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, 2018

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^SM   Semi-annual report
for the six-months ended
April 30, 2018

 

Invest in portfolios
designed to pursue
real-life objectives.

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

American Funds, 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. 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, 2018 (the most recent calendar quarter-end). Also shown are the gross expense ratios as of the series prospectus dated January 1, 2018:

	Cumulative total returns			Average annual total returns						Gross
Class A shares	1 year			5 years			Lifetime (since 5/18/12)			expense ratio
Reflecting 5.75% maximum initial sales charge:
American Funds Global Growth PortfolioSM		12.27	%		9.14	%		11.73	%		0.81	%
American Funds Growth PortfolioSM		11.23			10.70			12.98			0.75
American Funds Growth and Income PortfolioSM		5.52			7.87			9.82			0.69
American Funds Moderate Growth and Income PortfolioSM		4.34			6.92			8.71			0.75
American Funds Conservative Growth and Income PortfolioSM		–0.34			4.77			6.30			0.69
Reflecting 3.75% maximum initial sales charge:
American Funds Tax-Advantaged Growth and Income PortfolioSM		5.09			6.38			7.89			0.75
Reflecting 2.50% maximum initial sales charge:
American Funds Preservation PortfolioSM		–2.76			0.09			0.28			0.72
American Funds Tax-Exempt Preservation PortfolioSM		–1.57			0.82			1.23			0.78	*

* The net expense ratio for American Funds Tax-Exempt Preservation Portfolio was 0.76% as of the series prospectus dated January 1, 2018.

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

The portfolio series funds invest in Class R-6 shares of the underlying funds. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Preservation Portfolio, and has in the past reimbursed certain expenses for other funds. Fund results and the net expense ratio reflect the reimbursements, without which the results would have been lower and the expenses would have been higher. After January 1, 2019, 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.

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

Contents
1	Letter to investors
4	Investment portfolios
12	Financial statements
22	Notes to financial statements
44	Financial highlights

Fellow investors:

We are happy to present this semi-annual report for American Funds Portfolio Series for the six months ended April 30, 2018.

Despite market volatility over the reporting period, all but two of the funds within the series advanced. Returns ranged from 5.10% (for American Funds Growth Portfolio) to –1.28% (for American Funds 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 3 of this report.

About the series

The American Funds Portfolio Series consists of eight funds of funds that are designed to help investors pursue real-life goals, both long- and short-term, within a framework that includes three broad objectives: growth, balance and preservation. 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 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 economy

For the first half of the funds’ fiscal year, the global economy continued to grow at a moderate pace. Most major economies were healthy. In the United States, the unemployment rate continued to fall and stood at 4.1% in March, while gross domestic product rose 2.9% in the fourth quarter of 2017. Consumer confidence was steady, and inflation remained low.

The picture was similar overseas. In the eurozone, fourth quarter GDP gained 2.7%, while unemployment stood at 8.5% for February — still high, but the lowest figure reported since 2008. Economic activity in Japan continued to increase modestly, while in China growth has stabilized at a strong rate over the past several years.

The stock market

Over the six months, volatility returned to a number of equity markets — some for the first time in years. In several instances it could be attributed to geopolitical concerns, such as continuing conflicts in Syria and changes to U.S. trade policies. Corporate earnings were generally sound throughout much of the world, however.

Domestically, the Standard & Poor’s 500 Composite Index, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 3.82% during the period. The MSCI ACWI (All Country World Index) ex USA, which reflects the returns of more than 40 developed and developing country

American Funds Portfolio Series 1

stock markets, climbed 3.47%, while the MSCI Emerging Markets Index, measuring markets in more than 20 developing countries, advanced 4.80%.

The bond market

With the U.S. economy on sound footing, the Federal Reserve continued its slow, steady progression of rate hikes, the most recent of which increased the benchmark (the rate at which the central bank loans money to other banks) to a range of 1.50% to 1.75%. This remains well below historical norms.

During the period, the yield on the 10-year U.S. Treasury bond — a widely regarded benchmark for the U.S. bond market — increased 58 basis points to 2.95%, despite the volatility in equities. The Bloomberg Barclays U.S. Aggregate Index, which measures investment-grade U.S. bonds (rated BBB/Baa and above), fell 1.87% — not unexpected in the wake of the Fed’s moves. Global bonds fared better, with the Bloomberg Barclays Global Aggregate Index, a measure of global investment-grade bonds (rated BBB/Baa and above), rising 1.19%.

Inside the series

Each portfolio in the series consists of an objective-based mix of individual American Funds. Their results reflect those of the underlying funds.

Domestic-oriented growth funds such as The Growth Fund of America^® and AMCAP Fund^® led the way as far as contributions to results over the period, followed by SMALLCAP World Fund^® and Capital World Growth and Income Fund^®. American High-Income Municipal Bond Fund^® and American High-Income Trust^® were among the bond funds that were additive and stabilizing. The series’ other underlying fixed income funds delivered slightly negative results, in concert with the Federal Reserve’s first rate hike of 2018 and worries on higher inflation.

Growth funds tended to outpace income-oriented funds, due in part to optimism over the health of the global economy. Fixed income funds tended to retreat over the period. 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 on page 3 reflects, all of the portfolios in the series have returned positive results over their five-year lifetimes.

Please note that effective January 1, 2018, in order to help clarify the objective of each portfolio, the names of three of the funds of funds within the American Funds Portfolio Series were changed:

• American Funds Balanced Portfolio^SM became American Funds Moderate Growth and Income Portfolio^SM

• American Funds Income Portfolio^SM became American Funds Conservative Growth and Income Portfolio^SM

• American Funds Tax-Advantaged Income Portfolio^SM became American Funds Tax-Advantaged Growth and Income Portfolio^SM

Moving forward

Looking ahead, we believe the global economy will continue to grow over the short term, buoyed by a general trend toward deregulation and lower taxes in the United States. However, trade policy remains a concern. While current disputes between the U.S. and China have had little real economic impact, the possibility of escalation is worrisome.

In light of this and other geopolitical issues, we expect to see higher levels of volatility in equity markets. This is not necessarily a sign of trouble, but rather a return to normalcy as the past year’s lack of volatility was unusual. Overall we believe the market environment, given a foundation of strong corporate earnings, will be positive.

As always, we thank you for placing your trust in American Funds, and look forward to reporting to you again in six months.

Cordially,

 

Bradley J. Vogt

Vice Chairman of the Board

 

Walter R. Burkley

President

June 13, 2018

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

2 American Funds Portfolio Series

Results at a glance

For periods ended April 30, 2018, with all distributions reinvested for Class A shares

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			Lifetime (since 5/18/12)
American Funds Global Growth Portfolio		4.15	%		16.86	%		9.95	%		12.79	%
MSCI All Country World Index*,†		3.56			14.16			8.80			11.66
Lipper Global Large-Cap Growth Funds Index		3.57			14.59			9.56			11.84
American Funds Growth Portfolio		5.10			16.54			11.64			14.06
Standard & Poor’s 500 Composite Index*		3.82			13.27			12.96			15.16
MSCI All Country World ex USA Index*,†		3.47			15.91			5.46			8.92
Lipper Global Multi-Cap Growth Funds Index		4.68			17.13			10.12			12.29
American Funds Growth and Income Portfolio		3.20			11.44			8.68			10.93
Standard & Poor’s 500 Composite Index*		3.82			13.27			12.96			15.16
MSCI All Country World ex USA Index*,†		3.47			15.91			5.46			8.92
Bloomberg Barclays Global Aggregate Index*		1.19			4.09			0.89			1.12
Lipper Mixed-Asset Target Allocation Growth Funds Index		2.15			9.26			8.10			10.12
American Funds Moderate Growth and Income Portfolio		2.28			9.65			7.78			9.74
Standard & Poor’s 500 Composite Index*		3.82			13.27			12.96			15.16
MSCI All Country World ex USA Index*,†		3.47			15.91			5.46			8.92
Bloomberg Barclays U.S. Aggregate Index*		–1.87			–0.32			1.47			1.76
Lipper Mixed-Asset Target Allocation Growth Funds Index		2.15			9.26			8.10			10.12
American Funds Conservative Growth and Income Portfolio		0.20			5.31			5.56			7.30
Standard & Poor’s 500 Composite Index*		3.82			13.27			12.96			15.16
MSCI All Country World ex USA Index*,†		3.47			15.91			5.46			8.92
Bloomberg Barclays U.S. Aggregate Index*		–1.87			–0.32			1.47			1.76
Lipper Mixed-Asset Target Allocation Moderate Funds Index		0.98			6.60			6.28			7.99
American Funds Tax-Advantaged Growth and Income Portfolio		2.02			8.41			6.81			8.54
Standard & Poor’s 500 Composite Index*		3.82			13.27			12.96			15.16
MSCI All Country World ex USA Index*,†		3.47			15.91			5.46			8.92
Bloomberg Barclays Municipal Bond Index*		–0.97			1.56			2.44			2.78
Lipper Mixed-Asset Target Allocation Moderate Funds Index		0.98			6.60			6.28			7.99
American Funds Preservation Portfolio		–1.28			–0.98			0.43			0.65
Bloomberg Barclays 1–5 Year U.S. Government/Credit A+ Index*		–1.04			–0.60			0.69			0.84
Lipper Short-Intermediate Investment-Grade Debt Funds Index		–0.97			0.04			1.07			1.53
American Funds Tax-Exempt Preservation Portfolio		–1.04			0.09			1.14			1.59
Bloomberg Barclays Municipal Bond 1–7 Year Blend Index*		–1.15			–0.12			1.21			1.37
Lipper Short-Intermediate Municipal Debt Funds Index		–1.03			–0.02			0.83			1.07

*	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.
†	Results reflect dividends net of withholding taxes.

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

American Funds Portfolio Series 3

American Funds Global Growth Portfolio	unaudited
Investment portfolio April 30, 2018

 

Growth funds 70%	Shares		Value (000)
EuroPacific Growth Fund, Class R-6		14,088,343	$	801,204
New Perspective Fund, Class R-6		14,420,439		640,411
The Growth Fund of America, Class R-6		9,268,324		480,192
SMALLCAP World Fund, Inc., Class R-6		5,555,239		320,204
				2,242,011
Growth-and-income funds 30%
Capital World Growth and Income Fund, Class R-6		9,275,636		480,293
Fundamental Investors, Class R-6		7,761,512		480,282
				960,575
Total investment securities 100% (cost: $2,894,991,000)				3,202,586
Other assets less liabilities 0%				(1,042	)
Net assets 100%			$	3,201,544

See Notes to Financial Statements

4 American Funds Portfolio Series

American Funds Growth Portfolio	unaudited
Investment portfolio April 30, 2018

 

Growth funds 65%	Shares		Value (000)
The Growth Fund of America, Class R-6		25,299,896	$	1,310,788
AMCAP Fund, Class R-6		39,335,979		1,306,348
EuroPacific Growth Fund, Class R-6		17,290,650		983,319
SMALLCAP World Fund, Inc., Class R-6		11,328,675		652,985
				4,253,440
Growth-and-income funds 35%
Fundamental Investors, Class R-6		21,110,840		1,306,339
The Investment Company of America, Class R-6		24,430,161		979,405
				2,285,744
Total investment securities 100% (cost: $5,597,653,000)				6,539,184
Other assets less liabilities 0%				(2,285	)
Net assets 100%			$	6,536,899

See Notes to Financial Statements

American Funds Portfolio Series 5

American Funds Growth and Income Portfolio	unaudited
Investment portfolio April 30, 2018

Growth funds 15%	Shares		Value (000)
The Growth Fund of America, Class R-6		23,972,310	$	1,242,005
Growth-and-income funds 50%
Capital World Growth and Income Fund, Class R-6		39,903,420		2,066,199
The Investment Company of America, Class R-6		51,492,046		2,064,316
				4,130,515
Equity-income and Balanced funds 25%
Capital Income Builder, Class R-6		20,377,153		1,237,912
American Balanced Fund, Class R-6		30,750,500		824,729
				2,062,641
Fixed income funds 10%
The Bond Fund of America, Class R-6		66,362,067		830,853
Total investment securities 100% (cost: $7,455,949,000)				8,266,014
Other assets less liabilities 0%				(2,962	)
Net assets 100%			$	8,263,052

See Notes to Financial Statements

6 American Funds Portfolio Series

American Funds Moderate Growth and Income Portfolio	unaudited
(formerly American Funds Balanced Portfolio)
Investment portfolio April 30, 2018

Growth funds 10%	Shares		Value (000)
New Perspective Fund, Class R-6	16,828,635	$	747,360
Growth-and-income funds 25%
Capital World Growth and Income Fund, Class R-6	21,621,065		1,119,539
Washington Mutual Investors Fund, Class R-6	16,424,543		743,867
			1,863,406
Equity-income and Balanced funds 50%
American Balanced Fund, Class R-6	69,460,169		1,862,922
American Funds Global Balanced Fund, Class R-6	57,230,188		1,862,842
			3,725,764
Fixed income funds 15%
The Bond Fund of America, Class R-6	89,762,852		1,123,831
Total investment securities 100% (cost: $6,784,787,000)			7,460,361
Other assets less liabilities 0%			(2,759	)
Net assets 100%		$	7,457,602

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, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 4/30/2018 (000)
Equity-income and Balanced funds 25%
American Funds Global Balanced Fund, Class R-6		51,804,196		5,475,279		49,287		57,230,188	$	(7	)	$	1,173	$	19,834	$	1,862,842

See Notes to Financial Statements

American Funds Portfolio Series 7

American Funds Conservative Growth and Income Portfolio	unaudited
(formerly American Funds Income Portfolio)
Investment portfolio April 30, 2018

Growth-and-income funds 20%	Shares		Value (000)
American Mutual Fund, Class R-6		23,329,872	$	933,195
Equity-income and Balanced funds 50%
Capital Income Builder, Class R-6		19,227,207		1,168,053
The Income Fund of America, Class R-6		51,147,258		1,165,134
				2,333,187
Fixed income funds 30%
American High-Income Trust, Class R-6		69,352,671		706,704
U.S. Government Securities Fund, Class R-6		52,920,999		704,379
				1,411,083
Total investment securities 100% (cost: $4,422,068,000)				4,677,465
Other assets less liabilities 0%				(1,389	)
Net assets 100%			$	4,676,076

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, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 4/30/2018 (000)
Fixed income funds 15%
U.S. Government Securities Fund, Class R-6		49,524,485		3,879,114		482,600		52,920,999	$	(159	)	$	(23,117	)	$	6,661	$	704,379

See Notes to Financial Statements

8 American Funds Portfolio Series

American Funds Tax-Advantaged Growth and Income Portfolio	unaudited
(formerly American Funds Tax-Advantaged Income Portfolio)
Investment portfolio April 30, 2018

Growth-and-income funds 50%	Shares		Value (000)
Capital World Growth and Income Fund, Class R-6		7,749,439	$	401,266
Washington Mutual Investors Fund, Class R-6		6,616,153		299,646
American Mutual Fund, Class R-6		7,489,838		299,593
				1,000,505
Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		32,040,806		501,759
The Tax-Exempt Bond Fund of America, Class R-6		39,356,673		501,404
				1,003,163
Total investment securities 100% (cost: $1,903,624,000)				2,003,668
Other assets less liabilities 0%				(615	)
Net assets 100%			$	2,003,053

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, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 4/30/2018 (000)
Tax-exempt fixed income funds 25%
American High-Income Municipal Bond Fund, Class R-6		26,753,484		6,587,654		1,300,332		32,040,806	$	(211	)	$	(5,949	)	$	9,320	$	501,759

See Notes to Financial Statements

American Funds Portfolio Series 9

American Funds Preservation Portfolio	unaudited
Investment portfolio April 30, 2018

Fixed income funds 100%	Shares		Value (000)
Intermediate Bond Fund of America, Class R-6		65,196,514	$	854,074
Short-Term Bond Fund of America, Class R-6		58,159,641		569,383
				1,423,457
Total investment securities 100% (cost: $1,462,910,000)				1,423,457
Other assets less liabilities 0%				(463	)
Net assets 100%			$	1,422,994

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of each fund’s outstanding voting shares. Further details on these holdings and related transactions during the six months ended April 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 4/30/2018 (000)
Fixed income funds 100%
Intermediate Bond Fund of America, Class R-6		64,547,274		3,633,962		2,984,722		65,196,514	$	(291	)	$	(20,033	)	$	7,645	$	854,074
Short-Term Bond Fund of America, Class R-6		58,053,585		3,169,531		3,063,475		58,159,641		(169	)		(8,634	)		5,095		569,383
Total 100%									$	(460	)	$	(28,667	)	$	12,740	$	1,423,457

See Notes to Financial Statements

10 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio	unaudited
Investment portfolio April 30, 2018

 

Tax-exempt fixed income funds 100%	Shares		Value (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		18,912,550	$	292,010
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		12,519,957		125,074
				417,084
Total investment securities 100% (cost: $428,682,000)				417,084
Other assets less liabilities 0%				(122	)
Net assets 100%			$	416,962

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of each fund’s outstanding voting shares. Further details on these holdings and related transactions during the six months ended April 30, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 4/30/2018 (000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6		19,361,557		1,545,140		1,994,147		18,912,550	$	(1,247	)	$	(4,768	)	$	3,467	$	292,010
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		12,888,610		954,368		1,323,021		12,519,957		(82	)		(1,847	)		973		125,074
Total 100%									$	(1,329	)	$	(6,615	)	$	4,440	$	417,084

See Notes to Financial Statements

American Funds Portfolio Series 11

Financial statements

Statements of assets and liabilities
at April 30, 2018

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Assets:
Investment securities, at value:
Unaffiliated issuers	$	3,202,586		$	6,539,184		$	8,266,014
Affiliated issuers		—			—			—
Receivables for:
Sales of investments		—			—			—
Sales of fund’s shares		5,963			9,051			10,300
Dividends		—			—			1,773
Total assets		3,208,549			6,548,235			8,278,087
Liabilities:
Payables for:
Purchases of investments		4,911			5,021			5,436
Repurchases of fund’s shares		984			3,988			6,659
Services provided by related parties		1,083			2,263			2,883
Trustees’ deferred compensation		6			13			19
Other		21			51			38
Total liabilities		7,005			11,336			15,035
Net assets at April 30, 2018	$	3,201,544		$	6,536,899		$	8,263,052
Net assets consist of:
Capital paid in on shares of beneficial interest	$	2,779,291		$	5,332,442		$	7,144,103
(Distributions in excess of) undistributed net investment income		(969	)		(999	)		(2,267	)
Undistributed (accumulated) net realized gain (loss)		115,628			263,925			311,151
Net unrealized appreciation (depreciation)		307,594			941,531			810,065
Net assets at April 30, 2018	$	3,201,544		$	6,536,899		$	8,263,052
Investment securities, at cost:
Unaffiliated issuers	$	2,894,991		$	5,597,653		$	7,455,949
Affiliated issuers		—			—			—

See Notes to Financial Statements

12 American Funds Portfolio Series

unaudited

(dollars in thousands)

Moderate Growth and Income Portfolio (formerly Balanced Portfolio)		Conservative Growth and Income Portfolio (formerly Income Portfolio)		Tax-Advantaged Growth and Income Portfolio (formerly Tax-Advantaged Income Portfolio)		Preservation Portfolio			Tax-Exempt Preservation Portfolio
$	5,597,519	$	3,973,086	$	1,501,909	$	—		$	—
	1,862,842		704,379		501,759		1,423,457			417,084
	—		—		—		997			202
	9,691		4,252		2,325		1,101			114
	2,390		4,995		2,921		2,548			742
	7,472,442		4,686,712		2,008,914		1,428,103			418,142
	6,058		6,341		4,735		2,548			742
	6,014		2,634		511		2,103			316
	2,726		1,638		611		446			121
	16		12		4		4			1
	26		11		—		8			—
	14,840		10,636		5,861		5,109			1,180
$	7,457,602	$	4,676,076	$	2,003,053	$	1,422,994		$	416,962
$	6,588,386	$	4,344,311	$	1,864,851	$	1,463,495		$	436,555
	9,688		4,711		3,137		835			224
	183,954		71,657		35,021		(1,883	)		(8,219	)
	675,574		255,397		100,044		(39,453	)		(11,598	)
$	7,457,602	$	4,676,076	$	2,003,053	$	1,422,994		$	416,962
$	5,026,731	$	3,686,629	$	1,405,271	$	—		$	—
	1,758,056		735,439		498,353		1,462,910			428,682

