.02	8,14		.36	8,14		.13	8,14
Class F-1:
4/30/176,7		9.90		.11		(.13	)		(.02	)		(.11	)		9.77		(.22	)8		9			.45	9		.45	9		.79	9		2.18	9
10/31/16		9.91		.22		(.01	)		.21			(.22	)		9.90		2.13			11			.43			.40			.70			2.23
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
10/31/126,10		10.00		.12		.09			.21			(.10	)		10.11		2.13	8		9			.20	8		.16	8		.47	8		1.24	8
Class F-2:
4/30/176,7		9.90		.12		(.14	)		(.02	)		(.12	)		9.76		(.18	)8		31			.19	9		.19	9		.53	9		2.44	9
10/31/16		9.91		.25		(.02	)		.23			(.24	)		9.90		2.37			34			.18			.15			.45			2.50
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
10/31/126,10		10.00		.13		.09			.22			(.11	)		10.11		2.25	8		12			.10	8		.05	8		.36	8		1.34	8

70 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

			Income from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimbursements4			Ratio of expenses to average net assets after waivers/ reimbursements3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class F-3:
4/30/176,7,15	$	9.69	$	.06	$	.07	$	.13	$	(.06	)	$	9.76		1.35	%8	$	—	11		.04	%8		.03	%8		.37	%8		.64	%8

See page 72 for footnotes.

American Funds Portfolio Series 71

Financial highlights (continued)

	Six months ended			Year ended October 31
Portfolio turnover rate for all share classes	April 30, 20176,7,8			2016			2015			2014			2013			20126,8,10,19
Global Growth Portfolio		20	%		2	%		2	%		—	%20		—	%20		40	%
Growth Portfolio		10			—	20		—	20		—	20		—	20		24
Growth and Income Portfolio		11			—	20		—	20		—	20		—	20		7
Balanced Portfolio		5			—	20		13			—	20		—	20		9
Income Portfolio		—	20		8			—	20		—	20		—	20		7
Tax-Advantaged Income Portfolio		4			—	20		1			1			2	19		45
Preservation Portfolio		24			2			2			5			11	19		16
Tax-Exempt Preservation Portfolio		24			6			8			14			28	19		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 waivers/reimbursements from CRMC. During the periods shown, CRMC reduced fees for investment advisory services. During the periods shown, CRMC also reimbursed a portion of miscellaneous fees and expenses for 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 Expense Example for further information regarding fees and expenses.
6	Based on operations for the period shown and, accordingly, is not representative of a full year.
7	Unaudited.
8	Not annualized.
9	Annualized.
10	For the period May 18, 2012, commencement of operations, through October 31, 2012.
11	Amount less than $1 million.
12	Amount less than $.01.
13	Class T and 529-T shares began investment operations on April 7, 2017.
14	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.
15	Class F-3 shares began investment operations on January 27, 2017.
16	Class R-2E shares began investment operations on August 29, 2014.
17	Class R-5E shares began investment operations on November 20, 2015.
18	Class T shares began investment operations on April 7, 2017.
19	Portfolio turnover rates reflect the redemption (or removal) of CRMC’s initial capital investment, without which the portfolio turnover rates would have been lower.
20	Amount is either less than 1% or there is no turnover.

See Notes to Financial Statements

72 American Funds Portfolio Series

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2016, through April 30, 2017).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and F-3 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.

