N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22656

American Funds Portfolio Series

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2022

Gregory F. Niland

American Funds Portfolio Series

5300 Robin Hood Road

Norfolk, Virginia 23513

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds^®
Portfolio Series   Annual report
for the year ended
October 31, 2022

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, by Capital Group, is one of the nation’s largest mutual fund families. For over 90 years, Capital Group 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 F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, 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. 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 capitalgroup.com.

Here are the total returns on a $1,000 investment for periods ended September 30, 2022 (the most recent calendar quarter-end). Also shown are the expense ratios as of the series prospectus dated January 1, 2023 (unaudited). The expense ratios are restated to reflect current fees.

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Expense ratios
American Funds® Global Growth Portfolio
Class F-2 shares		–28.83	%		4.07	%		7.73	%		0.57	%
Class A shares (reflecting 5.75% maximum sales charge)		–33.07			2.58			6.85			0.81
American Funds® Growth Portfolio
Class F-2 shares		–27.07			5.42			9.14			0.49
Class A shares (reflecting 5.75% maximum sales charge)		–31.45			3.91			8.25			0.74
American Funds® Growth and Income Portfolio
Class F-2 shares		–17.92			4.83			7.45			0.45
Class A shares (reflecting 5.75% maximum sales charge)		–22.87			3.35			6.57			0.68
American Funds® Moderate Growth and Income Portfolio
Class F-2 shares		–15.89			4.13			6.68			0.44
Class A shares (reflecting 5.75% maximum sales charge)		–20.95			2.67			5.80			0.66
American Funds® Conservative Growth and Income Portfolio
Class F-2 shares		–10.76			3.18			5.30			0.40
Class A shares (reflecting 5.75% maximum sales charge)		–16.09			1.74			4.44			0.63
American Funds® Tax-Aware Conservative Growth and Income Portfolio
Class F-2 shares		–12.29			3.62			5.94			0.41
Class A shares (reflecting 3.75% maximum sales charge)		–15.73			2.60			5.27			0.63
American Funds® Preservation Portfolio
Class F-2 shares		–7.13			0.64			0.85			0.38
Class A shares (reflecting 2.50% maximum sales charge)		–9.66			–0.12			0.33			0.64
American Funds® Tax-Exempt Preservation Portfolio
Class F-2 shares		–6.10			0.54			1.27			0.35
Class A shares (reflecting 2.50% maximum sales charge)		–8.67			–0.20			0.75			0.57

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

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

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	Results at a glance
6	The value of a long-term perspective
10	A look inside the funds
14	Investment portfolios
25	Financial statements
101	Board of trustees and other officers

Fellow investors:

As we present the American Funds Portfolio Series annual report for the twelve-month period ended October 31, 2022, we acknowledge that a turbulent year took its toll on markets and economies. In some cases, the effects were more significant than economists had expected. As always, however, we emphasize the need for a long-term view when investing to pursue financial goals.

All funds of funds in the series posted negative returns for the period. The steepest declines were in the growth portfolios, with American Funds Global Growth Portfolio and American Funds Growth Portfolio falling 29.06% and 27.92% respectively. As expected, losses for preservation portfolios were not as marked. This year, American Funds Tax-Exempt Preservation Portfolio and American Funds Preservation Portfolio posted negative results at –6.04% and –7.27%, respectively.*

About the series

The series consists of eight funds of funds that offer rigorously researched and analyzed fund mixes designed to pursue investor goals based on time frame and risk tolerance. Go to page 10 for details on the underlying American Funds in each portfolio. The seven-member Capital Group Portfolio Solutions Committee oversees and regularly monitors the series. They average 30 years of investment industry experience.^†

The economy

Following strong gains for global equities toward the end of the last reporting period (October 2021), the world experienced separate and tumultuous crises going into the first quarter of 2022 and continuing throughout the year. This year we’ve seen record inflation, a bear market leading to a probable recession, the continuation of the COVID-19 pandemic with its far-reaching effects, and a new ground war in Europe that caused global disruption to energy and agriculture markets. All these factors combined had drastic effects on global markets. Such tumultuous events aren’t new, but most haven’t happened for decades, and never all at once.

Despite such strong headwinds, we believe there are still reasons for optimism. Companies and people are remarkably resilient. For example, in response to the natural gas supply shock in Europe, households have lowered thermostats and heavy industry has found alternatives to industrial gas. As a result, the pursuit of sustainability has gained momentum as it becomes clear that resisting change is much riskier than it was formerly perceived to be.

During this reporting period, inflation hit its highest levels in 40 years. In February, the Consumer Price Index climbed 7.9% from the previous year. Gasoline prices surged 38% and grocery spending spiked 8.6%. Excluding food and energy, core

*	Class F-2 shares, one-year cumulative returns as of October 31, 2022.
†	As of December 31, 2021.

The portfolio series funds invest in Class R-6 shares of the underlying funds. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds. The expense ratios are restated to reflect current fees.

Allocations may not achieve investment objectives. The portfolios’ 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.

American Funds Portfolio Series 1

inflation rose 6.4%, including a 41.2% increase in used car prices. While we saw a rise in inflation in early 2021, it became a much more significant problem than expected over most of 2022.

Russian tanks rolled into Ukraine in Europe’s first major land war since World War II. Of course, the most dire consequences of war are death, suffering and destruction in the war zone and occupied territories. But the war has also had a profound impact on the global economy and markets.

The conflict sent energy prices soaring amid the sabotage of the Nord Stream 1 pipeline and appeals for allied nations to shun Russian oil and gas. The spike in gas prices, the likes of which we haven’t seen since the 1970s, is having huge social and economic costs in Europe. European countries have amassed enough reserves to make it through the winter of 2022–2023, but prices remain high enough to drive many households below the poverty line, putting an immense strain on European governments. Germany, the largest economy in Europe, risks deindustrialization if shortages persist.

Ukraine is a key supplier of grain and, along with Russia, a major provider of fertilizer products. As such, the war has disrupted agricultural markets, triggering a global food crisis — evidenced by a spike in food prices in developed nations and food supply deficiencies in developing market countries.

Until this year, the U.K. was seen as a stable country, but economists have noted that it appears to be exhibiting developing-country behavior in the marketplace. The country has been through a complex period of political turmoil that saw a revolving door of prime ministers and controversial tax-cut plans that were ultimately dropped. In October 2022, the U.K. Gilt 30-year bond declined 400 basis points, a loss of nearly half its value for holders of the instrument.

China’s economy declined as well, mainly due to a collapsing property market and to China’s zero-COVID policy. In last year’s annual report, we noted that the property market in China had been shaken, but this subsequently threatened to evolve into a financial crisis. Shutdowns and restrictions due to the zero-COVID policy have had a severe impact on domestic economic activity and global supply chains.

In addition to these events, the challenging global effects of the pandemic, such as severe supply chain problems and a dramatic shrinking of the labor force in most regions, have persisted, dashing hopes for a quick resolution.

As a note on the actions of the U.S. Federal Reserve and other central banks, it might be tempting to assume that the Fed drives market behaviors. However, in practice, the Fed reacts to world events and their impact on economies and markets. With inflation rising to levels not seen since the beginning of the 1980s, the Fed increased its key policy rate by 50 basis points in May, then 75 basis points in June — the largest single rate hike by the U.S. central bank since 1994. Then, the Fed raised the rate another 75 basis points in July and did the same again in September. Many other central banks moved aggressively to hike interest rates as well.

While U.S. gross domestic product declined in the first and second quarters of 2022, it rose 2.6% in the third amid countering increases in wages and inflation. This created signs of hope for long-term economic resilience but did not allay recession fears.

The stock market

Global equity markets realized gains in 2021, fueled by strong returns from growth stocks and ongoing government stimulus measures. U.S. equities outpaced nearly all other developed markets, with investors shrugging off spiking COVID-19 cases from the highly contagious omicron variant.

However, equity gains faded quickly due to volatility in the new year, caused by higher inflation, rising rates and the Russia-Ukraine war, which accelerated a broad selloff that commenced in late 2021. Despite a robust July rally, stocks fell sharply again in the second and third quarters of 2022, owing to these continuing concerns and slowing global economic growth fueling recession worries.

From the end of last year to May 2022, growth stocks declined more than value stocks, a derailing of a decades-long trend.

The bond market

Fixed income markets came under pressure at the end of 2021 amid rising inflation and central bank actions. The Fed and the Bank of England both hiked rates during the first quarter, and the Fed moved to reduce its bond-buying program, as did other central banks. Bonds declined sharply as high inflation and the initiation of interest rate hikes weighed on fixed income markets. The Bloomberg

2 American Funds Portfolio Series

U.S. Aggregate Index lost 5.93% over the first quarter of 2022. The U.S. Treasury yield curve flattened significantly as short-term rates rose.

Bond markets tumbled around the world in the third quarter as central banks fought inflation with more rate hikes. Some major economies saw consumer prices rise by 8% to 10% annualized, surpassing 40-year highs.

Inside the series

Global and U.S. stocks were strong at the end of 2021, with corporate earnings and ongoing government stimulus measures pushing markets upward. However, as detailed above, markets declined sharply in the beginning of 2022.

By the third quarter of 2022, equity funds with a growth-and-income focus, which tend to hold larger investments in consumer discretionary companies, outpaced those with a growth focus. Funds with larger positions in U.S. companies fared better than those with non-U.S. stocks, which saw dampened returns due to a sharp rally in the U.S. dollar. Generally, funds with a fixed income focus held up better than those an equity focus.

Looking forward

Hope for the future should rest on past success. History shows that economies and markets have stronger recoveries following major wars and recessions. The decades following World War II saw flourishing innovation and prosperity. People and markets have shown their ability to endure, and once we get through this difficult time, we could be well-positioned for a similarly prosperous future.

Finally, our 90-year focus on exhaustive, fundamental research and investor well-being is designed for tough times. While no one could have predicted the extreme nature of this year’s turmoil, it is the reason we seek to invest in solid, stable, mature companies that we expect will be able to live up to their commitments.

Careful securities selection remains at the core of our investment process. We continue to encourage you to take a long-term view on investing.

As always, we thank you for your trust in our efforts and look forward to reporting to you next year.

Cordially,

Samir Mathur
President

December 8, 2022

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

American Funds Portfolio Series 3

Results at a glance

For periods ended October 31, 2022, with all distributions reinvested

Past results are not predictive of results in future periods.

	Cummulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 5/18/12)
American Funds Global Growth Portfolio
Class F-2 shares		–29.06	%		4.51	%		8.29	%		9.07	%
Class A shares		–29.17			4.25			8.04			8.82
MSCI All Country World Index*,†		–19.96			5.24			7.98			8.74
Lipper Global Large-Cap Growth Funds Index		–30.10			5.53			8.47			8.99
American Funds Growth Portfolio
Class F-2 shares		–27.92			5.97			9.81			10.40
Class A shares		–28.11			5.70			9.56			10.14
S&P 500 Index*		–14.61			10.44			12.79			13.23
MSCI All Country World ex USA Index*,†		–24.73			–0.60			3.27			4.34
Lipper Global Multi-Cap Growth Funds Index		–31.27			5.45			8.50			9.09
American Funds Growth and Income Portfolio
Class F-2 shares		–17.21			5.60			8.07			8.67
Class A shares		–17.38			5.36			7.84			8.44
S&P 500 Index*		–14.61			10.44			12.79			13.23
MSCI All Country World ex USA Index*,†		–24.73			–0.60			3.27			4.34
Bloomberg Global Aggregate Index*		–20.79			–2.38			–0.98			–0.63
Lipper Mixed-Asset Target Allocation Growth Funds Index		–16.65			5.21			7.51			8.02
American Funds Moderate Growth and Income Portfolio
Class F-2 shares		–14.86			4.84			7.19			7.74
Class A shares		–15.02			4.61			6.97			7.50
S&P 500 Index*		–14.61			10.44			12.79			13.23
MSCI All Country World ex USA Index*,†		–24.73			–0.60			3.27			4.34
Bloomberg U.S. Aggregate Index*		–15.68			–0.54			0.74			0.92
Lipper Mixed-Asset Target Allocation Growth Funds Index		–16.65			5.21			7.51			8.02
American Funds Conservative Growth and Income Portfolio
Class F-2 shares		–9.59			3.91			5.71			6.13
Class A shares		–9.81			3.69			5.47			5.89
S&P 500 Index*		–14.61			10.44			12.79			13.23
MSCI All Country World ex USA Index*,†		–24.73			–0.60			3.27			4.34
Bloomberg U.S. Aggregate Index*		–15.68			–0.54			0.74			0.92
Lipper Mixed-Asset Target Allocation Moderate Funds Index		–14.77			4.01			5.91			6.36
American Funds Tax-Aware Conservative Growth and Income Portfolio
Class F-2 shares		–11.76			4.12			6.27			6.76
Class A shares		–11.98			3.87			6.00			6.49
S&P 500 Index*		–14.61			10.44			12.79			13.23
MSCI All Country World ex USA Index*,†		–24.73			–0.60			3.27			4.34
Bloomberg Municipal Bond Index*		–11.98			0.37			1.68			1.85
Lipper Mixed-Asset Target Allocation Moderate Funds Index		–14.77			4.01			5.91			6.36

Refer to page 5 for footnotes.

4 American Funds Portfolio Series

Results at a glance (continued)

	Cummulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 5/18/12)
American Funds Preservation Portfolio
Class F-2 shares		–7.27	%		0.60	%		0.82	%		0.92	%
Class A shares		–7.49			0.34			0.56			0.66
Bloomberg 1–5 Year U.S. Government/Credit A+ Index*		–6.90			0.42			0.73			0.78
Lipper Short-Intermediate Investment-Grade Debt Funds Index		–7.92			0.64			1.08			1.27
American Funds Tax-Exempt Preservation Portfolio
Class F-2 shares		–6.04			0.52			1.24			1.40
Class A shares		–6.24			0.28			0.98			1.14
Bloomberg Municipal Bond 1–7 Year Blend Index*		–6.39			0.56			1.10			1.16
Lipper Short-Intermediate Municipal Debt Funds Index		–6.48			0.47			0.85			0.94

*	Sources: Bloomberg Index Services Ltd., MSCI, S&P Dow Jones Indices LLC and Refinitiv 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 Index 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 Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Bloomberg 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 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 5

The value of a long-term perspective

How a hypothetical $10,000 investment has grown (for periods ended October 31, 2022, with all distributions reinvested)

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge on a $10,000 investment: 5.75% (for Global Growth Portfolio, Growth Portfolio, Growth and Income Portfolio, Moderate Growth and Income Portfolio and Conservative Growth and Income Portfolio)¹; 3.75% (for Tax-Aware Conservative Growth and Income Portfolio)²; and 2.50% (for Preservation Portfolio and Tax-Exempt Preservation Portfolio).³ Thus, the net amount invested was $9,425, $9,625 and $9,750, respectively. 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. 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 capitalgroup.com.

Global Growth Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–29.06	%		4.51	%		8.29	%
Class A shares*		–33.24			3.02			7.40

* Assumes payment of the maximum 5.75% sales charge.

Growth Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–27.92	%		5.97	%		9.81	%
Class A shares*		–32.25			4.45			8.92

* Assumes payment of the maximum 5.75% sales charge.

Refer to page 9 for footnotes.

6 American Funds Portfolio Series

Growth and Income Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–17.21	%		5.60	%		8.07	%
Class A shares*		–22.13			4.12			7.21

* Assumes payment of the maximum 5.75% sales charge.

Moderate Growth and Income Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–14.86	%		4.84	%		7.19	%
Class A shares*		–19.92			3.38			6.33

* Assumes payment of the maximum 5.75% sales charge.

Refer to page 9 for footnotes.

American Funds Portfolio Series 7

Conservative Growth and Income Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–9.59	%		3.91	%		5.71	%
Class A shares*		–14.97			2.47			4.85

* Assumes payment of the maximum 5.75% sales charge.

Tax-Aware Conservative Growth and Income Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–11.76	%		4.12	%		6.27	%
Class A shares*		–15.29			3.08			5.59

* Assumes payment of the maximum 3.75% sales charge.

Refer to page 9 for footnotes.

8 American Funds Portfolio Series

Preservation Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–7.27	%		0.60	%		0.82	%
Class A shares*		–9.79			–0.16			0.30

* Assumes payment of the maximum 2.50% sales charge.

Tax-Exempt Preservation Portfolio

Average annual total returns⁶ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class F-2 shares		–6.04	%		0.52	%		1.24	%
Class A shares*		–8.62			–0.22			0.72

* Assumes payment of the maximum 2.50% sales charge.

1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more.
2	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $100,000 or more and is eliminated for purchases of $1 million or more.
3	As outlined in the prospectus, the sales charge is eliminated for purchases of $500,000 or more.
4	Sources: Bloomberg Index Services Ltd., MSCI and S&P Dow Jones Indices LLC. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
5	Results reflect dividends net of withholding taxes.
6	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. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com for more information.

There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares. The results shown are before taxes on fund distributions and sale of fund shares.

American Funds Portfolio Series 9

A look inside the funds

American Funds Portfolio Series was launched in May 2012 to help investors pursue preservation, income, balance and appreciation. Each of the eight funds in the series represents a blend of individual American Funds designed to help investors meet particular investment goals.

The members of the Portfolio Solutions Committee actively monitor the series to keep the portfolios aligned with their objectives.

The pages that follow describe the funds’ objectives and the key drivers of results during the reporting period. They also include a table showing the target allocations of the underlying funds.

10 American Funds Portfolio Series

All portfolios in the series will attempt to achieve their objectives by investing in a mix of American Funds in different combinations and weightings. Past results are not predictive of results in future periods.

American Funds Global Growth Portfolio

Underlying funds:
15%	EuroPacific Growth Fund®
15%	The New Economy Fund®
15%	The Growth Fund of America®
15%	SMALLCAP World Fund®
20%	New Perspective Fund®
20%	Capital World Growth and Income Fund®

The fund’s investment objective is to provide long-term growth of capital. The underlying American Funds will primarily consist of growth funds and growth-and-income funds. The fund has exposure to stocks and bonds issued outside the United States, including emerging markets.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 29.06%. All the underlying funds had negative results, with Capital World Growth and Income Fund and New Perspective Fund declining least.

American Funds Growth Portfolio

Underlying funds:
10%	New Perspective Fund®
10%	The New Economy Fund®
15%	SMALLCAP World Fund®
20%	AMCAP Fund®
20%	Fundamental Investors®
25%	The Growth Fund of America®

The fund’s investment objective is to provide long-term growth of capital. The underlying American Funds will primarily consist of growth funds and growth-and-income funds, which principally invest in equity securities and that may have significant holdings of issuers domiciled outside the United States.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 27.92%. All the underlying funds had negative results, with Fundamental Investors and New Perspective Fund declining least.

American Funds Growth and Income Portfolio

Underlying funds:
5%	The Bond Fund of America®
5%	American Funds® Strategic Bond Fund
5%	American Funds® Multi-Sector Income Fund
7%	The Growth Fund of America®
8%	SMALLCAP World Fund®
10%	Washington Mutual Investors Fund
10%	Capital Income Builder®
10%	American Balanced Fund®
20%	Capital World Growth and Income Fund®
20%	The Investment Company of America®

The fund’s investment objective is to provide long-term growth of capital while providing current income. The underlying American Funds may represent a variety of fund categories such as growth funds, growth-and-income funds, equity-income funds, balanced funds and bond funds.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 17.21%. This portfolio’s underlying funds all had negative results, with Washington Mutual Investors Fund and Capital Income Builder declining least.

American Funds Portfolio Series 11

American Funds Moderate Growth and Income Portfolio

Underlying funds:
5%	New Perspective Fund®
5%	SMALLCAP World Fund®
5%	American Funds® Strategic Bond Fund
10%	Capital World Growth and Income Fund®
10%	The Income Fund of America®
10%	The Bond Fund of America®
15%	Washington Mutual Investors Fund
15%	American Funds® Global Balanced Fund
25%	American Balanced Fund®

The fund’s investment objective is to provide current income and long-term growth of capital and income. The underlying American Funds may represent a variety of fund categories such as growth funds, growth-and-income funds, equity-income funds, balanced funds and bond funds.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 14.86%. This portfolio’s underlying funds all had negative results, with Washington Mutual Investors Fund and Income Fund of America declining least.

American Funds Conservative Growth and Income Portfolio

Underlying funds:
10%	American Mutual Fund®
10%	Washington Mutual Investors Fund
10%	American High-Income Trust®
16%	American Funds® Multi-Sector Income Fund
16%	The Bond Fund of America®
19%	Capital Income Builder®
19%	The Income Fund of America®

The fund’s investment objective is to provide current income and, secondarily, long-term growth of capital. The underlying American Funds may represent a variety of fund categories such as bond funds, balanced funds, equity-income funds and growth-and-income funds.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 9.59%. This portfolio’s underlying funds all had negative results, with American Mutual Fund and Washington Mutual Investors Fund declining least.

12 American Funds Portfolio Series

American Funds Tax-Aware Conservative Growth and Income Portfolio

Underlying funds:
10%	Limited Term Tax-Exempt Bond Fund of America®
15%	American Mutual Fund®
15%	Washington Mutual Investors Fund
15%	The Tax-Exempt Bond Fund of America®
20%	Capital World Growth and Income Fund®
25%	American High-Income Municipal Bond Fund®

The fund’s investment objective is 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 underlying American Funds may represent a variety of fund categories such as bond funds and growth-and-income funds.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 11.76%. This portfolio’s underlying funds all had negative results, with American Mutual Fund and Washington Mutual Investors Fund declining least.

American Funds Preservation Portfolio

Underlying funds:
5%	American Funds Inflation Linked Bond Fund®
45%	Intermediate Bond Fund of America®
50%	Short-Term Bond Fund of America®

The fund’s investment objective is to provide current income, consistent with preservation of capital. The fund principally invests in funds that seek current income through bond investments.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 7.27%. The three underlying funds in this portfolio’s all had negative results, with Short-Term Bond Fund of America declining least.

American Funds Tax-Exempt Preservation Portfolio

Underlying funds:

40%	American Funds Short-Term Tax-Exempt Bond Fund®
60%	Limited Term Tax-Exempt Bond Fund of America®

The fund’s investment objective is to provide current income that is exempt from regular federal income tax, consistent with preservation of capital. The fund principally invests in funds that seek current income through bond investments.

For the 12-month period ended October 31, 2022, the fund’s Class F-2 shares fell 6.04%. Both underlying funds in this portfolio had negative results, with American Funds Short-Term Tax-Exempt Bond Fund of America declining less than Limited Term Tax-Exempt Bond Fund of America.

Portfolio holdings are based on holdings of the underlying American Funds as of October 31, 2022. Portfolios are managed, so holdings will change. Visit capitalgroup.com for current allocations.

Percentages on pages 10-13 show target allocations. Actual allocations may differ over time.

Returns on pages 11-13 are cumulative annual returns for Class F-2 shares as of October 31, 2022.

American Funds Portfolio Series 13

American Funds Global Growth Portfolio

Investment portfolio October 31, 2022

Growth funds 80%	Shares		Value (000)
New Perspective Fund, Class R-6		18,974,824	$	904,150
SMALLCAP World Fund, Inc., Class R-61		11,916,990		680,818
The New Economy Fund, Class R-61		15,588,792		676,709
EuroPacific Growth Fund, Class R-6		14,707,274		674,770
The Growth Fund of America, Class R-6		12,753,852		674,041
				3,610,488
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		18,584,675		906,561
Total investment securities 100% (cost: $4,627,105,000)				4,517,049
Other assets less liabilities 0%				(1,064	)
Net assets 100%			$	4,515,985

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
New Perspective Fund, Class R-6	$	1,307,438	$	88,818	$	31,981	$	(8,290	)	$	(451,835	)	$	904,150	$	7,804	$	80,714
SMALLCAP World Fund, Inc., Class R-61		957,102		157,329		12,163		(7,075	)		(414,375	)		680,818		—		78,160
The New Economy Fund, Class R-61		974,307		101,895		16,512		(6,678	)		(376,303	)		676,709		—		66,841
EuroPacific Growth Fund, Class R-6		951,568		99,828		19,284		(7,943	)		(349,399	)		674,770		15,278		37,463
The Growth Fund of America, Class R-6		1,006,177		81,019		36,779		(5,384	)		(370,992	)		674,041		3,609		73,070
														3,610,488
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		1,286,709		90,823		126,799		(20,079	)		(324,093	)		906,561		23,571		64,248
Total 100%							$	(55,449	)	$	(2,286,997	)	$	4,517,049	$	50,262	$	400,496

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

14 American Funds Portfolio Series

American Funds Growth Portfolio

Investment portfolio October 31, 2022

Growth funds 80%	Shares		Value (000)
The Growth Fund of America, Class R-6		58,444,069	$	3,088,769
AMCAP Fund, Class R-61		80,855,529		2,475,796
SMALLCAP World Fund, Inc., Class R-61		32,759,014		1,871,523
New Perspective Fund, Class R-6		25,853,948		1,231,941
The New Economy Fund, Class R-61		28,286,528		1,227,918
				9,895,947
Growth-and-income funds 20%
Fundamental Investors, Class R-6		42,210,616		2,533,481
Total investment securities 100% (cost: $12,725,757,000)				12,429,428
Other assets less liabilities 0%				(3,564	)
Net assets 100%			$	12,425,864

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
The Growth Fund of America, Class R-6	$	4,089,627	$	608,267	$	23,705	$	(7,953	)	$	(1,577,467	)	$	3,088,769	$	14,733	$	298,335
AMCAP Fund, Class R-61		3,238,860		454,290		9,406		(949	)		(1,206,999	)		2,475,796		—		245,862
SMALLCAP World Fund, Inc., Class R-61		2,398,656		554,030		—		—			(1,081,163	)		1,871,523		—		197,266
New Perspective Fund, Class R-6		1,624,092		187,772		—		—			(579,923	)		1,231,941		9,709		100,422
The New Economy Fund, Class R-61		1,610,079		270,080		2,583		(215	)		(649,443	)		1,227,918		—		111,422
														9,895,947
Growth-and-income funds 20%
Fundamental Investors, Class R-6		3,203,947		384,053		218,204		(34,387	)		(801,928	)		2,533,481		48,685		265,387
Total 100%							$	(43,504	)	$	(5,896,923	)	$	12,429,428	$	73,127	$	1,218,694

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Portfolio Series 15

American Funds Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth funds 15%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-61		18,355,391	$	1,048,644
The Growth Fund of America, Class R-6		17,287,256		913,631
				1,962,275
Growth-and-income funds 51%
The Investment Company of America, Class R-6		64,229,429		2,661,025
Capital World Growth and Income Fund, Class R-6		54,175,932		2,642,702
Washington Mutual Investors Fund, Class R-6		26,135,544		1,356,958
				6,660,685
Equity-income funds 10%
Capital Income Builder, Class R-6		21,742,622		1,314,776
Balanced funds 10%
American Balanced Fund, Class R-6		46,702,126		1,317,000
Fixed income funds 14%
American Funds Multi-Sector Income Fund, Class R-6		72,917,216		637,296
The Bond Fund of America, Class R-6		57,078,782		633,004
American Funds Strategic Bond Fund, Class R-6		66,987,835		632,365
				1,902,665
Total investment securities 100% (cost: $13,060,137,000)				13,157,401
Other assets less liabilities 0%				(3,510	)
Net assets 100%			$	13,153,891

16 American Funds Portfolio Series

American Funds Growth and Income Portfolio (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 15%
SMALLCAP World Fund, Inc., Class R-61	$	1,226,016	$	392,741	$	—	$	—		$	(570,113	)	$	1,048,644	$	—	$	100,606
The Growth Fund of America, Class R-6		1,132,490		229,731		4,965		(1,479	)		(442,146	)		913,631		4,074		82,505
														1,962,275
Growth-and-income funds 51%
The Investment Company of America, Class R-6		3,086,460		303,036		16,666		(2,845	)		(708,960	)		2,661,025		46,917		184,564
Capital World Growth and Income Fund, Class R-6		3,057,962		457,199		1,108		(73	)		(871,278	)		2,642,702		61,218		153,467
Washington Mutual Investors Fund, Class R-6		1,554,076		96,190		105,100		(2,993	)		(185,215	)		1,356,958		26,872		69,318
														6,660,685
Equity-income funds 10%
Capital Income Builder, Class R-6		1,516,797		89,640		99,237		(8,965	)		(183,459	)		1,314,776		55,101		—
Balanced funds 10%
American Balanced Fund, Class R-6		2,285,298		126,566		733,896		(29,989	)		(330,979	)		1,317,000		31,759		71,222
Fixed income funds 14%
American Funds Multi-Sector Income Fund, Class R-6		—		684,294		15,329		(695	)		(30,974	)		637,296		10,291		—
The Bond Fund of America, Class R-6		753,995		66,997		49,879		(6,192	)		(131,917	)		633,004		19,191		3,873
American Funds Strategic Bond Fund, Class R-6		749,012		54,858		41,801		(4,132	)		(125,572	)		632,365		19,120		—
														1,902,665
Total 100%							$	(57,363	)	$	(3,580,613	)	$	13,157,401	$	274,543	$	665,555

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Portfolio Series 17

American Funds Moderate Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth funds 9%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-61		9,546,133	$	545,370
New Perspective Fund, Class R-6		11,317,035		539,257
				1,084,627
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		35,123,214		1,823,597
Capital World Growth and Income Fund, Class R-6		23,239,452		1,133,621
				2,957,218
Equity-income funds 11%
The Income Fund of America, Class R-6		53,361,044		1,215,031
Balanced funds 40%
American Balanced Fund, Class R-6		105,002,892		2,961,082
American Funds Global Balanced Fund, Class R-6		55,500,819		1,717,750
				4,678,832
Fixed income funds 15%
The Bond Fund of America, Class R-6		103,475,771		1,147,546
American Funds Strategic Bond Fund, Class R-6		60,791,334		573,870
				1,721,416
Total investment securities 100% (cost: $11,409,924,000)				11,657,124
Other assets less liabilities 0%				(3,161	)
Net assets 100%			$	11,653,963

18 American Funds Portfolio Series

American Funds Moderate Growth and Income Portfolio (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 9%
SMALLCAP World Fund, Inc., Class R-61	$	679,520	$	179,218	$	—	$	—		$	(313,368	)	$	545,370	$	—	$	55,787
New Perspective Fund, Class R-6		693,729		99,631		—		—			(254,103	)		539,257		4,141		42,827
														1,084,627
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		2,066,932		127,698		121,724		(4,126	)		(245,183	)		1,823,597		35,894		91,805
Capital World Growth and Income Fund, Class R-6		1,356,105		162,778		—		—			(385,262	)		1,133,621		27,015		67,973
														2,957,218
Equity-income funds 11%
The Income Fund of America, Class R-6		1,340,883		99,929		43,417		(3,718	)		(178,646	)		1,215,031		43,101		50,568
Balanced funds 40%
American Balanced Fund, Class R-6		3,364,506		189,414		33,243		(4,618	)		(554,977	)		2,961,082		51,469		104,940
American Funds Global Balanced Fund, Class R-6		2,012,616		193,320		—		—			(488,186	)		1,717,750		37,301		83,935
														4,678,832
Fixed income funds 15%
The Bond Fund of America, Class R-6		1,341,550		108,988		55,145		(6,461	)		(241,386	)		1,147,546		34,522		6,887
American Funds Strategic Bond Fund, Class R-6		660,934		28,461		—		—			(115,525	)		573,870		16,949		—
														1,721,416
Total 100%							$	(18,923	)	$	(2,776,636	)	$	11,657,124	$	250,392	$	504,722

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Portfolio Series 19

American Funds Conservative Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth-and-income funds 21%	Shares		Value (000)
American Mutual Fund, Class R-6		14,462,772	$	708,531
Washington Mutual Investors Fund, Class R-6		13,642,712		708,330
				1,416,861
Equity-income funds 38%
The Income Fund of America, Class R-6		58,128,542		1,323,587
Capital Income Builder, Class R-6		21,690,228		1,311,608
				2,635,195
Fixed income funds 41%
American Funds Multi-Sector Income Fund, Class R-6		124,304,666		1,086,423
The Bond Fund of America, Class R-6		96,847,972		1,074,044
American High-Income Trust, Class R-6		75,958,137		685,142
				2,845,609
Total investment securities 100% (cost: $7,092,595,000)				6,897,665
Other assets less liabilities 0%				(1,947	)
Net assets 100%			$	6,895,718