American Funds Portfolio Series 13

Statements of assets and liabilities
at April 30, 2018

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	1,771,775	$	3,785,694	$	5,235,889
	Shares outstanding		104,011		205,381		346,016
	Net asset value per share	$	17.03	$	18.43	$	15.13
Class C:	Net assets	$	356,732	$	830,577	$	1,160,063
	Shares outstanding		21,259		45,811		77,150
	Net asset value per share	$	16.78	$	18.13	$	15.04
Class T:	Net assets	$	11	$	11	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.05	$	18.43	$	15.13
Class F-1:	Net assets	$	79,035	$	90,303	$	164,887
	Shares outstanding		4,635		4,902		10,898
	Net asset value per share	$	17.05	$	18.42	$	15.13
Class F-2:	Net assets	$	342,897	$	380,595	$	487,672
	Shares outstanding		20,061		20,573		32,180
	Net asset value per share	$	17.09	$	18.50	$	15.15
Class F-3:	Net assets	$	50,012	$	51,724	$	49,676
	Shares outstanding		2,932		2,802		3,282
	Net asset value per share	$	17.06	$	18.46	$	15.14
Class 529-A:	Net assets	$	275,356	$	669,910	$	493,010
	Shares outstanding		16,186		36,392		32,595
	Net asset value per share	$	17.01	$	18.41	$	15.13
Class 529-C:	Net assets	$	78,205	$	186,739	$	159,697
	Shares outstanding		4,660		10,312		10,611
	Net asset value per share	$	16.78	$	18.11	$	15.05
Class 529-E:	Net assets	$	11,082	$	30,247	$	22,815
	Shares outstanding		655		1,654		1,511
	Net asset value per share	$	16.93	$	18.29	$	15.09
Class 529-T:	Net assets	$	12	$	12	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.04	$	18.43	$	15.13
Class 529-F-1:	Net assets	$	22,943	$	68,131	$	37,989
	Shares outstanding		1,344		3,688		2,509
	Net asset value per share	$	17.07	$	18.47	$	15.14

See Notes to Financial Statements

14 American Funds Portfolio Series

unaudited

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

Moderate Growth and Income Portfolio (formerly Balanced Portfolio)		Conservative Growth and Income Portfolio (formerly Income Portfolio)		Tax-Advantaged Growth and Income Portfolio (formerly Tax-Advantaged Income Portfolio)		Preservation Portfolio		Tax-Exempt Preservation Portfolio
$	4,503,866	$	3,244,096	$	1,415,720	$	973,531	$	322,450
	304,666		261,563		105,180		100,179		33,541
$	14.78	$	12.40	$	13.46	$	9.72	$	9.61
$	1,090,621	$	674,200	$	242,065	$	135,791	$	50,158
	74,237		54,656		18,103		13,993		5,225
$	14.69	$	12.34	$	13.37	$	9.70	$	9.60
$	11	$	10	$	11	$	10	$	10
	1		1		1		1		1
$	14.79	$	12.41	$	13.46	$	9.72	$	9.62
$	141,531	$	89,185	$	184,054	$	23,078	$	7,194
	9,573		7,187		13,680		2,374		748
$	14.78	$	12.41	$	13.45	$	9.72	$	9.62
$	512,335	$	287,793	$	122,039	$	79,557	$	34,924
	34,607		23,171		9,054		8,186		3,633
$	14.80	$	12.42	$	13.48	$	9.72	$	9.61
$	66,799	$	38,391	$	39,164	$	1,700	$	2,226
	4,517		3,095		2,907		175		232
$	14.79	$	12.40	$	13.47	$	9.72	$	9.61
$	321,079	$	126,521			$	100,774
	21,725		10,205				10,373
$	14.78	$	12.40			$	9.72
$	119,342	$	46,401			$	27,817
	8,111		3,758				2,865
$	14.71	$	12.35			$	9.71
$	12,185	$	6,386			$	4,392
	826		515				452
$	14.75	$	12.39			$	9.71
$	11	$	11			$	10
	1		1				1
$	14.79	$	12.40			$	9.72
$	35,658	$	15,851			$	15,995
	2,409		1,277				1,646
$	14.80	$	12.41			$	9.72

American Funds Portfolio Series 15

Statements of assets and liabilities
at April 30, 2018

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class R-1:	Net assets	$	4,353	$	12,327	$	9,047
	Shares outstanding		258		677		600
	Net asset value per share	$	16.85	$	18.21	$	15.07
Class R-2:	Net assets	$	76,885	$	160,922	$	135,686
	Shares outstanding		4,595		8,882		9,032
	Net asset value per share	$	16.73	$	18.12	$	15.02
Class R-2E:	Net assets	$	2,441	$	6,914	$	8,676
	Shares outstanding		144		379		575
	Net asset value per share	$	16.92	$	18.22	$	15.09
Class R-3:	Net assets	$	42,997	$	101,583	$	93,356
	Shares outstanding		2,541		5,548		6,191
	Net asset value per share	$	16.92	$	18.31	$	15.08
Class R-4:	Net assets	$	21,316	$	54,882	$	73,423
	Shares outstanding		1,253		2,983		4,854
	Net asset value per share	$	17.01	$	18.40	$	15.13
Class R-5E:	Net assets	$	1,103	$	7,820	$	5,377
	Shares outstanding		65		425		356
	Net asset value per share	$	17.01	$	18.40	$	15.12
Class R-5:	Net assets	$	8,564	$	23,936	$	20,958
	Shares outstanding		499		1,288		1,380
	Net asset value per share	$	17.17	$	18.57	$	15.18
Class R-6:	Net assets	$	55,825	$	74,572	$	104,809
	Shares outstanding		3,244		4,023		6,913
	Net asset value per share	$	17.21	$	18.54	$	15.16

See Notes to Financial Statements

16 American Funds Portfolio Series

unaudited

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

Moderate Growth and Income Portfolio (formerly Balanced Portfolio)		Conservative Growth and Income Portfolio (formerly Income Portfolio)		Tax-Advantaged Growth and Income Portfolio (formerly Tax-Advantaged Income Portfolio)	Preservation Portfolio		Tax-Exempt Preservation Portfolio
$	11,136	$	1,814		$	310
	757		147			32
$	14.72	$	12.35		$	9.72
$	108,939	$	33,128		$	14,084
	7,412		2,684			1,453
$	14.70	$	12.34		$	9.69
$	4,587	$	232		$	1,338
	310		19			138
$	14.78	$	12.39		$	9.72
$	114,506	$	31,755		$	16,041
	7,765		2,565			1,652
$	14.75	$	12.38		$	9.71
$	93,384	$	35,741		$	11,246
	6,317		2,882			1,157
$	14.78	$	12.40		$	9.72
$	7,371	$	3,072		$	218
	498		248			23
$	14.79	$	12.39		$	9.73
$	21,050	$	7,074		$	2,249
	1,421		569			231
$	14.81	$	12.43		$	9.72
$	293,191	$	34,415		$	14,853
	19,792		2,770			1,528
$	14.81	$	12.43		$	9.72

American Funds Portfolio Series 17

Statements of operations

for the six months ended April 30, 2018

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	21,420		$	47,536		$	85,961
Affiliated issuers		—			—			—
		21,420			47,536			85,961
Fees and expenses*:
Distribution services		5,004			10,790			14,407
Transfer agent services		1,301			2,800			3,513
Reports to shareholders		67			144			186
Registration statement and prospectus		342			463			433
Trustees’ compensation		5			10			13
Auditing and legal		—	†		2			2
Custodian		6			6			6
Other		122			309			239
Total fees and expenses		6,847			14,524			18,799
Net investment income		14,573			33,012			67,162
Net realized gain (loss) and unrealized depreciation:
Net realized (loss) gain on sale of investments:
Unaffiliated issuers		(75	)		(24	)		4,346
Affiliated issuers		—			—			—
Capital gain distributions received		115,883			264,472			307,493
		115,808			264,448			311,839
Net unrealized depreciation on investments:
Unaffiliated issuers		(25,022	)		(7,906	)		(142,790	)
Affiliated issuers		—			—			—
		(25,022	)		(7,906	)		(142,790	)
Net realized gain (loss) and unrealized depreciation		90,786			256,542			169,049
Net increase (decrease) in net assets resulting from operations	$	105,359		$	289,554		$	236,211

*	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)

Moderate Growth and Income Portfolio (formerly Balanced Portfolio)			Conservative Growth and Income Portfolio (formerly Income Portfolio)			Tax-Advantaged Growth and Income Portfolio (formerly Tax-Advantaged Income Portfolio)			Preservation Portfolio			Tax-Exempt Preservation Portfolio
$	56,571		$	73,026		$	17,118		$	—		$	—
	19,834			6,661			9,320			12,740			4,440
	76,405			79,687			26,438			12,740			4,440
	13,039			8,236			3,343			2,582			767
	3,057			1,993			778			631			183
	166			108			44			34			10
	453			329			241			231			99
	11			8			3			2			1
	2			1			—	†		—	†		—	†
	6			6			6			6			6
	166			67			3			50			1
	16,900			10,748			4,418			3,536			1,067
	59,505			68,939			22,020			9,204			3,373
	9			(150	)		(215	)		—			—
	(7	)		(159	)		(211	)		(460	)		(1,329	)
	185,160			76,100			35,887			—			—
	185,162			75,791			35,461			(460	)		(1,329	)
	(98,720	)		(114,782	)		(21,367	)		—			—
	1,173			(23,117	)		(5,949	)		(28,667	)		(6,615	)
	(97,547	)		(137,899	)		(27,316	)		(28,667	)		(6,615	)
	87,615			(62,108	)		8,145			(29,127	)		(7,944	)
$	147,120		$	6,831		$	30,165		$	(19,923	)	$	(4,571	)

American Funds Portfolio Series 19

Statements of changes in net assets

	Global Growth Portfolio						Growth Portfolio						Growth and Income Portfolio
	Six months ended April 30 2018*			Year ended October 31 2017			Six months ended April 30 2018*			Year ended October 31 2017			Six months ended April 30 2018*			Year ended October 31 2017
Operations:
Net investment income	$	14,573		$	18,429		$	33,012		$	39,244		$	67,162		$	118,838
Net realized gain (loss)		115,808			150,912			264,448			167,492			311,839			150,940
Net unrealized (depreciation) appreciation		(25,022	)		313,133			(7,906	)		849,844			(142,790	)		816,444
Net increase (decrease) in net assets resulting from operations		105,359			482,474			289,554			1,056,580			236,211			1,086,222
Dividends and distributions paid to shareholders:
Dividends from net investment income		(15,537	)		(15,700	)		(34,001	)		(35,599	)		(69,414	)		(116,273	)
Distributions from net realized gain on investments		(143,644	)		(45,356	)		(157,086	)		(138,199	)		(136,889	)		(144,461	)
Total dividends and distributions paid to shareholders		(159,181	)		(61,056	)		(191,087	)		(173,798	)		(206,303	)		(260,734	)
Net capital share transactions		671,155			378,154			703,246			739,162			671,127			800,173
Total increase (decrease) in net assets		617,333			799,572			801,713			1,621,944			701,035			1,625,661
Net assets:
Beginning of period		2,584,211			1,784,639			5,735,186			4,113,242			7,562,017			5,936,356
End of period	$	3,201,544		$	2,584,211		$	6,536,899		$	5,735,186		$	8,263,052		$	7,562,017
(Distributions in excess of) undistributed net investment income	$	(969	)	$	(5	)	$	(999	)	$	(10	)	$	(2,267	)	$	(15	)

*Unaudited.

See Notes to Financial Statements

20 American Funds Portfolio Series

(dollars in thousands)

Moderate Growth and Income Portfolio (formerly Balanced Portfolio)						Conservative Growth and Income Portfolio (formerly Income Portfolio)						Tax-Advantaged Growth and Income Portfolio (formerly Tax-Advantaged Income Portfolio)						Preservation Portfolio						Tax-Exempt Preservation Portfolio
Six months ended April 30 2018*			Year ended October 31 2017			Six months ended April 30 2018*			Year ended October 31 2017			Six months ended April 30 2018*			Year ended October 31 2017			Six months ended April 30 2018*			Year ended October 31 2017			Six months ended April 30 2018*			Year ended October 31 2017
$	59,505		$	89,652		$	68,939		$	117,774		$	22,020		$	35,120		$	9,204		$	12,652		$	3,373		$	7,686
	185,162			149,595			75,791			28,272			35,461			31,355			(460	)		1,892			(1,329	)		(3,833	)
	(97,547	)		582,678			(137,899	)		306,992			(27,316	)		91,563			(28,667	)		(14,583	)		(6,615	)		(1,408	)
	147,120			821,925			6,831			453,038			30,165			158,038			(19,923	)		(39	)		(4,571	)		2,445
	(56,288	)		(89,343	)		(67,731	)		(120,943	)		(21,651	)		(34,201	)		(8,869	)		(14,496	)		(3,381	)		(7,786	)
	(135,406	)		(102,336	)		(20,998	)		(15,840	)		(29,001	)		(10,550	)		—			(680	)		—			—
	(191,694	)		(191,679	)		(88,729	)		(136,783	)		(50,652	)		(44,751	)		(8,869	)		(15,176	)		(3,381	)		(7,786	)
	764,411			952,139			208,499			436,076			325,924			439,815			9,669			216,053			(10,608	)		(6,593	)
	719,837			1,582,385			126,601			752,331			305,437			553,102			(19,123	)		200,838			(18,560	)		(11,934	)
	6,737,765			5,155,380			4,549,475			3,797,144			1,697,616			1,144,514			1,442,117			1,241,279			435,522			447,456
$	7,457,602		$	6,737,765		$	4,676,076		$	4,549,475		$	2,003,053		$	1,697,616		$	1,422,994		$	1,442,117		$	416,962		$	435,522
$	9,688		$	6,471		$	4,711		$	3,503		$	3,137		$	2,768		$	835		$	500		$	224		$	232

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 Moderate Growth and Income Portfolio (formerly American Funds Balanced Portfolio)	Seeks current income and long-term growth of capital and income.
American Funds Conservative Growth and Income Portfolio (formerly American Funds Income Portfolio)	Seeks current income and, secondarily, long-term growth of capital.
American Funds Tax-Advantaged Growth and Income Portfolio (formerly 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, Moderate Growth and Income Portfolio, Conservative Growth and Income Portfolio and Preservation Portfolio each have 19 share classes consisting of seven retail share classes (Classes A, C, T, F-1, F-2 and F-3), six 529 college savings plan share classes (Classes 529-A, 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 Growth and Income Portfolio and Tax-Exempt Preservation Portfolio each have six retail share classes (Classes A, C, T, F-1, F-2 and F-3). The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A 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 18 months of purchase without an initial sales charge)	None
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	Class 529-C converts to Class 529-A after 10 years*
Class 529-E	None	None	None
Classes T and 529-T†	Up to 2.50%	None	None
Classes F-1, F-2, F-3 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

*	Effective December 1, 2017.
†	Class T and 529-T shares are not available for purchase.

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

22 American Funds Portfolio Series

2. Significant accounting policies

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

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

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

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) 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, 2018, all of the investment securities held by each fund were classified as Level 1.

4. Risk factors

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

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

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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 and on the following pages.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental 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 growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

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

24 American Funds Portfolio Series

Currency — The prices of, and the income generated by, many debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.

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

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

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

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

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

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

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5. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and each intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2018, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

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

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

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio			Moderate Growth and Income Portfolio
As of October 31, 2017
Undistributed ordinary income	$	—	$	—	$	—		$	6,484
Undistributed long-term capital gains		143,629		157,056		136,839			135,369
As of April 30, 2018
Gross unrealized appreciation on investments		307,356		941,012		834,712			692,071
Gross unrealized depreciation on investments		—		—		(25,285	)		(17,693	)
Net unrealized appreciation (depreciation) on investments		307,356		941,012		809,427			674,378
Cost of investments		2,895,230		5,598,172		7,456,587			6,785,983

	Conservative Growth and Income Portfolio			Tax-Advantaged Growth and Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
As of October 31, 2017
Undistributed ordinary income	$	3,513		$	1,098		$	503		$	—
Undistributed tax-exempt income		—			1,672			—			233
Undistributed long-term capital gains		20,992			28,994			—			—
Capital loss carryforward*		—			—			(478	)		(6,439	)
As of April 30, 2018
Gross unrealized appreciation on investments		334,320			109,166			—			2,096
Gross unrealized depreciation on investments		(83,624	)		(9,986	)		(40,222	)		(14,022	)
Net unrealized appreciation (depreciation) on investments		250,696			99,180			(40,222	)		(11,926	)
Cost of investments		4,426,769			1,904,488			1,463,679			429,010

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

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

Global Growth Portfolio

	Six months ended April 30, 2018							Year ended October 31, 2017
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	$	10,082		$	81,139	$	91,221	$	10,788		$	27,044		$	37,832
Class B1									—			10			10
Class C		36			16,475		16,511		617			5,840			6,457
Class T2		—	3		1		1		—			—			—
Class F-1		408			3,290		3,698		367			993			1,360
Class F-2		2,318			14,096		16,414		1,329			2,765			4,094
Class F-34		164			927		1,091		—			—			—
Class 529-A		1,528			12,562		14,090		1,465			3,819			5,284
Class 529-B1									—			3			3
Class 529-C		—			3,786		3,786		22			1,317			1,339
Class 529-E		41			486		527		42			145			187
Class 529-T2		—	3		1		1		—			—			—
Class 529-F-1		147			951		1,098		121			269			390
Class R-1		5			214		219		—			59			59
Class R-2		19			3,779		3,798		173			1,250			1,423
Class R-2E		6			95		101		11			25			36
Class R-3		149			1,953		2,102		162			573			735
Class R-4		108			897		1,005		119			296			415
Class R-5E		—	3		1		1		—	3		—	3		—	3
Class R-5		70			417		487		62			125			187
Class R-6		456			2,574		3,030		422			823			1,245
Total	$	15,537		$	143,644	$	159,181	$	15,700		$	45,356		$	61,056

Growth Portfolio

	Six months ended April 30, 2018									Year ended October 31, 2017
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	$	23,969		$	91,462		$	115,431		$	25,081		$	83,165		$	108,246
Class B1											—			35			35
Class C		53			20,938			20,991			1,607			19,972			21,579
Class T2		—	3		—	3		—	3		—			—			—
Class F-1		547			2,224			2,771			579			2,066			2,645
Class F-2		2,785			8,271			11,056			2,074			5,800			7,874
Class F-34		246			667			913			—			—			—
Class 529-A		4,053			15,980			20,033			3,607			12,636			16,243
Class 529-B1											—			4			4
Class 529-C		—			4,764			4,764			389			4,516			4,905
Class 529-E		125			728			853			126			598			724
Class 529-T2		—	3		—	3		—	3		—			—			—
Class 529-F-1		504			1,555			2,059			347			1,025			1,372
Class R-1		4			256			260			12			237			249
Class R-2		80			3,899			3,979			323			3,240			3,563
Class R-2E		23			178			201			31			126			157
Class R-3		396			2,434			2,830			416			1,888			2,304
Class R-4		333			1,300			1,633			315			1,079			1,394
Class R-5E		53			149			202			—	3		—	3		—	3
Class R-5		200			570			770			175			465			640
Class R-6		630			1,711			2,341			517			1,347			1,864
Total	$	34,001		$	157,086		$	191,087		$	35,599		$	138,199		$	173,798

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Growth and Income Portfolio

	Six months ended April 30, 2018									Year ended October 31, 2017
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	$	47,304		$	87,067		$	134,371		$	81,593		$	94,686		$	176,279
Class B1											6			32			38
Class C		6,425			19,904			26,329			11,596			22,610			34,206
Class T2		—	3		—	3		—	3		—	3		—			—	3
Class F-1		1,487			2,812			4,299			2,416			2,808			5,224
Class F-2		4,573			7,276			11,849			5,780			5,299			11,079
Class F-34		418			597			1,015			154			—			154
Class 529-A		4,337			8,145			12,482			6,948			8,095			15,043
Class 529-B1											1			6			7
Class 529-C		800			2,707			3,507			1,552			3,177			4,729
Class 529-E		173			372			545			292			401			693
Class 529-T2		—	3		—	3		—	3		—	3		—			—	3
Class 529-F-1		367			618			985			596			621			1,217
Class R-1		44			134			178			74			146			220
Class R-2		735			2,243			2,978			1,227			2,234			3,461
Class R-2E		60			147			207			70			90			160
Class R-3		683			1,493			2,176			1,096			1,429			2,525
Class R-4		688			1,331			2,019			1,181			1,364			2,545
Class R-5E		45			69			114			—	3		—	3		—	3
Class R-5		214			346			560			253			176			429
Class R-6		1,061			1,628			2,689			1,438			1,287			2,725
Total	$	69,414		$	136,889		$	206,303		$	116,273		$	144,461		$	260,734

Moderate Growth and Income Portfolio

	Six months ended April 30, 2018									Year ended October 31, 2017
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	$	36,346		$	81,920		$	118,266		$	59,670		$	63,486		$	123,156
Class B1											5			22			27
Class C		5,185			20,556			25,741			8,824			17,262			26,086
Class T2		—	3		—	3		—	3		—	3		—			—	3
Class F-1		1,197			2,802			3,999			2,068			2,335			4,403
Class F-2		4,366			8,345			12,711			5,660			4,690			10,350
Class F-34		526			929			1,455			116			—			116
Class 529-A		2,586			5,871			8,457			3,888			4,297			8,185
Class 529-B1											1			3			4
Class 529-C		493			2,222			2,715			955			2,032			2,987
Class 529-E		82			218			300			148			192			340
Class 529-T2		—	3		—	3		—	3		—	3		—			—	3
Class 529-F-1		319			639			958			478			446			924
Class R-1		49			197			246			99			214			313
Class R-2		521			2,053			2,574			815			1,487			2,302
Class R-2E		15			99			114			103			65			168
Class R-3		752			2,051			2,803			1,210			1,544			2,754
Class R-4		799			1,851			2,650			1,263			1,234			2,497
Class R-5E		56			100			156			23			—	3		23
Class R-5		209			413			622			286			235			521
Class R-6		2,787			5,140			7,927			3,731			2,792			6,523
Total	$	56,288		$	135,406		$	191,694		$	89,343		$	102,336		$	191,679

See end of tables for footnotes.