American Funds Portfolio Series 73

Global Growth Portfolio

	Beginning account value 11/1/2016		Ending account value 4/30/2017		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,123.38	$	1.90		.36	%	$	4.26		.81	%
Class A – assumed 5% return		1,000.00		1,023.01		1.81		.36			4.06		.81
Class B – actual return		1,000.00		1,119.97		6.04		1.15			8.41		1.60
Class B – assumed 5% return		1,000.00		1,019.09		5.76		1.15			8.00		1.60
Class C – actual return		1,000.00		1,119.72		5.94		1.13			8.30		1.58
Class C – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.90		1.58
Class T – actual return5		1,000.00		1,028.55		.15		.23			.43		.68
Class T – assumed 5% return5		1,000.00		1,023.65		1.15		.23			3.41		.68
Class F-1 – actual return		1,000.00		1,123.15		2.11		.40			4.47		.85
Class F-1 – assumed 5% return		1,000.00		1,022.81		2.01		.40			4.26		.85
Class F-2 – actual return		1,000.00		1,125.33		.74		.14			3.11		.59
Class F-2 – assumed 5% return		1,000.00		1,024.10		.70		.14			2.96		.59
Class F-3 – actual return6		1,000.00		1,068.28		.16		.06			1.34		.51
Class F-3 – assumed 5% return6		1,000.00		1,024.50		.30		.06			2.56		.51
Class 529-A – actual return		1,000.00		1,123.83		2.11		.40			4.48		.85
Class 529-A – assumed 5% return		1,000.00		1,022.81		2.01		.40			4.26		.85
Class 529-B – actual return		1,000.00		1,119.54		6.31		1.20			8.67		1.65
Class 529-B – assumed 5% return		1,000.00		1,018.84		6.01		1.20			8.25		1.65
Class 529-C – actual return		1,000.00		1,119.43		6.31		1.20			8.67		1.65
Class 529-C – assumed 5% return		1,000.00		1,018.84		6.01		1.20			8.25		1.65
Class 529-E – actual return		1,000.00		1,122.28		3.47		.66			5.84		1.11
Class 529-E – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.56		1.11
Class 529-T – actual return5		1,000.00		1,028.55		.19		.30			.48		.75
Class 529-T – assumed 5% return5		1,000.00		1,023.31		1.51		.30			3.76		.75
Class 529-F-1 – actual return		1,000.00		1,124.68		1.05		.20			3.42		.65
Class 529-F-1 – assumed 5% return		1,000.00		1,023.80		1.00		.20			3.26		.65
Class R-1 – actual return		1,000.00		1,119.96		5.94		1.13			8.31		1.58
Class R-1 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.90		1.58
Class R-2 – actual return		1,000.00		1,119.48		5.89		1.12			8.25		1.57
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.85		1.57
Class R-2E – actual return		1,000.00		1,120.86		4.21		.80			6.57		1.25
Class R-2E – assumed 5% return		1,000.00		1,020.83		4.01		.80			6.26		1.25
Class R-3 – actual return		1,000.00		1,121.56		3.47		.66			5.84		1.11
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.56		1.11
Class R-4 – actual return		1,000.00		1,123.66		1.90		.36			4.27		.81
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			4.06		.81
Class R-5E – actual return		1,000.00		1,125.18		.58		.11			2.95		.56
Class R-5E – assumed 5% return		1,000.00		1,024.25		.55		.11			2.81		.56
Class R-5 – actual return		1,000.00		1,125.30		.42		.08			2.79		.53
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			2.66		.53
Class R-6 – actual return		1,000.00		1,125.48		.16		.03			2.53		.48
Class R-6 – assumed 5% return		1,000.00		1,024.65		.15		.03			2.41		.48

74 American Funds Portfolio Series

Growth Portfolio

	Beginning account value 11/1/2016		Ending account value 4/30/2017		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,121.81	$	1.68		.32	%	$	3.74		.71	%
Class A – assumed 5% return		1,000.00		1,023.21		1.61		.32			3.56		.71
Class B – actual return		1,000.00		1,117.75		5.99		1.14			8.03		1.53
Class B – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.65		1.53
Class C – actual return		1,000.00		1,117.11		5.88		1.12			7.93		1.51
Class C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.55		1.51
Class T – actual return5		1,000.00		1,021.25		.11		.18			.36		.57
Class T – assumed 5% return5		1,000.00		1,023.90		.90		.18			2.86		.57
Class F-1 – actual return		1,000.00		1,121.07		2.05		.39			4.10		.78
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.91		.78
Class F-2 – actual return		1,000.00		1,122.69		.68		.13			2.74		.52
Class F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.61		.52
Class F-3 – actual return6		1,000.00		1,049.40		.08		.03			1.10		.42
Class F-3 – assumed 5% return6		1,000.00		1,024.65		.15		.03			2.11		.42
Class 529-A – actual return		1,000.00		1,121.36		2.00		.38			4.05		.77
Class 529-A – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.86		.77
Class 529-B – actual return		1,000.00		1,118.07		6.25		1.19			8.30		1.58
Class 529-B – assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.90		1.58
Class 529-C – actual return		1,000.00		1,116.65		6.25		1.19			8.29		1.58
Class 529-C – assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.90		1.58
Class 529-E – actual return		1,000.00		1,119.43		3.42		.65			5.47		1.04
Class 529-E – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.21		1.04
Class 529-T – actual return5		1,000.00		1,021.25		.16		.25			.41		.64
Class 529-T – assumed 5% return5		1,000.00		1,023.55		1.25		.25			3.21		.64
Class 529-F-1 – actual return		1,000.00		1,122.16		.95		.18			3.00		.57
Class 529-F-1 – assumed 5% return		1,000.00		1,023.90		.90		.18			2.86		.57
Class R-1 – actual return		1,000.00		1,116.95		5.88		1.12			7.93		1.51
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.55		1.51
Class R-2 – actual return		1,000.00		1,117.08		5.83		1.11			7.87		1.50
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.50		1.50
Class R-2E – actual return		1,000.00		1,118.73		4.26		.81			6.30		1.20
Class R-2E – assumed 5% return		1,000.00		1,020.78		4.06		.81			6.01		1.20
Class R-3 – actual return		1,000.00		1,119.61		3.42		.65			5.47		1.04
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.21		1.04
Class R-4 – actual return		1,000.00		1,121.66		1.89		.36			3.95		.75
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.76		.75
Class R-5E – actual return		1,000.00		1,122.60		.53		.10			2.58		.49
Class R-5E – assumed 5% return		1,000.00		1,024.30		.50		.10			2.46		.49
Class R-5 – actual return		1,000.00		1,122.85		.42		.08			2.47		.47
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			2.36		.47
Class R-6 – actual return		1,000.00		1,123.42		.11		.02			2.16		.41
Class R-6 – assumed 5% return		1,000.00		1,024.70		.10		.02			2.06		.41