20 American Funds Portfolio Series

American Funds Conservative Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 21%
American Mutual Fund, Class R-6	$	744,968	$	47,297	$	29,018	$	(143	)	$	(54,573	)	$	708,531	$	14,821	$	22,528
Washington Mutual Investors Fund, Class R-6		748,748		84,003		32,662		(295	)		(91,464	)		708,330		13,394		33,914
														1,416,861
Equity-income funds 38%
The Income Fund of America, Class R-6		1,460,328		116,074		61,032		256			(192,039	)		1,323,587		45,531		52,703
Capital Income Builder, Class R-6		1,460,717		109,222		76,636		(55	)		(181,640	)		1,311,608		51,834		—
														2,635,195
Fixed income funds 41%
American Funds Multi-Sector Income Fund, Class R-6		1,092,716		246,237		14,523		(1,826	)		(236,181	)		1,086,423		49,994		8,093
The Bond Fund of America, Class R-6		1,092,541		256,295		49,134		(3,066	)		(222,592	)		1,074,044		31,263		6,090
American High-Income Trust, Class R-6		726,070		96,469		25,533		(3,156	)		(108,708	)		685,142		39,282		—
														2,845,609
Total 100%							$	(8,285	)	$	(1,087,197	)	$	6,897,665	$	246,119	$	123,328

¹ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Portfolio Series 21

American Funds Tax-Aware Conservative Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth-and-income funds 51%	Shares		Value (000)
Capital World Growth and Income Fund, Class R-6		17,721,791	$	864,469
Washington Mutual Investors Fund, Class R-6		12,772,015		663,123
American Mutual Fund, Class R-6		13,532,564		662,961
				2,190,553
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund, Class R-6		74,771,288		1,030,347
The Tax-Exempt Bond Fund of America, Class R-6		53,983,583		623,510
Limited Term Tax-Exempt Bond Fund of America, Class R-6		28,601,601		420,444
				2,074,301
Total investment securities 100% (cost: $4,354,933,000)				4,264,854
Other assets less liabilities 0%				(967	)
Net assets 100%			$	4,263,887

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 51%
Capital World Growth and Income Fund, Class R-6	$	920,860	$	222,264	$	550	$	(23	)	$	(278,082	)	$	864,469	$	19,714	$	47,803
Washington Mutual Investors Fund, Class R-6		697,059		67,580		14,104		(766	)		(86,646	)		663,123		12,607		31,894
American Mutual Fund, Class R-6		692,116		50,539		27,900		(710	)		(51,084	)		662,961		13,980		21,361
														2,190,553
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund, Class R-6		1,129,880		184,572		52,387		(6,075	)		(225,643	)		1,030,347		39,529		8,842
The Tax-Exempt Bond Fund of America, Class R-6		673,014		89,650		29,566		(4,010	)		(105,578	)		623,510		16,763		3,647
Limited Term Tax-Exempt Bond Fund of America, Class R-6		444,935		52,668		36,477		(2,836	)		(37,846	)		420,444		6,242		2,320
														2,074,301
Total 100%							$	(14,420	)	$	(784,879	)	$	4,264,854	$	108,835	$	115,867

¹ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

22 American Funds Portfolio Series

American Funds Preservation Portfolio

Investment portfolio October 31, 2022

Fixed income funds 100%	Shares		Value (000)
Short-Term Bond Fund of America, Class R-6		134,158,939	$	1,261,094
Intermediate Bond Fund of America, Class R-6		92,651,806		1,134,985
American Funds Inflation Linked Bond Fund, Class R-6		13,081,888		126,109
				2,522,188
Total investment securities 100% (cost: $2,730,969,000)				2,522,188
Other assets less liabilities 0%				(571	)
Net assets 100%			$	2,521,617

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Fixed income funds 100%
Short-Term Bond Fund of America, Class R-6	$	1,199,435	$	382,050	$	246,457	$	(7,907	)	$	(66,027	)	$	1,261,094	$	17,686	$	—
Intermediate Bond Fund of America, Class R-6		1,649,197		141,027		489,112		(35,573	)		(130,554	)		1,134,985		31,774		—
American Funds Inflation Linked Bond Fund, Class R-6		149,803		29,315		32,080		(450	)		(20,479	)		126,109		5,176		—
Total 100%							$	(43,930	)	$	(217,060	)	$	2,522,188	$	54,636	$	—

¹ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Portfolio Series 23

American Funds Tax-Exempt Preservation Portfolio

Investment portfolio October 31, 2022

Tax-exempt fixed income funds 100%	Shares		Value (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		24,487,298	$	359,963
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		24,783,597		240,153
				600,116
Total investment securities 100% (cost: $642,191,000)				600,116
Other assets less liabilities 0%				(104	)
Net assets 100%			$	600,012

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6	$	547,256	$	50,584	$	197,792	$	(8,903	)	$	(31,182	)	$	359,963	$	6,119	$	2,677
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		234,538		85,660		66,539		(1,426	)		(12,080	)		240,153		2,346		535
Total 100%							$	(10,329	)	$	(43,262	)	$	600,116	$	8,465	$	3,212

¹ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

24 American Funds Portfolio Series

Financial statements

Statements of assets and liabilities
at October 31, 2022 (dollars in thousands)

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	4,517,049	$	12,429,428	$	13,157,401
Receivables for:
Sales of investments		1,233		—		—
Sales of fund’s shares		2,220		9,512		7,468
Dividends		—		—		4,435
Total assets		4,520,502		12,438,940		13,169,304
Liabilities:
Payables for:
Purchases of investments		—		1,099		6,197
Repurchases of fund’s shares		3,247		8,253		5,534
Services provided by related parties		1,209		3,561		3,555
Trustees’ deferred compensation		27		63		70
Other		34		100		57
Total liabilities		4,517		13,076		15,413
Net assets at October 31, 2022	$	4,515,985	$	12,425,864	$	13,153,891
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,327,028	$	11,663,148	$	12,497,142
Total distributable earnings (accumulated loss)		188,957		762,716		656,749
Net assets at October 31, 2022	$	4,515,985	$	12,425,864	$	13,153,891
Investment securities of affiliated issuers, at cost	$	4,627,105	$	12,725,757	$	13,060,137

Refer to the notes to financial statements.

American Funds Portfolio Series 25

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars in thousands)

	Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	11,657,124	$	6,897,665		$	4,264,854
Receivables for:
Sales of investments		—		—			2,402
Sales of fund’s shares		8,268		4,403			2,733
Dividends		2,422		11,816			5,899
Total assets		11,667,814		6,913,884			4,275,888
Liabilities:
Payables for:
Purchases of investments		4,286		12,119			5,899
Repurchases of fund’s shares		6,366		4,081			5,178
Services provided by related parties		3,102		1,911			905
Trustees’ deferred compensation		63		37			19
Other		34		18			—
Total liabilities		13,851		18,166			12,001
Net assets at October 31, 2022	$	11,653,963	$	6,895,718		$	4,263,887
Net assets consist of:
Capital paid in on shares of beneficial interest	$	10,969,395	$	6,985,357		$	4,265,282
Total distributable earnings (accumulated loss)		684,568		(89,639	)		(1,395	)
Net assets at October 31, 2022	$	11,653,963	$	6,895,718		$	4,263,887
Investment securities of affiliated issuers, at cost	$	11,409,924	$	7,092,595		$	4,354,933

Refer to the notes to financial statements.

26 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	2,522,188		$	600,116
Receivables for:
Sales of investments		2,333			41
Sales of fund’s shares		1,957			397
Dividends		3,919			948
Total assets		2,530,397			601,502
Liabilities:
Payables for:
Purchases of investments		3,918			948
Repurchases of fund’s shares		4,334			438
Services provided by related parties		502			100
Trustees’ deferred compensation		14			4
Other		12			—
Total liabilities		8,780			1,490
Net assets at October 31, 2022	$	2,521,617		$	600,012
Net assets consist of:
Capital paid in on shares of beneficial interest	$	2,775,688		$	657,431
Total distributable earnings (accumulated loss)		(254,071	)		(57,419	)
Net assets at October 31, 2022	$	2,521,617		$	600,012
Investment securities of affiliated issuers, at cost	$	2,730,969		$	642,191

Refer to the notes to financial statements.

American Funds Portfolio Series 27

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		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	$	2,449,003	$	7,384,079	$	8,590,224
	Shares outstanding		140,545		383,602		558,625
	Net asset value per share	$	17.43	$	19.25	$	15.38
Class C:	Net assets	$	328,183	$	1,011,019	$	1,097,062
	Shares outstanding		19,391		54,347		71,860
	Net asset value per share	$	16.92	$	18.60	$	15.27
Class T:	Net assets	$	12	$	12	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.47	$	19.30	$	15.38
Class F-1:	Net assets	$	48,554	$	94,803	$	174,617
	Shares outstanding		2,782		4,926		11,355
	Net asset value per share	$	17.45	$	19.25	$	15.38
Class F-2:	Net assets	$	485,537	$	967,259	$	1,077,167
	Shares outstanding		27,707		49,914		69,924
	Net asset value per share	$	17.52	$	19.38	$	15.40
Class F-3:	Net assets	$	196,824	$	237,161	$	251,768
	Shares outstanding		11,246		12,259		16,364
	Net asset value per share	$	17.50	$	19.35	$	15.39
Class 529-A:	Net assets	$	523,404	$	1,603,813	$	925,383
	Shares outstanding		30,111		83,509		60,213
	Net asset value per share	$	17.38	$	19.21	$	15.37
Class 529-C:	Net assets	$	33,669	$	100,656	$	65,442
	Shares outstanding		1,990		5,420		4,276
	Net asset value per share	$	16.92	$	18.57	$	15.30
Class 529-E:	Net assets	$	16,351	$	59,429	$	35,191
	Shares outstanding		948		3,129		2,295
	Net asset value per share	$	17.26	$	18.99	$	15.33
Class 529-T:	Net assets	$	14	$	15	$	14
	Shares outstanding		1		1		1
	Net asset value per share	$	17.46	$	19.29	$	15.38
Class 529-F-1:	Net assets	$	9	$	10	$	10
	Shares outstanding		1		1		1
	Net asset value per share	$	17.46	$	19.31	$	15.38
Class 529-F-2:	Net assets	$	90,932	$	232,057	$	110,253
	Shares outstanding		5,216		12,049		7,171
	Net asset value per share	$	17.43	$	19.26	$	15.38
Class 529-F-3:	Net assets	$	10	$	10	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.43	$	19.25	$	15.38
Class ABLE-A:	Net assets	$	2,046	$	7,100	$	5,625
	Shares outstanding		118		370		366
	Net asset value per share	$	17.35	$	19.18	$	15.38
Class ABLE-F-2:	Net assets	$	228	$	190	$	326
	Shares outstanding		13		10		21
	Net asset value per share	$	17.44	$	19.27	$	15.39
Class R-1:	Net assets	$	3,726	$	34,254	$	19,661
	Shares outstanding		219		1,836		1,286
	Net asset value per share	$	17.04	$	18.66	$	15.28
Class R-2:	Net assets	$	91,549	$	196,842	$	184,395
	Shares outstanding		5,427		10,587		12,099
	Net asset value per share	$	16.87	$	18.59	$	15.24

Refer to the notes to financial statements.

28 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

			Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Class R-2E:	Net assets	$	4,899	$	8,622	$	15,717
	Shares outstanding		285		458		1,026
	Net asset value per share	$	17.17	$	18.84	$	15.32
Class R-3:	Net assets	$	67,678	$	179,892	$	138,498
	Shares outstanding		3,924		9,463		9,044
	Net asset value per share	$	17.25	$	19.01	$	15.31
Class R-4:	Net assets	$	37,992	$	76,152	$	69,188
	Shares outstanding		2,184		3,960		4,500
	Net asset value per share	$	17.39	$	19.23	$	15.37
Class R-5:	Net assets	$	12,150	$	30,415	$	23,892
	Shares outstanding		689		1,560		1,547
	Net asset value per share	$	17.63	$	19.49	$	15.44
Class R-5E:	Net assets	$	16,730	$	41,480	$	21,516
	Shares outstanding		961		2,156		1,401
	Net asset value per share	$	17.40	$	19.24	$	15.36
Class R-6:	Net assets	$	106,485	$	160,594	$	347,920
	Shares outstanding		6,024		8,258		22,571
	Net asset value per share	$	17.68	$	19.45	$	15.41

Refer to the notes to financial statements.

American Funds Portfolio Series 29

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	7,689,558	$	4,994,140	$	3,126,440
	Shares outstanding		503,395		415,032		226,481
	Net asset value per share	$	15.28	$	12.03	$	13.80
Class C:	Net assets	$	992,294	$	581,215	$	342,090
	Shares outstanding		65,399		48,591		24,972
	Net asset value per share	$	15.17	$	11.96	$	13.70
Class T:	Net assets	$	11	$	10	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	15.28	$	12.04	$	13.81
Class F-1:	Net assets	$	104,331	$	74,777	$	240,844
	Shares outstanding		6,827		6,209		17,453
	Net asset value per share	$	15.28	$	12.04	$	13.80
Class F-2:	Net assets	$	1,031,301	$	574,212	$	439,146
	Shares outstanding		67,401		47,638		31,758
	Net asset value per share	$	15.30	$	12.05	$	13.83
Class F-3:	Net assets	$	284,478	$	106,237	$	115,356
	Shares outstanding		18,614		8,826		8,348
	Net asset value per share	$	15.28	$	12.04	$	13.82
Class 529-A:	Net assets	$	532,026	$	267,352
	Shares outstanding		34,835		22,233		Not applicable
	Net asset value per share	$	15.27	$	12.03
Class 529-C:	Net assets	$	45,489	$	26,141
	Shares outstanding		2,989		2,182		Not applicable
	Net asset value per share	$	15.22	$	11.98
Class 529-E:	Net assets	$	17,636	$	8,776
	Shares outstanding		1,157		730		Not applicable
	Net asset value per share	$	15.24	$	12.02
Class 529-T:	Net assets	$	14	$	13
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.28	$	12.04
Class 529-F-1:	Net assets	$	10	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.30	$	12.04
Class 529-F-2:	Net assets	$	82,728	$	46,893
	Shares outstanding		5,416		3,898		Not applicable
	Net asset value per share	$	15.27	$	12.03
Class 529-F-3:	Net assets	$	11	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.27	$	12.03
Class ABLE-A:	Net assets	$	4,655	$	2,510
	Shares outstanding		305		209		Not applicable
	Net asset value per share	$	15.28	$	12.02
Class ABLE-F-2:	Net assets	$	341	$	168
	Shares outstanding		22		14		Not applicable
	Net asset value per share	$	15.29	$	12.04
Class R-1:	Net assets	$	9,310	$	2,076
	Shares outstanding		612		173		Not applicable
	Net asset value per share	$	15.21	$	11.97
Class R-2:	Net assets	$	123,312	$	39,230
	Shares outstanding		8,128		3,280		Not applicable
	Net asset value per share	$	15.17	$	11.96

Refer to the notes to financial statements.

30 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio
Class R-2E:	Net assets	$	8,542	$	865
	Shares outstanding		559		72		Not applicable
	Net asset value per share	$	15.27	$	12.04
Class R-3:	Net assets	$	128,752	$	41,759
	Shares outstanding		8,451		3,478		Not applicable
	Net asset value per share	$	15.24	$	12.01
Class R-4:	Net assets	$	70,216	$	31,108
	Shares outstanding		4,595		2,584		Not applicable
	Net asset value per share	$	15.28	$	12.04
Class R-5:	Net assets	$	27,199	$	9,372
	Shares outstanding		1,776		777		Not applicable
	Net asset value per share	$	15.32	$	12.07
Class R-5E:	Net assets	$	18,395	$	6,574
	Shares outstanding		1,203		547		Not applicable
	Net asset value per share	$	15.29	$	12.02
Class R-6:	Net assets	$	483,354	$	82,268
	Shares outstanding		31,562		6,821		Not applicable
	Net asset value per share	$	15.31	$	12.06

Refer to the notes to financial statements.

American Funds Portfolio Series 31

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		Preservation Portfolio		Tax-Exempt Preservation Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	1,665,649	$	459,524
	Shares outstanding		179,437		49,630
	Net asset value per share	$	9.28	$	9.26
Class C:	Net assets	$	104,242	$	25,041
	Shares outstanding		11,259		2,709
	Net asset value per share	$	9.26	$	9.24
Class T:	Net assets	$	9	$	9
	Shares outstanding		1		1
	Net asset value per share	$	9.29	$	9.26
Class F-1:	Net assets	$	32,546	$	3,064
	Shares outstanding		3,505		330
	Net asset value per share	$	9.28	$	9.27
Class F-2:	Net assets	$	313,712	$	97,829
	Shares outstanding		33,792		10,566
	Net asset value per share	$	9.28	$	9.26
Class F-3:	Net assets	$	63,614	$	14,545
	Shares outstanding		6,854		1,571
	Net asset value per share	$	9.28	$	9.26
Class 529-A:	Net assets	$	181,541
	Shares outstanding		19,564		Not applicable
	Net asset value per share	$	9.28
Class 529-C:	Net assets	$	11,811
	Shares outstanding		1,276		Not applicable
	Net asset value per share	$	9.26
Class 529-E:	Net assets	$	4,800
	Shares outstanding		518		Not applicable
	Net asset value per share	$	9.28
Class 529-T:	Net assets	$	10
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.29
Class 529-F-1:	Net assets	$	9
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.28
Class 529-F-2:	Net assets	$	39,543
	Shares outstanding		4,259		Not applicable
	Net asset value per share	$	9.29
Class 529-F-3:	Net assets	$	9
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.29
Class ABLE-A:	Net assets	$	851
	Shares outstanding		92		Not applicable
	Net asset value per share	$	9.29
Class ABLE-F-2:	Net assets	$	91
	Shares outstanding		10		Not applicable
	Net asset value per share	$	9.32
Class R-1:	Net assets	$	704
	Shares outstanding		76		Not applicable
	Net asset value per share	$	9.26
Class R-2:	Net assets	$	18,358
	Shares outstanding		1,987		Not applicable
	Net asset value per share	$	9.24

Refer to the notes to financial statements.

32 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

			Preservation Portfolio	Tax-Exempt Preservation Portfolio
Class R-2E:	Net assets	$	585
	Shares outstanding		63	Not applicable
	Net asset value per share	$	9.28
Class R-3:	Net assets	$	28,712
	Shares outstanding		3,096	Not applicable
	Net asset value per share	$	9.27
Class R-4:	Net assets	$	12,761
	Shares outstanding		1,374	Not applicable
	Net asset value per share	$	9.29
Class R-5:	Net assets	$	5,844
	Shares outstanding		629	Not applicable
	Net asset value per share	$	9.29
Class R-5E:	Net assets	$	3,689
	Shares outstanding		397	Not applicable
	Net asset value per share	$	9.29
Class R-6:	Net assets	$	32,527
	Shares outstanding		3,502	Not applicable
	Net asset value per share	$	9.29

Refer to the notes to financial statements.

American Funds Portfolio Series 33

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022 (dollars in thousands)

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	50,262		$	73,127		$	274,543
Fees and expenses*:
Distribution services		14,580			42,452			43,974
Transfer agent services		5,667			14,186			9,939
529 and ABLE plan services		440			1,281			708
Reports to shareholders		94			245			254
Registration statement and prospectus		349			892			888
Trustees’ compensation		7			17			16
Auditing and legal		19			50			50
Custodian		9			24			24
Other		6			14			13
Total fees and expenses before waivers		21,171			59,161			55,866
Less waivers of fees and expenses:
ABLE plan services waivers		1			4			3
Total fees and expenses after waivers		21,170			59,157			55,863
Net investment income		29,092			13,970			218,680
Net realized gain (loss) and unrealized depreciation:
Net realized loss on sale of investments in affiliated issuers		(55,449	)		(43,504	)		(57,363	)
Capital gain distributions received from affiliated issuers		400,496			1,218,694			665,555
		345,047			1,175,190			608,192
Net unrealized depreciation on investments in affiliated issuers		(2,286,997	)		(5,896,923	)		(3,580,613	)
Net realized gain (loss) and unrealized depreciation		(1,941,950	)		(4,721,733	)		(2,972,421	)
Net decrease in net assets resulting from operations	$	(1,912,858	)	$	(4,707,763	)	$	(2,753,741	)

Refer to the end of the statements of operations for footnote.

Refer to the notes to financial statements.

34 American Funds Portfolio Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022 (continued) (dollars in thousands)

	Moderate Growth and Income Portfolio			Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	250,392		$	246,119		$	108,835
Fees and expenses*:
Distribution services		38,395			23,016			14,609
Transfer agent services		7,080			3,617			1,927
529 and ABLE plan services		433			219			—
Reports to shareholders		227			130			82
Registration statement and prospectus		778			451			301
Trustees’ compensation		14			8			5
Auditing and legal		45			25			16
Custodian		22			12			8
Other		12			6			4
Total fees and expenses before waivers		47,006			27,484			16,952
Less waivers of fees and expenses:
ABLE plan services waivers		3			1			—
Total fees and expenses after waivers		47,003			27,483			16,952
Net investment income		203,389			218,636			91,883
Net realized gain (loss) and unrealized depreciation:
Net realized loss on sale of investments in affiliated issuers		(18,923	)		(8,285	)		(14,420	)
Capital gain distributions received from affiliated issuers		504,722			123,328			115,867
		485,799			115,043			101,447
Net unrealized depreciation on investments in affiliated issuers		(2,776,636	)		(1,087,197	)		(784,879	)
Net realized gain (loss) and unrealized depreciation		(2,290,837	)		(972,154	)		(683,432	)
Net decrease in net assets resulting from operations	$	(2,087,448	)	$	(753,518	)	$	(591,549	)

Refer to the end of the statements of operations for footnote.

Refer to the notes to financial statements.

American Funds Portfolio Series 35

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022 (continued) (dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	54,636		$	8,465
Fees and expenses*:
Distribution services		7,748			1,826
Transfer agent services		2,021			308
529 and ABLE plan services		153			—
Reports to shareholders		51			12
Registration statement and prospectus		156			53
Trustees’ compensation		3			1
Auditing and legal		10			3
Custodian		5			1
Other		3			1
Total fees and expenses before waivers		10,150			2,205
Less waivers of fees and expenses:
ABLE plan services waivers		1			—
Total fees and expenses after waivers		10,149			2,205
Net investment income		44,487			6,260
Net realized gain (loss) and unrealized depreciation:
Net realized loss on sale of investments in affiliated issuers		(43,930	)		(10,329	)
Capital gain distributions received from affiliated issuers		—			3,212
		(43,930	)		(7,117	)
Net unrealized depreciation on investments in affiliated issuers		(217,060	)		(43,262	)
Net realized gain (loss) and unrealized depreciation		(260,990	)		(50,379	)
Net decrease in net assets resulting from operations	$	(216,503	)	$	(44,119	)

* Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

36 American Funds Portfolio Series

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	Global Growth Portfolio						Growth Portfolio						Growth and Income Portfolio
	Year ended October 31,						Year ended October 31,						Year ended October 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	29,092		$	11,930		$	13,970		$	23,999		$	218,680		$	160,631
Net realized gain (loss)		345,047			196,266			1,175,190			568,851			608,192			635,365
Net unrealized (depreciation) appreciation		(2,286,997	)		1,429,294			(5,896,923	)		3,844,286			(3,580,613	)		2,572,308
Net (decrease) increase in net assets resulting from operations		(1,912,858	)		1,637,490			(4,707,763	)		4,437,136			(2,753,741	)		3,368,304
Distributions paid to shareholders		(209,663	)		(40,280	)		(542,513	)		(409,176	)		(793,796	)		(473,298	)
Net capital share transactions		157,011			609,963			1,515,531			1,663,856			1,343,461			1,662,475
Total (decrease) increase in net assets		(1,965,510	)		2,207,173			(3,734,745	)		5,691,816			(2,204,076	)		4,557,481
Net assets:
Beginning of year		6,481,495			4,274,322			16,160,609			10,468,793			15,357,967			10,800,486
End of year	$	4,515,985		$	6,481,495		$	12,425,864		$	16,160,609		$	13,153,891		$	15,357,967
		Moderate Growth and Income Portfolio						Conservative Growth and Income Portfolio						Tax-Aware Conservative Growth and Income Portfolio
		Year ended October 31,						Year ended October 31,						Year ended October 31,
		2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	203,389		$	166,985		$	218,636		$	172,521		$	91,883		$	70,497
Net realized gain (loss)		485,799			537,106			115,043			164,323			101,447			30,798
Net unrealized (depreciation) appreciation		(2,776,636	)		1,811,333			(1,087,197	)		805,803			(784,879	)		550,289
Net (decrease) increase in net assets resulting from operations		(2,087,448	)		2,515,424			(753,518	)		1,142,647			(591,549	)		651,584
Distributions paid to shareholders		(684,200	)		(287,626	)		(350,341	)		(312,288	)		(123,562	)		(89,994	)
Net capital share transactions		912,404			1,373,981			675,309			957,867			422,200			791,090
Total (decrease) increase in net assets		(1,859,244	)		3,601,779			(428,550	)		1,788,226			(292,911	)		1,352,680
Net assets:
Beginning of year		13,513,207			9,911,428			7,324,268			5,536,042			4,556,798			3,204,118
End of year	$	11,653,963		$	13,513,207		$	6,895,718		$	7,324,268		$	4,263,887		$	4,556,798

Refer to the notes to financial statements.

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Financial statements (continued)

Statements of changes in net assets (continued) (dollars in thousands)

	Preservation Portfolio						Tax-Exempt Preservation Portfolio
	Year ended October 31,						Year ended October 31,
	2022			2021			2022			2021
Operations:
Net investment income	$	44,487		$	19,267		$	6,260		$	5,135
Net realized gain (loss)		(43,930	)		39,713			(7,117	)		3,115
Net unrealized (depreciation) appreciation		(217,060	)		(60,683	)		(43,262	)		(5,198	)
Net (decrease) increase in net assets resulting from operations		(216,503	)		(1,703	)		(44,119	)		3,052
Distributions paid to shareholders		(46,764	)		(56,307	)		(7,974	)		(7,036	)
Net capital share transactions		(212,877	)		141,254			(129,572	)		180,838
Total (decrease) increase in net assets		(476,144	)		83,244			(181,665	)		176,854
Net assets:
Beginning of year		2,997,761			2,914,517			781,677			604,823
End of year	$	2,521,617		$	2,997,761		$	600,012		$	781,677

Refer to the notes to financial statements.

38 American Funds Portfolio Series

Notes to financial statements

1. Organization

American Funds Portfolio Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), 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	Seeks current income and long-term growth of capital and income.
American Funds Conservative Growth and Income Portfolio	Seeks current income and, secondarily, long-term growth of capital.
American Funds Tax-Aware Conservative Growth and 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 23 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3), two tax-advantaged share classes for individuals with disabilities (Classes ABLE-A and ABLE-F-2) 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-Aware Conservative 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
Class A	Up to 2.50% for Preservation Portfolio and Tax-Exempt Preservation Portfolio; up to 3.75% for Tax-Aware Conservative Growth and Income Portfolio; up to 5.75% for all other funds	None (except 0.75% for certain redemptions within 18 months of purchase without an initial sales charge for Preservation Portfolio and Tax-Exempt Preservation Portfolio, and 1.00% for certain redemptions within 18 months of purchase without an initial sales charge for all other funds)	None
Class 529-A and ABLE-A	Up to 2.50% for Preservation Portfolio; up to 3.50% for all other funds	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five 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, 529-F-1, 529-F-2, 529-F-3 and ABLE-F-2	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

* Class T and 529-T shares are not available for purchase.

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

2. Significant accounting policies

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

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

Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited 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), realized gains and losses and unrealized appreciation and depreciation 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 and transfer agent services, are charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions 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. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Processes and structure — The series’ board of trustees has designated 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 team. 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. 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 facilitated by the investment adviser’s global risk management 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. As of October 31, 2022, all of the investment securities held by each fund were classified as Level 1.

40 American Funds Portfolio Series

4. Risk factors

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

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

Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each 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 each fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by each fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

Underlying fund risks — Because each fund’s investments consist of underlying funds, each 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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.

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, major litigation, investigations or other controversies related to the issuer, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment 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 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. These risks may be even greater in the case of smaller capitalization stocks.

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 factors such as the interest rates, maturities and credit quality of these securities.

American Funds Portfolio Series 41

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. 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 failing to recoup the full amount of its initial investment and 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 or guarantor will weaken or be perceived to be weaker, 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. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. 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 assessing 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, particularly during times of market turmoil.

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 nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which 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 regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, 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, which could impact the liquidity of each fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

42 American Funds Portfolio Series

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. 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, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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 and the credit rating of the U.S. government. Securities issued by U.S. 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. U.S. government securities are subject to market risk, interest rate risk and credit risk.

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. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an 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 an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

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 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.

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Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by 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 or difficult to determine, 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, or to try to limit losses, or may be forced to sell at a loss.

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 — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. 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 underlying fund has greater risk of volatility, and greater risk of loss, from these investments.

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 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 cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, 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. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Management — The investment adviser to each 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, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and 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 year ended October 31, 2022, 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.

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Each fund’s tax returns are generally 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 typically three years after the date of filing but can be extended in certain jurisdictions.

Distributions — Distributions determined on a tax basis 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; net capital losses and amortization of premiums and discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as distributions for tax purposes.

Additional tax basis disclosures for each fund as of October 31, 2022, were as follows (dollars in thousands):

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio			Moderate Growth and Income Portfolio
Undistributed ordinary income	$	—		$	—		$	6,321		$	3,120
Late year ordinary loss deferral1		—			(19,182	)		—			—
Undistributed long-term capital gains		306,388			1,093,035			563,927			442,499
Gross unrealized appreciation on investments		212,705			148,525			665,326			845,647
Gross unrealized depreciation on investments		(330,108	)		(459,599	)		(578,755	)		(606,635	)
Net unrealized (depreciation) appreciation on investments		(117,403	)		(311,074	)		86,571			239,012
Cost of investments		4,634,452			12,740,502			13,070,830			11,418,112
Reclassification from total distributable earnings/accumulated loss to capital paid in on shares of beneficial interest		43,405			94,677			53,767			45,948
		Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
Undistributed ordinary income	$	13,686		$	2,756		$	1,166		$	—
Undistributed tax-exempt income		—			3,881			—			273
Undistributed long-term capital gains		102,413			86,815			—			—
Capital loss carryforward2		—			—			(41,318	)		(13,688	)
Gross unrealized appreciation on investments		417,224			218,179			—			—
Gross unrealized depreciation on investments		(622,924	)		(313,009	)		(213,905	)		(44,000	)
Net unrealized (depreciation) appreciation on investments		(205,700	)		(94,830	)		(213,905	)		(44,000	)
Cost of investments		7,103,365			4,359,684			2,736,093			644,116
Reclassification from total distributable earnings/accumulated loss to capital paid in on shares of beneficial interest		13,377			12,062			369			2

1	This deferral is considered incurred in the subsequent year.
2	Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforwards remains.

American Funds Portfolio Series 45

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

Global Growth Portfolio
	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	14,122		$	97,123		$	111,245		$	7,261		$	14,221		$	21,482
Class C		—			14,710			14,710			—			2,502			2,502
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		288			2,194			2,482			279			562			841
Class F-2		5,410			23,430			28,840			2,672			2,923			5,595
Class F-3		1,855			7,079			8,934			939			869			1,808
Class 529-A		2,747			19,788			22,535			1,369			2,796			4,165
Class 529-C		—			1,657			1,657			—			284			284
Class 529-E		40			634			674			12			95			107
Class 529-T		—	3		1			1			—	3		—	3		—	3
Class 529-F-1		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-2		669			3,078			3,747			308			363			671
Class 529-F-3		—	3		—	3		—	3		—	3		—	3		—	3
Class ABLE-A		12			60			72			4			6			10
Class ABLE-F-2		1			5			6			—	3		—	3		—	3
Class R-1		—			162			162			—			32			32
Class R-2		—			3,792			3,792			—			610			610
Class R-2E		3			202			205			—			35			35
Class R-3		144			2,646			2,790			40			386			426
Class R-4		211			1,367			1,578			114			199			313
Class R-5E		116			529			645			54			61			115
Class R-5		112			456			568			69			69			138
Class R-6		1,042			3,978			5,020			593			553			1,146
Total	$	26,772		$	182,891		$	209,663		$	13,714		$	26,566		$	40,280
Growth Portfolio
	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	2,540		$	311,981		$	314,521		$	30,785		$	208,109		$	238,894
Class C		—			49,137			49,137			—			37,953			37,953
Class T		—	3		1			1			—	3		—	3		—	3
Class F-1		—			4,180			4,180			566			3,947			4,513
Class F-2		3,173			42,484			45,657			5,961			27,178			33,139
Class F-3		968			9,552			10,520			1,367			5,529			6,896
Class 529-A		64			66,964			67,028			6,122			43,631			49,753
Class 529-C		—			5,103			5,103			—			4,270			4,270
Class 529-E		—			2,497			2,497			126			1,597			1,723
Class 529-T		—	3		1			1			—	3		—	3		—	3
Class 529-F-1		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-2		642			9,885			10,527			1,185			5,760			6,945
Class 529-F-3		—	3		—	3		—	3		—	3		—	3		—	3
Class ABLE-A		10			225			235			17			101			118
Class ABLE-F-2		—	3		5			5			—	3		1			1
Class R-1		—			1,529			1,529			—			1,010			1,010
Class R-2		—			10,574			10,574			—			7,924			7,924
Class R-2E		—			480			480			4			372			376
Class R-3		—			7,774			7,774			352			5,300			5,652
Class R-4		—			3,084			3,084			360			2,403			2,763
Class R-5E		95			1,372			1,467			179			845			1,024
Class R-5		115			1,299			1,414			223			953			1,176
Class R-6		624			6,155			6,779			998			4,048			5,046
Total	$	8,231		$	534,282		$	542,513		$	48,245		$	360,931		$	409,176

Refer to the end of the tables for footnotes.