American Funds Portfolio Series 29

Conservative Growth and Income Portfolio

	Six months ended April 30, 2018									Year ended October 31, 2017
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	$	48,933		$	14,627		$	63,560		$	88,221		$	11,087		$	99,308
Class B1											5			3			8
Class C		7,781			3,147			10,928			15,142			2,591			17,733
Class T2		—	3		—	3		—	3		—	3		—			—	3
Class F-1		1,350			412			1,762			2,538			333			2,871
Class F-2		4,541			1,250			5,791			7,000			760			7,760
Class F-34		528			126			654			174			—			174
Class 529-A		1,740			503			2,243			2,630			332			2,962
Class 529-B1											1			—	3		1
Class 529-C		495			206			701			1,102			192			1,294
Class 529-E		85			29			114			169			24			193
Class 529-T2		—	3		—	3		—	3		—	3		—			—	3
Class 529-F-1		201			45			246			289			36			325
Class R-1		21			9			30			41			8			49
Class R-2		369			146			515			691			113			804
Class R-2E		4			1			5			8			1			9
Class R-3		422			142			564			774			106			880
Class R-4		559			169			728			1,010			128			1,138
Class R-5E		47			13			60			6			1			7
Class R-5		112			31			143			178			19			197
Class R-6		543			142			685			964			106			1,070
Total	$	67,731		$	20,998		$	88,729		$	120,943		$	15,840		$	136,783

Tax-Advantaged Growth and Income Portfolio

	Six months ended April 30, 2018									Year ended October 31, 2017
Share class	Ordinary income5			Long-term capital gains			Total dividends and distributions paid			Ordinary income5			Long-term capital gains			Total dividends and distributions paid
Class A	$	15,799		$	20,767		$	36,566		$	26,502		$	8,157		$	34,659
Class B1											—	3		—	3		—	3
Class C		1,977			3,636			5,613			3,350			1,425			4,775
Class T2		—	3		—	3		—	3		—	3		—			—	3
Class F-1		1,968			2,450			4,418			2,054			411			2,465
Class F-2		1,486			1,726			3,212			2,106			557			2,663
Class F-34		421			422			843			189			—			189
Total	$	21,651		$	29,001		$	50,652		$	34,201		$	10,550		$	44,751

30 American Funds Portfolio Series

Preservation Portfolio

	Six months ended April 30, 2018								Year ended October 31, 2017
Share class	Ordinary income			Long-term capital gains		Total dividends paid			Ordinary income			Long-term capital gains			Total dividends and distributions paid
Class A	$	6,453		$	—	$	6,453		$	10,538		$	439		$	10,977
Class B1										—	3		—	3		—	3
Class C		419			—		419			865			97			962
Class T2		—	3		—		—	3		—	3		—			—	3
Class F-1		156			—		156			324			15			339
Class F-2		636			—		636			799			27			826
Class F-34		12			—		12			5			—			5
Class 529-A		626			—		626			940			41			981
Class 529-B1										—	3		—	3		—	3
Class 529-C		70			—		70			160			19			179
Class 529-E		22			—		22			33			2			35
Class 529-T2		—	3		—		—	3		—	3		—			—	3
Class 529-F-1		124			—		124			221			8			229
Class R-1		1			—		1			5			1			6
Class R-2		43			—		43			90			9			99
Class R-2E		6			—		6			19			1			20
Class R-3		82			—		82			151			9			160
Class R-4		74			—		74			128			5			133
Class R-5E		1			—		1			—	3		—	3		—	3
Class R-5		22			—		22			30			1			31
Class R-6		122			—		122			188			6			194
Total	$	8,869		$	—	$	8,869		$	14,496		$	680		$	15,176

Tax-Exempt Preservation Portfolio

	Six months ended April 30, 2018								Year ended October 31, 2017
Share class	Ordinary income5			Long-term capital gains		Total dividends paid			Ordinary income5			Long-term capital gains		Total dividends paid
Class A	$	2,715		$	—	$	2,715		$	6,177		$	—	$	6,177
Class B1										—	3		—		—	3
Class C		241			—		241			692			—		692
Class T2		—	3		—		—	3		—	3		—		—	3
Class F-1		64			—		64			189			—		189
Class F-2		337			—		337			719			—		719
Class F-34		24			—		24			9			—		9
Total	$	3,381		$	—	$	3,381		$	7,786		$	—	$	7,786

1	Class B and 529-B shares were fully liquidated on May 5, 2017.
2	Class T and 529-T shares began investment operations on April 7, 2017.
3	Amount less than one thousand.
4	Class F-3 shares began investment operations on January 27, 2017.
5	Ordinary income may include both taxable and tax-exempt income.

6. Fees and transactions with related parties

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

Investment advisory services — The series has an investment advisory and service agreement with CRMC. CRMC receives fees from the underlying funds for investment advisory services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

American Funds Portfolio Series 31

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 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 limits are not exceeded. As of April 30, 2018, 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		—		—
Moderate Growth and Income Portfolio		—		—
Conservative Growth and Income Portfolio		—		—
Tax-Advantaged Growth and Income Portfolio		224		Not applicable
Preservation Portfolio		28		—
Tax-Exempt Preservation Portfolio		857		Not applicable

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

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

32 American Funds Portfolio Series

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2018, were as follows
(dollars in thousands):

Global Growth Portfolio
Share class	Distribution services		Transfer agent services			529 plan services
Class A		$2,207		$655			Not applicable
Class C		1,629		132			Not applicable
Class T		—		—	*		Not applicable
Class F-1		86		37			Not applicable
Class F-2		Not applicable		148			Not applicable
Class F-3		—		—	*		Not applicable
Class 529-A		265		110			$83
Class 529-C		372		32			25
Class 529-E		25		2			3
Class 529-T		—		—	*		—	*
Class 529-F-1		—		8			7
Class R-1		21		2			Not applicable
Class R-2		272		129			Not applicable
Class R-2E		6		2			Not applicable
Class R-3		98		30			Not applicable
Class R-4		23		10			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		$5,004		$1,301			$118
Growth Portfolio
Share class	Distribution services		Transfer agent services			529 plan services
Class A		$4,074		$1,463			Not applicable
Class C		4,010		330			Not applicable
Class T		—		—	*		Not applicable
Class F-1		109		48			Not applicable
Class F-2		Not applicable		171			Not applicable
Class F-3		—		—	*		Not applicable
Class 529-A		662		278			$209
Class 529-C		923		82			61
Class 529-E		71		7			10
Class 529-T		—		—	*		—	*
Class 529-F-1		—		27			21
Class R-1		51		5			Not applicable
Class R-2		566		268			Not applicable
Class R-2E		20		7			Not applicable
Class R-3		239		74			Not applicable
Class R-4		65		27			Not applicable
Class R-5E		Not applicable		5			Not applicable
Class R-5		Not applicable		7			Not applicable
Class R-6		Not applicable		1			Not applicable
Total class-specific expenses		$10,790		$2,800			$301
Growth and Income Portfolio
Share class	Distribution services		Transfer agent services			529 plan services
Class A		$6,270		$2,070			Not applicable
Class C		5,715		474			Not applicable
Class T		—		—	*		Not applicable
Class F-1		200		89			Not applicable
Class F-2		Not applicable		223			Not applicable
Class F-3		—		—	*		Not applicable
Class 529-A		516		210			$157
Class 529-C		789		70			52
Class 529-E		55		5			7
Class 529-T		—		—	*		—	*
Class 529-F-1		—		16			12
Class R-1		39		4			Not applicable
Class R-2		485		226			Not applicable
Class R-2E		25		9			Not applicable
Class R-3		221		68			Not applicable
Class R-4		92		38			Not applicable
Class R-5E		Not applicable		3			Not applicable
Class R-5		Not applicable		6			Not applicable
Class R-6		Not applicable		2			Not applicable
Total class-specific expenses		$14,407		$3,513			$228
Moderate Growth and Income Portfolio
Share class	Distribution services		Transfer agent services			529 plan services
Class A		$5,733		$1,753			Not applicable
Class C		5,327		441			Not applicable
Class T		—		—	*		Not applicable
Class F-1		178		80			Not applicable
Class F-2		Not applicable		233			Not applicable
Class F-3		—		—	*		Not applicable
Class 529-A		330		135			$102
Class 529-C		590		52			39
Class 529-E		29		3			4
Class 529-T		—		—	*		—	*
Class 529-F-1		—		15			11
Class R-1		52		5			Not applicable
Class R-2		395		185			Not applicable
Class R-2E		18		8			Not applicable
Class R-3		272		83			Not applicable
Class R-4		115		49			Not applicable
Class R-5E		Not applicable		4			Not applicable
Class R-5		Not applicable		6			Not applicable
Class R-6		Not applicable		5			Not applicable
Total class-specific expenses		$13,039		$3,057			$156

See end of tables for footnote.

American Funds Portfolio Series 33

Conservative Growth and Income Portfolio
Share class	Distribution services		Transfer agent services			529 plan services
Class A		$4,064		$1,328			Not applicable
Class C		3,424		287			Not applicable
Class T		—		—	*		Not applicable
Class F-1		112		51			Not applicable
Class F-2		Not applicable		145			Not applicable
Class F-3		—		—	*		Not applicable
Class 529-A		132		50			$38
Class 529-C		235		21			16
Class 529-E		16		2			2
Class 529-T		—		—	*		—	*
Class 529-F-1		—		5			4
Class R-1		9		1			Not applicable
Class R-2		120		56			Not applicable
Class R-2E		1		—	*		Not applicable
Class R-3		77		24			Not applicable
Class R-4		46		19			Not applicable
Class R-5E		Not applicable		2			Not applicable
Class R-5		Not applicable		2			Not applicable
Class R-6		Not applicable		—	*		Not applicable
Total class-specific expenses		$8,236		$1,993			$60
Tax-Advantaged Growth and Income Portfolio
Share class	Distribution services		Transfer agent services
Class A		$1,989		$537
Class C		1,145		94
Class T		—		—	*
Class F-1		209		90
Class F-2		Not applicable		57
Class F-3		Not applicable		—	*
Total class-specific expenses		$3,343		$778
Preservation Portfolio
Share class	Distribution services		Transfer agent services			529 plan services
Class A		$1,458		$407			Not applicable
Class C		720		61			Not applicable
Class T		—		—	*		Not applicable
Class F-1		30		14			Not applicable
Class F-2		Not applicable		41			Not applicable
Class F-3		—		—	*		Not applicable
Class 529-A		105		41			$31
Class 529-C		144		13			10
Class 529-E		10		1			1
Class 529-T		—		—	*		—	*
Class 529-F-1		—		7			6
Class R-1		3		—	*		Not applicable
Class R-2		54		25			Not applicable
Class R-2E		5		2			Not applicable
Class R-3		39		12			Not applicable
Class R-4		14		6			Not applicable
Class R-5E		Not applicable		—	*		Not applicable
Class R-5		Not applicable		1			Not applicable
Class R-6		Not applicable		—	*		Not applicable
Total class-specific expenses		$2,582		$631			$48
Tax-Exempt Preservation Portfolio
Share class	Distribution services		Transfer agent services
Class A		$498		$137
Class C		259		22
Class T		—		—	*
Class F-1		10		5
Class F-2		Not applicable		19
Class F-3		Not applicable		—	*
Total class-specific expenses		$767		$183

* Amount less than one thousand.

34 American Funds Portfolio Series

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:

	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Portfolio	$	5	$	—	*	$	5
Growth Portfolio		10		—	*		10
Growth and Income Portfolio		13		—	*		13
Moderate Growth and Income Portfolio		11		—	*		11
Conservative Growth and Income Portfolio		8		—	*		8
Tax-Advantaged Growth and Income Portfolio		3		—	*		3
Preservation Portfolio		2		—	*		2
Tax-Exempt Preservation Portfolio		1		—	*		1

* Amount less than one thousand.

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

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2018, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	644,452	$	1,869
Growth Portfolio		810,394		867
Growth and Income Portfolio		851,341		7,756
Moderate Growth and Income Portfolio		826,762		9,251
Conservative Growth and Income Portfolio		291,559		27,211
Tax-Advantaged Growth and Income Portfolio		377,538		44,155
Preservation Portfolio		79,588		69,635
Tax-Exempt Preservation Portfolio		33,751		44,358

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, 2018
Class A	$	360,363		20,847		$	90,839		5,439		$	(119,653	)		(6,933	)	$	331,549			19,353
Class C		79,684		4,681			16,477		999			(29,423	)		(1,728	)		66,738			3,952
Class T		—		—			—		—			—			—			—			—
Class F-1		27,009		1,565			3,696		221			(8,498	)		(492	)		22,207			1,294
Class F-2		131,541		7,583			16,307		974			(47,521	)		(2,745	)		100,327			5,812
Class F-3		37,037		2,140			1,091		66			(2,447	)		(142	)		35,681			2,064
Class 529-A		59,772		3,453			14,090		845			(12,162	)		(704	)		61,700			3,594
Class 529-C		12,309		721			3,783		229			(7,779	)		(454	)		8,313			496
Class 529-E		2,885		169			522		32			(783	)		(46	)		2,624			155
Class 529-T		—		—			1		—	2		—			—			1			—	2
Class 529-F-1		7,701		446			1,096		65			(2,265	)		(130	)		6,532			381
Class R-1		1,480		86			215		13			(555	)		(33	)		1,140			66
Class R-2		18,345		1,080			3,797		231			(11,010	)		(651	)		11,132			660
Class R-2E		958		56			100		6			(63	)		(4	)		995			58
Class R-3		10,603		622			2,101		127			(4,852	)		(282	)		7,852			467
Class R-4		6,193		362			1,006		60			(2,671	)		(155	)		4,528			267
Class R-5E		1,125		66			—		—			(42	)		(2	)		1,083			64
Class R-5		1,662		95			487		29			(1,178	)		(68	)		971			56
Class R-6		10,802		623			3,030		180			(6,050	)		(347	)		7,782			456
Total net increase (decrease)	$	769,469		44,595		$	158,638		9,516		$	(256,952	)		(14,916	)	$	671,155			39,195
Year ended October 31, 2017
Class A	$	354,909		22,648		$	37,638		2,727		$	(242,404	)		(15,891	)	$	150,143			9,484
Class B3		9		—	2		11		1			(626	)		(43	)		(606	)		(42	)
Class C		71,152		4,624			6,439		472			(59,814	)		(3,974	)		17,777			1,122
Class T4		10		1			—		—			—			—			10			1
Class F-1		29,543		1,855			1,360		98			(22,218	)		(1,440	)		8,685			513
Class F-2		146,270		9,178			4,041		292			(39,394	)		(2,537	)		110,917			6,933
Class F-35		14,415		885			—		—			(278	)		(17	)		14,137			868
Class 529-A		49,676		3,198			5,284		383			(19,235	)		(1,265	)		35,725			2,316
Class 529-B3		2		—	2		3		—	2		(135	)		(9	)		(130	)		(9	)
Class 529-C		13,592		891			1,338		98			(11,328	)		(784	)		3,602			205
Class 529-E		2,037		132			187		14			(475	)		(31	)		1,749			115
Class 529-T4		10		1			—		—			—			—			10			1
Class 529-F-1		5,634		360			390		28			(1,954	)		(127	)		4,070			261
Class R-1		1,424		94			57		4			(1,583	)		(107	)		(102	)		(9	)
Class R-2		25,724		1,694			1,424		104			(18,147	)		(1,192	)		9,001			606
Class R-2E		456		29			36		3			(235	)		(14	)		257			18
Class R-3		13,846		902			734		53			(6,714	)		(440	)		7,866			515
Class R-4		7,946		520			415		30			(4,339	)		(284	)		4,022			266
Class R-5E		—		—			—		—			—			—			—			—
Class R-5		3,396		217			187		14			(1,318	)		(81	)		2,265			150
Class R-6		13,632		860			1,244		90			(6,120	)		(391	)		8,756			559
Total net increase (decrease)	$	753,683		48,089		$	60,788		4,411		$	(436,317	)		(28,627	)	$	378,154			23,873

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, 2018
Class A	$	523,967		28,243	$	115,030			6,359		$	(273,832	)		(14,784	)	$	365,165			19,818
Class C		114,596		6,276		20,934			1,173			(80,548	)		(4,411	)		54,982			3,038
Class T		—		—		—			—			—			—			—			—
Class F-1		22,124		1,194		2,769			153			(14,448	)		(776	)		10,445			571
Class F-2		131,858		7,088		10,929			603			(60,640	)		(3,250	)		82,147			4,441
Class F-3		29,731		1,577		907			50			(2,467	)		(132	)		28,171			1,495
Class 529-A		104,221		5,626		20,030			1,108			(30,440	)		(1,647	)		93,811			5,087
Class 529-C		18,816		1,032		4,760			267			(24,826	)		(1,369	)		(1,250	)		(70	)
Class 529-E		3,825		208		853			48			(932	)		(51	)		3,746			205
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		11,367		612		2,059			114			(2,688	)		(144	)		10,738			582
Class R-1		4,052		222		258			15			(1,172	)		(64	)		3,138			173
Class R-2		33,618		1,842		3,977			223			(18,251	)		(1,003	)		19,344			1,062
Class R-2E		1,258		69		201			11			(310	)		(17	)		1,149			63
Class R-3		21,060		1,143		2,830			157			(11,781	)		(636	)		12,109			664
Class R-4		9,574		518		1,633			90			(5,786	)		(311	)		5,421			297
Class R-5E		2,661		146		202			11			(896	)		(49	)		1,967			108
Class R-5		4,290		230		769			42			(3,491	)		(188	)		1,568			84
Class R-6		16,899		907		2,340			129			(8,644	)		(465	)		10,595			571
Total net increase (decrease)	$	1,053,917		56,933	$	190,481			10,553		$	(541,152	)		(29,297	)	$	703,246			38,189
Year ended October 31, 2017
Class A	$	769,267		47,161	$	107,885			7,212		$	(544,326	)		(33,520	)	$	332,826			20,853
Class B3		138		9		35			2			(1,594	)		(103	)		(1,421	)		(92	)
Class C		184,736		11,534		21,529			1,458			(160,575	)		(10,019	)		45,690			2,973
Class T4		10		1		—			—			—			—			10			1
Class F-1		36,159		2,227		2,637			176			(33,393	)		(2,041	)		5,403			362
Class F-2		166,457		10,014		7,796			520			(87,373	)		(5,279	)		86,880			5,255
Class F-35		23,509		1,346		—			—			(672	)		(39	)		22,837			1,307
Class 529-A		131,040		8,030		16,240			1,086			(36,224	)		(2,202	)		111,056			6,914
Class 529-B3		4		1		4			—	2		(212	)		(14	)		(204	)		(13	)
Class 529-C		40,697		2,581		4,905			332			(15,502	)		(959	)		30,100			1,954
Class 529-E		5,267		325		724			49			(1,473	)		(91	)		4,518			283
Class 529-T4		10		1		—			—			—			—			10			1
Class 529-F-1		21,699		1,329		1,372			91			(4,706	)		(293	)		18,365			1,127
Class R-1		3,223		200		245			16			(2,892	)		(181	)		576			35
Class R-2		52,592		3,275		3,562			241			(31,865	)		(1,968	)		24,289			1,548
Class R-2E		1,523		96		157			11			(658	)		(40	)		1,022			67
Class R-3		34,767		2,151		2,304			155			(17,076	)		(1,041	)		19,995			1,265
Class R-4		18,472		1,138		1,394			93			(9,932	)		(619	)		9,934			612
Class R-5E		5,593		319		—			—			(47	)		(3	)		5,546			316
Class R-5		11,638		718		640			42			(3,258	)		(196	)		9,020			564
Class R-6		20,032		1,225		1,864			124			(9,186	)		(558	)		12,710			791
Total net increase (decrease)	$	1,526,833		93,681	$	173,293			11,608		$	(960,964	)		(59,166	)	$	739,162			46,123