See end of tables for footnotes.                                                

American Funds Portfolio Series 75

Growth and Income Portfolio

	Beginning  account value 11/1/2016		Ending account value 4/30/2017		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,089.94	$	1.71		.33	%	$	3.42		.66	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.31		.66
Class B – actual return		1,000.00		1,086.33		6.00		1.16			7.71		1.49
Class B – assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.45		1.49
Class C – actual return		1,000.00		1,086.35		5.74		1.11			7.45		1.44
Class C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.20		1.44
Class T – actual return5		1,000.00		1,014.44		.11		.18			.32		.51
Class T – assumed 5% return5		1,000.00		1,023.90		.90		.18			2.56		.51
Class F-1 – actual return		1,000.00		1,090.49		2.02		.39			3.73		.72
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.61		.72
Class F-2 – actual return		1,000.00		1,091.78		.67		.13			2.39		.46
Class F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.31		.46
Class F-3 – actual return6		1,000.00		1,040.23		.08		.03			.94		.36
Class F-3 – assumed 5% return6		1,000.00		1,024.65		.15		.03			1.81		.36
Class 529-A – actual return		1,000.00		1,090.45		2.07		.40			3.78		.73
Class 529-A – assumed 5% return		1,000.00		1,022.81		2.01		.40			3.66		.73
Class 529-B – actual return		1,000.00		1,086.48		6.16		1.19			7.86		1.52
Class 529-B – assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.60		1.52
Class 529-C – actual return		1,000.00		1,085.94		6.15		1.19			7.86		1.52
Class 529-C – assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.60		1.52
Class 529-E – actual return		1,000.00		1,088.48		3.31		.64			5.02		.97
Class 529-E – assumed 5% return		1,000.00		1,021.62		3.21		.64			4.86		.97
Class 529-T – actual return5		1,000.00		1,014.44		.16		.25			.37		.58
Class 529-T – assumed 5% return5		1,000.00		1,023.55		1.25		.25			2.91		.58
Class 529-F-1 – actual return		1,000.00		1,091.55		.93		.18			2.64		.51
Class 529-F-1 – assumed 5% return		1,000.00		1,023.90		.90		.18			2.56		.51
Class R-1 – actual return		1,000.00		1,086.68		5.74		1.11			7.45		1.44
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.20		1.44
Class R-2 – actual return		1,000.00		1,086.49		5.69		1.10			7.40		1.43
Class R-2 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.15		1.43
Class R-2E – actual return		1,000.00		1,087.63		4.19		.81			5.90		1.14
Class R-2E – assumed 5% return		1,000.00		1,020.78		4.06		.81			5.71		1.14
Class R-3 – actual return		1,000.00		1,089.35		3.37		.65			5.08		.98
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			4.91		.98
Class R-4 – actual return		1,000.00		1,090.66		1.81		.35			3.52		.68
Class R-4 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.41		.68
Class R-5E – actual return		1,000.00		1,091.90		.52		.10			2.23		.43
Class R-5E – assumed 5% return		1,000.00		1,024.30		.50		.10			2.16		.43
Class R-5 – actual return		1,000.00		1,091.93		.36		.07			2.07		.40
Class R-5 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.01		.40
Class R-6 – actual return		1,000.00		1,092.27		.10		.02			1.82		.35
Class R-6 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.76		.35