46 American Funds Portfolio Series

Growth and Income Portfolio
	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	142,571		$	375,301	$	517,872	$	122,121		$	184,686		$	306,807
Class C		10,033			55,352		65,385		10,095			33,024			43,119
Class T		—	3		1		1		—	3		—	3		—	3
Class F-1		2,954			8,104		11,058		2,937			5,318			8,255
Class F-2		21,007			47,928		68,935		17,422			22,261			39,683
Class F-3		5,171			10,681		15,852		3,512			3,383			6,895
Class 529-A		14,983			39,661		54,644		12,735			19,812			32,547
Class 529-C		550			3,364		3,914		598			2,215			2,813
Class 529-E		467			1,602		2,069		445			831			1,276
Class 529-T		—	3		1		1		—	3		—	3		—	3
Class 529-F-1		—	3		1		1		—	3		—	3		—	3
Class 529-F-2		2,052			4,474		6,526		1,492			1,876			3,368
Class 529-F-3		—	3		1		1		—	3		—	3		—	3
Class ABLE-A		85			193		278		56			68			124
Class ABLE-F-2		5			9		14		2			2			4
Class R-1		172			901		1,073		149			460			609
Class R-2		1,399			7,489		8,888		1,318			4,236			5,554
Class R-2E		190			808		998		185			409			594
Class R-3		1,856			6,252		8,108		1,679			3,186			4,865
Class R-4		1,188			3,235		4,423		1,112			1,722			2,834
Class R-5E		352			689		1,041		254			407			661
Class R-5		541			1,242		1,783		464			559			1,023
Class R-6		6,760			14,171		20,931		5,525			6,742			12,267
Total	$	212,336		$	581,460	$	793,796	$	182,101		$	291,197		$	473,298

Moderate Growth and Income Portfolio
	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	141,308		$	305,934		$	447,242		$	129,928		$	56,689		$	186,617
Class C		11,052			45,848			56,900			12,745			10,109			22,854
Class T		—	3		1			1			—	3		—	3		—	3
Class F-1		1,968			4,659			6,627			2,479			1,338			3,817
Class F-2		22,127			42,898			65,025			20,363			7,737			28,100
Class F-3		5,922			10,228			16,150			4,292			1,299			5,591
Class 529-A		9,805			21,676			31,481			9,347			4,178			13,525
Class 529-C		480			2,174			2,654			647			564			1,211
Class 529-E		273			681			954			266			139			405
Class 529-T		—	3		1			1			—	3		—	3		—	3
Class 529-F-1		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-2		1,690			3,165			4,855			1,347			522			1,869
Class 529-F-3		—	3		—	3		—	3		—	3		—	3		—	3
Class ABLE-A		79			142			221			51			17			68
Class ABLE-F-2		6			10			16			2			1			3
Class R-1		93			434			527			113			90			203
Class R-2		1,278			5,097			6,375			1,397			1,105			2,502
Class R-2E		101			416			517			140			91			231
Class R-3		1,979			5,781			7,760			2,262			1,256			3,518
Class R-4		1,416			3,613			5,029			1,740			821			2,561
Class R-5E		329			583			912			281			125			406
Class R-5		569			1,033			1,602			522			206			728
Class R-6		10,445			18,906			29,351			9,780			3,637			13,417
Total	$	210,920		$	473,280		$	684,200		$	197,702		$	89,924		$	287,626

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 47

Conservative Growth and Income Portfolio
	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	159,456		$	95,785		$	255,241		$	139,822		$	85,317		$	225,139
Class C		15,289			12,830			28,119			15,749			13,261			29,010
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		2,373			1,491			3,864			2,615			1,887			4,502
Class F-2		18,797			9,944			28,741			15,035			8,406			23,441
Class F-3		3,519			1,806			5,325			2,632			1,272			3,904
Class 529-A		8,654			5,225			13,879			7,539			4,583			12,122
Class 529-C		684			598			1,282			735			632			1,367
Class 529-E		263			179			442			241			156			397
Class 529-T		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-1		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-2		1,621			928			2,549			1,393			776			2,169
Class 529-F-3		—	3		—	3		—	3		—	3		—	3		—	3
Class ABLE-A		72			38			110			47			23			70
Class ABLE-F-2		4			1			5			1			—	3		1
Class R-1		56			44			100			52			46			98
Class R-2		992			849			1,841			1,099			927			2,026
Class R-2E		19			15			34			16			9			25
Class R-3		1,172			768			1,940			1,114			766			1,880
Class R-4		1,030			623			1,653			1,026			699			1,725
Class R-5E		203			107			310			190			145			335
Class R-5		337			191			528			251			133			384
Class R-6		2,859			1,519			4,378			2,379			1,314			3,693
Total	$	217,400		$	132,941		$	350,341		$	191,936		$	120,352		$	312,288

Tax-Aware Conservative Growth and Income Portfolio
	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income4			Long-term capital gains			Total distributions paid			Ordinary income4			Long-term capital gains			Total distributions paid
Class A	$	70,733		$	20,367		$	91,100		$	52,650		$	13,600		$	66,250
Class C		5,452			2,503			7,955			4,492			1,936			6,428
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		5,738			1,770			7,508			4,803			1,334			6,137
Class F-2		10,857			2,827			13,684			7,430			1,660			9,090
Class F-3		2,699			616			3,315			1,737			352			2,089
Total	$	95,479		$	28,083		$	123,562		$	71,112		$	18,882		$	89,994

Refer to the end of the tables for footnotes.

48 American Funds Portfolio Series

Preservation Portfolio
	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	27,756		$	2,222		$	29,978		$	32,981		$	1,226		$	34,207
Class C		1,043			158			1,201			2,016			117			2,133
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		585			56			641			1,103			43			1,146
Class F-2		6,876			479			7,355			8,722			285			9,007
Class F-3		1,380			92			1,472			2,278			44			2,322
Class 529-A		3,067			247			3,314			3,853			143			3,996
Class 529-C		116			19			135			235			14			249
Class 529-E		73			7			80			113			5			118
Class 529-T		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-1		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-2		766			52			818			826			27			853
Class 529-F-3		—	3		—	3		—	3		—	3		—	3		—	3
Class ABLE-A		14			1			15			10			—	3		10
Class ABLE-F-2		1			—	3		1			1			—	3		1
Class R-1		6			1			7			8			—	3		8
Class R-2		172			23			195			270			16			286
Class R-2E		7			1			8			13			1			14
Class R-3		368			34			402			456			20			476
Class R-4		218			18			236			309			11			320
Class R-5E		60			4			64			56			2			58
Class R-5		116			7			123			133			4			137
Class R-6		671			48			719			936			30			966
Total	$	43,295		$	3,469		$	46,764		$	54,319		$	1,988		$	56,307

Tax-Exempt Preservation Portfolio
	Year ended October 31, 2022								Year ended October 31, 2021
Share class	Ordinary income4			Long-term capital gains		Total distributions paid			Ordinary income4			Long-term capital gains		Total distributions paid
Class A	$	5,744			$—	$	5,744		$	4,731			$—	$	4,731
Class C		140			—		140			140			—		140
Class T		—	3		—		—	3		—	3		—		—	3
Class F-1		57			—		57			67			—		67
Class F-2		1,674			—		1,674			1,705			—		1,705
Class F-3		359			—		359			393			—		393
Total	$	7,974			$—	$	7,974		$	7,036			$—	$	7,036

3	Amount less than one thousand.
4	Ordinary income may include both taxable and tax-exempt income.

American Funds Portfolio Series 49

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.

Class-specific fees and expenses — Expenses that are specific to individual share classes of each fund 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, 529-F-2, 529-F-3, ABLE-F-2, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Classes 529-A and ABLE-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, 529-A and ABLE-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 October 31, 2022, unreimbursed expenses subject to reimbursement for the funds’ Class A, 529-A and ABLE-A shares were as follows (dollars in thousands):

	Class A		Class 529-A		Class ABLE-A
Global Growth Portfolio	$	—	$	—	$	—
Growth Portfolio		—		—		—
Growth and Income Portfolio		—		—		—
Moderate Growth and Income Portfolio		—		—		—
Conservative Growth and Income Portfolio		—		—		—
Tax-Aware Conservative Growth and Income Portfolio		1,363		Not applicable		Not applicable
Preservation Portfolio		2,925		—		—
Tax-Exempt Preservation Portfolio		698		Not applicable		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 record keeping, 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.

50 American Funds Portfolio Series

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to the series. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the series and market developments that impact underlying fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. CRMC receives administrative services fees at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC’s provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

529 and ABLE plan services — Each 529 and ABLE share class of each fund is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan and ABLEAmerica^® tax-advantaged savings program. Virginia529 is not considered a related party to any of the funds.

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. Virginia529 is currently waiving the portion of its fee attributable to Class ABLE shares. The waivers are expected to remain in effect until the date on which total net assets invested in ABLEAmerica reach $300 million or June 30, 2023, whichever is earlier. For the year ended October 31, 2022, Virginia529 waived total 529 and ABLE plan service fees of $13,000 on Class ABLE shares of the funds. The waivers are reflected as ABLE plan services waivers in each fund’s statement of operations. As a result, total 529 and ABLE plan services fees of $3,234,000 were reduced to $3,221,000, both of which were equivalent to 0.058% of the average daily net assets of each 529 share class of each fund.

For the year ended October 31, 2022, the class-specific expenses of each fund under these agreements were as follows (dollars in thousands):

Global Growth Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$7,021	$3,127		Not applicable
Class C	4,085	447		Not applicable
Class T	—	—	*	Not applicable
Class F-1	152	77		Not applicable
Class F-2	Not applicable	736		Not applicable
Class F-3	Not applicable	5		Not applicable
Class 529-A	1,401	597		$345
Class 529-C	443	45		26
Class 529-E	94	11		11
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	60		57
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	4	1		1
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	44	4		Not applicable
Class R-2	810	370		Not applicable
Class R-2E	34	12		Not applicable
Class R-3	388	110		Not applicable
Class R-4	104	30		Not applicable
Class R-5E	Not applicable	26		Not applicable
Class R-5	Not applicable	7		Not applicable
Class R-6	Not applicable	2		Not applicable
Total class-specific expenses	$14,580	$5,667		$440

Growth Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$20,745	$8,315		Not applicable
Class C	11,993	1,227		Not applicable
Class T	—	—	*	Not applicable
Class F-1	272	133		Not applicable
Class F-2	Not applicable	1,179		Not applicable
Class F-3	Not applicable	5		Not applicable
Class 529-A	4,295	1,663		$1,021
Class 529-C	1,223	117		71
Class 529-E	324	31		37
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	158		148
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	14	3		4
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	387	37		Not applicable
Class R-2	1,930	866		Not applicable
Class R-2E	61	21		Not applicable
Class R-3	1,001	283		Not applicable
Class R-4	207	70		Not applicable
Class R-5E	Not applicable	58		Not applicable
Class R-5	Not applicable	16		Not applicable
Class R-6	Not applicable	4		Not applicable
Total class-specific expenses	$42,452	$14,186		$1,281

Refer to the end of the tables for footnote.

American Funds Portfolio Series  51

Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$24,659		$5,948			Not applicable
Class C		12,855		834			Not applicable
Class T		—		—	*		Not applicable
Class F-1		493		234			Not applicable
Class F-2		Not applicable		1,264			Not applicable
Class F-3		Not applicable		6			Not applicable
Class 529-A		2,359		580			$571
Class 529-C		774		46			45
Class 529-E		194		12			23
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		51			66
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		10		2			3
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		219		17			Not applicable
Class R-2		1,345		577			Not applicable
Class R-2E		106		36			Not applicable
Class R-3		764		214			Not applicable
Class R-4		196		68			Not applicable
Class R-5E		Not applicable		28			Not applicable
Class R-5		Not applicable		15			Not applicable
Class R-6		Not applicable		7			Not applicable
Total class-specific expenses		$43,974		$9,939			$708

Moderate Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$22,271		$4,066			Not applicable
Class C		11,688		578			Not applicable
Class T		—		—	*		Not applicable
Class F-1		298		127			Not applicable
Class F-2		Not applicable		1,203			Not applicable
Class F-3		Not applicable		5			Not applicable
Class 529-A		1,386		261			$337
Class 529-C		539		25			31
Class 529-E		95		5			11
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		36			51
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		9		1			3
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		104		9			Not applicable
Class R-2		1,012		419			Not applicable
Class R-2E		49		17			Not applicable
Class R-3		731		200			Not applicable
Class R-4		213		79			Not applicable
Class R-5E		Not applicable		26			Not applicable
Class R-5		Not applicable		14			Not applicable
Class R-6		Not applicable		9			Not applicable
Total class-specific  expenses		$38,395		$7,080			$433

Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$14,470		$2,258			Not applicable
Class C		6,645		290			Not applicable
Class T		—		—	*		Not applicable
Class F-1		197		85			Not applicable
Class F-2		Not applicable		596			Not applicable
Class F-3		Not applicable		2			Not applicable
Class 529-A		685		112			$166
Class 529-C		306		12			18
Class 529-E		47		2			5
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		21			29
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		5		1			1
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		24		2			Not applicable
Class R-2		332		140			Not applicable
Class R-2E		4		2			Not applicable
Class R-3		216		51			Not applicable
Class R-4		85		27			Not applicable
Class R-5E		Not applicable		9			Not applicable
Class R-5		Not applicable		5			Not applicable
Class R-6		Not applicable		2			Not applicable
Total class-specific expenses		$23,016		$3,617			$219

Tax-Aware Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services
Class A		$10,034		$955
Class C		3,878		112
Class T		—		—	*
Class F-1		697		352
Class F-2		Not applicable		506
Class F-3		Not applicable		2
Total class-specific expenses		$14,609		$1,927

Refer to the end of the tables for footnote.

52 American Funds Portfolio Series

Preservation Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$5,440		$1,163			Not applicable
Class C		1,222		79			Not applicable
Class T		—		—	*		Not applicable
Class F-1		99		49			Not applicable
Class F-2		Not applicable		452			Not applicable
Class F-3		Not applicable		2			Not applicable
Class 529-A		484		122			$116
Class 529-C		143		9			8
Class 529-E		28		1			3
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		19			25
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		2		—	*		1
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		7		1			Not applicable
Class R-2		144		64			Not applicable
Class R-2E		4		1			Not applicable
Class R-3		141		38			Not applicable
Class R-4		34		12			Not applicable
Class R-5E		Not applicable		5			Not applicable
Class R-5		Not applicable		3			Not applicable
Class R-6		Not applicable		1			Not applicable
Total class-specific expenses		$7,748		$2,021			$153

Tax-Exempt Preservation Portfolio

Share class	Distribution services		Transfer agent services
Class A		$1,503		$154
Class C		310		10
Class T		—		—	*
Class F-1		13		7
Class F-2		Not applicable		137
Class F-3		Not applicable		—	*
Total class-specific expenses		$1,826		$308

American Funds Portfolio Series 53

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 one or more 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 decrease in the value of the deferred amounts as follows (dollars in thousands):

	Current fees	Decrease in value of deferred amounts	Total trustees’ compensation
Global Growth Portfolio	$12	$(5)	$7
Growth Portfolio	31	(14)	17
Growth and Income Portfolio	31	(15)	16
Moderate Growth and Income Portfolio	28	(14)	14
Conservative Growth and Income Portfolio	16	(8)	8
Tax-Aware Conservative Growth and Income Portfolio	10	(5)	5
Preservation Portfolio	6	(3)	3
Tax-Exempt Preservation Portfolio	2	(1)	1

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. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

8. Investment transactions

The funds engaged in purchases and sales of investment securities of affiliated issuers during the year ended October 31, 2022, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	619,712	$	243,518
Growth Portfolio		2,458,492		253,897
Growth and Income Portfolio		2,501,251		1,067,980
Moderate Growth and Income Portfolio		1,189,437		253,529
Conservative Growth and Income Portfolio		955,598		288,539
Tax-Aware Conservative Growth and Income Portfolio		667,273		160,983
Preservation Portfolio		552,392		767,648
Tax-Exempt Preservation Portfolio		136,243		264,330

54 American Funds Portfolio Series

9. Capital share transactions

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

Global Growth Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	403,820		19,578	$	110,724			4,564		$	(406,723	)		(20,146	)	$	107,821			3,996
Class C		57,086		2,833		14,693			619			(101,051	)		(5,099	)		(29,272	)		(1,647	)
Class T		—		—		—			—			—			—			—			—
Class F-1		9,472		443		2,479			102			(17,297	)		(834	)		(5,346	)		(289	)
Class F-2		194,522		8,879		28,597			1,174			(268,507	)		(13,450	)		(45,388	)		(3,397	)
Class F-3		66,244		3,294		8,906			367			(46,230	)		(2,358	)		28,920			1,303
Class 529-A		97,322		4,678		22,533			931			(60,982	)		(3,026	)		58,873			2,583
Class 529-C		8,722		426		1,657			70			(17,654	)		(884	)		(7,275	)		(388	)
Class 529-E		3,008		144		674			28			(2,091	)		(103	)		1,591			69
Class 529-T		—		—		1			—	†		—			—			1			—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		27,473		1,315		3,747			155			(8,545	)		(424	)		22,675			1,046
Class 529-F-3		—		—		—	†		—	†		—			—			—	†		—	†
Class ABLE-A		933		45		72			3			(189	)		(9	)		816			39
Class ABLE-F-2		159		8		7			—	†		(14	)		(1	)		152			7
Class R-1		837		42		159			7			(1,385	)		(72	)		(389	)		(23	)
Class R-2		25,032		1,263		3,789			161			(28,096	)		(1,400	)		725			24
Class R-2E		943		44		205			8			(876	)		(41	)		272			11
Class R-3		23,130		1,144		2,756			115			(21,682	)		(1,071	)		4,204			188
Class R-4		9,221		457		1,576			65			(5,878	)		(279	)		4,919			243
Class R-5E		7,145		341		645			26			(2,280	)		(117	)		5,510			250
Class R-5		2,200		106		568			23			(1,693	)		(85	)		1,075			44
Class R-6		21,622		1,060		5,019			205			(19,514	)		(919	)		7,127			346
Total net increase (decrease)	$	958,891		46,100	$	208,807			8,623		$	(1,010,687	)		(50,318	)	$	157,011			4,405
Year ended October 31, 2021
Class A	$	671,469		28,902	$	21,383			978		$	(372,659	)		(16,012	)	$	320,193			13,868
Class C		91,181		4,010		2,500			116			(115,208	)		(5,052	)		(21,527	)		(926	)
Class T		—		—		—			—			—			—			—			—
Class F-1		21,260		921		840			38			(62,544	)		(2,703	)		(40,444	)		(1,744	)
Class F-2		258,656		11,034		5,550			253			(114,783	)		(4,877	)		149,423			6,410
Class F-3		94,879		4,090		1,800			82			(40,945	)		(1,774	)		55,734			2,398
Class 529-A		133,986		5,774		4,164			191			(58,007	)		(2,505	)		80,143			3,460
Class 529-C		13,786		599		284			13			(18,071	)		(793	)		(4,001	)		(181	)
Class 529-E		3,634		158		107			5			(2,281	)		(97	)		1,460			66
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		(9	)		—	†		(9	)		—	†
Class 529-F-2		34,735		1,487		671			31			(7,515	)		(321	)		27,891			1,197
Class 529-F-3		30		1		—	†		—	†		(30	)		(1	)		—	†		—	†
Class ABLE-A		816		35		10			1			(142	)		(6	)		684			30
Class ABLE-F-2		118		5		—	†		—	†		(1	)		—	†		117			5
Class R-1		1,729		76		31			1			(2,658	)		(115	)		(898	)		(38	)
Class R-2		31,638		1,396		610			29			(31,617	)		(1,393	)		631			32
Class R-2E		1,291		56		35			2			(1,978	)		(89	)		(652	)		(31	)
Class R-3		26,701		1,160		427			20			(18,801	)		(819	)		8,327			361
Class R-4		11,337		490		313			14			(6,044	)		(257	)		5,606			247
Class R-5E		7,672		330		115			5			(3,211	)		(134	)		4,576			201
Class R-5		3,387		145		137			6			(2,080	)		(87	)		1,444			64
Class R-6		38,122		1,614		1,145			52			(18,002	)		(771	)		21,265			895
Total net increase (decrease)	$	1,446,427		62,283	$	40,122			1,837		$	(876,586	)		(37,806	)	$	609,963			26,314

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 55

Growth Portfolio

	Sales*						Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	1,678,199			74,828		$	313,002			11,749		$	(990,092	)		(44,712	)	$	1,001,109			41,865
Class C		216,977			9,953			49,070			1,894			(270,249	)		(12,474	)		(4,202	)		(627	)
Class T		—			—			—			—			—			—			—			—
Class F-1		29,749			1,301			4,170			157			(24,491	)		(1,112	)		9,428			346
Class F-2		317,469			14,045			45,469			1,699			(266,807	)		(12,026	)		96,131			3,718
Class F-3		86,974			3,926			10,492			393			(54,010	)		(2,488	)		43,456			1,831
Class 529-A		351,096			15,443			67,018			2,520			(153,219	)		(6,905	)		264,895			11,058
Class 529-C		30,928			1,404			5,103			197			(43,157	)		(1,968	)		(7,126	)		(367	)
Class 529-E		12,394			566			2,496			95			(5,304	)		(244	)		9,586			417
Class 529-T		—			—			1			—	†		—			—			1			—	†
Class 529-F-1		—			—			—	†		1			—			—			—	†		1
Class 529-F-2		70,662			3,106			10,523			396			(42,633	)		(1,907	)		38,552			1,595
Class 529-F-3		—			—			—	†		1			—			—			—	†		1
Class ABLE-A		3,193			140			236			9			(249	)		(11	)		3,180			138
Class ABLE-F-2		148			6			5			—	†		(32	)		(1	)		121			5
Class R-1		6,317			287			1,529			59			(3,607	)		(171	)		4,239			175
Class R-2		55,368			2,564			10,568			408			(88,634	)		(4,291	)		(22,698	)		(1,319	)
Class R-2E		1,108			53			479			18			(3,761	)		(148	)		(2,174	)		(77	)
Class R-3		59,426			2,711			7,727			293			(46,847	)		(2,125	)		20,306			879
Class R-4		27,370			1,223			3,084			116			(25,020	)		(1,055	)		5,434			284
Class R-5E		25,364			1,102			1,467			55			(9,555	)		(431	)		17,276			726
Class R-5		9,258			434			1,414			52			(9,032	)		(399	)		1,640			87
Class R-6		56,496			2,553			6,779			252			(26,898	)		(1,205	)		36,377			1,600
Total net increase (decrease)	$	3,038,496			135,645		$	540,632			20,364		$	(2,063,597	)		(93,673	)	$	1,515,531			62,336
Year ended October 31, 2021
Class A	$	1,752,518			70,734		$	238,104			10,406		$	(921,918	)		(37,331	)	$	1,068,704			43,809
Class C		240,207			9,947			37,904			1,689			(289,963	)		(11,996	)		(11,852	)		(360	)
Class T		—			—			—			—			—			—			—			—
Class F-1		32,713			1,328			4,503			197			(63,709	)		(2,599	)		(26,493	)		(1,074	)
Class F-2		353,933			14,213			32,994			1,436			(188,924	)		(7,625	)		198,003			8,024
Class F-3		91,640			3,728			6,885			300			(37,454	)		(1,519	)		61,071			2,509
Class 529-A		364,788			14,777			49,738			2,178			(157,232	)		(6,343	)		257,294			10,612
Class 529-C		34,818			1,438			4,269			190			(53,650	)		(2,221	)		(14,563	)		(593	)
Class 529-E		13,761			564			1,721			76			(5,173	)		(207	)		10,309			433
Class 529-T		—			—			1			—	†		—			—			1			—	†
Class 529-F-1		—	†		—	†		—	†		—	†		(37	)		(2	)		(37	)		(2	)
Class 529-F-2		74,572			2,992			6,945			304			(24,347	)		(971	)		57,170			2,325
Class 529-F-3		—			—			—	†		—	†		—			—			—	†		—	†
Class ABLE-A		2,548			104			117			5			(246	)		(10	)		2,419			99
Class ABLE-F-2		106			5			1			—	†		(19	)		(1	)		88			4
Class R-1		7,515			306			1,010			45			(3,960	)		(164	)		4,565			187
Class R-2		68,916			2,843			7,923			354			(70,046	)		(2,895	)		6,793			302
Class R-2E		3,175			128			377			17			(3,269	)		(139	)		283			6
Class R-3		63,701			2,601			5,648			248			(51,712	)		(2,116	)		17,637			733
Class R-4		18,059			739			2,760			121			(17,727	)		(719	)		3,092			141
Class R-5E		17,739			715			1,021			45			(12,880	)		(548	)		5,880			212
Class R-5		6,670			265			1,176			51			(5,896	)		(239	)		1,950			77
Class R-6		52,163			2,091			5,036			219			(35,657	)		(1,480	)		21,542			830
Total net increase (decrease)	$	3,199,542			129,518		$	408,133			17,881		$	(1,943,819	)		(79,125	)	$	1,663,856			68,274

Refer to the end of the tables for footnotes.

56 American Funds Portfolio Series

Growth and Income Portfolio

	Sales*						Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	1,574,846			90,967		$	515,269			27,891		$	(1,088,981	)		(63,910	)	$	1,001,134			54,948
Class C		183,989			10,670			65,213			3,494			(319,201	)		(18,700	)		(69,999	)		(4,536	)
Class T		—			—			—			—			—			—			—			—
Class F-1		39,964			2,248			10,893			588			(42,062	)		(2,444	)		8,795			392
Class F-2		351,850			20,174			67,856			3,681			(319,653	)		(18,686	)		100,053			5,169
Class F-3		103,666			5,830			15,817			862			(68,069	)		(4,051	)		51,414			2,641
Class 529-A		175,531			10,131			54,634			2,959			(103,020	)		(5,982	)		127,145			7,108
Class 529-C		18,860			1,090			3,911			209			(30,924	)		(1,779	)		(8,153	)		(480	)
Class 529-E		5,125			297			2,069			112			(4,896	)		(284	)		2,298			125
Class 529-T		—			—			1			—	†		—			—			1			—	†
Class 529-F-1		—			—			1			—	†		—			—			1			—	†
Class 529-F-2		34,732			1,976			6,525			355			(15,698	)		(919	)		25,559			1,412
Class 529-F-3		—			—			1			—	†		—			—			1			—	†
Class ABLE-A		2,343			134			278			15			(409	)		(23	)		2,212			126
Class ABLE-F-2		201			11			14			1			(19	)		(1	)		196			11
Class R-1		3,360			196			1,074			57			(2,973	)		(180	)		1,461			73
Class R-2		57,632			3,623			8,884			477			(36,752	)		(2,163	)		29,764			1,937
Class R-2E		2,040			121			998			54			(4,597	)		(253	)		(1,559	)		(78	)
Class R-3		37,985			2,210			8,099			437			(38,732	)		(2,245	)		7,352			402
Class R-4		15,908			910			4,419			239			(18,464	)		(1,077	)		1,863			72
Class R-5E		10,043			574			1,042			57			(1,936	)		(115	)		9,149			516
Class R-5		6,891			386			1,783			96			(10,339	)		(623	)		(1,665	)		(141	)
Class R-6		91,013			5,274			20,931			1,138			(55,505	)		(3,213	)		56,439			3,199
Total net increase (decrease)	$	2,715,979			156,822		$	789,712			42,722		$	(2,162,230	)		(126,648	)	$	1,343,461			72,896
Year ended October 31, 2021
Class A	$	1,847,594			100,769		$	305,202			17,514		$	(963,612	)		(52,733	)	$	1,189,184			65,550
Class C		237,963			13,113			43,006			2,513			(343,690	)		(18,917	)		(62,721	)		(3,291	)
Class T		—			—			—			—			—			—			—			—
Class F-1		61,741			3,379			8,113			468			(99,465	)		(5,515	)		(29,611	)		(1,668	)
Class F-2		401,972			21,881			39,013			2,229			(211,569	)		(11,583	)		229,416			12,527
Class F-3		129,708			7,165			6,874			390			(27,849	)		(1,525	)		108,733			6,030
Class 529-A		188,752			10,314			32,543			1,870			(106,134	)		(5,781	)		115,161			6,403
Class 529-C		19,200			1,057			2,813			164			(36,044	)		(1,980	)		(14,031	)		(759	)
Class 529-E		7,399			400			1,274			73			(5,113	)		(275	)		3,560			198
Class 529-T		—			—			1			—	†		—			—			1			—	†
Class 529-F-1		—	†		—	†		—	†		—	†		(118	)		(7	)		(118	)		(7	)
Class 529-F-2		35,848			1,954			3,366			192			(12,562	)		(680	)		26,652			1,466
Class 529-F-3		—			—			—	†		—	†		—			—			—	†		—	†
Class ABLE-A		1,844			101			123			7			(356	)		(19	)		1,611			89
Class ABLE-F-2		136			7			3			—	†		(6	)		—	†		133			7
Class R-1		4,538			251			610			36			(3,298	)		(183	)		1,850			104
Class R-2		37,497			2,072			5,544			325			(44,455	)		(2,455	)		(1,414	)		(58	)
Class R-2E		6,432			352			594			35			(5,246	)		(287	)		1,780			100
Class R-3		49,678			2,750			4,865			281			(35,004	)		(1,925	)		19,539			1,106
Class R-4		17,606			961			2,828			163			(15,342	)		(830	)		5,092			294
Class R-5E		6,122			336			654			38			(7,747	)		(443	)		(971	)		(69	)
Class R-5		11,266			605			1,023			58			(4,899	)		(262	)		7,390			401
Class R-6		106,071			5,748			12,266			700			(57,098	)		(3,121	)		61,239			3,327
Total net increase (decrease)	$	3,171,367			173,215		$	470,715			27,056		$	(1,979,607	)		(108,521	)	$	1,662,475			91,750

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 57

Moderate Growth and Income Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	1,364,871		79,834	$	444,777			24,881		$	(1,024,522	)		(61,140	)	$	785,126			43,575
Class C		149,197		8,734		56,783			3,150			(287,217	)		(17,164	)		(81,237	)		(5,280	)
Class T		—		—		—			—			—			—			—			—
Class F-1		16,552		961		6,590			367			(27,699	)		(1,620	)		(4,557	)		(292	)
Class F-2		302,781		17,646		64,120			3,588			(302,709	)		(18,075	)		64,192			3,159
Class F-3		106,864		6,204		16,112			907			(56,793	)		(3,372	)		66,183			3,739
Class 529-A		95,718		5,572		31,472			1,759			(90,881	)		(5,354	)		36,309			1,977
Class 529-C		13,362		793		2,654			147			(23,761	)		(1,398	)		(7,745	)		(458	)
Class 529-E		4,888		283		953			53			(3,871	)		(227	)		1,970			109
Class 529-T		—		—		1			—	†		—			—			1			—	†
Class 529-F-1		—		—		1			—	†		—			—			1			—	†
Class 529-F-2		23,350		1,346		4,855			273			(13,353	)		(798	)		14,852			821
Class 529-F-3		—		—		1			—	†		—			—			1			—	†
Class ABLE-A		2,033		117		221			13			(391	)		(23	)		1,863			107
Class ABLE-F-2		182		10		16			1			(6	)		(1	)		192			10
Class R-1		2,799		170		527			29			(4,111	)		(243	)		(785	)		(44	)
Class R-2		24,157		1,440		6,368			354			(26,357	)		(1,554	)		4,168			240
Class R-2E		3,751		232		516			28			(5,752	)		(326	)		(1,485	)		(66	)
Class R-3		28,944		1,704		7,752			431			(47,426	)		(2,755	)		(10,730	)		(620	)
Class R-4		19,169		1,138		5,029			279			(39,890	)		(2,342	)		(15,692	)		(925	)
Class R-5E		6,749		398		912			51			(2,145	)		(126	)		5,516			323
Class R-5		11,222		635		1,597			90			(8,376	)		(493	)		4,443			232
Class R-6		114,843		6,791		29,350			1,645			(94,375	)		(5,617	)		49,818			2,819
Total net increase (decrease)	$	2,291,432		134,008	$	680,607			38,046		$	(2,059,635	)		(122,628	)	$	912,404			49,426
Year ended October 31, 2021
Class A	$	1,749,040		97,468	$	185,383			10,663		$	(874,355	)		(48,928	)	$	1,060,068			59,203
Class C		225,525		12,676		22,791			1,335			(290,496	)		(16,346	)		(42,180	)		(2,335	)
Class T		—		—		—			—			—			—			—			—
Class F-1		28,098		1,581		3,789			219			(73,640	)		(4,160	)		(41,753	)		(2,360	)
Class F-2		375,815		20,954		27,717			1,588			(216,399	)		(12,013	)		187,133			10,529
Class F-3		127,750		7,145		5,572			318			(32,209	)		(1,799	)		101,113			5,664
Class 529-A		134,435		7,521		13,517			778			(86,096	)		(4,802	)		61,856			3,497
Class 529-C		15,669		880		1,209			71			(29,791	)		(1,666	)		(12,913	)		(715	)
Class 529-E		3,059		172		406			23			(2,752	)		(154	)		713			41
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		(119	)		(7	)		(119	)		(7	)
Class 529-F-2		28,827		1,597		1,869			107			(13,035	)		(723	)		17,661			981
Class 529-F-3		—		—		—	†		—	†		—			—			—	†		—	†
Class ABLE-A		1,612		90		68			4			(219	)		(12	)		1,461			82
Class ABLE-F-2		158		9		3			—	†		(2	)		—	†		159			9
Class R-1		2,051		115		204			12			(2,198	)		(124	)		57			3
Class R-2		29,970		1,691		2,500			146			(32,447	)		(1,829	)		23			8
Class R-2E		3,437		192		230			13			(4,115	)		(234	)		(448	)		(29	)
Class R-3		42,746		2,396		3,514			204			(45,542	)		(2,557	)		718			43
Class R-4		21,487		1,205		2,560			148			(33,729	)		(1,898	)		(9,682	)		(545	)
Class R-5E		6,759		382		406			24			(6,773	)		(391	)		392			15
Class R-5		5,971		329		726			42			(5,056	)		(281	)		1,641			90
Class R-6		118,156		6,589		13,416			768			(83,491	)		(4,686	)		48,081			2,671
Total net increase (decrease)	$	2,920,565		162,992	$	285,880			16,463		$	(1,832,464	)		(102,610	)	$	1,373,981			76,845

Refer to the end of the tables for footnotes.