See end of tables 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, 2018
Class A	$	637,744		41,651	$	133,533			8,825		$	(391,660	)		(25,584	)	$	379,617			24,892
Class C		134,262		8,820		26,217			1,742			(116,742	)		(7,675	)		43,737			2,887
Class T		—		—		—			—			—			—			—			—
Class F-1		40,551		2,646		4,230			280			(30,484	)		(1,988	)		14,297			938
Class F-2		156,615		10,191		11,689			772			(65,617	)		(4,282	)		102,687			6,681
Class F-3		22,962		1,498		1,015			67			(2,152	)		(141	)		21,825			1,424
Class 529-A		69,182		4,516		12,480			825			(29,692	)		(1,939	)		51,970			3,402
Class 529-C		17,101		1,121		3,506			233			(20,791	)		(1,363	)		(184	)		(9	)
Class 529-E		2,698		177		544			36			(1,118	)		(74	)		2,124			139
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		7,148		465		984			65			(3,972	)		(257	)		4,160			273
Class R-1		2,350		154		176			12			(1,033	)		(68	)		1,493			98
Class R-2		24,990		1,643		2,977			198			(15,228	)		(1,002	)		12,739			839
Class R-2E		959		64		207			14			(343	)		(23	)		823			55
Class R-3		19,748		1,293		2,175			144			(10,942	)		(715	)		10,981			722
Class R-4		10,131		663		2,019			133			(13,544	)		(883	)		(1,394	)		(87	)
Class R-5E		2,061		136		113			8			(658	)		(43	)		1,516			101
Class R-5		20,103		1,306		557			36			(17,900	)		(1,162	)		2,760			180
Class R-6		37,748		2,460		2,689			178			(18,461	)		(1,205	)		21,976			1,433
Total net increase (decrease)	$	1,206,353		78,804	$	205,111			13,568		$	(740,337	)		(48,404	)	$	671,127			43,968
Year ended October 31, 2017
Class A	$	990,035		70,555	$	175,030			12,993		$	(787,644	)		(56,250	)	$	377,421			27,298
Class B3		50		4		37			3			(2,040	)		(150	)		(1,953	)		(143	)
Class C		257,775		18,532		34,030			2,562			(227,870	)		(16,332	)		63,935			4,762
Class T4		10		1		—			—			—			—			10			1
Class F-1		69,271		4,932		5,119			380			(51,963	)		(3,668	)		22,427			1,644
Class F-2		228,345		16,159		10,891			803			(93,931	)		(6,668	)		145,305			10,294
Class F-35		29,893		2,070		154			11			(3,241	)		(223	)		26,806			1,858
Class 529-A		89,670		6,398		15,040			1,117			(41,240	)		(2,933	)		63,470			4,582
Class 529-B3		40		3		7			—			(375	)		(27	)		(328	)		(24	)
Class 529-C		28,467		2,047		4,726			356			(20,246	)		(1,440	)		12,947			963
Class 529-E		4,969		352		692			52			(3,992	)		(281	)		1,669			123
Class 529-T4		10		1		—	2		—	2		—			—			10			1
Class 529-F-1		10,474		748		1,215			90			(6,015	)		(426	)		5,674			412
Class R-1		2,834		202		219			16			(2,555	)		(183	)		498			35
Class R-2		43,402		3,115		3,461			261			(28,148	)		(2,009	)		18,715			1,367
Class R-2E		4,258		300		160			12			(986	)		(71	)		3,432			241
Class R-3		32,384		2,318		2,525			188			(21,290	)		(1,522	)		13,619			984
Class R-4		22,379		1,597		2,545			189			(13,801	)		(989	)		11,123			797
Class R-5E		3,934		267		—			—			(187	)		(13	)		3,747			254
Class R-5		11,995		850		429			31			(2,428	)		(171	)		9,996			710
Class R-6		32,317		2,297		2,725			201			(13,392	)		(945	)		21,650			1,553
Total net increase (decrease)	$	1,862,512		132,748	$	259,005			19,265		$	(1,321,344	)		(94,301	)	$	800,173			57,712

38 American Funds Portfolio Series

Moderate 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, 2018
Class A	$	660,920		44,178	$	117,507			7,942		$	(320,589	)		(21,442	)	$	457,838			30,678
Class C		141,550		9,523		25,605			1,740			(102,249	)		(6,884	)		64,906			4,379
Class T		—		—		—			—			—			—			—			—
Class F-1		35,163		2,351		3,992			270			(36,547	)		(2,439	)		2,608			182
Class F-2		172,485		11,493		12,610			852			(69,637	)		(4,662	)		115,458			7,683
Class F-3		25,833		1,736		1,453			99			(4,248	)		(285	)		23,038			1,550
Class 529-A		64,361		4,298		8,456			572			(30,066	)		(2,012	)		42,751			2,858
Class 529-C		17,056		1,145		2,716			184			(22,171	)		(1,485	)		(2,399	)		(156	)
Class 529-E		2,106		142		300			20			(1,285	)		(85	)		1,121			77
Class 529-T		—		—		—	2		—	2		—			—			—	2		—	2
Class 529-F-1		5,769		384		958			64			(2,314	)		(153	)		4,413			295
Class R-1		1,918		129		247			17			(1,349	)		(91	)		816			55
Class R-2		20,318		1,366		2,573			175			(13,681	)		(921	)		9,210			620
Class R-2E		1,323		89		113			7			(12,464	)		(840	)		(11,028	)		(744	)
Class R-3		21,678		1,454		2,803			190			(13,842	)		(929	)		10,639			715
Class R-4		12,108		811		2,650			179			(14,550	)		(974	)		208			16
Class R-5E		3,324		220		155			10			(2,940	)		(196	)		539			34
Class R-5		4,779		319		612			41			(3,621	)		(242	)		1,770			118
Class R-6		66,491		4,435		7,927			535			(31,895	)		(2,134	)		42,523			2,836
Total net increase (decrease)	$	1,257,182		84,073	$	190,677			12,897		$	(683,448	)		(45,774	)	$	764,411			51,196
Year ended October 31, 2017
Class A	$	992,328		70,776	$	122,304			9,099		$	(636,302	)		(45,721	)	$	478,330			34,154
Class B3		86		6		27			2			(1,839	)		(136	)		(1,726	)		(128	)
Class C		240,742		17,331		25,924			1,957			(201,841	)		(14,554	)		64,825			4,734
Class T4		10		1		—			—			—			—			10			1
Class F-1		66,750		4,794		4,377			326			(82,217	)		(5,944	)		(11,090	)		(824	)
Class F-2		243,254		17,258		10,127			747			(107,674	)		(7,618	)		145,707			10,387
Class F-35		45,539		3,136		116			8			(2,537	)		(177	)		43,118			2,967
Class 529-A		70,339		5,018		8,183			609			(37,841	)		(2,710	)		40,681			2,917
Class 529-B3		16		1		3			—	2		(263	)		(19	)		(244	)		(18	)
Class 529-C		27,420		1,970		2,987			225			(22,394	)		(1,609	)		8,013			586
Class 529-E		2,731		195		340			25			(2,540	)		(181	)		531			39
Class 529-T4		10		1		—	2		—	2		—			—			10			1
Class 529-F-1		12,929		923		923			69			(7,588	)		(544	)		6,264			448
Class R-1		4,180		303		313			24			(5,411	)		(391	)		(918	)		(64	)
Class R-2		38,238		2,754		2,296			173			(24,570	)		(1,774	)		15,964			1,153
Class R-2E		14,623		1,054		169			12			(3,126	)		(230	)		11,666			836
Class R-3		36,587		2,609		2,739			205			(24,202	)		(1,738	)		15,124			1,076
Class R-4		54,293		3,895		2,497			185			(26,536	)		(1,895	)		30,254			2,185
Class R-5E		6,954		492		23			2			(450	)		(32	)		6,527			462
Class R-5		9,421		671		519			38			(3,912	)		(281	)		6,028			428
Class R-6		151,431		10,809		6,522			480			(64,888	)		(4,594	)		93,065			6,695
Total net increase (decrease)	$	2,017,881		143,997	$	190,389			14,186		$	(1,256,131	)		(90,148	)	$	952,139			68,035

See end of tables for footnotes.

American Funds Portfolio Series 39

Conservative 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, 2018
Class A	$	356,717		28,156		$	62,342			4,961		$	(293,479	)		(23,172	)	$	125,580			9,945
Class C		63,701		5,063			10,817			864			(77,858	)		(6,187	)		(3,340	)		(260	)
Class T		—		—			—			—			—			—			—			—
Class F-1		18,246		1,439			1,741			139			(17,799	)		(1,405	)		2,188			173
Class F-2		76,471		6,024			5,720			455			(52,894	)		(4,166	)		29,297			2,313
Class F-3		22,707		1,795			650			52			(4,042	)		(321	)		19,315			1,526
Class 529-A		39,379		3,105			2,242			179			(13,007	)		(1,026	)		28,614			2,258
Class 529-C		8,454		670			701			56			(14,600	)		(1,152	)		(5,445	)		(426	)
Class 529-E		757		60			114			9			(1,088	)		(86	)		(217	)		(17	)
Class 529-T		—		—			—	2		—	2		—			—			—	2		—	2
Class 529-F-1		7,453		588			247			20			(1,186	)		(93	)		6,514			515
Class R-1		260		21			30			2			(501	)		(40	)		(211	)		(17	)
Class R-2		6,766		538			513			41			(5,148	)		(410	)		2,131			169
Class R-2E		24		2			5			—	2		(74	)		(6	)		(45	)		(4	)
Class R-3		5,134		408			564			45			(4,609	)		(364	)		1,089			89
Class R-4		6,437		511			727			58			(6,958	)		(555	)		206			14
Class R-5E		695		55			60			5			(620	)		(49	)		135			11
Class R-5		1,519		120			143			11			(1,333	)		(104	)		329			27
Class R-6		9,399		746			685			54			(7,725	)		(612	)		2,359			188
Total net increase (decrease)	$	624,119		49,301		$	87,301			6,951		$	(502,921	)		(39,748	)	$	208,499			16,504
Year ended October 31, 2017
Class A	$	697,268		57,326		$	97,120			8,025		$	(495,993	)		(40,746	)	$	298,395			24,605
Class B3		22		2			8			—	2		(1,158	)		(96	)		(1,128	)		(94	)
Class C		143,339		11,845			17,503			1,455			(148,117	)		(12,221	)		12,725			1,079
Class T4		10		1			—			—			—			—			10			1
Class F-1		31,206		2,562			2,819			233			(35,374	)		(2,909	)		(1,349	)		(114	)
Class F-2		147,523		12,063			7,643			630			(82,352	)		(6,726	)		72,814			5,967
Class F-35		20,646		1,664			168			13			(1,352	)		(108	)		19,462			1,569
Class 529-A		30,923		2,529			2,960			245			(21,004	)		(1,721	)		12,879			1,053
Class 529-B3		2		—	2		1			—	2		(111	)		(9	)		(108	)		(9	)
Class 529-C		14,184		1,167			1,294			108			(13,255	)		(1,093	)		2,223			182
Class 529-E		1,462		119			193			16			(1,337	)		(110	)		318			25
Class 529-T4		10		1			—	2		—	2		—			—			10			1
Class 529-F-1		3,343		273			325			27			(3,942	)		(326	)		(274	)		(26	)
Class R-1		844		70			49			4			(782	)		(65	)		111			9
Class R-2		10,574		873			801			66			(8,448	)		(694	)		2,927			245
Class R-2E		60		5			9			1			(134	)		(11	)		(65	)		(5	)
Class R-3		12,579		1,031			880			73			(9,697	)		(795	)		3,762			309
Class R-4		9,130		752			1,139			94			(7,547	)		(624	)		2,722			222
Class R-5E		3,155		253			6			—	2		(295	)		(23	)		2,866			230
Class R-5		3,148		257			197			16			(1,144	)		(94	)		2,201			179
Class R-6		14,869		1,220			1,070			88			(10,364	)		(847	)		5,575			461
Total net increase (decrease)	$	1,144,297		94,013		$	134,185			11,094		$	(842,406	)		(69,218	)	$	436,076			35,889

40 American Funds Portfolio Series

Tax-Advantaged 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, 2018
Class A	$	233,218		17,077	$	36,160			2,670		$	(69,891	)		(5,131	)	$	199,487			14,616
Class C		46,265		3,410		5,561			413			(19,754	)		(1,461	)		32,072			2,362
Class T		—		—		—			—			—			—			—			—
Class F-1		125,355		9,131		4,409			325			(76,263	)		(5,654	)		53,501			3,802
Class F-2		36,006		2,634		3,162			233			(17,185	)		(1,261	)		21,983			1,606
Class F-3		22,193		1,627		818			60			(4,130	)		(304	)		18,881			1,383
Total net increase (decrease)	$	463,037		33,879	$	50,110			3,701		$	(187,223	)		(13,811	)	$	325,924			23,769
Year ended October 31, 2017
Class A	$	334,689		25,763	$	34,210			2,673		$	(113,511	)		(8,787	)	$	255,388			19,649
Class B3		—		—		—	2		—	2		(43	)		(3	)		(43	)		(3	)
Class C		69,161		5,343		4,701			370			(30,606	)		(2,373	)		43,256			3,340
Class T4		10		1		—			—			—			—			10			1
Class F-1		118,716		9,129		2,461			190			(32,903	)		(2,546	)		88,274			6,773
Class F-2		59,377		4,554		2,606			203			(29,226	)		(2,253	)		32,757			2,504
Class F-35		21,757		1,643		174			13			(1,758	)		(132	)		20,173			1,524
Total net increase (decrease)	$	603,710		46,433	$	44,152			3,449		$	(208,047	)		(16,094	)	$	439,815			33,788

See end of tables 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, 2018
Class A	$	221,224		22,512		$	6,427			657		$	(222,225	)		(22,638	)	$	5,426			531
Class C		19,828		2,024			415			42			(36,583	)		(3,734	)		(16,340	)		(1,668	)
Class T		—		—			—			—			—			—			—			—
Class F-1		5,136		523			153			16			(7,777	)		(792	)		(2,488	)		(253	)
Class F-2		37,951		3,854			633			65			(25,267	)		(2,575	)		13,317			1,344
Class F-3		1,569		160			12			1			(579	)		(59	)		1,002			102
Class 529-A		35,960		3,662			625			64			(19,453	)		(1,981	)		17,132			1,745
Class 529-C		7,171		731			70			7			(14,985	)		(1,523	)		(7,744	)		(785	)
Class 529-E		1,434		146			22			2			(674	)		(69	)		782			79
Class 529-T		—		—			—	2		—	2		—			—			—	2		—	2
Class 529-F-1		2,914		297			124			13			(3,931	)		(401	)		(893	)		(91	)
Class R-1		29		3			1			—	2		(393	)		(40	)		(363	)		(37	)
Class R-2		2,797		286			43			4			(3,553	)		(363	)		(713	)		(73	)
Class R-2E		35		4			6			1			(537	)		(55	)		(496	)		(50	)
Class R-3		3,429		349			82			8			(2,880	)		(293	)		631			64
Class R-4		3,214		326			74			8			(2,577	)		(262	)		711			72
Class R-5E		249		26			1			—	2		(40	)		(4	)		210			22
Class R-5		329		34			22			2			(1,316	)		(134	)		(965	)		(98	)
Class R-6		4,143		422			122			13			(3,805	)		(387	)		460			48
Total net increase (decrease)	$	347,412		35,359		$	8,832			903		$	(346,575	)		(35,310	)	$	9,669			952
Year ended October 31, 2017
Class A	$	555,832		56,005		$	10,911			1,103		$	(371,604	)		(37,479	)	$	195,139			19,629
Class B3		10		1			1			—	2		(379	)		(38	)		(368	)		(37	)
Class C		53,406		5,392			950			97			(72,543	)		(7,328	)		(18,187	)		(1,839	)
Class T4		10		1			—			—			—			—			10			1
Class F-1		12,929		1,302			333			34			(14,463	)		(1,457	)		(1,201	)		(121	)
Class F-2		49,294		4,965			815			82			(30,661	)		(3,093	)		19,448			1,954
Class F-35		734		74			5			—	2		(12	)		(1	)		727			73
Class 529-A		34,854		3,512			982			99			(26,252	)		(2,648	)		9,584			963
Class 529-B3		10		1			—	2		—	2		(120	)		(12	)		(110	)		(11	)
Class 529-C		14,628		1,476			178			18			(12,599	)		(1,272	)		2,207			222
Class 529-E		1,648		166			34			4			(1,105	)		(112	)		577			58
Class 529-T4		10		1			—	2		—	2		—			—			10			1
Class 529-F-1		9,187		927			229			23			(5,939	)		(599	)		3,477			351
Class R-1		426		43			6			1			(1,357	)		(137	)		(925	)		(93	)
Class R-2		6,865		694			99			10			(8,600	)		(870	)		(1,636	)		(166	)
Class R-2E		1,241		124			21			2			(2,280	)		(230	)		(1,018	)		(104	)
Class R-3		8,575		866			160			16			(7,526	)		(760	)		1,209			122
Class R-4		4,852		489			133			13			(4,022	)		(406	)		963			96
Class R-5E		1		—	2		—	2		—			—			—			1			—	2
Class R-5		3,085		310			31			3			(1,030	)		(104	)		2,086			209
Class R-6		11,274		1,133			193			19			(7,407	)		(747	)		4,060			405
Total net increase (decrease)	$	768,871		77,482		$	15,081			1,524		$	(567,899	)		(57,293	)	$	216,053			21,713

42 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Sales1				Reinvestments of dividends						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2018
Class A	$	65,828		6,773	$	2,649			273		$	(76,041	)		(7,835	)	$	(7,564	)		(789	)
Class C		5,709		589		238			24			(8,818	)		(910	)		(2,871	)		(297	)
Class T		—		—		—			—			—			—			—			—
Class F-1		1,880		193		63			7			(5,138	)		(528	)		(3,195	)		(328	)
Class F-2		12,213		1,256		322			33			(10,460	)		(1,078	)		2,075			211
Class F-3		1,777		182		24			3			(854	)		(88	)		947			97
Total net increase (decrease)	$	87,407		8,993	$	3,296			340		$	(101,311	)		(10,439	)	$	(10,608	)		(1,106	)
Year ended October 31, 2017
Class A	$	145,055		14,886	$	6,027			619		$	(149,376	)		(15,353	)	$	1,706			152
Class B3		—		—		—	2		—	2		(21	)		(2	)		(21	)		(2	)
Class C		14,941		1,533		680			70			(25,454	)		(2,618	)		(9,833	)		(1,015	)
Class T4		10		1		—			—			—			—			10			1
Class F-1		4,962		507		184			19			(5,169	)		(530	)		(23	)		(4	)
Class F-2		25,182		2,576		671			69			(25,610	)		(2,623	)		243			22
Class F-35		1,593		162		8			1			(276	)		(28	)		1,325			135
Total net increase (decrease)	$	191,743		19,665	$	7,570			778		$	(205,906	)		(21,154	)	$	(6,593	)		(711	)

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	Class B and 529-B shares were fully liquidated on May 5, 2017.
4	Class T and 529-T shares began investment operations on April 7, 2017.
5	Class F-3 shares began investment operations on January 27, 2017.