76 American Funds Portfolio Series

Balanced Portfolio

	Beginning account value 11/1/2016		Ending account value 4/30/2017		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,074.88	$	1.75		.34	%	$	3.70		.72	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.61		.72
Class B – actual return		1,000.00		1,071.54		5.96		1.16			7.91		1.54
Class B – assumed 5% return		1,000.00		1,019.04		5.81		1.16			7.70		1.54
Class C – actual return		1,000.00		1,071.18		5.75		1.12			7.70		1.50
Class C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.50		1.50
Class T – actual return5		1,000.00		1,015.26		.11		.18			.36		.56
Class T – assumed 5% return5		1,000.00		1,023.90		.90		.18			2.81		.56
Class F-1 – actual return		1,000.00		1,074.40		2.01		.39			3.96		.77
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.86		.77
Class F-2 – actual return		1,000.00		1,075.87		.67		.13			2.62		.51
Class F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.56		.51
Class F-3 – actual return6		1,000.00		1,039.28		.08		.03			1.07		.41
Class F-3 – assumed 5% return6		1,000.00		1,024.65		.15		.03			2.06		.41
Class 529-A – actual return		1,000.00		1,074.47		2.16		.42			4.11		.80
Class 529-A – assumed 5% return		1,000.00		1,022.71		2.11		.42			4.01		.80
Class 529-B – actual return		1,000.00		1,071.46		6.32		1.23			8.27		1.61
Class 529-B – assumed 5% return		1,000.00		1,018.70		6.16		1.23			8.05		1.61
Class 529-C – actual return		1,000.00		1,070.66		6.11		1.19			8.06		1.57
Class 529-C – assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.85		1.57
Class 529-E – actual return		1,000.00		1,073.74		3.34		.65			5.30		1.03
Class 529-E – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.16		1.03
Class 529-T – actual return5		1,000.00		1,015.26		.16		.25			.40		.63
Class 529-T – assumed 5% return5		1,000.00		1,023.55		1.25		.25			3.16		.63
Class 529-F-1 – actual return		1,000.00		1,076.22		.98		.19			2.93		.57
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			2.86		.57
Class R-1 – actual return		1,000.00		1,070.97		5.75		1.12			7.70		1.50
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.50		1.50
Class R-2 – actual return		1,000.00		1,071.14		5.65		1.10			7.60		1.48
Class R-2 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.40		1.48
Class R-2E – actual return		1,000.00		1,072.62		4.16		.81			6.12		1.19
Class R-2E – assumed 5% return		1,000.00		1,020.78		4.06		.81			5.96		1.19
Class R-3 – actual return		1,000.00		1,073.31		3.34		.65			5.29		1.03
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.16		1.03
Class R-4 – actual return		1,000.00		1,074.92		1.75		.34			3.70		.72
Class R-4 – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.61		.72
Class R-5E – actual return		1,000.00		1,075.76		.77		.15			2.73		.53
Class R-5E – assumed 5% return		1,000.00		1,024.05		.75		.15			2.66		.53
Class R-5 – actual return		1,000.00		1,076.11		.36		.07			2.32		.45
Class R-5 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.26		.45
Class R-6 – actual return		1,000.00		1,077.16		.10		.02			2.06		.40
Class R-6 – assumed 5% return		1,000.00		1,024.70		.10		.02			2.01		.40

See end of tables for footnotes.