58 American Funds Portfolio Series

Conservative Growth and Income Portfolio

	Sales*						Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount			Shares			Amount		Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	1,005,498			76,377		$	251,837		19,026		$	(734,234	)		(56,632	)	$	523,101			38,771
Class C		114,993			8,750			27,985		2,107			(178,324	)		(13,807	)		(35,346	)		(2,950	)
Class T		—			—			—		—			—			—			—			—
Class F-1		20,976			1,613			3,822		288			(19,797	)		(1,527	)		5,001			374
Class F-2		258,438			19,847			28,003		2,121			(170,712	)		(13,301	)		115,729			8,667
Class F-3		52,048			3,946			5,317		404			(33,785	)		(2,575	)		23,580			1,775
Class 529-A		69,807			5,271			13,877		1,049			(62,431	)		(4,784	)		21,253			1,536
Class 529-C		8,515			648			1,281		96			(12,754	)		(979	)		(2,958	)		(235	)
Class 529-E		1,485			113			442		33			(1,733	)		(132	)		194			14
Class 529-T		—			—			1		—	†		—			—			1			—	†
Class 529-F-1		—			—			1		—	†		—			—			1			—	†
Class 529-F-2		12,615			968			2,549		192			(12,766	)		(978	)		2,398			182
Class 529-F-3		—			—			1		—	†		—			—			1			—	†
Class ABLE-A		1,048			80			111		8			(318	)		(24	)		841			64
Class ABLE-F-2		145			11			4		—	†		(1	)		—	†		148			11
Class R-1		628			48			100		8			(619	)		(51	)		109			5
Class R-2		10,065			771			1,840		139			(14,589	)		(1,122	)		(2,684	)		(212	)
Class R-2E		369			30			33		3			(231	)		(18	)		171			15
Class R-3		14,859			1,130			1,940		146			(11,374	)		(871	)		5,425			405
Class R-4		7,517			570			1,645		124			(7,528	)		(585	)		1,634			109
Class R-5E		3,414			262			311		24			(1,667	)		(131	)		2,058			155
Class R-5		5,013			368			527		40			(2,649	)		(200	)		2,891			208
Class R-6		29,213			2,213			4,378		331			(21,830	)		(1,678	)		11,761			866
Total net increase (decrease)	$	1,616,646			123,016		$	346,005		26,139		$	(1,287,342	)		(99,395	)	$	675,309			49,760
Year ended October 31, 2021
Class A	$	1,148,896			84,889		$	222,004		16,969		$	(604,588	)		(44,942	)	$	766,312			56,916
Class C		163,347			12,132			28,870		2,230			(185,868	)		(13,875	)		6,349			487
Class T		—			—			—		—			—			—			—			—
Class F-1		16,428			1,215			4,450		341			(38,450	)		(2,857	)		(17,572	)		(1,301	)
Class F-2		190,057			14,029			22,902		1,746			(112,359	)		(8,373	)		100,600			7,402
Class F-3		43,547			3,242			3,903		297			(18,949	)		(1,410	)		28,501			2,129
Class 529-A		93,537			6,917			12,119		927			(56,541	)		(4,193	)		49,115			3,651
Class 529-C		11,733			871			1,365		105			(13,378	)		(994	)		(280	)		(18	)
Class 529-E		3,409			252			397		31			(1,996	)		(148	)		1,810			135
Class 529-T		—			—			1		—	†		—			—			1			—	†
Class 529-F-1		—	†		—	†		1		—	†		(9	)		(1	)		(8	)		(1	)
Class 529-F-2		17,561			1,295			2,167		165			(9,407	)		(698	)		10,321			762
Class 529-F-3		—			—			1		—	†		—			—			1			—	†
Class ABLE-A		888			66			70		5			(150	)		(11	)		808			60
Class ABLE-F-2		26			2			1		—	†		(2	)		—	†		25			2
Class R-1		348			26			98		8			(483	)		(37	)		(37	)		(3	)
Class R-2		11,451			855			2,025		156			(13,597	)		(1,016	)		(121	)		(5	)
Class R-2E		494			37			25		2			(107	)		(8	)		412			31
Class R-3		13,611			1,018			1,879		145			(12,828	)		(956	)		2,662			207
Class R-4		7,611			566			1,720		132			(12,404	)		(943	)		(3,073	)		(245	)
Class R-5E		1,676			124			335		26			(4,097	)		(313	)		(2,086	)		(163	)
Class R-5		3,188			240			383		29			(2,923	)		(217	)		648			52
Class R-6		33,152			2,454			3,693		282			(23,366	)		(1,737	)		13,479			999
Total net increase (decrease)	$	1,760,960			130,230		$	308,409		23,596		$	(1,111,502	)		(82,729	)	$	957,867			71,097

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 59

Tax-Aware Conservative Growth and Income Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	732,697		48,166	$	90,169		5,956	$	(483,988	)		(32,988	)	$	338,878			21,134
Class C		66,666		4,384		7,931		522		(86,431	)		(5,821	)		(11,834	)		(915	)
Class T		—		—		—		—		—			—			—			—
Class F-1		65,567		4,206		7,469		491		(75,079	)		(5,030	)		(2,043	)		(333	)
Class F-2		179,351		11,866		13,627		900		(130,281	)		(8,876	)		62,697			3,890
Class F-3		58,930		3,914		3,270		218		(27,698	)		(1,874	)		34,502			2,258
Total net increase (decrease)	$	1,103,211		72,536	$	122,466		8,087	$	(803,477	)		(54,589	)	$	422,200			26,034
Year ended October 31, 2021
Class A	$	788,967		50,615	$	65,483		4,293	$	(248,659	)		(16,072	)	$	605,791			38,836
Class C		92,424		5,976		6,407		425		(71,670	)		(4,673	)		27,161			1,728
Class T		—		—		—		—		—			—			—			—
Class F-1		72,487		4,663		6,112		402		(64,150	)		(4,158	)		14,449			907
Class F-2		165,325		10,606		9,051		591		(57,979	)		(3,758	)		116,397			7,439
Class F-3		34,892		2,246		2,061		135		(9,661	)		(626	)		27,292			1,755
Total net increase (decrease)	$	1,154,095		74,106	$	89,114		5,846	$	(452,119	)		(29,287	)	$	791,090			50,665

Refer to the end of the tables for footnotes.

60 American Funds Portfolio Series

Preservation Portfolio

	Sales*						Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	649,055			65,972		$	29,873			3,062		$	(749,538	)		(76,453	)	$	(70,610	)		(7,419	)
Class C		28,549			2,915			1,196			122			(57,052	)		(5,820	)		(27,307	)		(2,783	)
Class T		—			—			—			—			—			—			—			—
Class F-1		7,108			728			630			64			(24,386	)		(2,464	)		(16,648	)		(1,672	)
Class F-2		380,087			38,657			7,343			752			(458,377	)		(46,975	)		(70,947	)		(7,566	)
Class F-3		40,791			4,141			1,462			150			(45,587	)		(4,689	)		(3,334	)		(398	)
Class 529-A		53,599			5,453			3,313			339			(71,209	)		(7,261	)		(14,297	)		(1,469	)
Class 529-C		4,981			508			134			14			(8,774	)		(895	)		(3,659	)		(373	)
Class 529-E		1,159			118			80			8			(2,582	)		(262	)		(1,343	)		(136	)
Class 529-T		—			—			—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—			—			—	†		—	†		—			—			—	†		—	†
Class 529-F-2		14,720			1,492			817			84			(16,050	)		(1,631	)		(513	)		(55	)
Class 529-F-3		—			—			—	†		—	†		—			—			—	†		—	†
Class ABLE-A		398			40			14			2			(224	)		(23	)		188			19
Class ABLE-F-2		(33	)		(3	)		1			—	†		(1	)		—	†		(33	)		(3	)
Class R-1		172			18			7			1			(110	)		(12	)		69			7
Class R-2		6,661			684			195			20			(5,933	)		(612	)		923			92
Class R-2E		1,099			109			8			1			(1,183	)		(118	)		(76	)		(8	)
Class R-3		11,987			1,228			401			41			(10,080	)		(1,025	)		2,308			244
Class R-4		2,479			253			236			24			(4,111	)		(419	)		(1,396	)		(142	)
Class R-5E		1,630			168			64			7			(1,109	)		(113	)		585			62
Class R-5		4,532			448			123			13			(3,634	)		(365	)		1,021			96
Class R-6		11,587			1,183			719			73			(20,114	)		(2,030	)		(7,808	)		(774	)
Total net increase (decrease)	$	1,220,561			124,112		$	46,616			4,777		$	(1,480,054	)		(151,167	)	$	(212,877	)		(22,278	)
Year ended October 31, 2021
Class A	$	973,218			94,665		$	34,054			3,310		$	(871,189	)		(84,759	)	$	136,083			13,216
Class C		52,978			5,159			2,117			206			(83,060	)		(8,101	)		(27,965	)		(2,736	)
Class T		—			—			—			—			—			—			—			—
Class F-1		28,752			2,791			1,136			110			(41,326	)		(4,016	)		(11,438	)		(1,115	)
Class F-2		271,928			26,417			9,000			875			(262,693	)		(25,536	)		18,235			1,756
Class F-3		193,305			18,813			2,319			226			(172,326	)		(16,846	)		23,298			2,193
Class 529-A		76,712			7,465			3,995			389			(73,536	)		(7,155	)		7,171			699
Class 529-C		7,365			718			249			24			(11,702	)		(1,140	)		(4,088	)		(398	)
Class 529-E		2,484			242			118			11			(3,314	)		(322	)		(712	)		(69	)
Class 529-T		—			—			—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—			—			—	†		—	†		—	†		—	†		—	†		—	†
Class 529-F-2		16,919			1,646			853			83			(12,465	)		(1,212	)		5,307			517
Class 529-F-3		—			—			—	†		—	†		—			—			—	†		—	†
Class ABLE-A		535			52			11			2			(223	)		(22	)		323			32
Class ABLE-F-2		125			12			1			—	†		(5	)		—	†		121			12
Class R-1		107			11			9			1			(422	)		(41	)		(306	)		(29	)
Class R-2		8,018			783			286			28			(13,190	)		(1,287	)		(4,886	)		(476	)
Class R-2E		146			14			14			1			(642	)		(62	)		(482	)		(47	)
Class R-3		14,849			1,446			476			46			(14,843	)		(1,446	)		482			46
Class R-4		6,721			653			320			31			(8,182	)		(796	)		(1,141	)		(112	)
Class R-5E		1,825			177			58			6			(1,325	)		(128	)		558			55
Class R-5		4,600			447			137			13			(5,108	)		(497	)		(371	)		(37	)
Class R-6		27,447			2,669			965			94			(27,347	)		(2,661	)		1,065			102
Total net increase (decrease)	$	1,688,034			164,180		$	56,118			5,456		$	(1,602,898	)		(156,027	)	$	141,254			13,609

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 61

Tax-Exempt Preservation Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	184,768		19,174	$	5,689		591	$	(217,800	)		(22,703	)	$	(27,343	)		(2,938	)
Class C		2,719		281		139		14		(12,187	)		(1,269	)		(9,329	)		(974	)
Class T		—		—		—		—		—			—			—			—
Class F-1		958		97		55		5		(4,797	)		(499	)		(3,784	)		(397	)
Class F-2		57,048		5,963		1,666		173		(121,899	)		(12,646	)		(63,185	)		(6,510	)
Class F-3		11,222		1,160		355		37		(37,508	)		(3,851	)		(25,931	)		(2,654	)
Total net increase (decrease)	$	256,715		26,675	$	7,904		820	$	(394,191	)		(40,968	)	$	(129,572	)		(13,473	)
Year ended October 31, 2021
Class A	$	231,578		23,000	$	4,662		464	$	(134,444	)		(13,364	)	$	101,796			10,100
Class C		10,495		1,044		139		14		(12,632	)		(1,258	)		(1,998	)		(200	)
Class T		—		—		—		—		—			—			—			—
Class F-1		4,068		403		66		7		(5,643	)		(560	)		(1,509	)		(150	)
Class F-2		107,258		10,659		1,703		169		(49,800	)		(4,950	)		59,161			5,878
Class F-3		38,356		3,809		391		38		(15,359	)		(1,526	)		23,388			2,321
Total net increase (decrease)	$	391,755		38,915	$	6,961		692	$	(217,878	)		(21,658	)	$	180,838			17,949

*	Includes exchanges between share classes of the fund.
†	Amount less than one thousand.

62 American Funds Portfolio Series

Financial highlights

Global Growth Portfolio

			(Loss) income from investment operations1										Dividends and distributions																		Ratio of			Ratio of
Year ended	Net asset value, beginning of year			Net investment income (loss)			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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class A:
10/31/2022	$	25.43		$	.12		$	(7.31	)	$	(7.19	)		$	(.10	)	$	(.71	)	$	(.81	)	$	17.43		(29.17	)%	$	2,449			.36	%		.36	%		.80	%		.57	%
10/31/2021		18.70			.06			6.84			6.90				(.06	)		(.11	)		(.17	)		25.43		37.07			3,473			.37			.37			.80			.25
10/31/2020		17.19			.14			2.24			2.38				(.16	)		(.71	)		(.87	)		18.70		14.09			2,294			.38			.38			.82			.83
10/31/2019		16.01			.17			1.82			1.99				(.16	)		(.65	)		(.81	)		17.19		13.55			2,042			.40			.40			.83			1.04
10/31/2018		17.37			.11			(.42	)		(.31	)			(.12	)		(.93	)		(1.05	)		16.01		(2.09	)		1,737			.39			.39			.83			.63
Class C:
10/31/2022		24.81			(.03	)		(7.15	)		(7.18	)			—			(.71	)		(.71	)		16.92		(29.77	)		328			1.12			1.12			1.56			(.17	)
10/31/2021		18.33			(.11	)		6.70			6.59				—			(.11	)		(.11	)		24.81		36.07			522			1.10			1.10			1.53			(.47	)
10/31/2020		16.87			.02			2.18			2.20				(.03	)		(.71	)		(.74	)		18.33		13.25			402			1.13			1.13			1.57			.10
10/31/2019		15.71			.05			1.81			1.86				(.05	)		(.65	)		(.70	)		16.87		12.74			384			1.15			1.15			1.58			.31
10/31/2018		17.08			(.02	)		(.42	)		(.44	)			—	7		(.93	)		(.93	)		15.71		(2.85	)		350			1.12			1.12			1.56			(.11	)
Class T:
10/31/2022		25.49			.17			(7.32	)		(7.15	)			(.16	)		(.71	)		(.87	)		17.47		(29.02	)8		—	9		.11	8		.11	8		.55	8		.84	8
10/31/2021		18.74			.12			6.84			6.96				(.10	)		(.11	)		(.21	)		25.49		37.36	8		—	9		.13	8		.13	8		.56	8		.50	8
10/31/2020		17.22			.19			2.24			2.43				(.20	)		(.71	)		(.91	)		18.74		14.39	8		—	9		.14	8		.14	8		.58	8		1.11	8
10/31/2019		16.04			.22			1.82			2.04				(.21	)		(.65	)		(.86	)		17.22		13.87	8		—	9		.15	8		.15	8		.58	8		1.35	8
10/31/2018		17.40			.17			(.45	)		(.28	)			(.15	)		(.93	)		(1.08	)		16.04		(1.86	)8		—	9		.10	8		.10	8		.54	8		.99	8
Class F-1:
10/31/2022		25.47			.12			(7.34	)		(7.22	)			(.09	)		(.71	)		(.80	)		17.45		(29.23	)		49			.39			.39			.83			.58
10/31/2021		18.73			.08			6.83			6.91				(.06	)		(.11	)		(.17	)		25.47		37.05			78			.38			.38			.81			.34
10/31/2020		17.21			.14			2.25			2.39				(.16	)		(.71	)		(.87	)		18.73		14.14			90			.38			.38			.82			.83
10/31/2019		16.02			.17			1.83			2.00				(.16	)		(.65	)		(.81	)		17.21		13.59			82			.40			.40			.83			1.07
10/31/2018		17.39			.11			(.44	)		(.33	)			(.11	)		(.93	)		(1.04	)		16.02		(2.15	)		75			.38			.38			.82			.61
Class F-2:
10/31/2022		25.58			.18			(7.37	)		(7.19	)			(.16	)		(.71	)		(.87	)		17.52		(29.06	)		485			.12			.12			.56			.85
10/31/2021		18.79			.12			6.88			7.00				(.10	)		(.11	)		(.21	)		25.58		37.50			795			.11			.11			.54			.49
10/31/2020		17.27			.19			2.24			2.43				(.20	)		(.71	)		(.91	)		18.79		14.36			464			.12			.12			.56			1.10
10/31/2019		16.08			.22			1.83			2.05				(.21	)		(.65	)		(.86	)		17.27		13.89			422			.14			.14			.57			1.34
10/31/2018		17.44			.14			(.42	)		(.28	)			(.15	)		(.93	)		(1.08	)		16.08		(1.88	)		395			.13			.13			.57			.84
Class F-3:
10/31/2022		25.54			.18			(7.32	)		(7.14	)			(.19	)		(.71	)		(.90	)		17.50		(28.96	)		197			.01			.01			.45			.90
10/31/2021		18.76			.14			6.87			7.01				(.12	)		(.11	)		(.23	)		25.54		37.62			254			.01			.01			.44			.58
10/31/2020		17.24			.17			2.28			2.45				(.22	)		(.71	)		(.93	)		18.76		14.51			142			.02			.02			.46			.98
10/31/2019		16.06			.23			1.83			2.06				(.23	)		(.65	)		(.88	)		17.24		13.98			74			.02			.02			.45			1.41
10/31/2018		17.41			.13			(.39	)		(.26	)			(.16	)		(.93	)		(1.09	)		16.06		(1.74	)		62			.02			.02			.46			.75

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 63

Financial highlights (continued)

Global Growth Portfolio (continued)

			(Loss) income from investment operations1										Dividends and distributions																Ratio of			Ratio of
Year ended		Net asset value, beginning of year			Net investment income (loss)			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 year	Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5,6		Ratio of net income (loss) to average net assets3
Class 529-A:
10/31/2022	$	25.38		$	.11		$	(7.30	)	$	(7.19	)	$	(.10	)	$	(.71	)	$	(.81	)	$	17.38	(29.24	)%	$	523			.40	%		.40	%	.84	%	.52	%
10/31/2021		18.66			.05			6.84			6.89			(.06	)		(.11	)		(.17	)		25.38	37.08			699			.40			.40		.83		.22
10/31/2020		17.16			.13			2.23			2.36			(.15	)		(.71	)		(.86	)		18.66	14.03			449			.42			.42		.86		.75
10/31/2019		15.98			.16			1.83			1.99			(.16	)		(.65	)		(.81	)		17.16	13.56			346			.44			.44		.87		.99
10/31/2018		17.35			.10			(.43	)		(.33	)		(.11	)		(.93	)		(1.04	)		15.98	(2.17	)		279			.41			.41		.85		.60
Class 529-C:
10/31/2022		24.80			(.04	)		(7.13	)		(7.17	)		—			(.71	)		(.71	)		16.92	(29.74	)		34			1.16			1.16		1.60		(.20	)
10/31/2021		18.33			(.12	)		6.70			6.58			—			(.11	)		(.11	)		24.80	36.02			59			1.15			1.15		1.58		(.52	)
10/31/2020		16.87			.03			2.16			2.19			(.02	)		(.71	)		(.73	)		18.33	13.17			47			1.19			1.19		1.63		.19
10/31/2019		15.71			.04			1.80			1.84			(.03	)		(.65	)		(.68	)		16.87	12.64			79			1.21			1.21		1.64		.27
10/31/2018		17.08			(.03	)		(.41	)		(.44	)		—			(.93	)		(.93	)		15.71	(2.87	)		74			1.18			1.18		1.62		(.16	)
Class 529-E:
10/31/2022		25.20			.06			(7.25	)		(7.19	)		(.04	)		(.71	)		(.75	)		17.26	(29.37	)		16			.63			.63		1.07		.30
10/31/2021		18.54			—	7		6.78			6.78			(.01	)		(.11	)		(.12	)		25.20	36.73			22			.62			.62		1.05		—	10
10/31/2020		17.06			.10			2.21			2.31			(.12	)		(.71	)		(.83	)		18.54	13.78			15			.63			.63		1.07		.58
10/31/2019		15.89			.13			1.82			1.95			(.13	)		(.65	)		(.78	)		17.06	13.30			13			.65			.65		1.08		.80
10/31/2018		17.25			.06			(.41	)		(.35	)		(.08	)		(.93	)		(1.01	)		15.89	(2.33	)		11			.64			.64		1.08		.35
Class 529-T:
10/31/2022		25.48			.16			(7.32	)		(7.16	)		(.15	)		(.71	)		(.86	)		17.46	(29.07	)8		—	9		.16	8		.16	8	.60	8	.78	8
10/31/2021		18.73			.10			6.85			6.95			(.09	)		(.11	)		(.20	)		25.48	37.32	8		—	9		.18	8		.18	8	.61	8	.44	8
10/31/2020		17.21			.18			2.24			2.42			(.19	)		(.71	)		(.90	)		18.73	14.36	8		—	9		.19	8		.19	8	.63	8	1.02	8
10/31/2019		16.03			.21			1.82			2.03			(.20	)		(.65	)		(.85	)		17.21	13.80	8		—	9		.19	8		.19	8	.62	8	1.27	8
10/31/2018		17.39			.15			(.44	)		(.29	)		(.14	)		(.93	)		(1.07	)		16.03	(1.92	)8		—	9		.17	8		.17	8	.61	8	.89	8
Class 529-F-1:
10/31/2022		25.48			.15			(7.32	)		(7.17	)		(.14	)		(.71	)		(.85	)		17.46	(29.07	)8		—	9		.20	8		.20	8	.64	8	.73	8
10/31/2021		18.75			.10			6.86			6.96			(.12	)		(.11	)		(.23	)		25.48	37.32	8		—	9		.19	8		.19	8	.62	8	.43	8
10/31/2020		17.23			.17			2.25			2.42			(.19	)		(.71	)		(.90	)		18.75	14.35	8		—	9		.18	8		.18	8	.62	8	.97	8
10/31/2019		16.06			.19			1.83			2.02			(.20	)		(.65	)		(.85	)		17.23	13.75			40			.20			.20		.63		1.18
10/31/2018		17.41			.14			(.42	)		(.28	)		(.14	)		(.93	)		(1.07	)		16.06	(1.87	)		29			.18			.18		.62		.79
Class 529-F-2:
10/31/2022		25.44			.15			(7.30	)		(7.15	)		(.15	)		(.71	)		(.86	)		17.43	(29.05	)		91			.13			.13		.57		.76
10/31/2021		18.70			.10			6.85			6.95			(.10	)		(.11	)		(.21	)		25.44	37.36			106			.17			.17		.60		.43
10/31/202011,12		18.70			—			—			—			—			—			—			18.70	—			56			—			—		—		—

Refer to the end of the tables for footnotes.

64 American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio (continued)

			(Loss) income from investment operations1										Dividends and distributions																	Ratio of			Ratio of
Year ended		Net asset value, beginning of year			Net investment income (loss)			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 year	Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5,6		Ratio of net income (loss) to average net assets3
Class 529-F-3:
10/31/2022	$	25.44		$	.17		$	(7.30	)	$	(7.13	)		$	(.17	)	$	(.71	)	$	(.88	)	$	17.43	(29.00	)%	$	—	9		.08	%		.08	%	.52	%	.86	%
10/31/2021		18.70			.19			6.78			6.97				(.12	)		(.11	)		(.23	)		25.44	37.51			—	9		.11			.07		.50		.79
10/31/202011,12		18.70			—			—			—				—			—			—			18.70	—			—	9		—			—		—		—
Class ABLE-A:
10/31/2022		25.34			.12			(7.26	)		(7.14	)			(.14	)		(.71	)		(.85	)		17.35	(29.13	)		2			.30			.24		.68		.62
10/31/2021		18.60			.09			6.83			6.92				(.07	)		(.11	)		(.18	)		25.34	37.37			2			.24			.18		.61		.40
10/31/2020		17.12			.11			2.26			2.37				(.18	)		(.71	)		(.89	)		18.60	14.11			1			.42			.35		.79		.63
10/31/2019		16.00			.09			1.90			1.99				(.22	)		(.65	)		(.87	)		17.12	13.57			1			.43			.36		.79		.56
10/31/201811,13		17.48			.01			(1.49	)		(1.48	)			—			—			—			16.00	(8.47	)8,14		—	9		.08	8,14		.06	8,14	.50	8,14	.04	8,14
Class ABLE-F-2:
10/31/2022		25.44			.14			(7.26	)		(7.12	)			(.17	)		(.71	)		(.88	)		17.44	(28.96	)		—	9		.12			.06		.50		.70
10/31/2021		18.70			.10			6.87			6.97				(.12	)		(.11	)		(.23	)		25.44	37.51			—	9		.12			.05		.48		.40
10/31/202011,12		18.70			—			—			—				—			—			—			18.70	—			—	9		—			—		—		—
Class R-1:
10/31/2022		24.95			(.01	)		(7.19	)		(7.20	)			—			(.71	)		(.71	)		17.04	(29.68	)		4			1.02			1.02		1.46		(.07	)
10/31/2021		18.42			(.09	)		6.73			6.64				—			(.11	)		(.11	)		24.95	36.17			6			1.02			1.02		1.45		(.38	)
10/31/2020		16.95			.03			2.20			2.23				(.05	)		(.71	)		(.76	)		18.42	13.37			5			1.06			1.06		1.50		.16
10/31/2019		15.78			.05			1.82			1.87				(.05	)		(.65	)		(.70	)		16.95	12.74			5			1.10			1.10		1.53		.32
10/31/2018		17.16			(.02	)		(.41	)		(.43	)			(.02	)		(.93	)		(.95	)		15.78	(2.78	)		5			1.10			1.10		1.54		(.10	)
Class R-2:
10/31/2022		24.72			(.03	)		(7.11	)		(7.14	)			—			(.71	)		(.71	)		16.87	(29.71	)		92			1.10			1.10		1.54		(.16	)
10/31/2021		18.26			(.11	)		6.68			6.57				—			(.11	)		(.11	)		24.72	36.10			134			1.10			1.10		1.53		(.47	)
10/31/2020		16.82			.02			2.18			2.20				(.05	)		(.71	)		(.76	)		18.26	13.27			98			1.11			1.11		1.55		.11
10/31/2019		15.67			.05			1.80			1.85				(.05	)		(.65	)		(.70	)		16.82	12.72			89			1.12			1.12		1.55		.33
10/31/2018		17.03			(.01	)		(.42	)		(.43	)			—	7		(.93	)		(.93	)		15.67	(2.79	)		74			1.11			1.11		1.55		(.08	)
Class R-2E:
10/31/2022		25.09			.02			(7.22	)		(7.20	)			(.01	)		(.71	)		(.72	)		17.17	(29.52	)		5			.82			.82		1.26		.10
10/31/2021		18.48			(.03	)		6.75			6.72				—			(.11	)		(.11	)		25.09	36.49			7			.82			.82		1.25		(.15	)
10/31/2020		16.99			.06			2.21			2.27				(.07	)		(.71	)		(.78	)		18.48	13.57			6			.82			.82		1.26		.33
10/31/2019		15.86			.10			1.82			1.92				(.14	)		(.65	)		(.79	)		16.99	13.13			5			.83			.83		1.26		.60
10/31/2018		17.24			.02			(.41	)		(.39	)			(.06	)		(.93	)		(.99	)		15.86	(2.55	)		4			.82			.82		1.26		.10

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 65

Financial highlights (continued)

Global Growth Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions															Ratio of			Ratio of
Year ended		Net asset value, beginning of year		Net investment income (loss)			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 year	Total return2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5,6		Ratio of net income (loss) to average net assets3
Class R-3:
10/31/2022	$	25.19	$	.06		$	(7.25	)	$	(7.19	)	$	(.04	)	$	(.71	)	$	(.75	)	$	17.25	(29.40	)%	$	68		.65	%		.65	%	1.09	%	.28	%
10/31/2021		18.53		(.01	)		6.79			6.78			(.01	)		(.11	)		(.12	)		25.19	36.73			94		.65			.65		1.08		(.03	)
10/31/2020		17.05		.09			2.21			2.30			(.11	)		(.71	)		(.82	)		18.53	13.72			62		.67			.67		1.11		.51
10/31/2019		15.88		.12			1.82			1.94			(.12	)		(.65	)		(.77	)		17.05	13.28			52		.67			.67		1.10		.76
10/31/2018		17.24		.06			(.42	)		(.36	)		(.07	)		(.93	)		(1.00	)		15.88	(2.37	)		45		.67			.67		1.11		.33
Class R-4:
10/31/2022		25.39		.12			(7.30	)		(7.18	)		(.11	)		(.71	)		(.82	)		17.39	(29.20	)		38		.33			.33		.77		.58
10/31/2021		18.67		.06			6.84			6.90			(.07	)		(.11	)		(.18	)		25.39	37.12			49		.34			.34		.77		.27
10/31/2020		17.17		.15			2.23			2.38			(.17	)		(.71	)		(.88	)		18.67	14.13			32		.35			.35		.79		.89
10/31/2019		15.99		.17			1.83			2.00			(.17	)		(.65	)		(.82	)		17.17	13.59			24		.37			.37		.80		1.05
10/31/2018		17.34		.11			(.42	)		(.31	)		(.11	)		(.93	)		(1.04	)		15.99	(2.05	)		22		.37			.37		.81		.62
Class R-5E:
10/31/2022		25.40		.14			(7.27	)		(7.13	)		(.16	)		(.71	)		(.87	)		17.40	(29.05	)		17		.16			.16		.60		.72
10/31/2021		18.67		.10			6.84			6.94			(.10	)		(.11	)		(.21	)		25.40	37.39			18		.15			.15		.58		.44
10/31/2020		17.17		.16			2.25			2.41			(.20	)		(.71	)		(.91	)		18.67	14.31			9		.16			.16		.60		.91
10/31/2019		16.00		.17			1.86			2.03			(.21	)		(.65	)		(.86	)		17.17	13.89			6		.16			.16		.59		1.02
10/31/2018		17.37		.06			(.34	)		(.28	)		(.16	)		(.93	)		(1.09	)		16.00	(1.90	)		3		.17			.17		.61		.33
Class R-5:
10/31/2022		25.72		.18			(7.39	)		(7.21	)		(.17	)		(.71	)		(.88	)		17.63	(28.99	)		12		.06			.06		.50		.86
10/31/2021		18.90		.13			6.91			7.04			(.11	)		(.11	)		(.22	)		25.72	37.49			17		.06			.06		.49		.55
10/31/2020		17.36		.20			2.26			2.46			(.21	)		(.71	)		(.92	)		18.90	14.47			11		.07			.07		.51		1.14
10/31/2019		16.16		.23			1.84			2.07			(.22	)		(.65	)		(.87	)		17.36	13.94			9		.08			.08		.51		1.38
10/31/2018		17.52		.17			(.44	)		(.27	)		(.16	)		(.93	)		(1.09	)		16.16	(1.83	)		8		.08			.08		.52		.99
Class R-6:
10/31/2022		25.79		.19			(7.40	)		(7.21	)		(.19	)		(.71	)		(.90	)		17.68	(28.95	)		106		.01			.01		.45		.92
10/31/2021		18.94		.14			6.94			7.08			(.12	)		(.11	)		(.23	)		25.79	37.63			146		.01			.01		.44		.60
10/31/2020		17.40		.21			2.26			2.47			(.22	)		(.71	)		(.93	)		18.94	14.49			91		.02			.02		.46		1.18
10/31/2019		16.20		.22			1.85			2.07			(.22	)		(.65	)		(.87	)		17.40	13.98			79		.03			.03		.46		1.36
10/31/2018		17.55		.17			(.43	)		(.26	)		(.16	)		(.93	)		(1.09	)		16.20	(1.73	)		56		.02			.02		.46		.99

Refer to the end of the tables for footnotes.