American Funds Portfolio Series 43

Financial highlights

Global Growth Portfolio

			Income (loss) from investment operations1							Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/186,7	$	17.37	$	.09	$	.62		$	.71	$	(.12	)	$	(.93	)	$	(1.05	)	$	17.03		4.15	%8	$	1,772			.38	%9		.38	%9		.82	%9		1.10	%9
10/31/17		14.29		.16		3.44			3.60		(.15	)		(.37	)		(.52	)		17.37		26.05			1,471			.35			.35			.79			1.02
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
Class C:
4/30/186,7		17.08		.03		.60			.63		—	10		(.93	)		(.93	)		16.78		3.77	8		357			1.11	9		1.11	9		1.55	9		.37	9
10/31/17		14.05		.04		3.40			3.44		(.04	)		(.37	)		(.41	)		17.08		25.16			295			1.11			1.11			1.55			.28
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
Class T:
4/30/186,7		17.40		.13		.60			.73		(.15	)		(.93	)		(1.08	)		17.05		4.32	8,11		—	12		.09	9,11		.09	9,11		.53	9,11		1.49	9,11
10/31/176,13		15.06		.05		2.29			2.34		—			—			—			17.40		15.54	8,11		—	12		.12	9,11		.12	9,11		.56	9,11		.52	9,11
Class F-1:
4/30/186,7		17.39		.09		.61			.70		(.11	)		(.93	)		(1.04	)		17.05		4.14	8		79			.39	9		.39	9		.83	9		1.06	9
10/31/17		14.30		.15		3.45			3.60		(.14	)		(.37	)		(.51	)		17.39		26.01			58			.39			.39			.83			.99
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
Class F-2:
4/30/186,7		17.44		.11		.62			.73		(.15	)		(.93	)		(1.08	)		17.09		4.29	8		343			.13	9		.13	9		.57	9		1.32	9
10/31/17		14.34		.17		3.48			3.65		(.18	)		(.37	)		(.55	)		17.44		26.37			249			.13			.13			.57			1.10
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
Class F-3:
4/30/186,7		17.41		.09		.65			.74		(.16	)		(.93	)		(1.09	)		17.06		4.38	8		50			.04	9		.04	9		.48	9		1.11	9
10/31/176,14		14.50		.06		2.85			2.91		—			—			—			17.41		20.07	8		15			.02	9		.02	9		.46	9		.51	9

44 American Funds Portfolio Series

Global Growth Portfolio

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-A:
4/30/186,7	$	17.35	$	.09		$	.61		$	.70		$	(.11	)	$	(.93	)	$	(1.04	)	$	17.01		4.14	%8	$	275			.39	%9		.39	%9		.83	%9		1.09	%9
10/31/17		14.27		.15			3.44			3.59			(.14	)		(.37	)		(.51	)		17.35		26.04			218			.40			.40			.84			.96
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
Class 529-C:
4/30/186,7		17.08		.03			.60			.63			—			(.93	)		(.93	)		16.78		3.75	8		78			1.18	9		1.18	9		1.62	9		.30	9
10/31/17		14.03		.03			3.40			3.43			(.01	)		(.37	)		(.38	)		17.08		25.05			71			1.19			1.19			1.63			.17
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		—	10		.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	)
Class 529-E:
4/30/186,7		17.25		.07			.62			.69			(.08	)		(.93	)		(1.01	)		16.93		4.07	8		11			.64	9		.64	9		1.08	9		.81	9
10/31/17		14.19		.11			3.42			3.53			(.10	)		(.37	)		(.47	)		17.25		25.71			9			.64			.64			1.08			.69
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
Class 529-T:
4/30/186,7		17.39		.12			.60			.72			(.14	)		(.93	)		(1.07	)		17.04		4.26	8,11		—	12		.18	9,11		.18	9,11		.62	9,11		1.35	9,11
10/31/176,13		15.06		.04			2.29			2.33			—			—			—			17.39		15.47	8,11		—	12		.19	9,11		.19	9,11		.63	9,11		.45	9,11
Class 529-F-1:
4/30/186,7		17.41		.11			.62			.73			(.14	)		(.93	)		(1.07	)		17.07		4.30	8		23			.18	9		.18	9		.62	9		1.29	9
10/31/17		14.32		.18			3.45			3.63			(.17	)		(.37	)		(.54	)		17.41		26.25			17			.18			.18			.62			1.15
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
Class R-1:
4/30/186,7		17.16		.03			.61			.64			(.02	)		(.93	)		(.95	)		16.85		3.81	8		4			1.13	9		1.13	9		1.57	9		.34	9
10/31/17		14.08		.03			3.42			3.45			—			(.37	)		(.37	)		17.16		25.12			3			1.12			1.12			1.56			.19
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

See end of tables for footnotes.

American Funds Portfolio Series 45

Financial highlights (continued)

Global Growth Portfolio

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-2:
4/30/186,7	$	17.03	$	.03		$	.60		$	.63		$	—	10	$	(.93	)	$	(.93	)	$	16.73		3.79	%8	$	77			1.13	%9		1.13	%9		1.57	%9		.38	%9
10/31/17		14.03		.04			3.38			3.42			(.05	)		(.37	)		(.42	)		17.03		25.10			67			1.10			1.10			1.54			.26
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		—	10		.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	)
Class R-2E:
4/30/186,7		17.24		.06			.61			.67			(.06	)		(.93	)		(.99	)		16.92		3.96	8		3			.84	9		.84	9		1.28	9		.65	9
10/31/17		14.27		.08			3.43			3.51			(.17	)		(.37	)		(.54	)		17.24		25.48			1			.81			.81			1.25			.49
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	11		—	12		.38	11		.27	11		.76	11		1.18	11
10/31/146,15		15.02		.01			(.21	)		(.20	)		—			—			—			14.82		(1.33	)8,11		—	12		.06	8,11		.04	8,11		.53	8,11		.09	8,11
Class R-3:
4/30/186,7		17.24		.07			.61			.68			(.07	)		(.93	)		(1.00	)		16.92		4.03	8		43			.68	9		.68	9		1.12	9		.79	9
10/31/17		14.19		.10			3.42			3.52			(.10	)		(.37	)		(.47	)		17.24		25.64			36			.66			.66			1.10			.65
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
Class R-4:
4/30/186,7		17.34		.09			.62			.71			(.11	)		(.93	)		(1.04	)		17.01		4.19	8		21			.38	9		.38	9		.82	9		1.08	9
10/31/17		14.27		.15			3.44			3.59			(.15	)		(.37	)		(.52	)		17.34		26.03			17			.36			.36			.80			1.00
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
Class R-5E:
4/30/186,7		17.37		.02			.71			.73			(.16	)		(.93	)		(1.09	)		17.01		4.30	8		1			.21	9		.21	9		.65	9		.21	9
10/31/17		14.26		.20			3.44			3.64			(.16	)		(.37	)		(.53	)		17.37		26.42			—	12		.17			.10			.54			1.33
10/31/166,16		14.71		.17			(.03	)		.14			(.17	)		(.42	)		(.59	)		14.26		1.03	8		—	12		.27	9		.25	9		.74	9		1.32	9
Class R-5:
4/30/186,7		17.52		.13			.61			.74			(.16	)		(.93	)		(1.09	)		17.17		4.30	8		9			.09	9		.09	9		.53	9		1.46	9
10/31/17		14.40		.20			3.47			3.67			(.18	)		(.37	)		(.55	)		17.52		26.46			8			.07			.07			.51			1.25
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			—	10		.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

46 American Funds Portfolio Series

Global Growth Portfolio

			Income (loss) from investment operations1							Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-6:
4/30/186,7	$	17.55	$	.13	$	.62		$	.75	$	(.16	)	$	(.93	)	$	(1.09	)	$	17.21		4.40	%8	$	56		.03	%9		.03	%9		.47	%9		1.44	%9
10/31/17		14.43		.21		3.47			3.68		(.19	)		(.37	)		(.56	)		17.55		26.45			49		.03			.03			.47			1.31
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

See end of tables for footnotes.

American Funds Portfolio Series 47

Financial highlights (continued)

Growth Portfolio

			Income (loss) from investment operations1							Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/186,7	$	18.13	$	.11		$	.81	$	.92	$	(.13	)	$	(.49	)	$	(.62	)	$	18.43		5.10	%8	$	3,786			.33	%9		.33	%9		.72	%9		1.21	%9
10/31/17		15.21		.16			3.41		3.57		(.15	)		(.50	)		(.65	)		18.13		24.39			3,364			.33			.33			.72			.97
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
Class C:
4/30/186,7		17.78		.04			.80		.84		—	10		(.49	)		(.49	)		18.13		4.75	8		830			1.10	9		1.10	9		1.49	9		.45	9
10/31/17		14.94		.03			3.35		3.38		(.04	)		(.50	)		(.54	)		17.78		23.37			761			1.11			1.11			1.50			.20
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	)
Class T:
4/30/186,7		18.15		.14			.80		.94		(.17	)		(.49	)		(.66	)		18.43		5.21	8,11		—	12		.08	9,11		.08	9,11		.47	9,11		1.51	9,11
10/31/176,13		16.00		.04			2.11		2.15		—			—			—			18.15		13.44	8,11		—	12		.11	9,11		.11	9,11		.50	9,11		.45	9,11
Class F-1:
4/30/186,7		18.11		.11			.81		.92		(.12	)		(.49	)		(.61	)		18.42		5.11	8		90			.38	9		.38	9		.77	9		1.17	9
10/31/17		15.20		.15			3.40		3.55		(.14	)		(.50	)		(.64	)		18.11		24.25			78			.39			.39			.78			.93
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
Class F-2:
4/30/186,7		18.21		.13			.81		.94		(.16	)		(.49	)		(.65	)		18.50		5.22	8		381			.12	9		.12	9		.51	9		1.38	9
10/31/17		15.27		.18			3.44		3.62		(.18	)		(.50	)		(.68	)		18.21		24.66			294			.13			.13			.52			1.11
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
Class F-3:
4/30/186,7		18.17		.11			.85		.96		(.18	)		(.49	)		(.67	)		18.46		5.33	8		52			.02	9		.02	9		.41	9		1.20	9
10/31/176,14		15.59		.06			2.52		2.58		—			—			—			18.17		16.55	8		24			.02	9		.02	9		.41	9		.46	9

48 American Funds Portfolio Series

Growth Portfolio

			Income (loss) from investment operations1							Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-A:
4/30/186,7	$	18.11	$	.11		$	.80	$	.91	$	(.12	)	$	(.49	)	$	(.61	)	$	18.41		5.08	%8	$	670			.39	%9		.39	%9		.78	%9		1.15	%9
10/31/17		15.19		.14			3.42		3.56		(.14	)		(.50	)		(.64	)		18.11		24.36			567			.38			.38			.77			.87
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
Class 529-C:
4/30/186,7		17.77		.03			.80		.83		—			(.49	)		(.49	)		18.11		4.69	8		187			1.17	9		1.17	9		1.56	9		.35	9
10/31/17		14.94		.02			3.35		3.37		(.04	)		(.50	)		(.54	)		17.77		23.32			184			1.18			1.18			1.57			.10
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		—	10		(.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	)
Class 529-E:
4/30/186,7		17.98		.08			.80		.88		(.08	)		(.49	)		(.57	)		18.29		4.94	8		30			.63	9		.63	9		1.02	9		.91	9
10/31/17		15.09		.10			3.40		3.50		(.11	)		(.50	)		(.61	)		17.98		24.01			26			.64			.64			1.03			.63
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
Class 529-T:
4/30/186,7		18.14		.13			.81		.94		(.16	)		(.49	)		(.65	)		18.43		5.22	8,11		—	12		.17	9,11		.17	9,11		.56	9,11		1.39	9,11
10/31/176,13		16.00		.04			2.10		2.14		—			—			—			18.14		13.38	8,11		—	12		.18	9,11		.18	9,11		.57	9,11		.38	9,11
Class 529-F-1:
4/30/186,7		18.18		.12			.82		.94		(.16	)		(.49	)		(.65	)		18.47		5.19	8		68			.17	9		.17	9		.56	9		1.35	9
10/31/17		15.25		.17			3.43		3.60		(.17	)		(.50	)		(.67	)		18.18		24.55			56			.18			.18			.57			1.01
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
Class R-1:
4/30/186,7		17.87		.04			.80		.84		(.01	)		(.49	)		(.50	)		18.21		4.70	8		12			1.12	9		1.12	9		1.51	9		.39	9
10/31/17		15.00		.03			3.37		3.40		(.03	)		(.50	)		(.53	)		17.87		23.36			9			1.11			1.11			1.50			.21
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

See end of tables for footnotes.

American Funds Portfolio Series 49

Financial highlights (continued)

Growth Portfolio

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-2:
4/30/186,7	$	17.78	$	.04		$	.80		$	.84		$	(.01	)	$	(.49	)	$	(.50	)	$	18.12		4.74	%8	$	161			1.13	%9		1.13	%9		1.52	%9		.41	%9
10/31/17		14.95		.03			3.35			3.38			(.05	)		(.50	)		(.55	)		17.78		23.36			139			1.10			1.10			1.49			.16
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	)
Class R-2E:
4/30/186,7		17.91		.07			.79			.86			(.06	)		(.49	)		(.55	)		18.22		4.85	8		7			.83	9		.83	9		1.22	9		.73	9
10/31/17		15.08		.07			3.38			3.45			(.12	)		(.50	)		(.62	)		17.91		23.76			6			.81			.81			1.20			.42
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	11		—	12		.52	11		.42	11		.85	11		.48	11
10/31/146,15		15.54		.01			(.19	)		(.18	)		—			—			—			15.36		(1.16	)8,11		—	12		.06	8,11		.04	8,11		.47	8,11		.06	8,11
Class R-3:
4/30/186,7		17.99		.08			.81			.89			(.08	)		(.49	)		(.57	)		18.31		4.97	8		102			.67	9		.67	9		1.06	9		.85	9
10/31/17		15.11		.09			3.40			3.49			(.11	)		(.50	)		(.61	)		17.99		23.95			88			.66			.66			1.05			.58
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
Class R-4:
4/30/186,7		18.10		.11			.80			.91			(.12	)		(.49	)		(.61	)		18.40		5.09	8		55			.37	9		.37	9		.76	9		1.15	9
10/31/17		15.18		.15			3.42			3.57			(.15	)		(.50	)		(.65	)		18.10		24.40			48			.36			.36			.75			.91
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
Class R-5E:
4/30/186,7		18.13		.11			.82			.93			(.17	)		(.49	)		(.66	)		18.40		5.19	8		8			.16	9		.16	9		.55	9		1.21	9
10/31/17		15.18		(.02	)		3.63			3.61			(.16	)		(.50	)		(.66	)		18.13		24.71			6			.17			.17			.56			(.14	)
10/31/166,16		15.52		.12			.28			.40			(.14	)		(.60	)		(.74	)		15.18		2.73	8		—	12		.26	9		.25	9		.69	9		.89	9
Class R-5:
4/30/186,7		18.28		.14			.81			.95			(.17	)		(.49	)		(.66	)		18.57		5.25	8		24			.08	9		.08	9		.47	9		1.47	9
10/31/17		15.33		.20			3.44			3.64			(.19	)		(.50	)		(.69	)		18.28		24.70			22			.07			.07			.46			1.21
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

50 American Funds Portfolio Series

Growth Portfolio

			Income (loss) from investment operations1						Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-6:
4/30/186,7	$	18.25	$	.13	$	.83	$	.96	$	(.18	)	$	(.49	)	$	(.67	)	$	18.54		5.30	%8	$	74		.02	%9		.02	%9		.41	%9		1.45	%9
10/31/17		15.30		.20		3.44		3.64		(.19	)		(.50	)		(.69	)		18.25		24.79			63		.02			.02			.41			1.21
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

See end of tables for footnotes.

American Funds Portfolio Series 51

Financial highlights (continued)

Growth and Income Portfolio

			Income (loss) from
			investment operations1								Dividends and distributions																	Ratio of			Ratio of
					Net gains																							expenses to			expenses to
					(losses) on																							average net			average net
	Net asset				securities						Dividends						Total			Net asset					Net assets,			assets before			assets after			Net			Ratio of
	value,		Net		(both			Total from			(from net			Distributions			dividends			value,					end of			waivers/			waivers/			effective			net income
	beginning		investment		realized and			investment			investment			(from capital			and			end		Total			period			reimburse-			reimburse-			expense			to average
Period ended	of period		income		unrealized)			operations			income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5			net assets3
Class A:
4/30/186,7	$	15.06	$	.14	$	.34		$	.48		$	(.14	)	$	(.27	)	$	(.41	)	$	15.13		3.20	%8	$	5,236			.35	%9		.35	%9		.68	%9		1.81	%9
10/31/17		13.36		.27		2.02			2.29			(.27	)		(.32	)		(.59	)		15.06		17.69			4,836			.33			.33			.66			1.91
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
Class C:
4/30/186,7		14.97		.08		.35			.43			(.09	)		(.27	)		(.36	)		15.04		2.83	8		1,160			1.10	9		1.10	9		1.43	9		1.06	9
10/31/17		13.28		.16		2.01			2.17			(.16	)		(.32	)		(.48	)		14.97		16.84			1,111			1.11			1.11			1.44			1.15
10/31/16		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
Class T:
4/30/186,7		15.06		.16		.34			.50			(.16	)		(.27	)		(.43	)		15.13		3.33	8,11		—	12		.08	9,11		.08	9,11		.41	9,11		2.10	9,11
10/31/176,13		13.85		.14		1.19			1.33			(.12	)		—			(.12	)		15.06		9.67	8,11		—	12		.11	9,11		.11	9,11		.44	9,11		1.66	9,11
Class F-1:
4/30/186,7		15.06		.14		.34			.48			(.14	)		(.27	)		(.41	)		15.13		3.19	8		165			.38	9		.38	9		.71	9		1.79	9
10/31/17		13.35		.26		2.03			2.29			(.26	)		(.32	)		(.58	)		15.06		17.72			150			.39			.39			.72			1.87
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
Class F-2:
4/30/186,7		15.08		.15		.35			.50			(.16	)		(.27	)		(.43	)		15.15		3.31	8		487			.12	9		.12	9		.45	9		2.02	9
10/31/17		13.37		.29		2.04			2.33			(.30	)		(.32	)		(.62	)		15.08		18.00			385			.13			.13			.46			2.08
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
Class F-3:
4/30/186,7		15.07		.16		.35			.51			(.17	)		(.27	)		(.44	)		15.14		3.37	8		50			.02	9		.02	9		.35	9		2.10	9
10/31/176,14		13.57		.19		1.50			1.69			(.19	)		—			(.19	)		15.07		12.57	8		28			.02	9		.02	9		.35	9		1.74	9

52 American Funds Portfolio Series

Growth and Income Portfolio

			Income (loss) from
			investment operations1								Dividends and distributions																	Ratio of			Ratio of
					Net gains																							expenses to			expenses to
					(losses) on																							average net			average net
	Net asset				securities						Dividends						Total			Net asset					Net assets,			assets before			assets after			Net			Ratio of
	value,		Net		(both			Total from			(from net			Distributions			dividends			value,					end of			waivers/			waivers/			effective			net income
	beginning		investment		realized and			investment			investment			(from capital			and			end		Total			period			reimburse-			reimburse-			expense			to average
Period ended	of period		income		unrealized)			operations			income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5			net assets3
Class 529-A:
4/30/186,7	$	15.05	$	.13	$	.36		$	.49		$	(.14	)	$	(.27	)	$	(.41	)	$	15.13		3.25	%8	$	493			.39	%9		.39	%9		.72	%9		1.77	%9
10/31/17		13.35		.26		2.02			2.28			(.26	)		(.32	)		(.58	)		15.05		17.64			439			.39			.39			.72			1.85
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
Class 529-C:
4/30/186,7		14.98		.07		.35			.42			(.08	)		(.27	)		(.35	)		15.05		2.78	8		160			1.17	9		1.17	9		1.50	9		.96	9
10/31/17		13.29		.15		2.01			2.16			(.15	)		(.32	)		(.47	)		14.98		16.75			159			1.18			1.18			1.51			1.07
10/31/16		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
Class 529-E:
4/30/186,7		15.02		.11		.35			.46			(.12	)		(.27	)		(.39	)		15.09		3.06	8		23			.63	9		.63	9		.96	9		1.51	9
10/31/17		13.33		.23		2.00			2.23			(.22	)		(.32	)		(.54	)		15.02		17.31			21			.64			.64			.97			1.61
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
Class 529-T:
4/30/186,7		15.06		.15		.35			.50			(.16	)		(.27	)		(.43	)		15.13		3.30	8,11		—	12		.15	9,11		.15	9,11		.48	9,11		2.01	9,11
10/31/176,13		13.85		.13		1.20			1.33			(.12	)		—			(.12	)		15.06		9.63	8,11		—	12		.18	9,11		.18	9,11		.51	9,11		1.59	9,11
Class 529-F-1:
4/30/186,7		15.07		.15		.35			.50			(.16	)		(.27	)		(.43	)		15.14		3.29	8		38			.17	9		.17	9		.50	9		1.98	9
10/31/17		13.36		.29		2.03			2.32			(.29	)		(.32	)		(.61	)		15.07		17.95			34			.18			.18			.51			2.05
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
Class R-1:
4/30/186,7		15.00		.08		.35			.43			(.09	)		(.27	)		(.36	)		15.07		2.83	8		9			1.12	9		1.12	9		1.45	9		1.02	9
10/31/17		13.30		.16		2.02			2.18			(.16	)		(.32	)		(.48	)		15.00		16.86			8			1.11			1.11			1.44			1.13
10/31/16		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

See end of tables for footnotes.