American Funds Portfolio Series 77

Income Portfolio

	Beginning account value 11/1/2016		Ending account value 4/30/2017		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,062.04	$	1.94		.38	%	$	3.48		.68	%
Class A – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.41		.68
Class B – actual return		1,000.00		1,058.47		5.87		1.15			7.40		1.45
Class B – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.25		1.45
Class C – actual return		1,000.00		1,057.61		5.71		1.12			7.24		1.42
Class C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.10		1.42
Class T – actual return5		1,000.00		1,005.78		.11		.18			.30		.48
Class T – assumed 5% return5		1,000.00		1,023.90		.90		.18			2.41		.48
Class F-1 – actual return		1,000.00		1,061.90		1.99		.39			3.53		.69
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.46		.69
Class F-2 – actual return		1,000.00		1,063.27		.67		.13			2.20		.43
Class F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.16		.43
Class F-3 – actual return6		1,000.00		1,026.15		.08		.03			.85		.33
Class F-3 – assumed 5% return6		1,000.00		1,024.65		.15		.03			1.66		.33
Class 529-A – actual return		1,000.00		1,061.81		2.20		.43			3.73		.73
Class 529-A – assumed 5% return		1,000.00		1,022.66		2.16		.43			3.66		.73
Class 529-B – actual return		1,000.00		1,058.82		5.77		1.13			7.30		1.43
Class 529-B – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.15		1.43
Class 529-C – actual return		1,000.00		1,058.17		5.97		1.17			7.50		1.47
Class 529-C – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.35		1.47
Class 529-E – actual return		1,000.00		1,060.60		3.32		.65			4.85		.95
Class 529-E – assumed 5% return		1,000.00		1,021.57		3.26		.65			4.76		.95
Class 529-T – actual return5		1,000.00		1,005.78		.16		.26			.35		.56
Class 529-T – assumed 5% return5		1,000.00		1,023.51		1.30		.26			2.81		.56
Class 529-F-1 – actual return		1,000.00		1,063.82		.97		.19			2.51		.49
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			2.46		.49
Class R-1 – actual return		1,000.00		1,058.08		5.72		1.12			7.25		1.42
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.10		1.42
Class R-2 – actual return		1,000.00		1,058.62		5.61		1.10			7.15		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.00		1.40
Class R-2E – actual return		1,000.00		1,060.03		3.98		.78			5.52		1.08
Class R-2E – assumed 5% return		1,000.00		1,020.93		3.91		.78			5.41		1.08
Class R-3 – actual return		1,000.00		1,060.69		3.32		.65			4.85		.95
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			4.76		.95
Class R-4 – actual return		1,000.00		1,062.13		1.79		.35			3.32		.65
Class R-4 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.26		.65
Class R-5E – actual return		1,000.00		1,063.45		.56		.11			2.10		.41
Class R-5E – assumed 5% return		1,000.00		1,024.25		.55		.11			2.06		.41
Class R-5 – actual return		1,000.00		1,063.50		.36		.07			1.89		.37
Class R-5 – assumed 5% return		1,000.00		1,024.45		.35		.07			1.86		.37
Class R-6 – actual return		1,000.00		1,063.77		.10		.02			1.64		.32
Class R-6 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.61		.32

78 American Funds Portfolio Series

Tax-Advantaged Income Portfolio

	Beginning account value 11/1/2016		Ending account value 4/30/2017		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,054.23	$	1.88		.37	%	$	3.67		.72	%
Class A – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.61		.72
Class B – actual return		1,000.00		1,054.86		4.02		.79			5.81		1.14
Class B – assumed 5% return		1,000.00		1,020.88		3.96		.79			5.71		1.14
Class C – actual return		1,000.00		1,050.68		5.75		1.13			7.53		1.48
Class C – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.40		1.48
Class T – actual return5		1,000.00		1,008.59		.14		.22			.36		.57
Class T – assumed 5% return5		1,000.00		1,023.70		1.10		.22			2.86		.57
Class F-1 – actual return		1,000.00		1,054.27		2.04		.40			3.82		.75
Class F-1 – assumed 5% return		1,000.00		1,022.81		2.01		.40			3.76		.75
Class F-2 – actual return		1,000.00		1,055.28		.76		.15			2.55		.50
Class F-2 – assumed 5% return		1,000.00		1,024.05		.75		.15			2.51		.50
Class F-3 – actual return6		1,000.00		1,031.00		.16		.06			1.06		.41
Class F-3 – assumed 5% return6		1,000.00		1,024.50		.30		.06			2.06		.41

See end of tables for footnotes.            