66 American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio

			(Loss) income from investment operations1										Dividends and distributions																	Ratio of			Ratio of
Year ended		Net asset value, beginning of year			Net investment income (loss)			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 year	Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5,6		Ratio of net income (loss) to average net assets3
Class A:
10/31/2022	$	27.69		$	.04		$	(7.57	)	$	(7.53	)		$	(.01	)	$	(.90	)	$	(.91	)	$	19.25	(28.11	)%	$	7,384			.36	%		.36	%	.73	%	.16	%
10/31/2021		20.30			.06			8.12			8.18				(.10	)		(.69	)		(.79	)		27.69	41.12			9,462			.36			.36		.73		.25
10/31/2020		18.76			.14			2.50			2.64				(.16	)		(.94	)		(1.10	)		20.30	14.43			6,049			.38			.38		.74		.71
10/31/2019		17.89			.16			1.70			1.86				(.16	)		(.83	)		(.99	)		18.76	11.42			4,894			.40			.40		.78		.87
10/31/2018		18.13			.12			.26			.38				(.13	)		(.49	)		(.62	)		17.89	2.02			3,973			.36			.36		.74		.65
Class C:
10/31/2022		26.98			(.12	)		(7.36	)		(7.48	)			—			(.90	)		(.90	)		18.60	(28.67	)		1,011			1.11			1.11		1.48		(.58	)
10/31/2021		19.86			(.12	)		7.93			7.81				—			(.69	)		(.69	)		26.98	40.02			1,483			1.10			1.10		1.47		(.47	)
10/31/2020		18.38			—	7		2.45			2.45				(.03	)		(.94	)		(.97	)		19.86	13.62			1,099			1.12			1.12		1.48		—	10
10/31/2019		17.54			.03			1.67			1.70				(.03	)		(.83	)		(.86	)		18.38	10.55			990			1.14			1.14		1.52		.14
10/31/2018		17.78			(.02	)		.27			.25				—	7		(.49	)		(.49	)		17.54	1.34			858			1.12			1.12		1.50		(.09	)
Class T:
10/31/2022		27.74			.10			(7.58	)		(7.48	)			(.06	)		(.90	)		(.96	)		19.30	(27.91	)8		—	9		.10	8		.10	8	.47	8	.44	8
10/31/2021		20.34			.13			8.11			8.24				(.15	)		(.69	)		(.84	)		27.74	41.37	8		—	9		.13	8		.13	8	.50	8	.50	8
10/31/2020		18.78			.20			2.51			2.71				(.21	)		(.94	)		(1.15	)		20.34	14.79	8		—	9		.13	8		.13	8	.49	8	1.03	8
10/31/2019		17.92			.21			1.68			1.89				(.20	)		(.83	)		(1.03	)		18.78	11.66	8		—	9		.14	8		.14	8	.52	8	1.19	8
10/31/2018		18.15			.18			.25			.43				(.17	)		(.49	)		(.66	)		17.92	2.30	8		—	9		.10	8		.10	8	.48	8	.96	8
Class F-1:
10/31/2022		27.68			.03			(7.56	)		(7.53	)			—			(.90	)		(.90	)		19.25	(28.11	)		95			.38			.38		.75		.15
10/31/2021		20.30			.08			8.09			8.17				(.10	)		(.69	)		(.79	)		27.68	41.05			127			.37			.37		.74		.31
10/31/2020		18.75			.14			2.51			2.65				(.16	)		(.94	)		(1.10	)		20.30	14.48			115			.38			.38		.74		.73
10/31/2019		17.88			.16			1.70			1.86				(.16	)		(.83	)		(.99	)		18.75	11.40			101			.39			.39		.77		.92
10/31/2018		18.11			.12			.26			.38				(.12	)		(.49	)		(.61	)		17.88	2.03			92			.38			.38		.76		.65
Class F-2:
10/31/2022		27.86			.09			(7.60	)		(7.51	)			(.07	)		(.90	)		(.97	)		19.38	(27.92	)		967			.12			.12		.49		.41
10/31/2021		20.42			.12			8.16			8.28				(.15	)		(.69	)		(.84	)		27.86	41.43			1,287			.11			.11		.48		.49
10/31/2020		18.86			.18			2.53			2.71				(.21	)		(.94	)		(1.15	)		20.42	14.74			779			.12			.12		.48		.96
10/31/2019		17.98			.20			1.71			1.91				(.20	)		(.83	)		(1.03	)		18.86	11.73			614			.12			.12		.50		1.12
10/31/2018		18.21			.16			.26			.42				(.16	)		(.49	)		(.65	)		17.98	2.27			474			.12			.12		.50		.84
Class F-3:
10/31/2022		27.81			.11			(7.58	)		(7.47	)			(.09	)		(.90	)		(.99	)		19.35	(27.84	)		237			.01			.01		.38		.51
10/31/2021		20.38			.14			8.15			8.29				(.17	)		(.69	)		(.86	)		27.81	41.58			290			.01			.01		.38		.55
10/31/2020		18.82			.20			2.53			2.73				(.23	)		(.94	)		(1.17	)		20.38	14.89			161			.01			.01		.37		1.06
10/31/2019		17.95			.21			1.71			1.92				(.22	)		(.83	)		(1.05	)		18.82	11.81			125			.02			.02		.40		1.16
10/31/2018		18.17			.15			.30			.45				(.18	)		(.49	)		(.67	)		17.95	2.42			78			.02			.02		.40		.78

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 67

Financial highlights (continued)

Growth Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions																		Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class 529-A:
10/31/2022	$	27.63	$	.03		$	(7.55	)	$	(7.52	)		$	—	7	$	(.90	)	$	(.90	)	$	19.21		(28.12	)%	$	1,604			.40	%		.40	%		.77	%		.12	%
10/31/2021		20.26		.05			8.11			8.16				(.10	)		(.69	)		(.79	)		27.63		41.07			2,002			.39			.39			.76			.21
10/31/2020		18.73		.12			2.51			2.63				(.16	)		(.94	)		(1.10	)		20.26		14.37			1,253			.42			.42			.78			.64
10/31/2019		17.87		.15			1.69			1.84				(.15	)		(.83	)		(.98	)		18.73		11.33			912			.44			.44			.82			.82
10/31/2018		18.11		.11			.26			.37				(.12	)		(.49	)		(.61	)		17.87		2.00			712			.41			.41			.79			.60
Class 529-C:
10/31/2022		26.94		(.13	)		(7.34	)		(7.47	)			—			(.90	)		(.90	)		18.57		(28.67	)		101			1.16			1.16			1.53			(.62	)
10/31/2021		19.84		(.12	)		7.91			7.79				—			(.69	)		(.69	)		26.94		39.96			156			1.14			1.14			1.51			(.51	)
10/31/2020		18.36		.02			2.41			2.43				(.01	)		(.94	)		(.95	)		19.84		13.53			127			1.18			1.18			1.54			.08
10/31/2019		17.51		.02			1.67			1.69				(.01	)		(.83	)		(.84	)		18.36		10.51			196			1.19			1.19			1.57			.11
10/31/2018		17.77		(.03	)		.26			.23				—			(.49	)		(.49	)		17.51		1.22			182			1.18			1.18			1.56			(.15	)
Class 529-E:
10/31/2022		27.39		(.02	)		(7.48	)		(7.50	)			—			(.90	)		(.90	)		18.99		(28.30	)		59			.61			.61			.98			(.09	)
10/31/2021		20.10		(.01	)		8.04			8.03				(.05	)		(.69	)		(.74	)		27.39		40.74			74			.61			.61			.98			(.02	)
10/31/2020		18.59		.09			2.48			2.57				(.12	)		(.94	)		(1.06	)		20.10		14.16			46			.63			.63			.99			.48
10/31/2019		17.73		.11			1.69			1.80				(.11	)		(.83	)		(.94	)		18.59		11.15			39			.64			.64			1.02			.63
10/31/2018		17.98		.07			.25			.32				(.08	)		(.49	)		(.57	)		17.73		1.73			31			.63			.63			1.01			.38
Class 529-T:
10/31/2022		27.73		.08			(7.57	)		(7.49	)			(.05	)		(.90	)		(.95	)		19.29		(27.96	)8		—	9		.15	8		.15	8		.52	8		.38	8
10/31/2021		20.33		.11			8.12			8.23				(.14	)		(.69	)		(.83	)		27.73		41.33	8		—	9		.17	8		.17	8		.54	8		.44	8
10/31/2020		18.78		.18			2.51			2.69				(.20	)		(.94	)		(1.14	)		20.33		14.69	8		—	9		.18	8		.18	8		.54	8		.94	8
10/31/2019		17.91		.20			1.69			1.89				(.19	)		(.83	)		(1.02	)		18.78		11.64	8		—	9		.18	8		.18	8		.56	8		1.12	8
10/31/2018		18.14		.16			.26			.42				(.16	)		(.49	)		(.65	)		17.91		2.25	8		—	9		.17	8		.17	8		.55	8		.88	8
Class 529-F-1:
10/31/2022		27.76		.08			(7.58	)		(7.50	)			(.05	)		(.90	)		(.95	)		19.31		(27.97	)8		—	9		.20	8		.20	8		.57	8		.34	8
10/31/2021		20.37		.10			8.14			8.24				(.16	)		(.69	)		(.85	)		27.76		41.34	8		—	9		.18	8		.18	8		.55	8		.41	8
10/31/2020		18.82		.17			2.52			2.69				(.20	)		(.94	)		(1.14	)		20.37		14.67	8		—	9		.18	8		.18	8		.54	8		.89	8
10/31/2019		17.95		.18			1.71			1.89				(.19	)		(.83	)		(1.02	)		18.82		11.62			115			.19			.19			.57			1.02
10/31/2018		18.18		.15			.27			.42				(.16	)		(.49	)		(.65	)		17.95		2.23			78			.18			.18			.56			.81
Class 529-F-2:
10/31/2022		27.69		.09			(7.56	)		(7.47	)			(.06	)		(.90	)		(.96	)		19.26		(27.94	)		232			.13			.13			.50			.40
10/31/2021		20.30		.11			8.11			8.22				(.14	)		(.69	)		(.83	)		27.69		41.36			289			.16			.16			.53			.42
10/31/202011,12		20.30		—			—			—				—			—			—			20.30		—			165			—			—			—			—

Refer to the end of the tables for footnotes.

68 American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class 529-F-3:
10/31/2022	$	27.68	$	.10		$	(7.55	)	$	(7.45	)	$	(.08	)	$	(.90	)	$	(.98	)	$	19.25		(27.90	)%	$	—	9		.07	%		.07	%		.44	%		.46	%
10/31/2021		20.30		.14			8.10			8.24			(.17	)		(.69	)		(.86	)		27.68		41.48			—	9		.11			.07			.44			.55
10/31/202011,12		20.30		—			—			—			—			—			—			20.30		—			—	9		—			—			—			—
Class ABLE-A:
10/31/2022		27.59		.05			(7.52	)		(7.47	)		(.04	)		(.90	)		(.94	)		19.18		(28.02	)		7			.31			.25			.62			.23
10/31/2021		20.21		.09			8.09			8.18			(.11	)		(.69	)		(.80	)		27.59		41.33			6			.24			.18			.55			.35
10/31/2020		18.69		.11			2.53			2.64			(.18	)		(.94	)		(1.12	)		20.21		14.48			3			.41			.35			.71			.57
10/31/2019		17.88		.10			1.75			1.85			(.21	)		(.83	)		(1.04	)		18.69		11.45			1			.43			.36			.74			.53
10/31/201811,13		19.28		.01			(1.41	)		(1.40	)		—			—			—			17.88		(7.26	)14		—	9		.11	14		.09	14		.47	14		.05	14
Class ABLE-F-2:
10/31/2022		27.71		.09			(7.55	)		(7.46	)		(.08	)		(.90	)		(.98	)		19.27		(27.91	)		—	9		.11			.05			.42			.41
10/31/2021		20.30		.09			8.18			8.27			(.17	)		(.69	)		(.86	)		27.71		41.63			—	9		.11			.04			.41			.34
10/31/202011,12		20.30		—			—			—			—			—			—			20.30		—			—	9		—			—			—			—
Class R-1:
10/31/2022		27.05		(.12	)		(7.37	)		(7.49	)		—			(.90	)		(.90	)		18.66		(28.63	)		34			1.10			1.10			1.47			(.57	)
10/31/2021		19.91		(.12	)		7.95			7.83			—			(.69	)		(.69	)		27.05		40.02			45			1.10			1.10			1.47			(.50	)
10/31/2020		18.44		—	7		2.46			2.46			(.05	)		(.94	)		(.99	)		19.91		13.64			29			1.11			1.11			1.47			(.03	)
10/31/2019		17.62		.02			1.69			1.71			(.06	)		(.83	)		(.89	)		18.44		10.59			23			1.11			1.11			1.49			.10
10/31/2018		17.87		(.03	)		.28			.25			(.01	)		(.49	)		(.50	)		17.62		1.31			16			1.11			1.11			1.49			(.18	)
Class R-2:
10/31/2022		26.96		(.12	)		(7.35	)		(7.47	)		—			(.90	)		(.90	)		18.59		(28.65	)		197			1.10			1.10			1.47			(.55	)
10/31/2021		19.84		(.11	)		7.92			7.81			—			(.69	)		(.69	)		26.96		40.07			321			1.09			1.09			1.46			(.47	)
10/31/2020		18.37		—	7		2.45			2.45			(.04	)		(.94	)		(.98	)		19.84		13.64			230			1.10			1.10			1.46			.02
10/31/2019		17.53		.03			1.67			1.70			(.03	)		(.83	)		(.86	)		18.37		10.60			200			1.10			1.10			1.48			.17
10/31/2018		17.78		(.02	)		.27			.25			(.01	)		(.49	)		(.50	)		17.53		1.33			162			1.10			1.10			1.48			(.09	)
Class R-2E:
10/31/2022		27.22		(.05	)		(7.43	)		(7.48	)		—			(.90	)		(.90	)		18.84		(28.41	)		9			.82			.82			1.19			(.24	)
10/31/2021		19.98		(.04	)		7.98			7.94			(.01	)		(.69	)		(.70	)		27.22		40.44			15			.81			.81			1.18			(.15	)
10/31/2020		18.50		.07			2.44			2.51			(.09	)		(.94	)		(1.03	)		19.98		13.89			10			.82			.82			1.18			.36
10/31/2019		17.65		.07			1.70			1.77			(.09	)		(.83	)		(.92	)		18.50		10.97			10			.82			.82			1.20			.39
10/31/2018		17.91		.04			.25			.29			(.06	)		(.49	)		(.55	)		17.65		1.57			8			.82			.82			1.20			.20

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 69

Financial highlights (continued)

Growth Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			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 year		Total return2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class R-3:
10/31/2022	$	27.42	$	(.03	)	$	(7.48	)	$	(7.51	)	$	—		$	(.90	)	$	(.90	)	$	19.01		(28.31	)%	$	180		.65	%		.65	%		1.02	%		(.12	)%
10/31/2021		20.12		(.01	)		8.05			8.04			(.05	)		(.69	)		(.74	)		27.42		40.69			235		.65			.65			1.02			(.05	)
10/31/2020		18.61		.08			2.49			2.57			(.12	)		(.94	)		(1.06	)		20.12		14.12			158		.66			.66			1.02			.44
10/31/2019		17.75		.11			1.69			1.80			(.11	)		(.83	)		(.94	)		18.61		11.09			129		.67			.67			1.05			.61
10/31/2018		17.99		.06			.27			.33			(.08	)		(.49	)		(.57	)		17.75		1.76			107		.66			.66			1.04			.34
Class R-4:
10/31/2022		27.64		.04			(7.55	)		(7.51	)		—			(.90	)		(.90	)		19.23		(28.08	)		76		.34			.34			.71			.17
10/31/2021		20.27		.07			8.09			8.16			(.10	)		(.69	)		(.79	)		27.64		41.09			102		.35			.35			.72			.26
10/31/2020		18.73		.14			2.50			2.64			(.16	)		(.94	)		(1.10	)		20.27		14.47			72		.36			.36			.72			.73
10/31/2019		17.86		.16			1.70			1.86			(.16	)		(.83	)		(.99	)		18.73		11.44			60		.36			.36			.74			.92
10/31/2018		18.10		.12			.25			.37			(.12	)		(.49	)		(.61	)		17.86		2.01			54		.36			.36			.74			.66
Class R-5E:
10/31/2022		27.67		.08			(7.55	)		(7.47	)		(.06	)		(.90	)		(.96	)		19.24		(27.95	)		42		.15			.15			.52			.34
10/31/2021		20.29		.12			8.10			8.22			(.15	)		(.69	)		(.84	)		27.67		41.36			40		.15			.15			.52			.48
10/31/2020		18.75		.16			2.53			2.69			(.21	)		(.94	)		(1.15	)		20.29		14.70			25		.16			.16			.52			.84
10/31/2019		17.88		.17			1.73			1.90			(.20	)		(.83	)		(1.03	)		18.75		11.69			16		.16			.16			.54			.97
10/31/2018		18.13		.14			.27			.41			(.17	)		(.49	)		(.66	)		17.88		2.22			9		.16			.16			.54			.75
Class R-5:
10/31/2022		28.01		.11			(7.65	)		(7.54	)		(.08	)		(.90	)		(.98	)		19.49		(27.89	)		30		.06			.06			.43			.48
10/31/2021		20.52		.14			8.20			8.34			(.16	)		(.69	)		(.85	)		28.01		41.53			41		.06			.06			.43			.56
10/31/2020		18.95		.20			2.53			2.73			(.22	)		(.94	)		(1.16	)		20.52		14.78			29		.06			.06			.42			1.04
10/31/2019		18.06		.22			1.71			1.93			(.21	)		(.83	)		(1.04	)		18.95		11.78			24		.07			.07			.45			1.20
10/31/2018		18.28		.18			.26			.44			(.17	)		(.49	)		(.66	)		18.06		2.36			26		.07			.07			.45			.93
Class R-6:
10/31/2022		27.95		.11			(7.62	)		(7.51	)		(.09	)		(.90	)		(.99	)		19.45		(27.84	)		161		.01			.01			.38			.51
10/31/2021		20.48		.15			8.18			8.33			(.17	)		(.69	)		(.86	)		27.95		41.57			186		.01			.01			.38			.60
10/31/2020		18.91		.21			2.53			2.74			(.23	)		(.94	)		(1.17	)		20.48		14.87			119		.02			.02			.38			1.08
10/31/2019		18.03		.21			1.72			1.93			(.22	)		(.83	)		(1.05	)		18.91		11.81			132		.02			.02			.40			1.15
10/31/2018		18.25		.18			.27			.45			(.18	)		(.49	)		(.67	)		18.03		2.40			87		.02			.02			.40			.94

Refer to the end of the tables for footnotes.

70 American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
10/31/2022	$	19.63	$	.27	$	(3.51	)	$	(3.24	)	$	(.27	)	$	(.74	)	$	(1.01	)	$	15.38		(17.38	)%	$	8,590			.34	%		.34	%		.67	%		1.58	%
10/31/2021		15.64		.23		4.44			4.67			(.26	)		(.42	)		(.68	)		19.63		30.44			9,886			.34			.34			.66			1.24
10/31/2020		15.29		.28		.91			1.19			(.29	)		(.55	)		(.84	)		15.64		7.92			6,851			.34			.34			.66			1.81
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29		11.02			6,248			.36			.36			.68			2.04
10/31/2018		15.06		.27		(.17	)		.10			(.26	)		(.27	)		(.53	)		14.63		.56			5,354			.35			.35			.68			1.74
Class C:
10/31/2022		19.49		.14		(3.49	)		(3.35	)		(.13	)		(.74	)		(.87	)		15.27		(17.98	)		1,097			1.07			1.07			1.40			.84
10/31/2021		15.53		.09		4.42			4.51			(.13	)		(.42	)		(.55	)		19.49		29.51			1,489			1.07			1.07			1.39			.52
10/31/2020		15.19		.16		.90			1.06			(.17	)		(.55	)		(.72	)		15.53		7.10			1,237			1.08			1.08			1.40			1.09
10/31/2019		14.54		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.19		10.20			1,262			1.09			1.09			1.41			1.31
10/31/2018		14.97		.15		(.16	)		(.01	)		(.15	)		(.27	)		(.42	)		14.54		(.18	)		1,155			1.09			1.09			1.42			1.00
Class T:
10/31/2022		19.63		.32		(3.52	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.38		(17.15	)8		—	9		.07	8		.07	8		.40	8		1.86	8
10/31/2021		15.64		.28		4.43			4.71			(.30	)		(.42	)		(.72	)		19.63		30.75	8		—	9		.09	8		.09	8		.41	8		1.50	8
10/31/2020		15.29		.32		.91			1.23			(.33	)		(.55	)		(.88	)		15.64		8.21	8		—	9		.08	8		.08	8		.40	8		2.10	8
10/31/2019		14.63		.34		1.20			1.54			(.34	)		(.54	)		(.88	)		15.29		11.33	8		—	9		.08	8		.08	8		.40	8		2.35	8
10/31/2018		15.06		.31		(.17	)		.14			(.30	)		(.27	)		(.57	)		14.63		.82	8		—	9		.08	8		.08	8		.41	8		2.02	8
Class F-1:
10/31/2022		19.63		.26		(3.51	)		(3.25	)		(.26	)		(.74	)		(1.00	)		15.38		(17.41	)		175			.38			.38			.71			1.54
10/31/2021		15.64		.22		4.44			4.66			(.25	)		(.42	)		(.67	)		19.63		30.39			215			.37			.37			.69			1.23
10/31/2020		15.29		.27		.91			1.18			(.28	)		(.55	)		(.83	)		15.64		7.88			198			.37			.37			.69			1.78
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29		11.00			180			.38			.38			.70			2.01
10/31/2018		15.06		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.63		.53			156			.38			.38			.71			1.72
Class F-2:
10/31/2022		19.66		.31		(3.52	)		(3.21	)		(.31	)		(.74	)		(1.05	)		15.40		(17.21	)		1,077			.12			.12			.45			1.81
10/31/2021		15.66		.27		4.45			4.72			(.30	)		(.42	)		(.72	)		19.66		30.75			1,273			.11			.11			.43			1.47
10/31/2020		15.31		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.66		8.15			818			.12			.12			.44			2.04
10/31/2019		14.65		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.31		11.27			714			.12			.12			.44			2.26
10/31/2018		15.08		.30		(.16	)		.14			(.30	)		(.27	)		(.57	)		14.65		.79			598			.12			.12			.45			1.94
Class F-3:
10/31/2022		19.64		.33		(3.52	)		(3.19	)		(.32	)		(.74	)		(1.06	)		15.39		(17.09	)		252			.01			.01			.34			1.91
10/31/2021		15.64		.29		4.45			4.74			(.32	)		(.42	)		(.74	)		19.64		30.92			269			.01			.01			.33			1.55
10/31/2020		15.30		.33		.90			1.23			(.34	)		(.55	)		(.89	)		15.64		8.21			120			.01			.01			.33			2.15
10/31/2019		14.64		.35		1.20			1.55			(.35	)		(.54	)		(.89	)		15.30		11.40			107			.01			.01			.33			2.36
10/31/2018		15.07		.31		(.16	)		.15			(.31	)		(.27	)		(.58	)		14.64		.89			70			.01			.01			.34			2.03

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 71

Financial highlights (continued)

Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-A:
10/31/2022	$	19.62	$	.27	$	(3.52	)	$	(3.25	)	$	(.26	)	$	(.74	)	$	(1.00	)	$	15.37		(17.40	)%	$	925			.36	%		.36	%		.69	%		1.56	%
10/31/2021		15.63		.22		4.45			4.67			(.26	)		(.42	)		(.68	)		19.62		30.42			1,042			.37			.37			.69			1.22
10/31/2020		15.28		.27		.91			1.18			(.28	)		(.55	)		(.83	)		15.63		7.89			730			.38			.38			.70			1.75
10/31/2019		14.62		.29		1.21			1.50			(.30	)		(.54	)		(.84	)		15.28		10.99			591			.39			.39			.71			2.00
10/31/2018		15.05		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.62		.52			504			.39			.39			.72			1.70
Class 529-C:
10/31/2022		19.53		.13		(3.50	)		(3.37	)		(.12	)		(.74	)		(.86	)		15.30		(18.05	)		65			1.13			1.13			1.46			.78
10/31/2021		15.56		.08		4.42			4.50			(.11	)		(.42	)		(.53	)		19.53		29.42			93			1.12			1.12			1.44			.46
10/31/2020		15.20		.17		.89			1.06			(.15	)		(.55	)		(.70	)		15.56		7.09			86			1.14			1.14			1.46			1.14
10/31/2019		14.55		.18		1.20			1.38			(.19	)		(.54	)		(.73	)		15.20		10.13			164			1.15			1.15			1.47			1.26
10/31/2018		14.98		.14		(.17	)		(.03	)		(.13	)		(.27	)		(.40	)		14.55		(.27	)		155			1.15			1.15			1.48			.92
Class 529-E:
10/31/2022		19.57		.23		(3.51	)		(3.28	)		(.22	)		(.74	)		(.96	)		15.33		(17.60	)		35			.60			.60			.93			1.33
10/31/2021		15.59		.18		4.43			4.61			(.21	)		(.42	)		(.63	)		19.57		30.14			42			.60			.60			.92			.99
10/31/2020		15.25		.24		.90			1.14			(.25	)		(.55	)		(.80	)		15.59		7.59			31			.61			.61			.93			1.55
10/31/2019		14.59		.26		1.21			1.47			(.27	)		(.54	)		(.81	)		15.25		10.77			27			.62			.62			.94			1.78
10/31/2018		15.02		.22		(.16	)		.06			(.22	)		(.27	)		(.49	)		14.59		.29			23			.62			.62			.95			1.46
Class 529-T:
10/31/2022		19.63		.31		(3.52	)		(3.21	)		(.30	)		(.74	)		(1.04	)		15.38		(17.19	)8		—	9		.11	8		.11	8		.44	8		1.80	8
10/31/2021		15.64		.27		4.44			4.71			(.30	)		(.42	)		(.72	)		19.63		30.68	8		—	9		.14	8		.14	8		.46	8		1.45	8
10/31/2020		15.29		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.64		8.15	8		—	9		.13	8		.13	8		.45	8		2.02	8
10/31/2019		14.63		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.29		11.26	8		—	9		.14	8		.14	8		.46	8		2.26	8
10/31/2018		15.06		.30		(.17	)		.13			(.29	)		(.27	)		(.56	)		14.63		.75	8		—	9		.15	8		.15	8		.48	8		1.94	8
Class 529-F-1:
10/31/2022		19.64		.30		(3.53	)		(3.23	)		(.29	)		(.74	)		(1.03	)		15.38		(17.29	)8		—	9		.19	8		.19	8		.52	8		1.73	8
10/31/2021		15.65		.23		4.47			4.70			(.29	)		(.42	)		(.71	)		19.64		30.62	8		—	9		.17	8		.17	8		.49	8		1.27	8
10/31/2020		15.30		.30		.92			1.22			(.32	)		(.55	)		(.87	)		15.65		8.14	8		—	9		.14	8		.14	8		.46	8		2.00	8
10/31/2019		14.64		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.30		11.25			56			.15			.15			.47			2.22
10/31/2018		15.07		.29		(.16	)		.13			(.29	)		(.27	)		(.56	)		14.64		.75			41			.15			.15			.48			1.92
Class 529-F-2:
10/31/2022		19.63		.31		(3.51	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.38		(17.18	)		110			.11			.11			.44			1.81
10/31/2021		15.64		.27		4.44			4.71			(.30	)		(.42	)		(.72	)		19.63		30.70			113			.13			.13			.45			1.45
10/31/202011,12		15.64		—		—			—			—			—			—			15.64		—			67			—			—			—			—

Refer to the end of the tables for footnotes.