American Funds Portfolio Series 53

Financial highlights (continued)

Growth and Income Portfolio

			Income (loss) from
			investment operations1								Dividends and distributions																	Ratio of			Ratio of
					Net gains																							expenses to			expenses to
					(losses) on																							average net			average net
	Net asset				securities						Dividends						Total			Net asset					Net assets,			assets before			assets after			Net			Ratio of
	value,		Net		(both			Total from			(from net			Distributions			dividends			value,					end of			waivers/			waivers/			effective			net income
	beginning		investment		realized and			investment			investment			(from capital			and			end		Total			period			reimburse-			reimburse-			expense			to average
Period ended	of period		income		unrealized)			operations			income)			gains)			distributions			of period		return2,3			(in millions)			ments4			ments3,4			ratio3,5			net assets3
Class R-2:
4/30/186,7	$	14.96	$	.08	$	.34		$	.42		$	(.09	)	$	(.27	)	$	(.36	)	$	15.02		2.77	%8	$	136			1.12	%9		1.12	%9		1.45	%9		1.05	%9
10/31/17		13.27		.16		2.01			2.17			(.16	)		(.32	)		(.48	)		14.96		16.88			122			1.10			1.10			1.43			1.14
10/31/16		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
Class R-2E:
4/30/186,7		15.02		.10		.35			.45			(.11	)		(.27	)		(.38	)		15.09		2.97	8		9			.83	9		.83	9		1.16	9		1.34	9
10/31/17		13.33		.20		2.02			2.22			(.21	)		(.32	)		(.53	)		15.02		17.17			8			.80			.80			1.13			1.44
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	11		—	12		.36	11		.25	11		.62	11		2.07	11
10/31/146,15		13.91		.06		(.11	)		(.05	)		(.06	)		—			(.06	)		13.80		(.34	)8,11		—	12		.06	8,11		.04	8,11		.41	8,11		.44	8,11
Class R-3:
4/30/186,7		15.01		.11		.35			.46			(.12	)		(.27	)		(.39	)		15.08		3.05	8		93			.67	9		.67	9		1.00	9		1.48	9
10/31/17		13.31		.22		2.02			2.24			(.22	)		(.32	)		(.54	)		15.01		17.39			82			.65			.65			.98			1.58
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
Class R-4:
4/30/186,7		15.05		.14		.35			.49			(.14	)		(.27	)		(.41	)		15.13		3.26	8		73			.37	9		.37	9		.70	9		1.83	9
10/31/17		13.35		.26		2.02			2.28			(.26	)		(.32	)		(.58	)		15.05		17.68			74			.36			.36			.69			1.88
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
Class R-5E:
4/30/186,7		15.05		.14		.36			.50			(.16	)		(.27	)		(.43	)		15.12		3.31	8		5			.16	9		.16	9		.49	9		1.89	9
10/31/17		13.34		.02		2.31			2.33			(.30	)		(.32	)		(.62	)		15.05		18.06			4			.17			.16			.49			.12
10/31/166,16		13.41		.28		.26			.54			(.26	)		(.35	)		(.61	)		13.34		4.20	8		—	12		.25	9		.24	9		.61	9		2.28	9
Class R-5:
4/30/186,7		15.11		.16		.34			.50			(.16	)		(.27	)		(.43	)		15.18		3.33	8		21			.07	9		.07	9		.40	9		2.11	9
10/31/17		13.40		.30		2.03			2.33			(.30	)		(.32	)		(.62	)		15.11		18.03			18			.07			.07			.40			2.08
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

54 American Funds Portfolio Series

Growth and Income Portfolio

			Income (loss) from
			investment operations1							Dividends and distributions																Ratio of			Ratio of
					Net gains																					expenses to			expenses to
					(losses) on																					average net			average net
	Net asset				securities					Dividends						Total			Net asset					Net assets,		assets before			assets after			Net			Ratio of
	value,		Net		(both			Total from		(from net			Distributions			dividends			value,					end of		waivers/			waivers/			effective			net income
	beginning		investment		realized and			investment		investment			(from capital			and			end		Total			period		reimburse-			reimburse-			expense			to average
Period ended	of period		income		unrealized)			operations		income)			gains)			distributions			of period		return2,3			(in millions)		ments4			ments3,4			ratio3,5			net assets3
Class R-6:
4/30/186,7	$	15.09	$	.16	$	.35		$	.51	$	(.17	)	$	(.27	)	$	(.44	)	$	15.16		3.36	%8	$	105		.02	%9		.02	%9		.35	%9		2.15	%9
10/31/17		13.38		.31		2.03			2.34		(.31	)		(.32	)		(.63	)		15.09		18.11			83		.02			.02			.35			2.19
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

See end of tables for footnotes.

American Funds Portfolio Series 55

Financial highlights (continued)

Moderate Growth and Income Portfolio

			Income (loss) from investment operations1						Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/186,7	$	14.86	$	.13	$	.21	$	.34	$	(.13	)	$	(.29	)	$	(.42	)	$	14.78		2.28	%8	$	4,504			.37	%9		.37	%9		.75	%9		1.78	%9
10/31/17		13.38		.23		1.75		1.98		(.24	)		(.26	)		(.50	)		14.86		15.23			4,073			.35			.35			.73			1.68
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
Class C:
4/30/186,7		14.77		.08		.20		.28		(.07	)		(.29	)		(.36	)		14.69		1.92	8		1,091			1.10	9		1.10	9		1.48	9		1.04	9
10/31/17		13.30		.13		1.73		1.86		(.13	)		(.26	)		(.39	)		14.77		14.38			1,032			1.11			1.11			1.49			.92
10/31/16		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
Class T:
4/30/186,7		14.87		.15		.21		.36		(.15	)		(.29	)		(.44	)		14.79		2.41	8,11		—	12		.08	9,11		.08	9,11		.46	9,11		2.08	9,11
10/31/176,13		13.76		.13		1.10		1.23		(.12	)		—			(.12	)		14.87		8.96	8,11		—	12		.11	9,11		.11	9,11		.49	9,11		1.59	9,11
Class F-1:
4/30/186,7		14.86		.13		.21		.34		(.13	)		(.29	)		(.42	)		14.78		2.27	8		142			.38	9		.38	9		.76	9		1.75	9
10/31/17		13.38		.23		1.74		1.97		(.23	)		(.26	)		(.49	)		14.86		15.15			140			.39			.39			.77			1.61
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
Class F-2:
4/30/186,7		14.88		.15		.20		.35		(.14	)		(.29	)		(.43	)		14.80		2.40	8		512			.12	9		.12	9		.50	9		2.02	9
10/31/17		13.40		.26		1.75		2.01		(.27	)		(.26	)		(.53	)		14.88		15.45			401			.13			.13			.51			1.87
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
Class F-3:
4/30/186,7		14.87		.16		.20		.36		(.15	)		(.29	)		(.44	)		14.79		2.45	8		67			.02	9		.02	9		.40	9		2.10	9
10/31/176,14		13.48		.17		1.38		1.55		(.16	)		—			(.16	)		14.87		11.58	8		44			.02	9		.02	9		.40	9		1.55	9

56 American Funds Portfolio Series

Moderate Growth and Income Portfolio

			Income (loss) from investment operations1						Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-A:
4/30/186,7	$	14.86	$	.13	$	.21	$	.34	$	(.13	)	$	(.29	)	$	(.42	)	$	14.78		2.27	%8	$	321			.39	%9		.39	%9		.77	%9		1.77	%9
10/31/17		13.38		.22		1.75		1.97		(.23	)		(.26	)		(.49	)		14.86		15.14			280			.42			.42			.80			1.60
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
Class 529-C:
4/30/186,7		14.79		.07		.20		.27		(.06	)		(.29	)		(.35	)		14.71		1.86	8		119			1.17	9		1.17	9		1.55	9		.94	9
10/31/17		13.32		.12		1.73		1.85		(.12	)		(.26	)		(.38	)		14.79		14.27			122			1.18			1.18			1.56			.84
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
Class 529-E:
4/30/186,7		14.83		.11		.21		.32		(.11	)		(.29	)		(.40	)		14.75		2.15	8		12			.63	9		.63	9		1.01	9		1.50	9
10/31/17		13.36		.19		1.74		1.93		(.20	)		(.26	)		(.46	)		14.83		14.88			11			.64			.64			1.02			1.40
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
Class 529-T:
4/30/186,7		14.87		.15		.20		.35		(.14	)		(.29	)		(.43	)		14.79		2.39	8,11		—	12		.15	9,11		.15	9,11		.53	9,11		2.00	9,11
10/31/176,13		13.76		.12		1.10		1.22		(.11	)		—			(.11	)		14.87		8.92	8,11		—	12		.18	9,11		.18	9,11		.56	9,11		1.52	9,11
Class 529-F-1:
4/30/186,7		14.88		.15		.20		.35		(.14	)		(.29	)		(.43	)		14.80		2.37	8		36			.17	9		.17	9		.55	9		1.97	9
10/31/17		13.39		.26		1.75		2.01		(.26	)		(.26	)		(.52	)		14.88		15.46			31			.18			.18			.56			1.84
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
Class R-1:
4/30/186,7		14.80		.07		.21		.28		(.07	)		(.29	)		(.36	)		14.72		1.91	8		11			1.12	9		1.12	9		1.50	9		1.00	9
10/31/17		13.33		.13		1.73		1.86		(.13	)		(.26	)		(.39	)		14.80		14.32			10			1.11			1.11			1.49			.94
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

See end of tables for footnotes.

American Funds Portfolio Series 57

Financial highlights (continued)

Moderate Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2:
4/30/186,7	$	14.78	$	.08	$	.20		$	.28		$	(.07	)	$	(.29	)	$	(.36	)	$	14.70		1.92	%8	$	109			1.12	%9		1.12	%9		1.50	%9		1.04	%9
10/31/17		13.31		.13		1.73			1.86			(.13	)		(.26	)		(.39	)		14.78		14.39			100			1.09			1.09			1.47			.92
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
Class R-2E:
4/30/186,7		14.82		.07		.22			.29			(.04	)		(.29	)		(.33	)		14.78		2.00	8		5			.88	9		.88	9		1.26	9		1.00	9
10/31/17		13.36		.15		1.76			1.91			(.19	)		(.26	)		(.45	)		14.82		14.74			16			.80			.80			1.18			1.08
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	11		—	12		.35	11		.25	11		.63	11		1.61	11
10/31/146,15		13.37		.04		(.05	)		(.01	)		(.05	)		—			(.05	)		13.31		(.10	)8,11		—	12		.06	8,11		.04	8,11		.38	8,11		.31	8,11
Class R-3:
4/30/186,7		14.83		.11		.20			.31			(.10	)		(.29	)		(.39	)		14.75		2.13	8		115			.67	9		.67	9		1.05	9		1.46	9
10/31/17		13.35		.19		1.74			1.93			(.19	)		(.26	)		(.45	)		14.83		14.91			105			.65			.65			1.03			1.36
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
Class R-4:
4/30/186,7		14.86		.13		.21			.34			(.13	)		(.29	)		(.42	)		14.78		2.28	8		93			.37	9		.37	9		.75	9		1.79	9
10/31/17		13.38		.23		1.75			1.98			(.24	)		(.26	)		(.50	)		14.86		15.24			94			.35			.35			.73			1.67
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
Class R-5E:
4/30/186,7		14.87		.14		.21			.35			(.14	)		(.29	)		(.43	)		14.79		2.39	8		7			.14	9		.14	9		.52	9		1.84	9
10/31/17		13.38		.17		1.83			2.00			(.25	)		(.26	)		(.51	)		14.87		15.41			7			.16			.16			.54			1.22
10/31/166,16		13.44		.20		.23			.43			(.22	)		(.27	)		(.49	)		13.38		3.38	8		—	12		.26	9		.25	9		.63	9		1.60	9
Class R-5:
4/30/186,7		14.89		.16		.20			.36			(.15	)		(.29	)		(.44	)		14.81		2.42	8		21			.08	9		.08	9		.46	9		2.09	9
10/31/17		13.41		.27		1.74			2.01			(.27	)		(.26	)		(.53	)		14.89		15.50			19			.07			.07			.45			1.93
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

58 American Funds Portfolio Series

Moderate Growth and Income Portfolio

			Income (loss) from investment operations1						Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-6:
4/30/186,7	$	14.89	$	.16	$	.20	$	.36	$	(.15	)	$	(.29	)	$	(.44	)	$	14.81		2.45	%8	$	293		.02	%9		.02	%9		.40	%9		2.11	%9
10/31/17		13.40		.28		1.75		2.03		(.28	)		(.26	)		(.54	)		14.89		15.64			253		.02			.02			.40			1.96
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

See end of tables for footnotes.

American Funds Portfolio Series 59

Financial highlights (continued)

Conservative Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/186,7	$	12.62	$	.19	$	(.16	)	$	.03		$	(.19	)	$	(.06	)	$	(.25	)	$	12.40		.20	%8	$	3,244			.35	%9		.35	%9		.65	%9		3.08	%9
10/31/17		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			3,175			.36			.36			.66			2.93
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
Class C:
4/30/186,7		12.55		.15		(.16	)		(.01	)		(.14	)		(.06	)		(.20	)		12.34		(.10	)8		674			1.10	9		1.10	9		1.40	9		2.33	9
10/31/17		11.64		.26		.98			1.24			(.28	)		(.05	)		(.33	)		12.55		10.77			689			1.11			1.11			1.41			2.18
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
Class T:
4/30/186,7		12.62		.21		(.15	)		.06			(.21	)		(.06	)		(.27	)		12.41		.41	8,11		—	12		.09	9,11		.09	9,11		.39	9,11		3.36	9,11
10/31/176,13		12.11		.20		.50			.70			(.19	)		—			(.19	)		12.62		5.83	8,11		—	12		.11	9,11		.11	9,11		.41	9,11		2.84	9,11
Class F-1:
4/30/186,7		12.63		.19		(.16	)		.03			(.19	)		(.06	)		(.25	)		12.41		.19	8		89			.38	9		.38	9		.68	9		3.07	9
10/31/17		11.70		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.63		11.66			88			.39			.39			.69			2.91
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
Class F-2:
4/30/186,7		12.64		.21		(.17	)		.04			(.20	)		(.06	)		(.26	)		12.42		.31	8		288			.12	9		.12	9		.42	9		3.31	9
10/31/17		11.71		.38		1.00			1.38			(.40	)		(.05	)		(.45	)		12.64		11.95			264			.13			.13			.43			3.14
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
Class F-3:
4/30/186,7		12.62		.22		(.17	)		.05			(.21	)		(.06	)		(.27	)		12.40		.37	8		38			.02	9		.02	9		.32	9		3.50	9
10/31/176,14		11.96		.28		.67			.95			(.29	)		—			(.29	)		12.62		8.02	8		20			.02	9		.02	9		.32	9		2.96	9

60 American Funds Portfolio Series

Conservative Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-A:
4/30/186,7	$	12.62	$	.19	$	(.16	)	$	.03		$	(.19	)	$	(.06	)	$	(.25	)	$	12.40		.19	%8	$	127			.41	%9		.41	%9		.71	%9		3.07	%9
10/31/17		11.69		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.62		11.64			100			.42			.42			.72			2.86
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
Class 529-C:
4/30/186,7		12.56		.14		(.16	)		(.02	)		(.13	)		(.06	)		(.19	)		12.35		(.16	)8		46			1.17	9		1.17	9		1.47	9		2.18	9
10/31/17		11.64		.26		.98			1.24			(.27	)		(.05	)		(.32	)		12.56		10.79			52			1.16			1.16			1.46			2.13
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
Class 529-E:
4/30/186,7		12.61		.17		(.16	)		.01			(.17	)		(.06	)		(.23	)		12.39		.05	8		6			.63	9		.63	9		.93	9		2.77	9
10/31/17		11.69		.32		.98			1.30			(.33	)		(.05	)		(.38	)		12.61		11.31			7			.64			.64			.94			2.65
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
Class 529-T:
4/30/186,7		12.62		.21		(.17	)		.04			(.20	)		(.06	)		(.26	)		12.40		.30	8,11		—	12		.16	9,11		.16	9,11		.46	9,11		3.28	9,11
10/31/176,13		12.11		.19		.51			.70			(.19	)		—			(.19	)		12.62		5.79	8,11		—	12		.19	9,11		.19	9,11		.49	9,11		2.77	9,11
Class 529-F-1:
4/30/186,7		12.63		.21		(.17	)		.04			(.20	)		(.06	)		(.26	)		12.41		.30	8		16			.17	9		.17	9		.47	9		3.33	9
10/31/17		11.70		.38		.99			1.37			(.39	)		(.05	)		(.44	)		12.63		11.89			10			.18			.18			.48			3.13
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
Class R-1:
4/30/186,7		12.57		.15		(.17	)		(.02	)		(.14	)		(.06	)		(.20	)		12.35		(.20	)8		2			1.12	9		1.12	9		1.42	9		2.32	9
10/31/17		11.65		.26		.99			1.25			(.28	)		(.05	)		(.33	)		12.57		10.82			2			1.11			1.11			1.41			2.15
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

See end of tables for footnotes.