American Funds Portfolio Series 79

Preservation Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2016		4/30/2017		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	997.84	$	2.13		.43	%	$	3.62		.73	%
Class A – assumed 5% return		1,000.00		1,022.66		2.16		.43			3.66		.73
Class B – actual return		1,000.00		993.60		5.78		1.17			7.27		1.47
Class B – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.35		1.47
Class C – actual return		1,000.00		994.28		5.64		1.14			7.12		1.44
Class C – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.20		1.44
Class T – actual return5		1,000.00		1,003.45		.17		.27			.36		.57
Class T – assumed 5% return5		1,000.00		1,023.46		1.35		.27			2.86		.57
Class F-1 – actual return		1,000.00		997.86		2.08		.42			3.57		.72
Class F-1 – assumed 5% return		1,000.00		1,022.71		2.11		.42			3.61		.72
Class F-2 – actual return		1,000.00		999.21		.79		.16			2.28		.46
Class F-2 – assumed 5% return		1,000.00		1,024.00		.80		.16			2.31		.46
Class F-3 – actual return6		1,000.00		1,007.82		.26		.10			1.02		.40
Class F-3 – assumed 5% return6		1,000.00		1,024.30		.50		.10			2.01		.40
Class 529-A – actual return		1,000.00		996.74		2.23		.45			3.71		.75
Class 529-A – assumed 5% return		1,000.00		1,022.56		2.26		.45			3.76		.75
Class 529-B – actual return		1,000.00		993.45		6.13		1.24			7.61		1.54
Class 529-B – assumed 5% return		1,000.00		1,018.65		6.21		1.24			7.70		1.54
Class 529-C – actual return		1,000.00		993.00		5.98		1.21			7.46		1.51
Class 529-C – assumed 5% return		1,000.00		1,018.79		6.06		1.21			7.55		1.51
Class 529-E – actual return		1,000.00		996.65		3.32		.67			4.80		.97
Class 529-E – assumed 5% return		1,000.00		1,021.47		3.36		.67			4.86		.97
Class 529-T – actual return5		1,000.00		1,003.35		.21		.34			.40		.64
Class 529-T – assumed 5% return5		1,000.00		1,023.11		1.71		.34			3.21		.64
Class 529-F-1 – actual return		1,000.00		997.92		1.04		.21			2.53		.51
Class 529-F-1 – assumed 5% return		1,000.00		1,023.75		1.05		.21			2.56		.51
Class R-1 – actual return		1,000.00		994.21		5.64		1.14			7.12		1.44
Class R-1 – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.20		1.44
Class R-2 – actual return		1,000.00		994.52		5.39		1.09			6.87		1.39
Class R-2 – assumed 5% return		1,000.00		1,019.39		5.46		1.09			6.95		1.39
Class R-2E – actual return		1,000.00		995.58		4.21		.85			5.69		1.15
Class R-2E – assumed 5% return		1,000.00		1,020.58		4.26		.85			5.76		1.15
Class R-3 – actual return		1,000.00		996.66		3.32		.67			4.80		.97
Class R-3 – assumed 5% return		1,000.00		1,021.47		3.36		.67			4.86		.97
Class R-4 – actual return		1,000.00		998.10		1.88		.38			3.37		.68
Class R-4 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.41		.68
Class R-5E – actual return		1,000.00		999.24		.59		.12			2.08		.42
Class R-5E – assumed 5% return		1,000.00		1,024.20		.60		.12			2.11		.42
Class R-5 – actual return		1,000.00		999.53		.50		.10			1.98		.40
Class R-5 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.01		.40
Class R-6 – actual return		1,000.00		999.74		.25		.05			1.74		.35
Class R-6 – assumed 5% return		1,000.00		1,024.55		.25		.05			1.76		.35

80 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Beginning		Ending		Expenses					Effective		Effective
	account value		account value		paid during		Annualized			expenses paid		annualized
	11/1/2016		4/30/2017		period1,2		expense ratio2			during period3		expense ratio4
Class A – actual return	$	1,000.00	$	996.75	$	2.33		.47	%	$	4.01		.81	%
Class A – assumed 5% return		1,000.00		1,022.46		2.36		.47			4.06		.81
Class B – actual return		1,000.00		994.25		5.19		1.05			6.87		1.39
Class B – assumed 5% return		1,000.00		1,019.59		5.26		1.05			6.95		1.39
Class C – actual return		1,000.00		993.22		5.78		1.17			7.46		1.51
Class C – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.55		1.51
Class T – actual return5		1,000.00		1,002.15		.22		.35			.44		.69
Class T – assumed 5% return5		1,000.00		1,023.06		1.76		.35			3.46		.69
Class F-1 – actual return		1,000.00		997.82		2.23		.45			3.91		.79
Class F-1 – assumed 5% return		1,000.00		1,022.56		2.26		.45			3.96		.79
Class F-2 – actual return		1,000.00		998.18		.94		.19			2.63		.53
Class F-2 – assumed 5% return		1,000.00		1,023.85		.95		.19			2.66		.53
Class F-3 – actual return6		1,000.00		1,013.48		.28		.11			1.15		.45
Class F-3 – assumed 5% return6		1,000.00		1,024.25		.55		.11			2.26		.45