72 American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-F-3:
10/31/2022	$	19.63	$	.32	$	(3.52	)	$	(3.20	)	$	(.31	)	$	(.74	)	$	(1.05	)	$	15.38		(17.15	)%	$	—	9		.07	%		.07	%		.40	%		1.85	%
10/31/2021		15.64		.28		4.44			4.72			(.31	)		(.42	)		(.73	)		19.63		30.78			—	9		.12			.07			.39			1.52
10/31/202011,12		15.64		—		—			—			—			—			—			15.64		—			—	9		—			—			—			—
Class ABLE-A:
10/31/2022		19.63		.28		(3.51	)		(3.23	)		(.28	)		(.74	)		(1.02	)		15.38		(17.32	)		6			.29			.23			.56			1.67
10/31/2021		15.63		.26		4.44			4.70			(.28	)		(.42	)		(.70	)		19.63		30.69			5			.21			.15			.47			1.41
10/31/2020		15.27		.27		.92			1.19			(.28	)		(.55	)		(.83	)		15.63		7.97			2			.39			.32			.64			1.74
10/31/2019		14.62		.27		1.23			1.50			(.31	)		(.54	)		(.85	)		15.27		11.02			1			.40			.34			.66			1.84
10/31/201811,13		15.52		.08		(.92	)		(.84	)		(.06	)		—			(.06	)		14.62		(5.45	)14		—	9		.11	14		.09	14		.42	14		.50	14
Class ABLE-F-2:
10/31/2022		19.64		.32		(3.52	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.39		(17.15	)		—	9		.09			.04			.37			1.89
10/31/2021		15.64		.30		4.43			4.73			(.31	)		(.42	)		(.73	)		19.64		30.86			—	9		.09			.03			.35			1.59
10/31/202011,12		15.64		—		—			—			—			—			—			15.64		—			—	9		—			—			—			—
Class R-1:
10/31/2022		19.51		.14		(3.50	)		(3.36	)		(.13	)		(.74	)		(.87	)		15.28		(18.01	)		20			1.08			1.08			1.41			.84
10/31/2021		15.55		.09		4.42			4.51			(.13	)		(.42	)		(.55	)		19.51		29.48			24			1.09			1.09			1.41			.50
10/31/2020		15.21		.16		.91			1.07			(.18	)		(.55	)		(.73	)		15.55		7.11			17			1.10			1.10			1.42			1.04
10/31/2019		14.57		.18		1.20			1.38			(.20	)		(.54	)		(.74	)		15.21		10.14			14			1.11			1.11			1.43			1.24
10/31/2018		15.00		.14		(.15	)		(.01	)		(.15	)		(.27	)		(.42	)		14.57		(.19	)		9			1.10			1.10			1.43			.94
Class R-2:
10/31/2022		19.46		.14		(3.49	)		(3.35	)		(.13	)		(.74	)		(.87	)		15.24		(18.01	)		184			1.08			1.08			1.41			.83
10/31/2021		15.51		.09		4.41			4.50			(.13	)		(.42	)		(.55	)		19.46		29.49			198			1.08			1.08			1.40			.51
10/31/2020		15.17		.16		.91			1.07			(.18	)		(.55	)		(.73	)		15.51		7.12			159			1.08			1.08			1.40			1.08
10/31/2019		14.52		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.17		10.23			155			1.09			1.09			1.41			1.31
10/31/2018		14.96		.15		(.17	)		(.02	)		(.15	)		(.27	)		(.42	)		14.52		(.23	)		137			1.09			1.09			1.42			1.00
Class R-2E:
10/31/2022		19.56		.20		(3.52	)		(3.32	)		(.18	)		(.74	)		(.92	)		15.32		(17.79	)		16			.81			.81			1.14			1.14
10/31/2021		15.59		.14		4.43			4.57			(.18	)		(.42	)		(.60	)		19.56		29.81			22			.81			.81			1.13			.78
10/31/2020		15.25		.21		.90			1.11			(.22	)		(.55	)		(.77	)		15.59		7.38			16			.81			.81			1.13			1.37
10/31/2019		14.59		.22		1.22			1.44			(.24	)		(.54	)		(.78	)		15.25		10.57			14			.81			.81			1.13			1.53
10/31/2018		15.02		.19		(.16	)		.03			(.19	)		(.27	)		(.46	)		14.59		.10			9			.82			.82			1.15			1.27

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 73

Financial highlights (continued)

Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-3:
10/31/2022	$	19.55	$	.22	$	(3.51	)	$	(3.29	)	$	(.21	)	$	(.74	)	$	(.95	)	$	15.31		(17.67	)%	$	139		.65	%		.65	%		.98	%		1.26	%
10/31/2021		15.58		.17		4.43			4.60			(.21	)		(.42	)		(.63	)		19.55		30.03			169		.65			.65			.97			.93
10/31/2020		15.24		.23		.90			1.13			(.24	)		(.55	)		(.79	)		15.58		7.54			117		.66			.66			.98			1.50
10/31/2019		14.58		.25		1.21			1.46			(.26	)		(.54	)		(.80	)		15.24		10.72			110		.66			.66			.98			1.71
10/31/2018		15.01		.22		(.17	)		.05			(.21	)		(.27	)		(.48	)		14.58		.26			93		.66			.66			.99			1.42
Class R-4:
10/31/2022		19.62		.27		(3.52	)		(3.25	)		(.26	)		(.74	)		(1.00	)		15.37		(17.40	)		69		.34			.34			.67			1.57
10/31/2021		15.63		.23		4.44			4.67			(.26	)		(.42	)		(.68	)		19.62		30.44			87		.35			.35			.67			1.23
10/31/2020		15.29		.28		.90			1.18			(.29	)		(.55	)		(.84	)		15.63		7.84			65		.35			.35			.67			1.83
10/31/2019		14.63		.29		1.21			1.50			(.30	)		(.54	)		(.84	)		15.29		11.02			70		.36			.36			.68			2.00
10/31/2018		15.05		.27		(.16	)		.11			(.26	)		(.27	)		(.53	)		14.63		.61			64		.36			.36			.69			1.75
Class R-5E:
10/31/2022		19.61		.30		(3.51	)		(3.21	)		(.30	)		(.74	)		(1.04	)		15.36		(17.23	)		22		.15			.15			.48			1.76
10/31/2021		15.62		.27		4.43			4.70			(.29	)		(.42	)		(.71	)		19.61		30.71			17		.15			.15			.47			1.47
10/31/2020		15.28		.30		.91			1.21			(.32	)		(.55	)		(.87	)		15.62		8.07			15		.16			.16			.48			1.94
10/31/2019		14.62		.31		1.22			1.53			(.33	)		(.54	)		(.87	)		15.28		11.26			10		.16			.16			.48			2.12
10/31/2018		15.05		.29		(.16	)		.13			(.29	)		(.27	)		(.56	)		14.62		.76			6		.16			.16			.49			1.88
Class R-5:
10/31/2022		19.71		.32		(3.54	)		(3.22	)		(.31	)		(.74	)		(1.05	)		15.44		(17.17	)		24		.06			.06			.39			1.88
10/31/2021		15.70		.28		4.46			4.74			(.31	)		(.42	)		(.73	)		19.71		30.80			33		.06			.06			.38			1.52
10/31/2020		15.35		.32		.91			1.23			(.33	)		(.55	)		(.88	)		15.70		8.19			20		.07			.07			.39			2.12
10/31/2019		14.68		.35		1.21			1.56			(.35	)		(.54	)		(.89	)		15.35		11.37			21		.07			.07			.39			2.35
10/31/2018		15.11		.31		(.17	)		.14			(.30	)		(.27	)		(.57	)		14.68		.84			21		.07			.07			.40			2.03
Class R-6:
10/31/2022		19.67		.33		(3.53	)		(3.20	)		(.32	)		(.74	)		(1.06	)		15.41		(17.11	)		348		.01			.01			.34			1.90
10/31/2021		15.67		.29		4.45			4.74			(.32	)		(.42	)		(.74	)		19.67		30.85			381		.01			.01			.33			1.57
10/31/2020		15.32		.33		.91			1.24			(.34	)		(.55	)		(.89	)		15.67		8.26			251		.01			.01			.33			2.15
10/31/2019		14.66		.35		1.20			1.55			(.35	)		(.54	)		(.89	)		15.32		11.38			208		.02			.02			.34			2.35
10/31/2018		15.09		.32		(.17	)		.15			(.31	)		(.27	)		(.58	)		14.66		.89			119		.02			.02			.35			2.08

Refer to the end of the tables for footnotes.

74 American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
10/31/2022	$	18.94	$	.28	$	(2.99	)	$	(2.71	)	$	(.29	)	$	(.66	)	$	(.95	)	$	15.28		(15.02	)%	$	7,690			.33	%		.33	%		.66	%		1.64	%
10/31/2021		15.57		.26		3.56			3.82			(.31	)		(.14	)		(.45	)		18.94		24.7	9		8,709			.34			.34			.66			1.43
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.92			6,238			.33			.33			.68			1.72
10/31/2019		14.29		.28		1.34			1.62			(.29	)		(.35	)		(.64	)		15.27		11.86			5,621			.35			.35			.72			1.93
10/31/2018		14.86		.26		(.29	)		(.03	)		(.25	)		(.29	)		(.54	)		14.29		(.27	)		4,655			.35			.35			.73			1.75
Class C:
10/31/2022		18.81		.15		(2.97	)		(2.82	)		(.16	)		(.66	)		(.82	)		15.17		(15.67	)		992			1.06			1.06			1.39			.91
10/31/2021		15.47		.13		3.53			3.66			(.18	)		(.14	)		(.32	)		18.81		23.85			1,330			1.06			1.06			1.38			.71
10/31/2020		15.17		.15		.63			.78			(.18	)		(.30	)		(.48	)		15.47		5.18			1,129			1.07			1.07			1.42			1.01
10/31/2019		14.20		.18		1.32			1.50			(.18	)		(.35	)		(.53	)		15.17		11.05			1,174			1.08			1.08			1.45			1.22
10/31/2018		14.77		.15		(.29	)		(.14	)		(.14	)		(.29	)		(.43	)		14.20		(1.00	)		1,081			1.08			1.08			1.46			1.02
Class T:
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.34	)		(.66	)		(1.00	)		15.28		(14.82	)8		—	9		.05	8		.05	8		.38	8		1.93	8
10/31/2021		15.58		.31		3.55			3.86			(.35	)		(.14	)		(.49	)		18.95		25.09	8		—	9		.06	8		.06	8		.38	8		1.71	8
10/31/2020		15.28		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.58		6.20	8		—	9		.07	8		.07	8		.42	8		2.00	8
10/31/2019		14.29		.33		1.33			1.66			(.32	)		(.35	)		(.67	)		15.28		12.22	8		—	9		.08	8		.08	8		.45	8		2.22	8
10/31/2018		14.87		.30		(.30	)		—	7		(.29	)		(.29	)		(.58	)		14.29		(.08	)8		—	9		.08	8		.08	8		.46	8		2.03	8
Class F-1:
10/31/2022		18.95		.27		(3.00	)		(2.73	)		(.28	)		(.66	)		(.94	)		15.28		(15.11	)		104			.37			.37			.70			1.60
10/31/2021		15.57		.25		3.57			3.82			(.30	)		(.14	)		(.44	)		18.95		24.80			135			.37			.37			.69			1.42
10/31/2020		15.27		.26		.62			.88			(.28	)		(.30	)		(.58	)		15.57		5.88			148			.37			.37			.72			1.69
10/31/2019		14.29		.28		1.33			1.61			(.28	)		(.35	)		(.63	)		15.27		11.82			152			.38			.38			.75			1.91
10/31/2018		14.86		.26		(.29	)		(.03	)		(.25	)		(.29	)		(.54	)		14.29		(.30	)		138			.38			.38			.76			1.72
Class F-2:
10/31/2022		18.97		.31		(2.99	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.30		(14.86	)		1,031			.11			.11			.44			1.86
10/31/2021		15.59		.30		3.56			3.86			(.34	)		(.14	)		(.48	)		18.97		25.09			1,219			.11			.11			.43			1.66
10/31/2020		15.30		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.59		6.07			838			.11			.11			.46			1.95
10/31/2019		14.31		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.30		12.16			756			.12			.12			.49			2.14
10/31/2018		14.88		.29		(.28	)		.01			(.29	)		(.29	)		(.58	)		14.31		(.03	)		611			.12			.12			.50			1.97
Class F-3:
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.34	)		(.66	)		(1.00	)		15.28		(14.79	)		285			.01			.01			.34			1.95
10/31/2021		15.58		.31		3.56			3.87			(.36	)		(.14	)		(.50	)		18.95		25.16			282			.01			.01			.33			1.73
10/31/2020		15.28		.31		.63			.94			(.34	)		(.30	)		(.64	)		15.58		6.27			143			.01			.01			.36			2.04
10/31/2019		14.29		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.28		12.30			136			.01			.01			.38			2.23
10/31/2018		14.87		.31		(.30	)		.01			(.30	)		(.29	)		(.59	)		14.29		—			76			.01			.01			.39			2.06

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 75

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-A:
10/31/2022	$	18.94	$	.27	$	(2.99	)	$	(2.72	)	$	(.29	)	$	(.66	)	$	(.95	)	$	15.27		(15.10	)%	$	532			.35	%		.35	%		.68	%		1.62	%
10/31/2021		15.57		.25		3.56			3.81			(.30	)		(.14	)		(.44	)		18.94		24.75			622			.36			.36			.68			1.40
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.89			457			.37			.37			.72			1.68
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27		11.90			385			.38			.38			.75			1.91
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28		(.37	)		332			.39			.39			.77			1.72
Class 529-C:
10/31/2022		18.86		.14		(2.97	)		(2.83	)		(.15	)		(.66	)		(.81	)		15.22		(15.68	)		46			1.11			1.11			1.44			.85
10/31/2021		15.51		.12		3.53			3.65			(.16	)		(.14	)		(.30	)		18.86		23.77			65			1.11			1.11			1.43			.66
10/31/2020		15.20		.16		.61			.77			(.16	)		(.30	)		(.46	)		15.51		5.11			65			1.12			1.12			1.47			1.03
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20		11.03			118			1.13			1.13			1.50			1.17
10/31/2018		14.79		.14		(.29	)		(.15	)		(.13	)		(.29	)		(.42	)		14.22		(1.09	)		117			1.15			1.15			1.53			.93
Class 529-E:
10/31/2022		18.89		.23		(2.98	)		(2.75	)		(.24	)		(.66	)		(.90	)		15.24		(15.24	)		18			.59			.59			.92			1.37
10/31/2021		15.53		.21		3.55			3.76			(.26	)		(.14	)		(.40	)		18.89		24.47			20			.59			.59			.91			1.18
10/31/2020		15.24		.23		.61			.84			(.25	)		(.30	)		(.55	)		15.53		5.59			16			.59			.59			.94			1.49
10/31/2019		14.25		.25		1.34			1.59			(.25	)		(.35	)		(.60	)		15.24		11.67			15			.61			.61			.98			1.69
10/31/2018		14.83		.22		(.30	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25		(.60	)		13			.62			.62			1.00			1.48
Class 529-T:
10/31/2022		18.95		.31		(2.99	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.28		(14.88	)8		—	9		.11	8		.11	8		.44	8		1.85	8
10/31/2021		15.57		.30		3.56			3.86			(.34	)		(.14	)		(.48	)		18.95		25.11	8		—	9		.12	8		.12	8		.44	8		1.65	8
10/31/2020		15.28		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.57		6.07	8		—	9		.13	8		.13	8		.48	8		1.94	8
10/31/2019		14.29		.32		1.34			1.66			(.32	)		(.35	)		(.67	)		15.28		12.16	8		—	9		.13	8		.13	8		.50	8		2.16	8
10/31/2018		14.87		.29		(.30	)		(.01	)		(.28	)		(.29	)		(.57	)		14.29		(.13	)8		—	9		.14	8		.14	8		.52	8		1.96	8
Class 529-F-1:
10/31/2022		18.97		.30		(3.00	)		(2.70	)		(.31	)		(.66	)		(.97	)		15.30		(14.92	)8		—	9		.18	8		.18	8		.51	8		1.78	8
10/31/2021		15.59		.26		3.60			3.86			(.34	)		(.14	)		(.48	)		18.97		25.03	8		—	9		.16	8		.16	8		.48	8		1.48	8
10/31/2020		15.29		.30		.62			.92			(.32	)		(.30	)		(.62	)		15.59		6.14	8		—	9		.12	8		.12	8		.47	8		1.93	8
10/31/2019		14.30		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.29		12.16			49			.13			.13			.50			2.15
10/31/2018		14.88		.29		(.30	)		(.01	)		(.28	)		(.29	)		(.57	)		14.30		(.14	)		40			.15			.15			.53			1.95
Class 529-F-2:
10/31/2022		18.94		.31		(2.99	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.27		(14.89	)		83			.11			.11			.44			1.86
10/31/2021		15.57		.29		3.56			3.85			(.34	)		(.14	)		(.48	)		18.94		25.05			87			.12			.12			.44			1.63
10/31/202011,12		15.57		—		—			—			—			—			—			15.57		—			56			—			—			—			—

Refer to the end of the tables for footnotes.

76 American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-F-3:
10/31/2022	$	18.94	$	.32	$	(3.00	)	$	(2.68	)	$	(.33	)	$	(.66	)	$	(.99	)	$	15.27		(14.86	)%	$	—	9		.07	%		.07	%		.40	%		1.89	%
10/31/2021		15.57		.30		3.56			3.86			(.35	)		(.14	)		(.49	)		18.94		25.11			—	9		.12			.07			.39			1.69
10/31/202011,12		15.57		—		—			—			—			—			—			15.57		—			—	9		—			—			—			—
Class ABLE-A:
10/31/2022		18.94		.29		(2.99	)		(2.70	)		(.30	)		(.66	)		(.96	)		15.28		(14.99	)		5			.30			.24			.57			1.72
10/31/2021		15.57		.29		3.55			3.84			(.33	)		(.14	)		(.47	)		18.94		24.94			4			.22			.16			.48			1.58
10/31/2020		15.26		.26		.64			.90			(.29	)		(.30	)		(.59	)		15.57		5.96			2			.38			.32			.67			1.68
10/31/2019		14.29		.26		1.35			1.61			(.29	)		(.35	)		(.64	)		15.26		11.85			1			.40			.33			.70			1.78
10/31/201811,13		15.02		.07		(.73	)		(.66	)		(.07	)		—			(.07	)		14.29		(4.40	)14		—	9		.10	14		.08	14		.46	14		.46	14
Class ABLE-F-2:
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.33	)		(.66	)		(.99	)		15.29		(14.80	)		—	9		.09			.03			.36			1.96
10/31/2021		15.57		.31		3.56			3.87			(.35	)		(.14	)		(.49	)		18.95		25.18			—	9		.09			.02			.34			1.70
10/31/202011,12		15.57		—		—			—			—			—			—			15.57		—			—	9		—			—			—			—
Class R-1:
10/31/2022		18.86		.15		(2.99	)		(2.84	)		(.15	)		(.66	)		(.81	)		15.21		(15.73	)		9			1.09			1.09			1.42			.88
10/31/2021		15.51		.12		3.54			3.66			(.17	)		(.14	)		(.31	)		18.86		23.83			12			1.10			1.10			1.42			.67
10/31/2020		15.20		.15		.62			.77			(.16	)		(.30	)		(.46	)		15.51		5.13			10			1.11			1.11			1.46			.96
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20		11.04			13			1.12			1.12			1.49			1.20
10/31/2018		14.80		.15		(.30	)		(.15	)		(.14	)		(.29	)		(.43	)		14.22		(1.07	)		12			1.11			1.11			1.49			.99
Class R-2:
10/31/2022		18.81		.15		(2.97	)		(2.82	)		(.16	)		(.66	)		(.82	)		15.17		(15.67	)		123			1.07			1.07			1.40			.90
10/31/2021		15.47		.12		3.54			3.66			(.18	)		(.14	)		(.32	)		18.81		23.84			148			1.08			1.08			1.40			.69
10/31/2020		15.18		.15		.62			.77			(.18	)		(.30	)		(.48	)		15.47		5.10			122			1.08			1.08			1.43			1.00
10/31/2019		14.20		.17		1.34			1.51			(.18	)		(.35	)		(.53	)		15.18		11.11			124			1.10			1.10			1.47			1.20
10/31/2018		14.78		.15		(.29	)		(.14	)		(.15	)		(.29	)		(.44	)		14.20		(1.06	)		106			1.10			1.10			1.48			1.01
Class R-2E:
10/31/2022		18.93		.20		(3.00	)		(2.80	)		(.20	)		(.66	)		(.86	)		15.27		(15.49	)		9			.81			.81			1.14			1.15
10/31/2021		15.56		.18		3.55			3.73			(.22	)		(.14	)		(.36	)		18.93		24.21			12			.81			.81			1.13			.98
10/31/2020		15.26		.19		.63			.82			(.22	)		(.30	)		(.52	)		15.56		5.40			10			.82			.82			1.17			1.24
10/31/2019		14.28		.21		1.34			1.55			(.22	)		(.35	)		(.57	)		15.26		11.38			11			.81			.81			1.18			1.42
10/31/2018		14.82		.16		(.27	)		(.11	)		(.14	)		(.29	)		(.43	)		14.28		(.82	)		7			.85			.85			1.23			1.10

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 77

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-3:
10/31/2022	$	18.89	$	.22	$	(2.98	)	$	(2.76	)	$	(.23	)	$	(.66	)	$	(.89	)	$	15.24		(15.30	)%	$	129		.65	%		.65	%		.98	%		1.31	%
10/31/2021		15.53		.20		3.55			3.75			(.25	)		(.14	)		(.39	)		18.89		24.40			171		.65			.65			.97			1.12
10/31/2020		15.23		.22		.62			.84			(.24	)		(.30	)		(.54	)		15.53		5.60			140		.65			.65			1.00			1.41
10/31/2019		14.25		.24		1.33			1.57			(.24	)		(.35	)		(.59	)		15.23		11.54			135		.66			.66			1.03			1.62
10/31/2018		14.83		.21		(.29	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25		(.64	)		119		.66			.66			1.04			1.43
Class R-4:
10/31/2022		18.94		.27		(2.99	)		(2.72	)		(.28	)		(.66	)		(.94	)		15.28		(15.06	)		70		.35			.35			.68			1.60
10/31/2021		15.57		.25		3.56			3.81			(.30	)		(.14	)		(.44	)		18.94		24.75			105		.35			.35			.67			1.41
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.89			94		.36			.36			.71			1.73
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27		11.90			97		.36			.36			.73			1.92
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28		(.35	)		99		.36			.36			.74			1.75
Class R-5E:
10/31/2022		18.96		.30		(2.99	)		(2.69	)		(.32	)		(.66	)		(.98	)		15.29		(14.91	)		18		.16			.16			.49			1.80
10/31/2021		15.58		.29		3.57			3.86			(.34	)		(.14	)		(.48	)		18.96		25.04			17		.16			.16			.48			1.62
10/31/2020		15.28		.29		.63			.92			(.32	)		(.30	)		(.62	)		15.58		6.10			13		.16			.16			.51			1.88
10/31/2019		14.30		.30		1.34			1.64			(.31	)		(.35	)		(.66	)		15.28		12.05			14		.16			.16			.53			2.08
10/31/2018		14.87		.28		(.28	)		—	7		(.28	)		(.29	)		(.57	)		14.30		(.06	)		10		.15			.15			.53			1.84
Class R-5:
10/31/2022		18.99		.32		(2.99	)		(2.67	)		(.34	)		(.66	)		(1.00	)		15.32		(14.80	)		27		.06			.06			.39			1.91
10/31/2021		15.61		.31		3.56			3.87			(.35	)		(.14	)		(.49	)		18.99		25.11			29		.06			.06			.38			1.71
10/31/2020		15.31		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.61		6.20			23		.06			.06			.41			2.00
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.21			22		.07			.07			.44			2.25
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.01			21		.07			.07			.45			2.04
Class R-6:
10/31/2022		18.99		.33		(3.01	)		(2.68	)		(.34	)		(.66	)		(1.00	)		15.31		(14.82	)		483		.01			.01			.34			1.95
10/31/2021		15.61		.32		3.56			3.88			(.36	)		(.14	)		(.50	)		18.99		25.17			546		.01			.01			.33			1.75
10/31/2020		15.31		.32		.62			.94			(.34	)		(.30	)		(.64	)		15.61		6.25			407		.01			.01			.36			2.06
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.27			409		.02			.02			.39			2.26
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.06			288		.02			.02			.40			2.08

Refer to the end of the tables for footnotes.

78 American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
10/31/2022	$	14.00	$	.40	$	(1.72	)	$	(1.32	)	$	(.40	)	$	(.25	)	$	(.65	)	$	12.03		(9.81	)%	$	4,994			.33	%		.33	%		.62	%		3.05	%
10/31/2021		12.24		.36		2.08			2.44			(.41	)		(.27	)		(.68	)		14.00		20.36			5,267			.33			.33			.60			2.68
10/31/2020		12.80		.41		(.38	)		.03			(.42	)		(.17	)		(.59	)		12.24		.23			3,910			.33			.33			.60			3.26
10/31/2019		12.22		.41		.75			1.16			(.41	)		(.17	)		(.58	)		12.80		9.85			3,794			.34			.34			.63			3.28
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.27			3,225			.34			.34			.63			3.05
Class C:
10/31/2022		13.91		.30		(1.70	)		(1.40	)		(.30	)		(.25	)		(.55	)		11.96		(10.40	)		581			1.05			1.05			1.34			2.33
10/31/2021		12.17		.27		2.05			2.32			(.31	)		(.27	)		(.58	)		13.91		19.44			717			1.05			1.05			1.32			1.97
10/31/2020		12.72		.31		(.36	)		(.05	)		(.33	)		(.17	)		(.50	)		12.17		(.44	)		622			1.06			1.06			1.33			2.54
10/31/2019		12.15		.32		.74			1.06			(.32	)		(.17	)		(.49	)		12.72		9.02			696			1.07			1.07			1.36			2.56
10/31/2018		12.55		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.15		(.49	)		654			1.08			1.08			1.37			2.31
Class T:
10/31/2022		14.00		.44		(1.71	)		(1.27	)		(.44	)		(.25	)		(.69	)		12.04		(9.47	)8		—	9		.05	8		.05	8		.34	8		3.34	8
10/31/2021		12.25		.41		2.06			2.47			(.45	)		(.27	)		(.72	)		14.00		20.60	8		—	9		.04	8		.04	8		.31	8		3.00	8
10/31/2020		12.80		.44		(.36	)		.08			(.46	)		(.17	)		(.63	)		12.25		.60	8		—	9		.05	8		.05	8		.32	8		3.55	8
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.15	8		—	9		.05	8		.05	8		.34	8		3.59	8
10/31/2018		12.62		.42		(.35	)		.07			(.41	)		(.06	)		(.47	)		12.22		.52	8		—	9		.08	8		.08	8		.37	8		3.32	8
Class F-1:
10/31/2022		14.01		.39		(1.72	)		(1.33	)		(.39	)		(.25	)		(.64	)		12.04		(9.83	)		75			.37			.37			.66			3.02
10/31/2021		12.25		.36		2.07			2.43			(.40	)		(.27	)		(.67	)		14.01		20.28			82			.37			.37			.64			2.70
10/31/2020		12.80		.40		(.37	)		.03			(.41	)		(.17	)		(.58	)		12.25		.26			87			.37			.37			.64			3.22
10/31/2019		12.23		.40		.74			1.14			(.40	)		(.17	)		(.57	)		12.80		9.70			90			.38			.38			.67			3.25
10/31/2018		12.63		.39		(.35	)		.04			(.38	)		(.06	)		(.44	)		12.23		.22			75			.38			.38			.67			3.06
Class F-2:
10/31/2022		14.02		.43		(1.72	)		(1.29	)		(.43	)		(.25	)		(.68	)		12.05		(9.59	)		574			.11			.11			.40			3.27
10/31/2021		12.26		.39		2.08			2.47			(.44	)		(.27	)		(.71	)		14.02		20.58			546			.11			.11			.38			2.90
10/31/2020		12.81		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.26		.52			387			.12			.12			.39			3.48
10/31/2019		12.24		.44		.73			1.17			(.43	)		(.17	)		(.60	)		12.81		9.98			411			.12			.12			.41			3.49
10/31/2018		12.64		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.24		.50			331			.12			.12			.41			3.25
Class F-3:
10/31/2022		14.00		.44		(1.71	)		(1.27	)		(.44	)		(.25	)		(.69	)		12.04		(9.44	)		106			.01			.01			.30			3.35
10/31/2021		12.25		.40		2.07			2.47			(.45	)		(.27	)		(.72	)		14.00		20.64			99			.01			.01			.28			2.98
10/31/2020		12.80		.45		(.37	)		.08			(.46	)		(.17	)		(.63	)		12.25		.63			60			.01			.01			.28			3.58
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.19			56			.02			.02			.31			3.63
10/31/2018		12.62		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.22		.60			45			.02			.02			.31			3.41

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 79

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-A:
10/31/2022	$	13.99	$	.40	$	(1.71	)	$	(1.31	)	$	(.40	)	$	(.25	)	$	(.65	)	$	12.03		(9.75	)%	$	267			.34	%		.34	%		.63	%		3.03	%
10/31/2021		12.24		.36		2.06			2.42			(.40	)		(.27	)		(.67	)		13.99		20.25			289			.35			.35			.62			2.66
10/31/2020		12.79		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.24		.28			209			.37			.37			.64			3.20
10/31/2019		12.21		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.79		9.83			176			.36			.36			.65			3.24
10/31/2018		12.62		.38		(.35	)		.03			(.38	)		(.06	)		(.44	)		12.21		.14			137			.40			.40			.69			3.01
Class 529-C:
10/31/2022		13.93		.30		(1.71	)		(1.41	)		(.29	)		(.25	)		(.54	)		11.98		(10.44	)		26			1.11			1.11			1.40			2.27
10/31/2021		12.19		.26		2.05			2.31			(.30	)		(.27	)		(.57	)		13.93		19.35			34			1.10			1.10			1.37			1.92
10/31/2020		12.73		.32		(.37	)		(.05	)		(.32	)		(.17	)		(.49	)		12.19		(.46	)		30			1.11			1.11			1.38			2.58
10/31/2019		12.16		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.73		8.96			54			1.12			1.12			1.41			2.49
10/31/2018		12.56		.28		(.34	)		(.06	)		(.28	)		(.06	)		(.34	)		12.16		(.57	)		46			1.14			1.14			1.43			2.21
Class 529-E:
10/31/2022		13.98		.37		(1.72	)		(1.35	)		(.36	)		(.25	)		(.61	)		12.02		(9.99	)		9			.59			.59			.88			2.80
10/31/2021		12.23		.33		2.07			2.40			(.38	)		(.27	)		(.65	)		13.98		20.01			10			.58			.58			.85			2.42
10/31/2020		12.79		.37		(.37	)		—	7		(.39	)		(.17	)		(.56	)		12.23		(.03	)		7			.59			.59			.86			3.01
10/31/2019		12.21		.38		.74			1.12			(.37	)		(.17	)		(.54	)		12.79		9.55			6			.59			.59			.88			3.07
10/31/2018		12.61		.35		(.34	)		.01			(.35	)		(.06	)		(.41	)		12.21		(.01	)		7			.61			.61			.90			2.76
Class 529-T:
10/31/2022		14.00		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.04		(9.51	)8		—	9		.09	8		.09	8		.38	8		3.29	8
10/31/2021		12.25		.39		2.07			2.46			(.44	)		(.27	)		(.71	)		14.00		20.52	8		—	9		.11	8		.11	8		.38	8		2.92	8
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.54	8		—	9		.11	8		.11	8		.38	8		3.48	8
10/31/2019		12.22		.44		.74			1.18			(.43	)		(.17	)		(.60	)		12.80		10.08	8		—	9		.11	8		.11	8		.40	8		3.51	8
10/31/2018		12.62		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.22		.46	8		—	9		.15	8		.15	8		.44	8		3.24	8
Class 529-F-1:
10/31/2022		14.00		.42		(1.71	)		(1.29	)		(.42	)		(.25	)		(.67	)		12.04		(9.60	)8		—	9		.18	8		.18	8		.47	8		3.20	8
10/31/2021		12.25		.38		2.07			2.45			(.43	)		(.27	)		(.70	)		14.00		20.47	8		—	9		.16	8		.16	8		.43	8		2.84	8
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.53	8		—	9		.12	8		.12	8		.39	8		3.46	8
10/31/2019		12.23		.43		.74			1.17			(.43	)		(.17	)		(.60	)		12.80		9.99			32			.12			.12			.41			3.46
10/31/2018		12.63		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.23		.47			20			.14			.14			.43			3.29
Class 529-F-2:
10/31/2022		13.99		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.03		(9.54	)		47			.11			.11			.40			3.27
10/31/2021		12.24		.39		2.06			2.45			(.43	)		(.27	)		(.70	)		13.99		20.51			52			.13			.13			.40			2.87
10/31/202011,12		12.24		—		—			—			—			—			—			12.24		—			36			—			—			—			—

Refer to the end of the tables for footnotes.