American Funds Portfolio Series 61

Financial highlights (continued)

Conservative Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2:
4/30/186,7	$	12.56	$	.14	$	(.16	)	$	(.02	)	$	(.14	)	$	(.06	)	$	(.20	)	$	12.34		(.17	)%8	$	33			1.12	%9		1.12	%9		1.42	%9		2.32	%9
10/31/17		11.64		.27		.98			1.25			(.28	)		(.05	)		(.33	)		12.56		10.88			32			1.09			1.09			1.39			2.19
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
Class R-2E:
4/30/186,7		12.61		.17		(.17	)		—	10		(.16	)		(.06	)		(.22	)		12.39		(.02	)8		—	12		.81	9		.81	9		1.11	9		2.72	9
10/31/17		11.69		.30		.98			1.28			(.31	)		(.05	)		(.36	)		12.61		11.14			—	12		.79			.79			1.09			2.51
10/31/16		11.54		.19		.42			.61			(.41	)		(.05	)		(.46	)		11.69		5.39			—	12		.68			.67			.97			1.65
10/31/15		11.98		.41		(.43	)		(.02	)		(.38	)		(.04	)		(.42	)		11.54		(.18	)11		—	12		.36	11		.25	11		.55	11		3.46	11
10/31/146,15		12.07		.08		(.07	)		.01			(.10	)		—			(.10	)		11.98		.07	8,11		—	12		.06	8,11		.04	8,11		.35	8,11		.69	8,11
Class R-3:
4/30/186,7		12.60		.17		(.16	)		.01			(.17	)		(.06	)		(.23	)		12.38		.05	8		32			.67	9		.67	9		.97	9		2.79	9
10/31/17		11.68		.32		.98			1.30			(.33	)		(.05	)		(.38	)		12.60		11.32			31			.65			.65			.95			2.66
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
Class R-4:
4/30/186,7		12.62		.19		(.16	)		.03			(.19	)		(.06	)		(.25	)		12.40		.19	8		36			.37	9		.37	9		.67	9		3.05	9
10/31/17		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			36			.35			.35			.65			2.93
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
Class R-5E:
4/30/186,7		12.61		.20		(.16	)		.04			(.20	)		(.06	)		(.26	)		12.39		.30	8		3			.15	9		.15	9		.45	9		3.23	9
10/31/17		11.69		.23		1.13			1.36			(.39	)		(.05	)		(.44	)		12.61		11.86			3			.16			.16			.46			1.81
10/31/166,16		11.47		.42		.27			.69			(.42	)		(.05	)		(.47	)		11.69		6.14	8		—	12		.26	9		.25	9		.55	9		3.77	9
Class R-5:
4/30/186,7		12.65		.21		(.16	)		.05			(.21	)		(.06	)		(.27	)		12.43		.34	8		7			.08	9		.08	9		.38	9		3.35	9
10/31/17		11.72		.39		.99			1.38			(.40	)		(.05	)		(.45	)		12.65		12.00			7			.07			.07			.37			3.21
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

62 American Funds Portfolio Series

Conservative Growth and Income Portfolio

			Income (loss) from investment operations1							Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-6:
4/30/186,7	$	12.64	$	.21	$	(.15	)	$	.06	$	(.21	)	$	(.06	)	$	(.27	)	$	12.43		.45	%8	$	35		.02	%9		.02	%9		.32	%9		3.40	%9
10/31/17		11.72		.40		.98			1.38		(.41	)		(.05	)		(.46	)		12.64		11.96			33		.02			.02			.32			3.25
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

See end of tables for footnotes.

American Funds Portfolio Series 63

Financial highlights (continued)

Tax-Advantaged Growth and Income Portfolio

			Income (loss) from investment operations1							Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/186,7	$	13.57	$	.16	$	.11		$	.27	$	(.16	)	$	(.22	)	$	(.38	)	$	13.46		2.02	%8	$	1,416			.41	%9		.41	%9		.75	%9		2.43	%9
10/31/17		12.54		.34		1.13			1.47		(.33	)		(.11	)		(.44	)		13.57		12.03			1,229			.39			.39			.73			2.63
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
Class C:
4/30/186,7		13.49		.12		.10			.22		(.12	)		(.22	)		(.34	)		13.37		1.61	8		242			1.11	9		1.11	9		1.45	9		1.73	9
10/31/17		12.46		.24		1.14			1.38		(.24	)		(.11	)		(.35	)		13.49		11.32			213			1.12			1.12			1.46			1.90
10/31/16		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
Class T:
4/30/186,7		13.57		.19		.10			.29		(.18	)		(.22	)		(.40	)		13.46		2.17	8,11		—	12		.10	9,11		.10	9,11		.44	9,11		2.75	9,11
10/31/176,13		12.81		.20		.74			.94		(.18	)		—			(.18	)		13.57		7.41	8,11		—	12		.12	9,11		.12	9,11		.46	9,11		2.72	9,11
Class F-1:
4/30/186,7		13.57		.16		.10			.26		(.16	)		(.22	)		(.38	)		13.45		1.96	8		184			.39	9		.39	9		.73	9		2.42	9
10/31/17		12.53		.34		1.15			1.49		(.34	)		(.11	)		(.45	)		13.57		12.15			134			.39			.39			.73			2.59
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
Class F-2:
4/30/186,7		13.59		.18		.11			.29		(.18	)		(.22	)		(.40	)		13.48		2.15	8		122			.13	9		.13	9		.47	9		2.71	9
10/31/17		12.55		.37		1.14			1.51		(.36	)		(.11	)		(.47	)		13.59		12.36			101			.14			.14			.48			2.85
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
Class F-3:
4/30/186,7		13.58		.19		.11			.30		(.19	)		(.22	)		(.41	)		13.47		2.21	8		39			.03	9		.03	9		.37	9		2.79	9
10/31/176,14		12.62		.30		.93			1.23		(.27	)		—			(.27	)		13.58		9.83	8		21			.02	9		.02	9		.36	9		2.95	9

64 American Funds Portfolio Series

Preservation Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/186,7	$	9.91	$	.07	$	(.20	)	$	(.13	)	$	(.06	)	$	—		$	(.06	)	$	9.72		(1.28	)%8	$	974			.42	%9		.42	%9		.72	%9		1.36	%9
10/31/17		10.03		.11		(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.08			988			.42			.42			.72			1.07
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		—	10		.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
Class C:
4/30/186,7		9.90		.03		(.20	)		(.17	)		(.03	)		—			(.03	)		9.70		(1.73	)8		136			1.12	9		1.12	9		1.42	9		.64	9
10/31/17		10.01		.04		(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.90		(.53	)		155			1.13			1.13			1.43			.37
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
Class T:
4/30/186,7		9.92		.08		(.20	)		(.12	)		(.08	)		—			(.08	)		9.72		(1.24	)8,11		—	12		.11	9,11		.11	9,11		.41	9,11		1.66	9,11
10/31/176,13		9.91		.07		.02			.09			(.08	)		—			(.08	)		9.92		.89	8,11		—	12		.14	9,11		.14	9,11		.44	9,11		1.31	9,11
Class F-1:
4/30/186,7		9.91		.07		(.20	)		(.13	)		(.06	)		—			(.06	)		9.72		(1.27	)8		23			.40	9		.40	9		.70	9		1.37	9
10/31/17		10.03		.11		(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.09			26			.41			.41			.71			1.10
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
Class F-2:
4/30/186,7		9.91		.08		(.19	)		(.11	)		(.08	)		—			(.08	)		9.72		(1.14	)8		80			.14	9		.14	9		.44	9		1.63	9
10/31/17		10.03		.13		(.09	)		.04			(.15	)		(.01	)		(.16	)		9.91		.36			68			.15			.15			.45			1.35
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		—	10		.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
Class F-3:
4/30/186,7		9.91		.09		(.20	)		(.11	)		(.08	)		—			(.08	)		9.72		(1.09	)8		2			.04	9		.04	9		.34	9		1.77	9
10/31/176,14		9.88		.11		.03			.14			(.11	)		—			(.11	)		9.91		1.38	8		1			.04	9		.04	9		.34	9		1.40	9

See end of tables for footnotes.

American Funds Portfolio Series 65

Financial highlights (continued)

Preservation Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-A:
4/30/186,7	$	9.91	$	.07	$	(.20	)	$	(.13	)	$	(.06	)	$	—		$	(.06	)	$	9.72		(1.27	)%8	$	101			.42	%9		.42	%9		.72	%9		1.37	%9
10/31/17		10.03		.11		(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.07			85			.43			.43			.73			1.07
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
Class 529-C:
4/30/186,7		9.90		.03		(.20	)		(.17	)		(.02	)		—			(.02	)		9.71		(1.68	)8		28			1.19	9		1.19	9		1.49	9		.57	9
10/31/17		10.02		.03		(.09	)		(.06	)		(.05	)		(.01	)		(.06	)		9.90		(.69	)		36			1.19			1.19			1.49			.31
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
Class 529-E:
4/30/186,7		9.91		.06		(.21	)		(.15	)		(.05	)		—			(.05	)		9.71		(1.48	)8		4			.65	9		.65	9		.95	9		1.13	9
10/31/17		10.02		.08		(.08	)		—	10		(.10	)		(.01	)		(.11	)		9.91		(.05	)		4			.66			.66			.96			.84
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
Class 529-T:
4/30/186,7		9.92		.08		(.20	)		(.12	)		(.08	)		—			(.08	)		9.72		(1.26	)8,11		—	12		.18	9,11		.18	9,11		.48	9,11		1.59	9,11
10/31/176,13		9.91		.07		.01			.08			(.07	)		—			(.07	)		9.92		.84	8,11		—	12		.21	9,11		.21	9,11		.51	9,11		1.24	9,11
Class 529-F-1:
4/30/186,7		9.91		.08		(.20	)		(.12	)		(.07	)		—			(.07	)		9.72		(1.17	)8		16			.19	9		.19	9		.49	9		1.57	9
10/31/17		10.03		.13		(.10	)		.03			(.14	)		(.01	)		(.15	)		9.91		.31			17			.20			.20			.50			1.30
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
Class R-1:
4/30/186,7		9.91		.03		(.20	)		(.17	)		(.02	)		—			(.02	)		9.72		(1.69	)8		—	12		1.13	9		1.13	9		1.43	9		.58	9
10/31/17		10.02		.04		(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.91		(.58	)		1			1.14			1.14			1.44			.39
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

66 American Funds Portfolio Series

Preservation Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2:
4/30/186,7	$	9.89	$	.03	$	(.20	)	$	(.17	)	$	(.03	)	$	—		$	(.03	)	$	9.69		(1.73	)%8	$	14			1.14	%9		1.14	%9		1.44	%9		.63	%9
10/31/17		10.00		.04		(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.89		(.50	)		15			1.10			1.10			1.40			.40
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
Class R-2E:
4/30/186,7		9.91		.04		(.19	)		(.15	)		(.04	)		—			(.04	)		9.72		(1.51	)8		1			.86	9		.86	9		1.16	9		.88	9
10/31/17		10.02		.07		(.09	)		(.02	)		(.08	)		(.01	)		(.09	)		9.91		(.27	)		2			.84			.84			1.14			.67
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	11		—	12		.38	11		.27	11		.57	11		1.22	11
10/31/146,15		9.96		.02		—	10		.02			(.02	)		—			(.02	)		9.96		.16	8,11		—	12		.06	8,11		.04	8,11		.34	8,11		.17	8,11
Class R-3:
4/30/186,7		9.91		.05		(.20	)		(.15	)		(.05	)		—			(.05	)		9.71		(1.51	)8		16			.69	9		.69	9		.99	9		1.09	9
10/31/17		10.02		.08		(.08	)		—	10		(.10	)		(.01	)		(.11	)		9.91		(.06	)		16			.67			.67			.97			.83
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
Class R-4:
4/30/186,7		9.91		.07		(.19	)		(.12	)		(.07	)		—			(.07	)		9.72		(1.26	)8		11			.39	9		.39	9		.69	9		1.38	9
10/31/17		10.03		.11		(.09	)		.02			(.13	)		(.01	)		(.14	)		9.91		.13			11			.37			.37			.67			1.12
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
Class R-5E:
4/30/186,7		9.92		.08		(.19	)		(.11	)		(.08	)		—			(.08	)		9.73		(1.14	)8		—	12		.19	9		.19	9		.49	9		1.67	9
10/31/17		10.04		.14		(.10	)		.04			(.15	)		(.01	)		(.16	)		9.92		.39			—	12		.18			.11			.41			1.40
10/31/166,16		9.91		.11		.13			.24			(.11	)		—			(.11	)		10.04		2.48	8		—	12		.28	9		.27	9		.57	9		1.19	9
Class R-5:
4/30/186,7		9.92		.08		(.20	)		(.12	)		(.08	)		—			(.08	)		9.72		(1.22	)8		2			.09	9		.09	9		.39	9		1.65	9
10/31/17		10.03		.14		(.09	)		.05			(.15	)		(.01	)		(.16	)		9.92		.52			3			.08			.08			.38			1.39
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

See end of tables for footnotes.

American Funds Portfolio Series 67

Financial highlights (continued)

Preservation Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-6:
4/30/186,7	$	9.92	$	.09	$	(.21	)	$	(.12	)	$	(.08	)	$	—		$	(.08	)	$	9.72		(1.19	)%8	$	15			.04	%9		.04	%9		.34	%9		1.75	%9
10/31/17		10.03		.14		(.08	)		.06			(.16	)		(.01	)		(.17	)		9.92		.57			14			.04			.04			.34			1.45
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	)		—	12		.20			.08			.38			1.45

68 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

			(Loss) 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:
4/30/186,7	$	9.79	$	.08	$	(.18	)	$	(.10	)	$	(.08	)	$	9.61		(1.04	)%8	$	323			.44	%9		.44	%9		.78	%9		1.63	%9
10/31/17		9.90		.18		(.10	)		.08			(.19	)		9.79		.81			336			.44			.43			.77			1.89
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
Class C:
4/30/186,7		9.78		.04		(.18	)		(.14	)		(.04	)		9.60		(1.39	)8		50			1.14	9		1.14	9		1.48	9		.93	9
10/31/17		9.89		.12		(.11	)		.01			(.12	)		9.78		.10			54			1.14			1.13			1.47			1.20
10/31/16		9.89		.15		—	10		.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
Class T:
4/30/186,7		9.79		.09		(.17	)		(.08	)		(.09	)		9.62		(.79	)8,11		—	12		.13	9,11		.13	9,11		.47	9,11		1.94	9,11
10/31/176,13		9.76		.11		.04			.15			(.12	)		9.79		1.50	8,11		—	12		.14	9,11		.12	9,11		.46	9,11		1.95	9,11
Class F-1:
4/30/186,7		9.80		.08		(.18	)		(.10	)		(.08	)		9.62		(1.04	)8		7			.42	9		.42	9		.76	9		1.64	9
10/31/17		9.90		.19		(.10	)		.09			(.19	)		9.80		.93			11			.42			.41			.75			1.91
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
Class F-2:
4/30/186,7		9.79		.09		(.18	)		(.09	)		(.09	)		9.61		(.91	)8		35			.16	9		.16	9		.50	9		1.91	9
10/31/17		9.90		.21		(.10	)		.11			(.22	)		9.79		1.09			34			.16			.15			.49			2.17
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
Class F-3:
4/30/186,7		9.79		.10		(.18	)		(.08	)		(.10	)		9.61		(.85	)8		2			.06	9		.06	9		.40	9		2.01	9
10/31/176,14		9.69		.15		.11			.26			(.16	)		9.79		2.70	8		1			.03	9		.01	9		.35	9		2.02	9

See end of tables for footnotes.

American Funds Portfolio Series 69

Financial highlights (continued)

	Six months ended			Year ended October 31
Portfolio turnover rate for all share classes	April 30, 20186,7,8			2017			2016			2015			2014			2013
Global Growth Portfolio		—	%17		64	%		2	%		2	%		—	%17		—	%17
Growth Portfolio		—	17		33			—	17		—	17		—	17		—	17
Growth and Income Portfolio		—	17		30			—	17		—	17		—	17		—	17
Moderate Growth and Income Portfolio		—	17		15			—	17		13			—	17		—	17
Conservative Growth and Income Portfolio		1			1			8			—	17		—	17		—	17
Tax-Advantaged Growth and Income Portfolio		2			13			—	17		1			1			2	18
Preservation Portfolio		5			25			2			2			5			11	18
Tax-Exempt Preservation Portfolio		8			45			6			8			14			28	18

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 some of the periods shown, CRMC reduced fees for investment advisory services. During some of 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 a period that is less than a full year.
7	Unaudited.
8	Not annualized.
9	Annualized.
10	Amount less than $.01.
11	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
12	Amount less than $1 million.
13	Class T and 529-T shares, as applicable, began investment operations on April 7, 2017.
14	Class F-3 shares began investment operations on January 27, 2017.
15	Class R-2E shares began investment operations on August 29, 2014.
16	Class R-5E shares began investment operations on November 20, 2015.
17	Amount is either less than 1% or there is no turnover.
18	Portfolio turnover rates reflect the redemption (or removal) of CRMC’s initial capital investment, without which the portfolio turnover rates would have been lower.

See Notes to Financial Statements

70 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, 2017, through April 30, 2018).

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 71

Global Growth Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,041.49	$	1.92		.38	%	$	4.15		.82	%
Class A – assumed 5% return		1,000.00		1,022.91		1.91		.38			4.11		.82
Class C – actual return		1,000.00		1,037.68		5.61		1.11			7.83		1.55
Class C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.75		1.55
Class T – actual return		1,000.00		1,043.17		.46		.09			2.68		.53
Class T – assumed 5% return		1,000.00		1,024.35		.45		.09			2.66		.53
Class F-1 – actual return		1,000.00		1,041.40		1.97		.39			4.20		.83
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			4.16		.83
Class F-2 – actual return		1,000.00		1,042.88		.66		.13			2.89		.57
Class F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.86		.57
Class F-3 – actual return		1,000.00		1,043.76		.20		.04			2.43		.48
Class F-3 – assumed 5% return		1,000.00		1,024.60		.20		.04			2.41		.48
Class 529-A – actual return		1,000.00		1,041.37		1.97		.39			4.20		.83
Class 529-A – assumed 5% return		1,000.00		1,022.86		1.96		.39			4.16		.83
Class 529-C – actual return		1,000.00		1,037.51		5.96		1.18			8.18		1.62
Class 529-C – assumed 5% return		1,000.00		1,018.94		5.91		1.18			8.10		1.62
Class 529-E – actual return		1,000.00		1,040.65		3.24		.64			5.46		1.08
Class 529-E – assumed 5% return		1,000.00		1,021.62		3.21		.64			5.41		1.08
Class 529-T – actual return		1,000.00		1,042.61		.91		.18			3.14		.62
Class 529-T – assumed 5% return		1,000.00		1,023.90		.90		.18			3.11		.62
Class 529-F-1 – actual return		1,000.00		1,043.03		.91		.18			3.14		.62
Class 529-F-1 – assumed 5% return		1,000.00		1,023.90		.90		.18			3.11		.62
Class R-1 – actual return		1,000.00		1,038.11		5.71		1.13			7.93		1.57
Class R-1 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.85		1.57
Class R-2 – actual return		1,000.00		1,037.90		5.71		1.13			7.93		1.57
Class R-2 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.85		1.57
Class R-2E – actual return		1,000.00		1,039.65		4.25		.84			6.47		1.28
Class R-2E – assumed 5% return		1,000.00		1,020.63		4.21		.84			6.41		1.28
Class R-3 – actual return		1,000.00		1,040.28		3.44		.68			5.67		1.12
Class R-3 – assumed 5% return		1,000.00		1,021.42		3.41		.68			5.61		1.12
Class R-4 – actual return		1,000.00		1,041.95		1.92		.38			4.15		.82
Class R-4 – assumed 5% return		1,000.00		1,022.91		1.91		.38			4.11		.82
Class R-5E – actual return		1,000.00		1,042.97		1.06		.21			3.29		.65
Class R-5E – assumed 5% return		1,000.00		1,023.75		1.05		.21			3.26		.65
Class R-5 – actual return		1,000.00		1,043.03		.46		.09			2.68		.53
Class R-5 – assumed 5% return		1,000.00		1,024.35		.45		.09			2.66		.53
Class R-6 – actual return		1,000.00		1,043.99		.15		.03			2.38		.47
Class R-6 – assumed 5% return		1,000.00		1,024.65		.15		.03			2.36		.47