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. The annualized weighted average expense ratio of the underlying funds for the period reflects the net actual expense ratio of each underlying fund for the period, annualized and weighted for the fund’s relative average investment therein during the period.
5	The period for the “annualized expense ratio,” the “effective annualized expense ratio” and the “actual return” line is based on the number of days since the share class began investment operations on April 7, 2017. The “assumed 5% return” line is based on 181 days.
6	The period for the “annualized expense ratio,” the “effective annualized expense ratio” and the “actual return” line is based on the number of days since the share class began investment operations on January 27, 2017. The “assumed 5% return” line is based on 181 days.

American Funds Portfolio Series 81

Approval of Investment Advisory and Service Agreement

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, 2018. 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 June 30, 2016. 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 for the three-year period and lifetime of the fund since May 18, 2012. For the three-month and one-year periods, the fund’s investment results were higher than the Lipper Index but lower than the MSCI Index and Morningstar Category for those periods, and the fund’s investment results were lower than all of the comparisons for the six-month period.

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 Large Growth 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 Lipper Index and Morningstar Category for the three-month and six-month periods but lower than the S&P 500 Index for those periods, and the fund’s investment results were lower than all comparisons for the one-year and three-year periods, as well as the 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 Allocation – 70% to 85% Equity 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 comparisons for the three-month and six-month periods. For the one-year and three-year periods, the fund’s investment results were higher than the Lipper Index and the Morningstar Category but lower than the S&P 500 Index, and the fund’s investment results were higher than the Morningstar Category but lower than the S&P 500 Index and Lipper Index for the lifetime of the fund since May 18, 2012.

82 American Funds Portfolio Series

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 Allocation – 50% to 70% Equity 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 but lower than the S&P 500 Index for all periods.

American Funds Income Portfolio seeks to provide current income and, secondarily, long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the 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 Allocation – 50% to 70% Equity 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 comparisons for the three-month, six-month and one-year periods. For the three-year period, the fund’s investment results were higher than the Lipper Index and the Morningstar Category but lower than the S&P 500 Index, and for the lifetime of the fund since May 18, 2012, the fund’s investment results were higher than the Lipper Index but lower than the S&P 500 Index and the Morningstar Category.

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 Bloomberg 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 Allocation – 30% to 50% Equity 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 comparisons for all periods except the Bloomberg Barclays Index for the one-year period and the Morningstar Category for the six-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 Bloomberg 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 Short-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 Morningstar Category for the six-month, one-year and three-year periods, although they were lower than the Bloomberg Barclays Index and Lipper Index for these periods, and the fund’s investment results were lower than all comparisons for the three-month period and lifetime of the fund since May 18, 2012.

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 Bloomberg 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 Bloomberg Barclays Index for all periods, although they were lower than the Lipper Index and Morningstar Category for all periods.

American Funds Portfolio Series 83

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

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund’s total expenses 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 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 prior elimination of the entire advisory fee payable by the funds under the agreement. 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 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.

84 American Funds Portfolio Series

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

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

Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)

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

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

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

Counsel
Morgan, Lewis & Bockius LLP
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

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, 2017, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2017 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. Bloomberg^® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds from Capital Group

The Capital 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 21 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.

American Funds’ superior long-term track record

Equity funds have beaten their Lipper peer indexes in 93% of 10-year periods and 98% of 20-year periods. Fixed income funds have beaten their Lipper indexes in 80% of 10-year periods and 80% of 20-year periods.² Fund management fees have been among the lowest in the industry.³

1	Portfolio manager experience as of December 31, 2016.
2	Based on Class F-2 share results for rolling periods through December 31, 2016. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Please see americanfunds.com for more information on specific expense adjustments and the actual dates of first sale.
3	On average, our management fees were in the lowest quintile 73% of the time, based on the 20-year period ended December 31, 2016, 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, 2017

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, 2017

By __/s/ Gregory F. Niland_

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2017

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, 2017

/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, 2017

_/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, 2017 (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, 2017	Date: June 30, 2017

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.