80 American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class 529-F-3:
10/31/2022	$	13.99	$	.43	$	(1.71	)	$	(1.28	)	$	(.43	)	$	(.25	)	$	(.68	)	$	12.03		(9.50	)%	$	—	9		.07	%		.07	%		.36	%		3.31	%
10/31/2021		12.24		.40		2.06			2.46			(.44	)		(.27	)		(.71	)		13.99		20.58			—	9		.12			.07			.34			2.95
10/31/202011,12		12.24		—		—			—			—			—			—			12.24		—			—	9		—			—			—			—
Class ABLE-A:
10/31/2022		13.99		.41		(1.72	)		(1.31	)		(.41	)		(.25	)		(.66	)		12.02		(9.77	)		3			.29			.23			.52			3.14
10/31/2021		12.23		.38		2.07			2.45			(.42	)		(.27	)		(.69	)		13.99		20.53			2			.21			.15			.42			2.80
10/31/2020		12.78		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.23		.29			1			.38			.31			.58			3.23
10/31/2019		12.22		.40		.74			1.14			(.41	)		(.17	)		(.58	)		12.78		9.72			—	9		.39			.32			.61			3.17
10/31/201811,13		12.54		.12		(.34	)		(.22	)		(.10	)		—			(.10	)		12.22		(1.75	)14		—	9		.09	14		.07	14		.36	14		.91	14
Class ABLE-F-2:
10/31/2022		14.00		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.04		(9.49	)		—	9		.08			.03			.32			3.42
10/31/2021		12.24		.40		2.07			2.47			(.44	)		(.27	)		(.71	)		14.00		20.68			—	9		.08			.02			.29			2.91
10/31/202011,12		12.24		—		—			—			—			—			—			12.24		—			—	9		—			—			—			—
Class R-1:
10/31/2022		13.93		.30		(1.71	)		(1.41	)		(.30	)		(.25	)		(.55	)		11.97		(10.45	)		2			1.06			1.06			1.35			2.34
10/31/2021		12.18		.26		2.07			2.33			(.31	)		(.27	)		(.58	)		13.93		19.47			2			1.09			1.09			1.36			1.97
10/31/2020		12.74		.30		(.36	)		(.06	)		(.33	)		(.17	)		(.50	)		12.18		(.54	)		2			1.13			1.13			1.40			2.45
10/31/2019		12.17		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.74		8.93			2			1.14			1.14			1.43			2.48
10/31/2018		12.57		.29		(.35	)		(.06	)		(.28	)		(.06	)		(.34	)		12.17		(.54	)		1			1.12			1.12			1.41			2.31
Class R-2:
10/31/2022		13.91		.30		(1.70	)		(1.40	)		(.30	)		(.25	)		(.55	)		11.96		(10.44	)		39			1.08			1.08			1.37			2.31
10/31/2021		12.17		.26		2.06			2.32			(.31	)		(.27	)		(.58	)		13.91		19.43			49			1.07			1.07			1.34			1.97
10/31/2020		12.72		.31		(.36	)		(.05	)		(.33	)		(.17	)		(.50	)		12.17		(.44	)		43			1.08			1.08			1.35			2.52
10/31/2019		12.16		.31		.74			1.05			(.32	)		(.17	)		(.49	)		12.72		8.93			44			1.10			1.10			1.39			2.52
10/31/2018		12.56		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.16		(.47	)		34			1.10			1.10			1.39			2.30
Class R-2E:
10/31/2022		14.00		.34		(1.72	)		(1.38	)		(.33	)		(.25	)		(.58	)		12.04		(10.18	)		1			.78			.78			1.07			2.56
10/31/2021		12.25		.30		2.07			2.37			(.35	)		(.27	)		(.62	)		14.00		19.76			1			.82			.80			1.07			2.20
10/31/2020		12.79		.34		(.36	)		(.02	)		(.35	)		(.17	)		(.52	)		12.25		(.22	)		—	9		.83			.83			1.10			2.74
10/31/2019		12.22		.34		.75			1.09			(.35	)		(.17	)		(.52	)		12.79		9.27			1			.82			.82			1.11			2.74
10/31/2018		12.61		.32		(.34	)		(.02	)		(.31	)		(.06	)		(.37	)		12.22		(.22	)		1			.83			.83			1.12			2.53

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 81

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-3:
10/31/2022	$	13.97	$	.36	$	(1.71	)	$	(1.35	)	$	(.36	)	$	(.25	)	$	(.61	)	$	12.01		(10.03	)%	$	42		.63	%		.63	%		.92	%		2.74	%
10/31/2021		12.22		.32		2.07			2.39			(.37	)		(.27	)		(.64	)		13.97		19.95			43		.63			.63			.90			2.39
10/31/2020		12.77		.37		(.37	)		—	7		(.38	)		(.17	)		(.55	)		12.22		—			35		.64			.64			.91			2.94
10/31/2019		12.20		.37		.74			1.11			(.37	)		(.17	)		(.54	)		12.77		9.43			34		.66			.66			.95			2.95
10/31/2018		12.60		.34		(.34	)		—	7		(.34	)		(.06	)		(.40	)		12.20		(.05	)		30		.66			.66			.95			2.74
Class R-4:
10/31/2022		14.00		.40		(1.71	)		(1.31	)		(.40	)		(.25	)		(.65	)		12.04		(9.74	)		31		.34			.34			.63			3.04
10/31/2021		12.25		.37		2.05			2.42			(.40	)		(.27	)		(.67	)		14.00		20.23			35		.35			.35			.62			2.74
10/31/2020		12.80		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.25		.28			33		.36			.36			.63			3.24
10/31/2019		12.22		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.80		9.80			37		.37			.37			.66			3.21
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.24			31		.37			.37			.66			3.02
Class R-5E:
10/31/2022		13.99		.42		(1.72	)		(1.30	)		(.42	)		(.25	)		(.67	)		12.02		(9.65	)		7		.16			.16			.45			3.25
10/31/2021		12.23		.41		2.05			2.46			(.43	)		(.27	)		(.70	)		13.99		20.56			5		.17			.17			.44			3.02
10/31/2020		12.79		.42		(.37	)		.05			(.44	)		(.17	)		(.61	)		12.23		.40			7		.17			.17			.44			3.37
10/31/2019		12.21		.42		.76			1.18			(.43	)		(.17	)		(.60	)		12.79		10.04			5		.16			.16			.45			3.36
10/31/2018		12.61		.40		(.33	)		.07			(.41	)		(.06	)		(.47	)		12.21		.46			4		.15			.15			.44			3.18
Class R-5:
10/31/2022		14.03		.44		(1.72	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.07		(9.46	)		10		.06			.06			.35			3.33
10/31/2021		12.27		.40		2.07			2.47			(.44	)		(.27	)		(.71	)		14.03		20.62			8		.06			.06			.33			2.96
10/31/2020		12.83		.44		(.38	)		.06			(.45	)		(.17	)		(.62	)		12.27		.50			6		.06			.06			.33			3.56
10/31/2019		12.25		.44		.75			1.19			(.44	)		(.17	)		(.61	)		12.83		10.11			8		.07			.07			.36			3.56
10/31/2018		12.65		.42		(.34	)		.08			(.42	)		(.06	)		(.48	)		12.25		.55			7		.07			.07			.36			3.33
Class R-6:
10/31/2022		14.03		.44		(1.72	)		(1.28	)		(.44	)		(.25	)		(.69	)		12.06		(9.49	)		82		.01			.01			.30			3.36
10/31/2021		12.27		.41		2.07			2.48			(.45	)		(.27	)		(.72	)		14.03		20.68			83		.01			.01			.28			3.00
10/31/2020		12.82		.45		(.37	)		.08			(.46	)		(.17	)		(.63	)		12.27		.63			61		.02			.02			.29			3.58
10/31/2019		12.24		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.82		10.17			63		.02			.02			.31			3.61
10/31/2018		12.64		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.24		.59			37		.02			.02			.31			3.38

Refer to the end of the tables for footnotes.

82 American Funds Portfolio Series

Financial highlights (continued)

Tax-Aware Conservative Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	16.11	$	.31	$	(2.20	)	$	(1.89	)	$	(.32	)	$	(.10	)	$	(.42	)	$	13.80		(11.98	)%	$	3,127			.34	%		.63	%		2.04	%
10/31/2021		13.80		.28		2.40			2.68			(.29	)		(.08	)		(.37	)		16.11		19.58			3,309			.34			.64			1.83
10/31/2020		14.05		.31		(.04	)		.27			(.32	)		(.20	)		(.52	)		13.80		1.95			2,298			.35			.66			2.28
10/31/2019		13.22		.34		1.07			1.41			(.34	)		(.24	)		(.58	)		14.05		11.08			2,027			.35			.68			2.54
10/31/2018		13.57		.34		(.14	)		.20			(.33	)		(.22	)		(.55	)		13.22		1.43			1,555			.38			.72			2.47
Class C:
10/31/2022		15.99		.20		(2.18	)		(1.98	)		(.21	)		(.10	)		(.31	)		13.70		(12.58	)		342			1.04			1.33			1.33
10/31/2021		13.70		.17		2.38			2.55			(.18	)		(.08	)		(.26	)		15.99		18.76			414			1.04			1.34			1.13
10/31/2020		13.94		.22		(.04	)		.18			(.22	)		(.20	)		(.42	)		13.70		1.32			331			1.05			1.36			1.58
10/31/2019		13.13		.25		1.05			1.30			(.25	)		(.24	)		(.49	)		13.94		10.24			327			1.05			1.38			1.84
10/31/2018		13.49		.24		(.14	)		.10			(.24	)		(.22	)		(.46	)		13.13		.68			268			1.08			1.42			1.77
Class T:
10/31/2022		16.11		.35		(2.19	)		(1.84	)		(.36	)		(.10	)		(.46	)		13.81		(11.65	)8		—	9		.04	8		.33	8		2.33	8
10/31/2021		13.80		.33		2.39			2.72			(.33	)		(.08	)		(.41	)		16.11		19.93	8		—	9		.04	8		.34	8		2.14	8
10/31/2020		14.05		.36		(.05	)		.31			(.36	)		(.20	)		(.56	)		13.80		2.26	8		—	9		.05	8		.36	8		2.58	8
10/31/2019		13.22		.39		1.06			1.45			(.38	)		(.24	)		(.62	)		14.05		11.40	8		—	9		.05	8		.38	8		2.85	8
10/31/2018		13.57		.38		(.14	)		.24			(.37	)		(.22	)		(.59	)		13.22		1.72	8		—	9		.09	8		.43	8		2.76	8
Class F-1:
10/31/2022		16.11		.30		(2.20	)		(1.90	)		(.31	)		(.10	)		(.41	)		13.80		(12.02	)		241			.39			.68			1.98
10/31/2021		13.80		.28		2.39			2.67			(.28	)		(.08	)		(.36	)		16.11		19.53			286			.38			.68			1.79
10/31/2020		14.04		.31		(.04	)		.27			(.31	)		(.20	)		(.51	)		13.80		1.98			233			.39			.70			2.25
10/31/2019		13.22		.34		1.06			1.40			(.34	)		(.24	)		(.58	)		14.04		10.96			247			.39			.72			2.50
10/31/2018		13.57		.33		(.13	)		.20			(.33	)		(.22	)		(.55	)		13.22		1.44			188			.39			.73			2.45
Class F-2:
10/31/2022		16.14		.34		(2.20	)		(1.86	)		(.35	)		(.10	)		(.45	)		13.83		(11.76	)		439			.12			.41			2.26
10/31/2021		13.82		.32		2.40			2.72			(.32	)		(.08	)		(.40	)		16.14		19.89			450			.11			.41			2.05
10/31/2020		14.07		.35		(.05	)		.30			(.35	)		(.20	)		(.55	)		13.82		2.17			282			.12			.43			2.51
10/31/2019		13.24		.38		1.06			1.44			(.37	)		(.24	)		(.61	)		14.07		11.31			272			.13			.46			2.76
10/31/2018		13.59		.37		(.14	)		.23			(.36	)		(.22	)		(.58	)		13.24		1.70			179			.13			.47			2.71
Class F-3:
10/31/2022		16.13		.36		(2.20	)		(1.84	)		(.37	)		(.10	)		(.47	)		13.82		(11.67	)		115			.01			.30			2.37
10/31/2021		13.81		.34		2.40			2.74			(.34	)		(.08	)		(.42	)		16.13		20.02			98			.01			.31			2.15
10/31/2020		14.06		.36		(.05	)		.31			(.36	)		(.20	)		(.56	)		13.81		2.29			60			.02			.33			2.61
10/31/2019		13.23		.39		1.07			1.46			(.39	)		(.24	)		(.63	)		14.06		11.43			54			.02			.35			2.91
10/31/2018		13.58		.38		(.13	)		.25			(.38	)		(.22	)		(.60	)		13.23		1.80			53			.02			.36			2.81

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 83

Financial highlights (continued)

Preservation Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4
Year ended	Net asset value, beginning of year		Net investment income (loss)			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 year		Total return2,3			Net assets, end of year (in millions)									Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class A:
10/31/2022	$	10.20	$	.15		$	(.91	)	$	(.76	)	$	(.15	)	$	(.01	)	$	(.16	)	$	9.28		(7.49	)%	$	1,666			.37	%		.37	%		.63	%		1.57	%
10/31/2021		10.40		.06			(.06	)		—	7		(.19	)		(.01	)		(.20	)		10.20		(.07	)		1,906			.38			.38			.63			.62
10/31/2020		10.01		.13			.41			.54			(.15	)		—			(.15	)		10.40		5.39			1,805			.39			.39			.66			1.25
10/31/2019		9.70		.18			.31			.49			(.18	)		—			(.18	)		10.01		5.07			1,035			.39			.39			.68			1.82
10/31/2018		9.91		.15			(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.63	)		929			.39			.39			.69			1.52
Class C:
10/31/2022		10.18		.08			(.90	)		(.82	)		(.09	)		(.01	)		(.10	)		9.26		(8.12	)		104			1.07			1.07			1.33			.85
10/31/2021		10.38		(.01	)		(.06	)		(.07	)		(.12	)		(.01	)		(.13	)		10.18		(.70	)		143			1.08			1.08			1.33			(.09	)
10/31/2020		10.00		.06			.40			.46			(.08	)		—			(.08	)		10.38		4.58			174			1.09			1.09			1.36			.57
10/31/2019		9.68		.11			.32			.43			(.11	)		—			(.11	)		10.00		4.43			119			1.11			1.11			1.40			1.10
10/31/2018		9.90		.08			(.22	)		(.14	)		(.08	)		—			(.08	)		9.68		(1.45	)		120			1.11			1.11			1.41			.79
Class T:
10/31/2022		10.20		.18			(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.12	)8		—	9		.07	8		.07	8		.33	8		1.87	8
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22	8		—	9		.09	8		.09	8		.34	8		.91	8
10/31/2020		10.01		.16			.41			.57			(.18	)		—			(.18	)		10.40		5.70	8		—	9		.10	8		.10	8		.37	8		1.61	8
10/31/2019		9.70		.21			.31			.52			(.21	)		—			(.21	)		10.01		5.38	8		—	9		.10	8		.10	8		.39	8		2.11	8
10/31/2018		9.92		.18			(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.45	)8		—	9		.10	8		.10	8		.40	8		1.81	8
Class F-1:
10/31/2022		10.20		.15			(.91	)		(.76	)		(.15	)		(.01	)		(.16	)		9.28		(7.51	)		32			.38			.38			.64			1.54
10/31/2021		10.40		.06			(.07	)		(.01	)		(.18	)		(.01	)		(.19	)		10.20		(.09	)		53			.39			.39			.64			.60
10/31/2020		10.01		.12			.42			.54			(.15	)		—			(.15	)		10.40		5.42			65			.38			.38			.65			1.17
10/31/2019		9.70		.18			.31			.49			(.18	)		—			(.18	)		10.01		5.06			22			.40			.40			.69			1.81
10/31/2018		9.91		.15			(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.64	)		21			.40			.40			.70			1.51
Class F-2:
10/31/2022		10.20		.18			(.92	)		(.74	)		(.17	)		(.01	)		(.18	)		9.28		(7.27	)		314			.12			.12			.38			1.81
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.18			422			.13			.13			.38			.87
10/31/2020		10.01		.15			.41			.56			(.17	)		—			(.17	)		10.40		5.68			412			.12			.12			.39			1.41
10/31/2019		9.70		.21			.31			.52			(.21	)		—			(.21	)		10.01		5.36			107			.12			.12			.41			2.09
10/31/2018		9.91		.17			(.21	)		(.04	)		(.17	)		—			(.17	)		9.70		(.36	)		81			.13			.13			.43			1.78
Class F-3:
10/31/2022		10.20		.19			(.91	)		(.72	)		(.19	)		(.01	)		(.20	)		9.28		(7.16	)		64			.01			.01			.27			1.93
10/31/2021		10.40		.10			(.07	)		.03			(.22	)		(.01	)		(.23	)		10.20		.29			74			.02			.02			.27			1.01
10/31/2020		10.01		.15			.42			.57			(.18	)		—			(.18	)		10.40		5.77			53			.03			.03			.30			1.46
10/31/2019		9.69		.22			.31			.53			(.21	)		—			(.21	)		10.01		5.56			9			.03			.03			.32			2.17
10/31/2018		9.91		.19			(.23	)		(.04	)		(.18	)		—			(.18	)		9.69		(.37	)		2			.03			.03			.33			1.92

Refer to the end of the tables for footnotes.

84 American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4
Year ended	Net asset value, beginning of year		Net investment income (loss)			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 year		Total return2,3			Net assets, end of year (in millions)									Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class 529-A:
10/31/2022	$	10.20	$	.15		$	(.91	)	$	(.76	)	$	(.15	)	$	(.01	)	$	(.16	)	$	9.28		(7.49	)%	$	181			.37	%		.37	%		.63	%		1.57	%
10/31/2021		10.39		.06			(.05	)		.01			(.19	)		(.01	)		(.20	)		10.20		.03			214			.37			.37			.62			.63
10/31/2020		10.00		.13			.41			.54			(.15	)		—			(.15	)		10.39		5.40			211			.39			.39			.66			1.25
10/31/2019		9.69		.18			.31			.49			(.18	)		—			(.18	)		10.00		5.07			132			.40			.40			.69			1.81
10/31/2018		9.91		.15			(.22	)		(.07	)		(.15	)		—			(.15	)		9.69		(.76	)		101			.42			.42			.72			1.51
Class 529-C:
10/31/2022		10.18		.08			(.91	)		(.83	)		(.08	)		(.01	)		(.09	)		9.26		(8.17	)		12			1.13			1.13			1.39			.81
10/31/2021		10.39		(.01	)		(.07	)		(.08	)		(.12	)		(.01	)		(.13	)		10.18		(.82	)		17			1.13			1.13			1.38			(.13	)
10/31/2020		10.00		.06			.40			.46			(.07	)		—			(.07	)		10.39		4.60			21			1.15			1.15			1.42			.61
10/31/2019		9.69		.10			.31			.41			(.10	)		—			(.10	)		10.00		4.27			31			1.16			1.16			1.45			1.05
10/31/2018		9.90		.07			(.21	)		(.14	)		(.07	)		—			(.07	)		9.69		(1.42	)		27			1.17			1.17			1.47			.74
Class 529-E:
10/31/2022		10.19		.13			(.90	)		(.77	)		(.13	)		(.01	)		(.14	)		9.28		(7.61	)		5			.59			.59			.85			1.34
10/31/2021		10.39		.04			(.07	)		(.03	)		(.16	)		(.01	)		(.17	)		10.19		(.30	)		7			.60			.60			.85			.40
10/31/2020		10.00		.11			.40			.51			(.12	)		—			(.12	)		10.39		5.16			8			.61			.61			.88			1.06
10/31/2019		9.69		.16			.31			.47			(.16	)		—			(.16	)		10.00		4.84			6			.62			.62			.91			1.59
10/31/2018		9.91		.13			(.23	)		(.10	)		(.12	)		—			(.12	)		9.69		(.96	)		4			.63			.63			.93			1.29
Class 529-T:
10/31/2022		10.20		.18			(.91	)		(.73	)		(.17	)		(.01	)		(.18	)		9.29		(7.19	)8		—	9		.14	8		.14	8		.40	8		1.80	8
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.16	8		—	9		.15	8		.15	8		.40	8		.85	8
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.63	8		—	9		.16	8		.16	8		.43	8		1.54	8
10/31/2019		9.70		.20			.31			.51			(.20	)		—			(.20	)		10.01		5.31	8		—	9		.17	8		.17	8		.46	8		2.04	8
10/31/2018		9.92		.17			(.22	)		(.05	)		(.17	)		—			(.17	)		9.70		(.51	)8		—	9		.17	8		.17	8		.47	8		1.74	8
Class 529-F-1:
10/31/2022		10.20		.17			(.91	)		(.74	)		(.17	)		(.01	)		(.18	)		9.28		(7.33	)8		—	9		.19	8		.19	8		.45	8		1.75	8
10/31/2021		10.40		.08			(.06	)		.02			(.21	)		(.01	)		(.22	)		10.20		.13	8		—	9		.19	8		.19	8		.44	8		.81	8
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.64	8		—	9		.15	8		.15	8		.42	8		1.52	8
10/31/2019		9.69		.20			.32			.52			(.20	)		—			(.20	)		10.01		5.42			29			.17			.17			.46			2.05
10/31/2018		9.91		.17			(.22	)		(.05	)		(.17	)		—			(.17	)		9.69		(.51	)		21			.17			.17			.47			1.75
Class 529-F-2:
10/31/2022		10.20		.18			(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.16	)		39			.11			.11			.37			1.83
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.17			44			.14			.14			.39			.86
10/31/202011,12		10.40		—			—			—			—			—			—			10.40		—			40			—			—			—			—

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 85

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4
Year ended	Net asset value, beginning of year		Net investment income (loss)			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 year		Total return2,3			Net assets, end of year (in millions)									Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class 529-F-3:
10/31/2022	$	10.20	$	.18		$	(.90	)	$	(.72	)	$	(.18	)	$	(.01	)	$	(.19	)	$	9.29		(7.13	)%	$	—	9		.08	%		.08	%		.34	%		1.86	%
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22			—	9		.15			.09			.34			.90
10/31/202011,12		10.40		—			—			—			—			—			—			10.40		—			—	9		—			—			—			—
Class ABLE-A:
10/31/2022		10.21		.17			(.92	)		(.75	)		(.16	)		(.01	)		(.17	)		9.29		(7.42	)		1			.30			.25			.51			1.71
10/31/2021		10.40		.08			(.06	)		.02			(.20	)		(.01	)		(.21	)		10.21		.17			1			.25			.19			.44			.82
10/31/2020		10.01		.13			.41			.54			(.15	)		—			(.15	)		10.40		5.39			—	9		.39			.33			.60			1.30
10/31/2019		9.69		.19			.31			.50			(.18	)		—			(.18	)		10.01		5.21			—	9		.40			.34			.63			1.89
10/31/201811,13		9.74		.05			(.04	)		.01			(.06	)		—			(.06	)		9.69		.14	8,14		—	9		.10	8,14		.08	8,14		.38	8,14		.52	8,14
Class ABLE-F-2:
10/31/2022		10.21		.19			(.89	)		(.70	)		(.18	)		(.01	)		(.19	)		9.32		(6.94	)		—	9		.09			.03			.29			1.93
10/31/2021		10.40		.10			(.06	)		.04			(.22	)		(.01	)		(.23	)		10.21		.32			—	9		.09			.03			.28			.96
10/31/202011,12		10.40		—			—			—			—			—			—			10.40		—			—	9		—			—			—			—
Class R-1:
10/31/2022		10.18		.08			(.91	)		(.83	)		(.08	)		(.01	)		(.09	)		9.26		(8.13	)		1			1.11			1.11			1.37			.84
10/31/2021		10.39		(.02	)		(.06	)		(.08	)		(.12	)		(.01	)		(.13	)		10.18		(.83	)		1			1.16			1.16			1.41			(.16	)
10/31/2020		10.01		.04			.41			.45			(.07	)		—			(.07	)		10.39		4.50			1			1.18			1.18			1.45			.41
10/31/2019		9.69		.10			.32			.42			(.10	)		—			(.10	)		10.01		4.34			—	9		1.18			1.18			1.47			1.02
10/31/2018		9.91		.07			(.22	)		(.15	)		(.07	)		—			(.07	)		9.69		(1.51	)		—	9		1.15			1.15			1.45			.70
Class R-2:
10/31/2022		10.16		.08			(.90	)		(.82	)		(.09	)		(.01	)		(.10	)		9.24		(8.13	)		18			1.09			1.09			1.35			.86
10/31/2021		10.37		(.01	)		(.07	)		(.08	)		(.12	)		(.01	)		(.13	)		10.16		(.80	)		19			1.12			1.12			1.37			(.12	)
10/31/2020		9.98		.06			.40			.46			(.07	)		—			(.07	)		10.37		4.66			25			1.13			1.13			1.40			.55
10/31/2019		9.67		.11			.31			.42			(.11	)		—			(.11	)		9.98		4.32			17			1.13			1.13			1.42			1.09
10/31/2018		9.89		.08			(.22	)		(.14	)		(.08	)		—			(.08	)		9.67		(1.45	)		14			1.12			1.12			1.42			.79
Class R-2E:
10/31/2022		10.20		.10			(.90	)		(.80	)		(.11	)		(.01	)		(.12	)		9.28		(7.91	)		1			.82			.82			1.08			1.06
10/31/2021		10.40		.01			(.06	)		(.05	)		(.14	)		(.01	)		(.15	)		10.20		(.54	)		1			.86			.85			1.10			.13
10/31/2020		10.01		.08			.41			.49			(.10	)		—			(.10	)		10.40		4.95			1			.83			.83			1.10			.82
10/31/2019		9.70		.14			.30			.44			(.13	)		—			(.13	)		10.01		4.57			1			.86			.86			1.15			1.37
10/31/2018		9.91		.10			(.21	)		(.11	)		(.10	)		—			(.10	)		9.70		(1.11	)		1			.85			.85			1.15			1.02

Refer to the end of the tables for footnotes.

86 American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4
Year ended	Net asset value, beginning of year		Net investment income (loss)		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 year		Total return2,3			Net assets, end of year (in millions)									Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class R-3:
10/31/2022	$	10.19	$	.13	$	(.92	)	$	(.79	)	$	(.12	)	$	(.01	)	$	(.13	)	$	9.27		(7.74	)%	$	29			.64	%		.64	%		.90	%		1.31	%
10/31/2021		10.39		.04		(.07	)		(.03	)		(.16	)		(.01	)		(.17	)		10.19		(.35	)		29			.66			.66			.91			.34
10/31/2020		10.00		.10		.41			.51			(.12	)		—			(.12	)		10.39		5.12			29			.67			.67			.94			.99
10/31/2019		9.69		.15		.31			.46			(.15	)		—			(.15	)		10.00		4.77			19			.67			.67			.96			1.54
10/31/2018		9.91		.12		(.22	)		(.10	)		(.12	)		—			(.12	)		9.69		(1.00	)		16			.67			.67			.97			1.24
Class R-4:
10/31/2022		10.20		.16		(.91	)		(.75	)		(.15	)		(.01	)		(.16	)		9.29		(7.36	)		13			.33			.33			.59			1.60
10/31/2021		10.40		.07		(.07	)		—	7		(.19	)		(.01	)		(.20	)		10.20		(.05	)		15			.35			.35			.60			.64
10/31/2020		10.01		.13		.41			.54			(.15	)		—			(.15	)		10.40		5.43			17			.36			.36			.63			1.31
10/31/2019		9.70		.18		.31			.49			(.18	)		—			(.18	)		10.01		5.09			12			.37			.37			.66			1.84
10/31/2018		9.91		.15		(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.60	)		12			.37			.37			.67			1.55
Class R-5E:
10/31/2022		10.21		.18		(.92	)		(.74	)		(.17	)		(.01	)		(.18	)		9.29		(7.29	)		4			.16			.16			.42			1.80
10/31/2021		10.41		.08		(.06	)		.02			(.21	)		(.01	)		(.22	)		10.21		.13			3			.17			.17			.42			.82
10/31/2020		10.02		.15		.41			.56			(.17	)		—			(.17	)		10.41		5.61			3			.18			.18			.45			1.46
10/31/2019		9.70		.20		.32			.52			(.20	)		—			(.20	)		10.02		5.41			2			.18			.18			.47			2.04
10/31/2018		9.92		.18		(.23	)		(.05	)		(.17	)		—			(.17	)		9.70		(.49	)		—	9		.17			.17			.47			1.81
Class R-5:
10/31/2022		10.20		.18		(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.11	)		6			.06			.06			.32			1.87
10/31/2021		10.40		.09		(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.24			5			.07			.07			.32			.92
10/31/2020		10.01		.15		.42			.57			(.18	)		—			(.18	)		10.40		5.72			6			.08			.08			.35			1.50
10/31/2019		9.70		.21		.31			.52			(.21	)		—			(.21	)		10.01		5.40			2			.09			.09			.38			2.12
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.42	)		2			.08			.08			.38			1.80
Class R-6:
10/31/2022		10.20		.19		(.90	)		(.71	)		(.19	)		(.01	)		(.20	)		9.29		(7.06	)		32			.01			.01			.27			1.92
10/31/2021		10.40		.10		(.07	)		.03			(.22	)		(.01	)		(.23	)		10.20		.29			44			.02			.02			.27			.97
10/31/2020		10.01		.16		.41			.57			(.18	)		—			(.18	)		10.40		5.76			44			.03			.03			.30			1.59
10/31/2019		9.70		.22		.30			.52			(.21	)		—			(.21	)		10.01		5.45			23			.03			.03			.32			2.18
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.37	)		13			.03			.03			.33			1.88

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 87

Financial highlights (continued)

Tax-Exempt Preservation Portfolio

			(Loss) income from investment operations1																				Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)									Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
10/31/2022	$	9.99	$	.09		$	(.71	)	$	(.62	)	$	(.11	)	$	9.26		(6.24	)%	$	459			.34	%		.34	%		.61	%		.91	%
10/31/2021		10.03		.07			(.01	)		.06			(.10	)		9.99		.60			525			.35			.35			.63			.70
10/31/2020		9.88		.13			.16			.29			(.14	)		10.03		2.98			426			.37			.36			.66			1.27
10/31/2019		9.57		.17			.31			.48			(.17	)		9.88		5.03			333			.38			.37			.70			1.71
10/31/2018		9.79		.16			(.22	)		(.06	)		(.16	)		9.57		(.59	)		307			.40			.39			.73			1.69
Class C:
10/31/2022		9.97		.02			(.71	)		(.69	)		(.04	)		9.24		(6.91	)		25			1.04			1.04			1.31			.19
10/31/2021		10.01		—	7		—	7		—	7		(.04	)		9.97		(.05	)		37			1.05			1.05			1.33			.01
10/31/2020		9.87		.06			.15			.21			(.07	)		10.01		2.16			39			1.07			1.06			1.36			.58
10/31/2019		9.56		.10			.31			.41			(.10	)		9.87		4.28			39			1.08			1.07			1.40			1.01
10/31/2018		9.78		.10			(.23	)		(.13	)		(.09	)		9.56		(1.30	)		44			1.10			1.09			1.43			.99
Class T:
10/31/2022		9.99		.12			(.71	)		(.59	)		(.14	)		9.26		(5.97	)8		—	9		.05	8		.05	8		.32	8		1.21	8
10/31/2021		10.03		.10			(.01	)		.09			(.13	)		9.99		.89	8		—	9		.05	8		.05	8		.33	8		1.00	8
10/31/2020		9.88		.16			.16			.32			(.17	)		10.03		3.28	8		—	9		.07	8		.07	8		.37	8		1.58	8
10/31/2019		9.57		.20			.31			.51			(.20	)		9.88		5.34	8		—	9		.08	8		.07	8		.40	8		2.01	8
10/31/2018		9.79		.19			(.22	)		(.03	)		(.19	)		9.57		(.31	)8		—	9		.11	8		.10	8		.44	8		1.98	8
Class F-1:
10/31/2022		10.00		.08			(.71	)		(.63	)		(.10	)		9.27		(6.30	)		3			.39			.39			.66			.79
10/31/2021		10.03		.07			(.01	)		.06			(.09	)		10.00		.65			7			.40			.40			.68			.66
10/31/2020		9.88		.12			.17			.29			(.14	)		10.03		2.93			9			.39			.39			.70			1.16
10/31/2019		9.57		.16			.31			.47			(.16	)		9.88		4.95			4			.43			.41			.74			1.66
10/31/2018		9.80		.16			(.23	)		(.07	)		(.16	)		9.57		(.73	)		4			.42			.41			.75			1.66
Class F-2:
10/31/2022		9.99		.10			(.70	)		(.60	)		(.13	)		9.26		(6.04	)		98			.12			.12			.39			1.08
10/31/2021		10.03		.09			(.01	)		.08			(.12	)		9.99		.83			171			.12			.12			.40			.92
10/31/2020		9.88		.15			.16			.31			(.16	)		10.03		3.21			112			.13			.13			.43			1.47
10/31/2019		9.57		.19			.31			.50			(.19	)		9.88		5.28			58			.14			.13			.46			1.94
10/31/2018		9.79		.19			(.22	)		(.03	)		(.19	)		9.57		(.33	)		43			.14			.13			.47			1.95
Class F-3:
10/31/2022		9.99		.11			(.70	)		(.59	)		(.14	)		9.26		(5.93	)		15			.01			.01			.28			1.14
10/31/2021		10.03		.10			(.01	)		.09			(.13	)		9.99		.93			42			.02			.02			.30			1.01
10/31/2020		9.88		.15			.17			.32			(.17	)		10.03		3.32			19			.04			.03			.33			1.54
10/31/2019		9.57		.20			.31			.51			(.20	)		9.88		5.37			7			.04			.03			.36			2.01
10/31/2018		9.79		.20			(.22	)		(.02	)		(.20	)		9.57		(.23	)		2			.04			.04			.38			2.03

Refer to the end of the tables for footnotes.