72 American Funds Portfolio Series

Growth Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,050.97	$	1.68		.33	%	$	3.66		.72	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.61		.72
Class C – actual return		1,000.00		1,047.50		5.58		1.10			7.56		1.49
Class C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.45		1.49
Class T – actual return		1,000.00		1,052.09		.41		.08			2.39		.47
Class T – assumed 5% return		1,000.00		1,024.40		.40		.08			2.36		.47
Class F-1 – actual return		1,000.00		1,051.14		1.93		.38			3.92		.77
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.86		.77
Class F-2 – actual return		1,000.00		1,052.24		.61		.12			2.60		.51
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.56		.51
Class F-3 – actual return		1,000.00		1,053.25		.10		.02			2.09		.41
Class F-3 – assumed 5% return		1,000.00		1,024.70		.10		.02			2.06		.41
Class 529-A – actual return		1,000.00		1,050.79		1.98		.39			3.97		.78
Class 529-A – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.91		.78
Class 529-C – actual return		1,000.00		1,046.90		5.94		1.17			7.92		1.56
Class 529-C – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.80		1.56
Class 529-E – actual return		1,000.00		1,049.44		3.20		.63			5.18		1.02
Class 529-E – assumed 5% return		1,000.00		1,021.67		3.16		.63			5.11		1.02
Class 529-T – actual return		1,000.00		1,052.17		.87		.17			2.85		.56
Class 529-T – assumed 5% return		1,000.00		1,023.95		.85		.17			2.81		.56
Class 529-F-1 – actual return		1,000.00		1,051.92		.86		.17			2.85		.56
Class 529-F-1 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.81		.56
Class R-1 – actual return		1,000.00		1,047.02		5.68		1.12			7.66		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		1,047.43		5.74		1.13			7.72		1.52
Class R-2 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.60		1.52
Class R-2E – actual return		1,000.00		1,048.54		4.22		.83			6.20		1.22
Class R-2E – assumed 5% return		1,000.00		1,020.68		4.16		.83			6.11		1.22
Class R-3 – actual return		1,000.00		1,049.71		3.41		.67			5.39		1.06
Class R-3 – assumed 5% return		1,000.00		1,021.47		3.36		.67			5.31		1.06
Class R-4 – actual return		1,000.00		1,050.92		1.88		.37			3.86		.76
Class R-4 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.81		.76
Class R-5E – actual return		1,000.00		1,051.93		.81		.16			2.80		.55
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.76		.55
Class R-5 – actual return		1,000.00		1,052.45		.41		.08			2.39		.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		1,053.02		.10		.02			2.09		.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 73

Growth and Income Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,032.03	$	1.76		.35	%	$	3.43		.68	%
Class A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.41		.68
Class C – actual return		1,000.00		1,028.33		5.53		1.10			7.19		1.43
Class C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.15		1.43
Class T – actual return		1,000.00		1,033.30		.40		.08			2.07		.41
Class T – assumed 5% return		1,000.00		1,024.40		.40		.08			2.06		.41
Class F-1 – actual return		1,000.00		1,031.85		1.91		.38			3.58		.71
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.56		.71
Class F-2 – actual return		1,000.00		1,033.11		.60		.12			2.27		.45
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.26		.45
Class F-3 – actual return		1,000.00		1,033.67		.10		.02			1.76		.35
Class F-3 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.76		.35
Class 529-A – actual return		1,000.00		1,032.52		1.97		.39			3.63		.72
Class 529-A – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.61		.72
Class 529-C – actual return		1,000.00		1,027.82		5.88		1.17			7.54		1.50
Class 529-C – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.50		1.50
Class 529-E – actual return		1,000.00		1,030.65		3.17		.63			4.83		.96
Class 529-E – assumed 5% return		1,000.00		1,021.67		3.16		.63			4.81		.96
Class 529-T – actual return		1,000.00		1,032.99		.76		.15			2.42		.48
Class 529-T – assumed 5% return		1,000.00		1,024.05		.75		.15			2.41		.48
Class 529-F-1 – actual return		1,000.00		1,032.88		.86		.17			2.52		.50
Class 529-F-1 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.51		.50
Class R-1 – actual return		1,000.00		1,028.29		5.63		1.12			7.29		1.45
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.25		1.45
Class R-2 – actual return		1,000.00		1,027.71		5.63		1.12			7.29		1.45
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.25		1.45
Class R-2E – actual return		1,000.00		1,029.73		4.18		.83			5.84		1.16
Class R-2E – assumed 5% return		1,000.00		1,020.68		4.16		.83			5.81		1.16
Class R-3 – actual return		1,000.00		1,030.52		3.37		.67			5.03		1.00
Class R-3 – assumed 5% return		1,000.00		1,021.47		3.36		.67			5.01		1.00
Class R-4 – actual return		1,000.00		1,032.58		1.86		.37			3.53		.70
Class R-4 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.51		.70
Class R-5E – actual return		1,000.00		1,033.07		.81		.16			2.47		.49
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.46		.49
Class R-5 – actual return		1,000.00		1,033.30		.35		.07			2.02		.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		1,033.61		.10		.02			1.76		.35
Class R-6 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.76		.35

74 American Funds Portfolio Series

Moderate Growth and Income Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,022.81	$	1.86		.37	%	$	3.76		.75	%
Class A – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.76		.75
Class C – actual return		1,000.00		1,019.22		5.51		1.10			7.41		1.48
Class C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.40		1.48
Class T – actual return		1,000.00		1,024.15		.40		.08			2.31		.46
Class T – assumed 5% return		1,000.00		1,024.40		.40		.08			2.31		.46
Class F-1 – actual return		1,000.00		1,022.67		1.91		.38			3.81		.76
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.81		.76
Class F-2 – actual return		1,000.00		1,024.00		.60		.12			2.51		.50
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.51		.50
Class F-3 – actual return		1,000.00		1,024.53		.10		.02			2.01		.40
Class F-3 – assumed 5% return		1,000.00		1,024.70		.10		.02			2.01		.40
Class 529-A – actual return		1,000.00		1,022.75		1.96		.39			3.86		.77
Class 529-A – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.86		.77
Class 529-C – actual return		1,000.00		1,018.59		5.86		1.17			7.76		1.55
Class 529-C – assumed 5% return		1,000.00		1,018.99		5.86		1.17			7.75		1.55
Class 529-E – actual return		1,000.00		1,021.50		3.16		.63			5.06		1.01
Class 529-E – assumed 5% return		1,000.00		1,021.67		3.16		.63			5.06		1.01
Class 529-T – actual return		1,000.00		1,023.88		.75		.15			2.66		.53
Class 529-T – assumed 5% return		1,000.00		1,024.05		.75		.15			2.66		.53
Class 529-F-1 – actual return		1,000.00		1,023.75		.85		.17			2.76		.55
Class 529-F-1 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.76		.55
Class R-1 – actual return		1,000.00		1,019.10		5.61		1.12			7.51		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		1,019.24		5.61		1.12			7.51		1.50
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.50		1.50
Class R-2E – actual return		1,000.00		1,019.95		4.41		.88			6.31		1.26
Class R-2E – assumed 5% return		1,000.00		1,020.43		4.41		.88			6.31		1.26
Class R-3 – actual return		1,000.00		1,021.35		3.36		.67			5.26		1.05
Class R-3 – assumed 5% return		1,000.00		1,021.47		3.36		.67			5.26		1.05
Class R-4 – actual return		1,000.00		1,022.76		1.86		.37			3.76		.75
Class R-4 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.76		.75
Class R-5E – actual return		1,000.00		1,023.91		.70		.14			2.61		.52
Class R-5E – assumed 5% return		1,000.00		1,024.10		.70		.14			2.61		.52
Class R-5 – actual return		1,000.00		1,024.22		.40		.08			2.31		.46
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			2.31		.46
Class R-6 – actual return		1,000.00		1,024.50		.10		.02			2.01		.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 75

Conservative Growth and Income Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,002.04	$	1.74		.35	%	$	3.23		.65	%
Class A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.26		.65
Class C – actual return		1,000.00		999.02		5.45		1.10			6.94		1.40
Class C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.00		1.40
Class T – actual return		1,000.00		1,004.09		.45		.09			1.94		.39
Class T – assumed 5% return		1,000.00		1,024.35		.45		.09			1.96		.39
Class F-1 – actual return		1,000.00		1,001.86		1.89		.38			3.38		.68
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.41		.68
Class F-2 – actual return		1,000.00		1,003.14		.60		.12			2.09		.42
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.11		.42
Class F-3 – actual return		1,000.00		1,003.68		.10		.02			1.59		.32
Class F-3 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.61		.32
Class 529-A – actual return		1,000.00		1,001.87		2.04		.41			3.52		.71
Class 529-A – assumed 5% return		1,000.00		1,022.76		2.06		.41			3.56		.71
Class 529-C – actual return		1,000.00		998.42		5.80		1.17			7.28		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		1,000.50		3.12		.63			4.61		.93
Class 529-E – assumed 5% return		1,000.00		1,021.67		3.16		.63			4.66		.93
Class 529-T – actual return		1,000.00		1,003.02		.79		.16			2.28		.46
Class 529-T – assumed 5% return		1,000.00		1,024.00		.80		.16			2.31		.46
Class 529-F-1 – actual return		1,000.00		1,002.98		.84		.17			2.33		.47
Class 529-F-1 – assumed 5% return		1,000.00		1,023.95		.85		.17			2.36		.47
Class R-1 – actual return		1,000.00		997.95		5.55		1.12			7.03		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		998.26		5.55		1.12			7.04		1.42
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.10		1.42
Class R-2E – actual return		1,000.00		999.79		4.02		.81			5.50		1.11
Class R-2E – assumed 5% return		1,000.00		1,020.78		4.06		.81			5.56		1.11
Class R-3 – actual return		1,000.00		1,000.49		3.32		.67			4.81		.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		1,001.92		1.84		.37			3.33		.67
Class R-4 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.36		.67
Class R-5E – actual return		1,000.00		1,003.03		.74		.15			2.23		.45
Class R-5E – assumed 5% return		1,000.00		1,024.05		.75		.15			2.26		.45
Class R-5 – actual return		1,000.00		1,003.39		.40		.08			1.89		.38
Class R-5 – assumed 5% return		1,000.00		1,024.40		.40		.08			1.91		.38
Class R-6 – actual return		1,000.00		1,004.47		.10		.02			1.59		.32
Class R-6 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.61		.32

76 American Funds Portfolio Series

Tax-Advantaged Growth and Income Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,020.21	$	2.05		.41	%	$	3.76		.75	%
Class A – assumed 5% return		1,000.00		1,022.76		2.06		.41			3.76		.75
Class C – actual return		1,000.00		1,016.13		5.55		1.11			7.25		1.45
Class C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.25		1.45
Class T – actual return		1,000.00		1,021.69		.50		.10			2.21		.44
Class T – assumed 5% return		1,000.00		1,024.30		.50		.10			2.21		.44
Class F-1 – actual return		1,000.00		1,019.59		1.95		.39			3.66		.73
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.66		.73
Class F-2 – actual return		1,000.00		1,021.54		.65		.13			2.36		.47
Class F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.36		.47
Class F-3 – actual return		1,000.00		1,022.08		.15		.03			1.86		.37
Class F-3 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.86		.37

See end of tables for footnotes.

American Funds Portfolio Series 77

Preservation Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	987.23	$	2.07		.42	%	$	3.55		.72	%
Class A – assumed 5% return		1,000.00		1,022.71		2.11		.42			3.61		.72
Class C – actual return		1,000.00		982.70		5.51		1.12			6.98		1.42
Class C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.10		1.42
Class T – actual return		1,000.00		987.65		.54		.11			2.02		.41
Class T – assumed 5% return		1,000.00		1,024.25		.55		.11			2.06		.41
Class F-1 – actual return		1,000.00		987.26		1.97		.40			3.45		.70
Class F-1 – assumed 5% return		1,000.00		1,022.81		2.01		.40			3.51		.70
Class F-2 – actual return		1,000.00		988.57		.69		.14			2.17		.44
Class F-2 – assumed 5% return		1,000.00		1,024.10		.70		.14			2.21		.44
Class F-3 – actual return		1,000.00		989.10		.20		.04			1.68		.34
Class F-3 – assumed 5% return		1,000.00		1,024.60		.20		.04			1.71		.34
Class 529-A – actual return		1,000.00		987.27		2.07		.42			3.55		.72
Class 529-A – assumed 5% return		1,000.00		1,022.71		2.11		.42			3.61		.72
Class 529-C – actual return		1,000.00		983.22		5.85		1.19			7.33		1.49
Class 529-C – assumed 5% return		1,000.00		1,018.89		5.96		1.19			7.45		1.49
Class 529-E – actual return		1,000.00		985.18		3.20		.65			4.68		.95
Class 529-E – assumed 5% return		1,000.00		1,021.57		3.26		.65			4.76		.95
Class 529-T – actual return		1,000.00		987.41		.89		.18			2.37		.48
Class 529-T – assumed 5% return		1,000.00		1,023.90		.90		.18			2.41		.48
Class 529-F-1 – actual return		1,000.00		988.31		.94		.19			2.42		.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		983.08		5.56		1.13			7.03		1.43
Class R-1 – assumed 5% return		1,000.00		1,019.19		5.66		1.13			7.15		1.43
Class R-2 – actual return		1,000.00		982.69		5.60		1.14			7.08		1.44
Class R-2 – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.20		1.44
Class R-2E – actual return		1,000.00		984.95		4.23		.86			5.71		1.16
Class R-2E – assumed 5% return		1,000.00		1,020.53		4.31		.86			5.81		1.16
Class R-3 – actual return		1,000.00		984.90		3.40		.69			4.87		.99
Class R-3 – assumed 5% return		1,000.00		1,021.37		3.46		.69			4.96		.99
Class R-4 – actual return		1,000.00		987.39		1.92		.39			3.40		.69
Class R-4 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.46		.69
Class R-5E – actual return		1,000.00		988.59		.94		.19			2.42		.49
Class R-5E – assumed 5% return		1,000.00		1,023.85		.95		.19			2.46		.49
Class R-5 – actual return		1,000.00		987.80		.44		.09			1.92		.39
Class R-5 – assumed 5% return		1,000.00		1,024.35		.45		.09			1.96		.39
Class R-6 – actual return		1,000.00		988.06		.20		.04			1.68		.34
Class R-6 – assumed 5% return		1,000.00		1,024.60		.20		.04			1.71		.34

78 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio
	Beginning account value 11/1/2017		Ending account value 4/30/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	989.60	$	2.17		.44	%	$	3.85		.78	%
Class A – assumed 5% return		1,000.00		1,022.61		2.21		.44			3.91		.78
Class C – actual return		1,000.00		986.13		5.61		1.14			7.29		1.48
Class C – assumed 5% return		1,000.00		1,019.14		5.71		1.14			7.40		1.48
Class T – actual return		1,000.00		992.06		.64		.13			2.32		.47
Class T – assumed 5% return		1,000.00		1,024.15		.65		.13			2.36		.47
Class F-1 – actual return		1,000.00		989.57		2.07		.42			3.75		.76
Class F-1 – assumed 5% return		1,000.00		1,022.71		2.11		.42			3.81		.76
Class F-2 – actual return		1,000.00		990.92		.79		.16			2.47		.50
Class F-2 – assumed 5% return		1,000.00		1,024.00		.80		.16			2.51		.50
Class F-3 – actual return		1,000.00		991.46		.30		.06			1.98		.40
Class F-3 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.01		.40

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

American Funds Portfolio Series 79

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, 2019. 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 in the exercise of their business judgment 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; the resources and systems CRMC devotes to investment management, compliance, trading, portfolio accounting and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the funds under each fund’s agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objective. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as market indexes and fund averages, over various periods ended June 30, 2017. 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 and (ii) the Lipper Global Large-Cap Growth Funds Index. They noted that the fund’s investment results were higher than all of the comparisons for the six-months, one-year and five-year periods and lifetime of the fund since May 18, 2012. For the three-month and three-year periods, the fund’s investment results were higher than the MSCI Index but lower than the Lipper Index for those periods.

American Funds Growth Portfolio seeks to provide long-term growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Standard & Poor’s 500 Composite Index, (ii) the MSCI All Country World Index ex USA, and (iii) the Lipper Global Multi-Cap Growth Funds Index. They noted that for the three-month, six-month and one-year periods, the fund’s investment results were higher than the S&P 500 Index but lower than the MSCI Index and Lipper Index for those periods, and for the three-year and five-year periods and lifetime of the fund since May 18, 2012, the fund’s investment results were higher than the MSCI Index and Lipper Index but lower than the S&P 500 Index for those periods.

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 MSCI All Country World Index ex USA, (iii) the Bloomberg Barclays Global Aggregate Bond Index and (iv) the Lipper Mixed-Asset Target Allocation Growth Funds Index. They noted that the fund’s investment results were higher than all of the

80 American Funds Portfolio Series

comparisons for the three-month and six-month periods except the MSCI Index for those periods. They also noted that for the one-year period, the fund’s investment results were higher than the Bloomberg Barclays Index but lower than the S&P 500 Index, MSCI Index and Lipper Index, and for the three-year and five year periods and lifetime of the fund since May 18, 2012, the fund’s investment results were higher than all of the comparisons except the S&P 500 Index.

American Funds Moderate Growth and Income 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 MSCI All Country World Index ex USA, (iii) the Bloomberg Barclays U.S. Aggregate Index and (iv) the Lipper Mixed-Asset Target Allocation Growth Funds Index. They noted that for the three-month period, the fund’s investment results were higher than all of the comparisons except the MSCI Index. They also noted that for the six-month period, the fund’s investment results were higher than the Bloomberg Barclays Index and Lipper Index but lower than the S&P 500 Index and MSCI Index, for the one-year period, the fund’s investment results were higher than the Bloomberg Barclays Index but lower than the S&P 500 Index, MSCI Index and Lipper Index, and for the three-year period, the fund’s investment results were higher than all of the comparisons except the S&P 500 Index. In addition, they noted that for the five-year period and lifetime of the fund since May 18, 2012, the fund’s investment results were higher than the MSCI Index and Bloomberg Barclays Index but lower than the S&P 500 Index and Lipper Index.

American Funds Conservative Growth and 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 MSCI All Country World Index ex USA, (iii) the Bloomberg Barclays U.S. Aggregate Index and (iv) the Lipper Mixed-Asset Target Allocation Moderate Funds Index. They noted that the fund’s investment results were higher than the Bloomberg Barclay Index for all periods, although they were lower than the S&P 500 Index for all periods. They also noted that the fund’s investment results were higher than the MSCI Index for the three-year and five-year periods, although they were lower for all other periods. In addition, they noted that the fund’s investment results were lower than the Lipper Index for all periods except the three-year period.

American Funds Tax-Advantaged Growth and 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 Standard & Poor’s 500 Composite Index, (ii) the MSCI All Country World Index ex USA, (iii) the Bloomberg Barclays Municipal Bond Index and (iv) the Lipper Mixed-Asset Target Allocation Moderate Funds Index. They noted that the fund’s investment results were higher than the Bloomberg Barclays Index for all periods, although they were lower than the S&P 500 Index for all periods. They also noted that the fund’s investment results were higher than the Lipper Index for all periods except the one-year period. In addition, they noted that the fund’s investment results were higher than the MSCI Index for all periods except the three-month, six-month and one-year periods.

American Funds Portfolio Series 81

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 1-5 Years A+ Index and (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Index. They noted that the fund’s investment results were lower than both comparisons for all periods.

American Funds Tax-Exempt Preservation Portfolio seeks to provide current income that is exempt from regular federal income tax, consistent with preservation of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays Municipal Bond 1-7 Years Blend Index, (ii) the Bloomberg Barclays Municipal Short-Intermediate 1-10 Years Index and (ii) the Lipper Short-Intermediate Municipal Debt Funds Index. They noted that the fund’s investment results were higher than the Lipper Index for all periods except the three-month and one-year periods, higher than the Bloomberg Barclays Bond Index for all periods except the six-month and one-year periods, and were lower than the Bloomberg Barclays Short-Intermediate Index for all periods.

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

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund’s total expenses 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. The board and committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to 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 the 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.

82 American Funds Portfolio Series

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 also considered CRMC’s sharing of any economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. 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.

American Funds Portfolio Series 83

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

84 American Funds Portfolio Series

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

“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, 2018, 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 © 2018 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^®

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

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

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 92% of 10-year periods and 99% of 20-year periods. Fixed income funds have beaten their Lipper indexes in 77% 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, 2017.
2	Based on Class F-2 share results for rolling periods through December 31, 2017. 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 71% of the time, based on the 20-year period ended December 31, 2017, 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 29, 2018

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 29, 2018

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 29, 2018

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 29, 2018

/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 29, 2018

/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, 2018 (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 29, 2018	Date: June 29, 2018

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.