88 American Funds Portfolio Series

Financial highlights (continued)

	Year ended October 31,
Portfolio turnover rate for all share classes	2022			2021			2020			2019			2018
Global Growth Portfolio		5	%		5	%		27	%		3	%		1	%
Growth Portfolio		2			5			30			—	15		—	15
Growth and Income Portfolio		7			18			13			1			—	15
Moderate Growth and Income Portfolio		2			11			17			1			—	15
Conservative Growth and Income Portfolio		4			30			23			1			2
Tax-Aware Conservative Growth and Income Portfolio		4			—	15		14			1			2
Preservation Portfolio		20			17			1			4			8
Tax-Exempt Preservation Portfolio		20			5			7			15			13

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 Virginia529 and/or CRMC. During some of the years shown, Virginia529 waived a portion of ABLE plan services fees for existing Class ABLE shares. In addition, during some of the years shown, CRMC reimbursed a portion of transfer agent services fees for certain share classes on some funds and 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 include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.
6	Unaudited.
7	Amount less than $.01.
8	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.
9	Amount less than $1 million.
10	Amount less than .01%.
11	Based on operations for a period that is less than a full year.
12	Class 529-F-2, 529-F-3 and ABLE-F-2 shares began investment operations on October 30, 2020.
13	Class ABLE-A shares began investment operations on July 13, 2018.
14	Not annualized.
15	Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Portfolio Series 89

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of American Funds Portfolio Series:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the American Funds Portfolio Series (the “Funds”) comprising the American Funds Global Growth Portfolio, American Funds Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Moderate Growth and Income Portfolio, American Funds Conservative Growth and Income Portfolio, American Funds Tax-Aware Conservative Growth and Income Portfolio, American Funds Preservation Portfolio, and American Funds Tax-Exempt Preservation Portfolio, including the investment portfolios, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of October 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California
December 8, 2022

We have served as the auditor of one or more American Funds investment companies since 1956.

90 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 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 (May 1, 2022, through October 31, 2022).

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, F-3, 529-F-1, 529-F-2, 529-F-3 and ABLE-F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

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

American Funds Portfolio Series 91

Expense example (continued)

Global Growth Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	899.84	$	1.77		.37	%	$	3.88		.81	%
Class A – assumed 5% return		1,000.00		1,023.34		1.89		.37			4.13		.81
Class C – actual return		1,000.00		895.71		5.40		1.13			7.50		1.57
Class C – assumed 5% return		1,000.00		1,019.51		5.75		1.13			7.98		1.57
Class T – actual return		1,000.00		900.51		.53		.11			2.63		.55
Class T – assumed 5% return		1,000.00		1,024.65		.56		.11			2.80		.55
Class F-1 – actual return		1,000.00		899.48		1.87		.39			3.97		.83
Class F-1 – assumed 5% return		1,000.00		1,023.24		1.99		.39			4.23		.83
Class F-2 – actual return		1,000.00		900.30		.57		.12			2.68		.56
Class F-2 – assumed 5% return		1,000.00		1,024.60		.61		.12			2.85		.56
Class F-3 – actual return		1,000.00		901.13		.05		.01			2.16		.45
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			2.29		.45
Class 529-A – actual return		1,000.00		899.12		2.01		.42			4.12		.86
Class 529-A – assumed 5% return		1,000.00		1,023.09		2.14		.42			4.38		.86
Class 529-C – actual return		1,000.00		896.18		5.64		1.18			7.74		1.62
Class 529-C – assumed 5% return		1,000.00		1,019.26		6.01		1.18			8.24		1.62
Class 529-E – actual return		1,000.00		898.49		3.01		.63			5.12		1.07
Class 529-E – assumed 5% return		1,000.00		1,022.03		3.21		.63			5.45		1.07
Class 529-T – actual return		1,000.00		900.46		.77		.16			2.87		.60
Class 529-T – assumed 5% return		1,000.00		1,024.40		.82		.16			3.06		.60
Class 529-F-1 – actual return		1,000.00		900.46		.96		.20			3.07		.64
Class 529-F-1 – assumed 5% return		1,000.00		1,024.20		1.02		.20			3.26		.64
Class 529-F-2 – actual return		1,000.00		900.31		.62		.13			2.73		.57
Class 529-F-2 – assumed 5% return		1,000.00		1,024.55		.66		.13			2.91		.57
Class 529-F-3 – actual return		1,000.00		900.78		.38		.08			2.49		.52
Class 529-F-3 – assumed 5% return		1,000.00		1,024.80		.41		.08			2.65		.52
Class ABLE-A – actual return		1,000.00		899.89		1.15		.24			3.26		.68
Class ABLE-A – assumed 5% return		1,000.00		1,024.00		1.22		.24			3.47		.68
Class ABLE-F-2 – actual return		1,000.00		901.30		.29		.06			2.40		.50
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.90		.31		.06			2.55		.50
Class R-1 – actual return		1,000.00		896.37		4.83		1.01			6.93		1.45
Class R-1 – assumed 5% return		1,000.00		1,020.11		5.14		1.01			7.37		1.45
Class R-2 – actual return		1,000.00		896.39		5.21		1.09			7.31		1.53
Class R-2 – assumed 5% return		1,000.00		1,019.71		5.55		1.09			7.78		1.53
Class R-2E – actual return		1,000.00		897.54		3.87		.81			5.98		1.25
Class R-2E – assumed 5% return		1,000.00		1,021.12		4.13		.81			6.36		1.25
Class R-3 – actual return		1,000.00		898.43		3.11		.65			5.22		1.09
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31		.65			5.55		1.09
Class R-4 – actual return		1,000.00		899.64		1.58		.33			3.69		.77
Class R-4 – assumed 5% return		1,000.00		1,023.54		1.68		.33			3.92		.77
Class R-5E – actual return		1,000.00		900.62		.72		.15			2.83		.59
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77		.15			3.01		.59
Class R-5 – actual return		1,000.00		900.88		.29		.06			2.40		.50
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			2.55		.50
Class R-6 – actual return		1,000.00		901.11		.05		.01			2.16		.45
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			2.29		.45

Refer to the end of the tables for footnotes.

92 American Funds Portfolio Series

Expense example (continued)

Growth Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	911.03	$	1.78		.37	%	$	3.56		.74	%
Class A – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.77		.74
Class C – actual return		1,000.00		907.31		5.38		1.12			7.16		1.49
Class C – assumed 5% return		1,000.00		1,019.56		5.70		1.12			7.58		1.49
Class T – actual return		1,000.00		912.10		.48		.10			2.27		.47
Class T – assumed 5% return		1,000.00		1,024.70		.51		.10			2.40		.47
Class F-1 – actual return		1,000.00		911.03		1.83		.38			3.61		.75
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94		.38			3.82		.75
Class F-2 – actual return		1,000.00		912.43		.53		.11			2.31		.48
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.45		.48
Class F-3 – actual return		1,000.00		912.74		.05		.01			1.83		.38
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.94		.38
Class 529-A – actual return		1,000.00		910.86		2.02		.42			3.80		.79
Class 529-A – assumed 5% return		1,000.00		1,023.09		2.14		.42			4.02		.79
Class 529-C – actual return		1,000.00		907.18		5.62		1.17			7.40		1.54
Class 529-C – assumed 5% return		1,000.00		1,019.31		5.96		1.17			7.83		1.54
Class 529-E – actual return		1,000.00		909.49		2.98		.62			4.76		.99
Class 529-E – assumed 5% return		1,000.00		1,022.08		3.16		.62			5.04		.99
Class 529-T – actual return		1,000.00		912.05		.77		.16			2.55		.53
Class 529-T – assumed 5% return		1,000.00		1,024.40		.82		.16			2.70		.53
Class 529-F-1 – actual return		1,000.00		911.70		.96		.20			2.75		.57
Class 529-F-1 – assumed 5% return		1,000.00		1,024.20		1.02		.20			2.91		.57
Class 529-F-2 – actual return		1,000.00		911.92		.63		.13			2.41		.50
Class 529-F-2 – assumed 5% return		1,000.00		1,024.55		.66		.13			2.55		.50
Class 529-F-3 – actual return		1,000.00		912.32		.39		.08			2.17		.45
Class 529-F-3 – assumed 5% return		1,000.00		1,024.80		.41		.08			2.29		.45
Class ABLE-A – actual return		1,000.00		911.61		1.16		.24			2.94		.61
Class ABLE-A – assumed 5% return		1,000.00		1,024.00		1.22		.24			3.11		.61
Class ABLE-F-2 – actual return		1,000.00		912.40		.24		.05			2.02		.42
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.95		.26		.05			2.14		.42
Class R-1 – actual return		1,000.00		908.03		5.29		1.10			7.07		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60		1.10			7.48		1.47
Class R-2 – actual return		1,000.00		907.71		5.19		1.08			6.97		1.45
Class R-2 – assumed 5% return		1,000.00		1,019.76		5.50		1.08			7.37		1.45
Class R-2E – actual return		1,000.00		909.27		3.90		.81			5.68		1.18
Class R-2E – assumed 5% return		1,000.00		1,021.12		4.13		.81			6.01		1.18
Class R-3 – actual return		1,000.00		909.57		3.13		.65			4.91		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31		.65			5.19		1.02
Class R-4 – actual return		1,000.00		911.37		1.64		.34			3.42		.71
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.62		.71
Class R-5E – actual return		1,000.00		912.28		.72		.15			2.51		.52
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77		.15			2.65		.52
Class R-5 – actual return		1,000.00		912.44		.24		.05			2.02		.42
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26		.05			2.14		.42
Class R-6 – actual return		1,000.00		912.71		.05		.01			1.83		.38
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.94		.38

Refer to the end of the tables for footnotes.

  American Funds Portfolio Series 93

Expense example (continued)

Growth and Income Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	930.64	$	1.61		.33	%	$	3.21		.66	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68		.33			3.36		.66
Class C – actual return		1,000.00		926.98		5.20		1.07			6.80		1.40
Class C – assumed 5% return		1,000.00		1,019.81		5.45		1.07			7.12		1.40
Class T – actual return		1,000.00		931.43		.34		.07			1.95		.40
Class T – assumed 5% return		1,000.00		1,024.85		.36		.07			2.04		.40
Class F-1 – actual return		1,000.00		930.44		1.85		.38			3.45		.71
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94		.38			3.62		.71
Class F-2 – actual return		1,000.00		931.27		.54		.11			2.14		.44
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.24		.44
Class F-3 – actual return		1,000.00		932.33		.05		.01			1.66		.34
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.73		.34
Class 529-A – actual return		1,000.00		930.45		1.80		.37			3.41		.70
Class 529-A – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.57		.70
Class 529-C – actual return		1,000.00		926.26		5.49		1.13			7.09		1.46
Class 529-C – assumed 5% return		1,000.00		1,019.51		5.75		1.13			7.43		1.46
Class 529-E – actual return		1,000.00		929.17		2.92		.60			4.52		.93
Class 529-E – assumed 5% return		1,000.00		1,022.18		3.06		.60			4.74		.93
Class 529-T – actual return		1,000.00		931.23		.54		.11			2.14		.44
Class 529-T – assumed 5% return		1,000.00		1,024.65		.56		.11			2.24		.44
Class 529-F-1 – actual return		1,000.00		930.83		.97		.20			2.58		.53
Class 529-F-1 – assumed 5% return		1,000.00		1,024.20		1.02		.20			2.70		.53
Class 529-F-2 – actual return		1,000.00		931.78		.54		.11			2.14		.44
Class 529-F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.24		.44
Class 529-F-3 – actual return		1,000.00		931.41		.34		.07			1.95		.40
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			2.04		.40
Class ABLE-A – actual return		1,000.00		930.92		1.12		.23			2.73		.56
Class ABLE-A – assumed 5% return		1,000.00		1,024.05		1.17		.23			2.85		.56
Class ABLE-F-2 – actual return		1,000.00		931.36		.15		.03			1.75		.36
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.05		.15		.03			1.84		.36
Class R-1 – actual return		1,000.00		926.52		5.24		1.08			6.85		1.41
Class R-1 – assumed 5% return		1,000.00		1,019.76		5.50		1.08			7.17		1.41
Class R-2 – actual return		1,000.00		926.93		5.20		1.07			6.80		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.81		5.45		1.07			7.12		1.40
Class R-2E – actual return		1,000.00		928.09		3.89		.80			5.49		1.13
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08		.80			5.75		1.13
Class R-3 – actual return		1,000.00		928.80		3.11		.64			4.72		.97
Class R-3 – assumed 5% return		1,000.00		1,021.98		3.26		.64			4.94		.97
Class R-4 – actual return		1,000.00		929.98		1.65		.34			3.26		.67
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.41		.67
Class R-5E – actual return		1,000.00		930.97		.73		.15			2.34		.48
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77		.15			2.45		.48
Class R-5 – actual return		1,000.00		931.71		.29		.06			1.90		.39
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.99		.39
Class R-6 – actual return		1,000.00		931.84		.05		.01			1.66		.34
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.73		.34

Refer to the end of the tables for footnotes.

94 American Funds Portfolio Series

Expense example (continued)

Moderate Growth and Income Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	933.53	$	1.51		.31	%	$	3.12		.64	%
Class A – assumed 5% return		1,000.00		1,023.64		1.58		.31			3.26		.64
Class C – actual return		1,000.00		929.86		5.16		1.06			6.76		1.39
Class C – assumed 5% return		1,000.00		1,019.86		5.40		1.06			7.07		1.39
Class T – actual return		1,000.00		934.31		.20		.04			1.80		.37
Class T – assumed 5% return		1,000.00		1,025.00		.20		.04			1.89		.37
Class F-1 – actual return		1,000.00		933.24		1.80		.37			3.41		.70
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.57		.70
Class F-2 – actual return		1,000.00		934.05		.54		.11			2.14		.44
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.24		.44
Class F-3 – actual return		1,000.00		934.48		.05		.01			1.66		.34
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.73		.34
Class 529-A – actual return		1,000.00		933.27		1.75		.36			3.36		.69
Class 529-A – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.52		.69
Class 529-C – actual return		1,000.00		929.84		5.40		1.11			7.00		1.44
Class 529-C – assumed 5% return		1,000.00		1,019.61		5.65		1.11			7.32		1.44
Class 529-E – actual return		1,000.00		932.54		2.87		.59			4.48		.92
Class 529-E – assumed 5% return		1,000.00		1,022.23		3.01		.59			4.69		.92
Class 529-T – actual return		1,000.00		934.57		.54		.11			2.15		.44
Class 529-T – assumed 5% return		1,000.00		1,024.65		.56		.11			2.24		.44
Class 529-F-1 – actual return		1,000.00		934.26		.88		.18			2.49		.51
Class 529-F-1 – assumed 5% return		1,000.00		1,024.30		.92		.18			2.60		.51
Class 529-F-2 – actual return		1,000.00		933.96		.49		.10			2.10		.43
Class 529-F-2 – assumed 5% return		1,000.00		1,024.70		.51		.10			2.19		.43
Class 529-F-3 – actual return		1,000.00		934.11		.34		.07			1.95		.40
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			2.04		.40
Class ABLE-A – actual return		1,000.00		933.68		1.12		.23			2.73		.56
Class ABLE-A – assumed 5% return		1,000.00		1,024.05		1.17		.23			2.85		.56
Class ABLE-F-2 – actual return		1,000.00		934.72		.15		.03			1.76		.36
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.05		.15		.03			1.84		.36
Class R-1 – actual return		1,000.00		929.76		5.25		1.08			6.86		1.41
Class R-1 – assumed 5% return		1,000.00		1,019.76		5.50		1.08			7.17		1.41
Class R-2 – actual return		1,000.00		929.92		5.16		1.06			6.76		1.39
Class R-2 – assumed 5% return		1,000.00		1,019.86		5.40		1.06			7.07		1.39
Class R-2E – actual return		1,000.00		931.03		3.89		.80			5.50		1.13
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08		.80			5.75		1.13
Class R-3 – actual return		1,000.00		932.28		3.12		.64			4.72		.97
Class R-3 – assumed 5% return		1,000.00		1,021.98		3.26		.64			4.94		.97
Class R-4 – actual return		1,000.00		933.32		1.71		.35			3.31		.68
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79		.35			3.47		.68
Class R-5E – actual return		1,000.00		934.39		.73		.15			2.34		.48
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77		.15			2.45		.48
Class R-5 – actual return		1,000.00		934.98		.24		.05			1.85		.38
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26		.05			1.94		.38
Class R-6 – actual return		1,000.00		934.60		.05		.01			1.66		.34
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.73		.34

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 95

Expense example (continued)

Conservative Growth and Income Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	945.15	$	1.52		.31	%	$	2.94		.60	%
Class A – assumed 5% return		1,000.00		1,023.64		1.58		.31			3.06		.60
Class C – actual return		1,000.00		941.83		5.14		1.05			6.56		1.34
Class C – assumed 5% return		1,000.00		1,019.91		5.35		1.05			6.82		1.34
Class T – actual return		1,000.00		947.28		.25		.05			1.67		.34
Class T – assumed 5% return		1,000.00		1,024.95		.26		.05			1.73		.34
Class F-1 – actual return		1,000.00		944.96		1.81		.37			3.24		.66
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.36		.66
Class F-2 – actual return		1,000.00		946.26		.54		.11			1.96		.40
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.04		.40
Class F-3 – actual return		1,000.00		947.48		.05		.01			1.47		.30
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.53		.30
Class 529-A – actual return		1,000.00		945.75		1.67		.34			3.09		.63
Class 529-A – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.21		.63
Class 529-C – actual return		1,000.00		941.57		5.43		1.11			6.85		1.40
Class 529-C – assumed 5% return		1,000.00		1,019.61		5.65		1.11			7.12		1.40
Class 529-E – actual return		1,000.00		943.76		2.84		.58			4.26		.87
Class 529-E – assumed 5% return		1,000.00		1,022.28		2.96		.58			4.43		.87
Class 529-T – actual return		1,000.00		947.07		.44		.09			1.86		.38
Class 529-T – assumed 5% return		1,000.00		1,024.75		.46		.09			1.94		.38
Class 529-F-1 – actual return		1,000.00		945.87		.88		.18			2.31		.47
Class 529-F-1 – assumed 5% return		1,000.00		1,024.30		.92		.18			2.40		.47
Class 529-F-2 – actual return		1,000.00		946.20		.54		.11			1.96		.40
Class 529-F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.04		.40
Class 529-F-3 – actual return		1,000.00		946.38		.34		.07			1.77		.36
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			1.84		.36
Class ABLE-A – actual return		1,000.00		945.32		1.08		.22			2.50		.51
Class ABLE-A – assumed 5% return		1,000.00		1,024.10		1.12		.22			2.60		.51
Class ABLE-F-2 – actual return		1,000.00		947.19		.10		.02			1.52		.31
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.10		.10		.02			1.58		.31
Class R-1 – actual return		1,000.00		941.88		5.19		1.06			6.61		1.35
Class R-1 – assumed 5% return		1,000.00		1,019.86		5.40		1.06			6.87		1.35
Class R-2 – actual return		1,000.00		941.63		5.29		1.08			6.70		1.37
Class R-2 – assumed 5% return		1,000.00		1,019.76		5.50		1.08			6.97		1.37
Class R-2E – actual return		1,000.00		943.37		3.67		.75			5.09		1.04
Class R-2E – assumed 5% return		1,000.00		1,021.42		3.82		.75			5.30		1.04
Class R-3 – actual return		1,000.00		944.27		3.09		.63			4.51		.92
Class R-3 – assumed 5% return		1,000.00		1,022.03		3.21		.63			4.69		.92
Class R-4 – actual return		1,000.00		945.80		1.67		.34			3.09		.63
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.21		.63
Class R-5E – actual return		1,000.00		945.94		.74		.15			2.16		.44
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77		.15			2.24		.44
Class R-5 – actual return		1,000.00		947.33		.29		.06			1.72		.35
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.79		.35
Class R-6 – actual return		1,000.00		946.81		.05		.01			1.47		.30
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.53		.30

Refer to the end of the tables for footnotes.

96 American Funds Portfolio Series

Expense example (continued)

Tax-Aware Conservative Growth and Income Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	946.76	$	1.62		.33	%	$	3.04		.62	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68		.33			3.16		.62
Class C – actual return		1,000.00		944.12		5.05		1.03			6.47		1.32
Class C – assumed 5% return		1,000.00		1,020.01		5.24		1.03			6.72		1.32
Class T – actual return		1,000.00		948.93		.20		.04			1.62		.33
Class T – assumed 5% return		1,000.00		1,025.00		.20		.04			1.68		.33
Class F-1 – actual return		1,000.00		947.15		1.91		.39			3.34		.68
Class F-1 – assumed 5% return		1,000.00		1,023.24		1.99		.39			3.47		.68
Class F-2 – actual return		1,000.00		948.60		.59		.12			2.01		.41
Class F-2 – assumed 5% return		1,000.00		1,024.60		.61		.12			2.09		.41
Class F-3 – actual return		1,000.00		949.12		.05		.01			1.47		.30
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.53		.30

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 97

Expense example (continued)

Preservation Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	965.91	$	1.83		.37	%	$	3.12		.63	%
Class A – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.21		.63
Class C – actual return		1,000.00		962.44		5.29		1.07			6.58		1.33
Class C – assumed 5% return		1,000.00		1,019.81		5.45		1.07			6.77		1.33
Class T – actual return		1,000.00		967.39		.35		.07			1.64		.33
Class T – assumed 5% return		1,000.00		1,024.85		.36		.07			1.68		.33
Class F-1 – actual return		1,000.00		965.89		1.83		.37			3.12		.63
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.21		.63
Class F-2 – actual return		1,000.00		967.12		.59		.12			1.88		.38
Class F-2 – assumed 5% return		1,000.00		1,024.60		.61		.12			1.94		.38
Class F-3 – actual return		1,000.00		967.66		.05		.01			1.34		.27
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.38		.27
Class 529-A – actual return		1,000.00		965.94		1.78		.36			3.07		.62
Class 529-A – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.16		.62
Class 529-C – actual return		1,000.00		962.12		5.59		1.13			6.87		1.39
Class 529-C – assumed 5% return		1,000.00		1,019.51		5.75		1.13			7.07		1.39
Class 529-E – actual return		1,000.00		965.83		2.92		.59			4.21		.85
Class 529-E – assumed 5% return		1,000.00		1,022.23		3.01		.59			4.33		.85
Class 529-T – actual return		1,000.00		967.05		.69		.14			1.98		.40
Class 529-T – assumed 5% return		1,000.00		1,024.50		.71		.14			2.04		.40
Class 529-F-1 – actual return		1,000.00		966.75		.99		.20			2.28		.46
Class 529-F-1 – assumed 5% return		1,000.00		1,024.20		1.02		.20			2.35		.46
Class 529-F-2 – actual return		1,000.00		968.20		.55		.11			1.84		.37
Class 529-F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			1.89		.37
Class 529-F-3 – actual return		1,000.00		968.32		.40		.08			1.69		.34
Class 529-F-3 – assumed 5% return		1,000.00		1,024.80		.41		.08			1.73		.34
Class ABLE-A – actual return		1,000.00		966.36		1.14		.23			2.43		.49
Class ABLE-A – assumed 5% return		1,000.00		1,024.05		1.17		.23			2.50		.49
Class ABLE-F-2 – actual return		1,000.00		967.40		.15		.03			1.44		.29
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.05		.15		.03			1.48		.29
Class R-1 – actual return		1,000.00		962.43		5.44		1.10			6.73		1.36
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60		1.10			6.92		1.36
Class R-2 – actual return		1,000.00		963.43		5.30		1.07			6.58		1.33
Class R-2 – assumed 5% return		1,000.00		1,019.81		5.45		1.07			6.77		1.33
Class R-2E – actual return		1,000.00		963.77		4.06		.82			5.35		1.08
Class R-2E – assumed 5% return		1,000.00		1,021.07		4.18		.82			5.50		1.08
Class R-3 – actual return		1,000.00		964.64		3.17		.64			4.46		.90
Class R-3 – assumed 5% return		1,000.00		1,021.98		3.26		.64			4.58		.90
Class R-4 – actual return		1,000.00		967.14		1.64		.33			2.93		.59
Class R-4 – assumed 5% return		1,000.00		1,023.54		1.68		.33			3.01		.59
Class R-5E – actual return		1,000.00		966.99		.74		.15			2.03		.41
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77		.15			2.09		.41
Class R-5 – actual return		1,000.00		968.46		.30		.06			1.59		.32
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.63		.32
Class R-6 – actual return		1,000.00		967.70		.05		.01			1.34		.27
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.38		.27

Refer to the end of the tables for footnotes.

98 American Funds Portfolio Series

Expense example (continued)

Tax-Exempt Preservation Portfolio

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	985.66	$	1.70		.34	%	$	3.05		.61	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.11		.61
Class C – actual return		1,000.00		982.08		5.20		1.04			6.54		1.31
Class C – assumed 5% return		1,000.00		1,019.96		5.30		1.04			6.67		1.31
Class T – actual return		1,000.00		987.10		.20		.04			1.55		.31
Class T – assumed 5% return		1,000.00		1,025.00		.20		.04			1.58		.31
Class F-1 – actual return		1,000.00		985.28		2.00		.40			3.35		.67
Class F-1 – assumed 5% return		1,000.00		1,023.19		2.04		.40			3.41		.67
Class F-2 – actual return		1,000.00		986.72		.60		.12			1.95		.39
Class F-2 – assumed 5% return		1,000.00		1,024.60		.61		.12			1.99		.39
Class F-3 – actual return		1,000.00		987.26		.05		.01			1.40		.28
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.43		.28

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 99

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The series hereby designates the following amounts for the year ended October 31, 2022:

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio			Moderate Growth and Income Portfolio
Long-term capital gains	$	255,946,000		$	628,840,000		$	635,207,000		$	519,201,000
Foreign taxes (per share)	$	0.0096		$	0.0022		$	0.0012		$	0.0010
Foreign source income (per share)	$	0.1116		$	0.0022		$	0.0481		$	0.0334
Qualified dividend income		100	%		100	%		100	%	$	193,025,000
Section 199A dividends		—			—			—		$	3,505,000
Section 163(j) interest dividends	$	352,000			—		$	57,189,000		$	74,935,000
Corporate dividends received deduction	$	20,357,000			100	%	$	154,183,000		$	132,370,000
U.S. government income that may be exempt from state taxation	$	18,000		$	7,000		$	20,902,000		$	24,884,000
		Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
Long-term capital gains	$	146,276,000		$	40,135,000		$	3,442,000			—
Foreign taxes (per share)		—		$	0.0003			—			—
Foreign source income (per share)		—		$	0.0421			—			—
Qualified dividend income	$	116,755,000			100	%*	$	4,000			—
Section 199A dividends	$	3,265,000			—			—			—
Section 163(j) interest dividends	$	132,988,000		$	357,000		$	47,622,000			—
Corporate dividends received deduction	$	77,067,000		$	37,471,000		$	4,000			—
Exempt interest dividends		—		$	52,160,000			—		$	6,530,000
U.S. government income that may be exempt from state taxation	$	16,184,000		$	161,000		$	28,326,000			—

* The percentage applies only to the taxable ordinary income that has been reported on Form 1099-DIV.

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

100 American Funds Portfolio Series

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	86	None
James G. Ellis, 1947	2012	Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California	96	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	91	None
Mary Davis Holt, 1950	2015–2016 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
Merit E. Janow, 1958	2012	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2012	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.

Interested trustees^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Michael C. Gitlin, 1970	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6	86	None
Bradley J. Vogt, 1965	2012	Partner — Capital Research Global Investors, Capital Research and Management Company; Partner — Capital Research Global Investors, Capital Bank and Trust Company6	30	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

Refer to page 102 for footnotes.

American Funds Portfolio Series 101

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Samir Mathur, 1965 President	2020	Partner — Capital Solutions Group, Capital Research and Management Company
Walt Burkley, 1966 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company6; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Alan N. Berro, 1960 Senior Vice President	2012	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6
Michelle J. Black, 1971 Senior Vice President	2020	Partner — Capital Solutions Group, Capital Research and Management Company
Wesley K. Phoa, 1966 Senior Vice President	2012	Partner — Capital Fixed Income Investors, Capital Bank and Trust Company6; Partner — Capital Solutions Group, Capital Research and Management Company
John R. Queen, 1965 Senior Vice President	2020	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Senior Vice President — Capital Group Private Client Services, Inc.6
William L. Robbins, 1968 Senior Vice President	2020	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 ; Chair and Director, Capital Group International, Inc.6
Andrew B. Suzman, 1967 Senior Vice President	2012	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6
Maria Manotok, 1974 Vice President	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Senior Vice President, Secretary and Director, Capital Group Companies Global6; Senior Vice President, Secretary and Director, Capital Group International, Inc.6
Steven I. Koszalka, 1964 Secretary	2012	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2012	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Senior Vice President — Investment Operations, Capital Research and Management Company

1	The term independent trustee refers to a director who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940.
2	Trustees and officers of the series serve until their resignation, removal or retirement.
3	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
4	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).
5	All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
6	Company affiliated with Capital Research and Management Company.

102 American Funds Portfolio Series

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American Funds Portfolio Series 103

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104 American Funds Portfolio Series

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American Funds Portfolio Series 105

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106 American Funds Portfolio Series

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American Funds Portfolio Series 107

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 nearest 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

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street

Los Angeles, CA 90071-1406

108 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 Capital Group website at capitalgroup.com.

“Proxy Voting Guidelines for American Funds Portfolio Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our 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 our website.

Visit the Capital Group 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 NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

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 December 31, 2022, 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 S&P 500 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 © 2022 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 is prohibited without written permission of S&P Dow Jones Indices LLC.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom 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 Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach – in combination with The Capital System^TM – has resulted in superior outcomes.

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 industry experience, including 21 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 outcomes

Equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.² Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

1	Investment industry experience as of December 31, 2021.
2	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. 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.
3	Based on Class F-2 share results as of December 31, 2021. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,“in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 63% of the time, based on the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

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 the results of the original share class of the fund 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. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that James G. Ellis, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

	AFPS
Registrant:

a)  Audit Fees:
Audit	2021	80,000
	2022	70,000
b)  Audit-Related Fees:
	2021	8,000
	2022	11,000
c)  Tax Fees:
	2021	31,000
	2022	32,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2021	None
	2022	None
	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2021	1,442,000
	2022	2,221,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.
c)  Tax Fees:

	2021	1,000
	2022	394,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2021	2,000
	2022	None
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $1,484,000 for fiscal year 2021 and $2,658,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

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 semi-annual 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)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
(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,

Principal Executive Officer

Date: December 30, 2022

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,

Principal Executive Officer

Date: December 30, 2022

By ___/s/ Gregory F. Niland__________________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: December 30, 2022

EX-99.CODE ETH

Code of Ethics

The following Code of Ethics is in effect for the Registrant:

The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code.  These provisions shall apply to the principal executive officer or chief executive officer and treasurer (“Covered Officers”) of the Fund.
(1)	It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest.  Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.
(2)	Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.  Duties of Covered Officers include:
	•	Acting with integrity;
	•	Adhering to a high standard of business ethics; and
	•	Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund;
(3)	Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund.
	•	Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and
	•	Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund’s auditors, independent trustees, governmental regulators and self-regulatory organizations.
(4)	Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies’ Personal Investing Committee.  The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund.  The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate.  The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board.
(5)	Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.
(6)	Material amendments to these provisions must be ratified by a majority vote of the Board.  As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed.

EX-99.CERT

American Funds Portfolio Series

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

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 180 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 semi-annual 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: December 30, 2022

_/s/ Walter R. Burkley___________________

Walter R. Burkley,

Principal Executive Officer

American Funds Portfolio Series

American Funds Portfolio Series

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

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 180 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 semi-annual 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: December 30, 2022

___/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

(949) 975-5000

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, 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 her or his knowledge that:

1)	The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (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, Principal Executive Officer	Gregory F. Niland, Treasurer
Date: December 30, 2022	Date: December 30, 2022

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.