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, 2023

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, 2023

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, 2023 (the most recent calendar quarter-end). Also shown are the expense ratios as of the series prospectus dated January 1, 2024 (unaudited).

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 5/18/12)			Expense ratios
American Funds® Global Growth Portfolio
Class F-2 shares		20.46	%		5.83	%		7.64	%		9.62	%		0.56	%
Class A shares (reflecting 5.75% maximum sales charge)		13.24			4.31			6.75			8.79			0.81
American Funds® Growth Portfolio
Class F-2 shares		20.90			6.46			8.92			10.84			0.49
Class A shares (reflecting 5.75% maximum sales charge)		13.68			4.94			8.03			10.01			0.75
American Funds® Growth and Income Portfolio
Class F-2 shares		16.74			6.22			7.56			8.91			0.45
Class A shares (reflecting 5.75% maximum sales charge)		9.82			4.73			6.69			8.11			0.67
American Funds® Moderate Growth and Income Portfolio
Class F-2 shares		12.69			5.31			6.56			7.77			0.45
Class A shares (reflecting 5.75% maximum sales charge)		6.01			3.83			5.70			6.97			0.65
American Funds® Conservative Growth and Income Portfolio
Class F-2 shares		8.93			4.12			5.24			6.05			0.39
Class A shares (reflecting 5.75% maximum sales charge)		2.44			2.66			4.40			5.26			0.60
American Funds® Tax-Aware Conservative Growth and Income Portfolio
Class F-2 shares		10.33			4.41			6.07			6.81			0.42
Class A shares (reflecting 3.75% maximum sales charge)		5.89			3.39			5.40			6.18			0.64
American Funds® Preservation Portfolio
Class F-2 shares		2.10			1.18			1.13			1.05			0.39
Class A shares (reflecting 2.50% maximum sales charge)		–0.73			0.41			0.62			0.56			0.66
American Funds® Tax-Exempt Preservation Portfolio
Class F-2 shares		1.83			0.91			1.54			1.45			0.35
Class A shares (reflecting 2.50% maximum sales charge)		–0.96			0.16			1.01			0.96			0.58

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
26	Financial statements
102	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, 2023, we are happy to report that all results in all portfolios were positive. This is a notable improvement from our report this time last year. In good markets and bad, and in times of uncertainty, we emphasize the need for a long-term view when investing to pursue financial goals.

Returns for the period were led by American Funds Global Growth Portfolio and American Funds Growth Portfolio which registered 11.09% and 11.01% returns respectively. As expected, preservation funds returned the least, with American Funds Preservation Portfolio posting 2.22% and American Funds Tax-Exempt Preservation Portfolio returning 1.69%*.

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. Refer to page 10 for details on the underlying American Funds in each portfolio. For the first time, a Capital Group ETF is part of our American Funds Tax-Aware Conservative Growth and Income Portfolio. The Capital Group Portfolio Solutions Committee oversees and regularly monitors the series.

The economy

The markets began the reporting period optimistic that inflation had peaked, and this helped the economy in general. Inflation has continued to ease since then, more rapidly in the U.S. than in other regions. The consensus a year ago was that the economy was headed for recession. While there is still uncertainty and doubt about the economic outlook, many market analysts and economists now think a recession is not imminent.

U.S. equities rebounded in the fourth quarter of 2022, having finished their worst year since 2008. The rally continued for three consecutive quarters, through the first two quarters of 2023, before reversing by the third quarter over fears that the U.S. Federal Reserve (the Fed) would keep interest rates higher for longer than had previously been expected. This was mirrored by global central banks indicating they may keep monetary policy tight.

Bond markets also rallied early in the period but stalled in the second quarter of 2023 due to pressure from rising interest rates. However, heading into the third quarter of 2023, the 10-year U.S. Treasury began a slow rise in yield, registering 4.18 on September 1 and 4.99 on October 19¹ before rallying again in early November. This will be a rate to watch closely as we move into a new reporting period.

* Class F-2 shares, one-year cumulative returns as of October 31, 2023.

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.

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.

Past results are not predictive of results in future periods.

American Funds Portfolio Series 1

Over the period, the world economy continued to show signs of stabilization and growth in some sectors, despite volatility caused by geopolitical strains, notably in energy prices. Key economic considerations in the coming period will include continuing geopolitical conflicts and, over the longer run, climate adaptation along with the evolution and adoption of artificial intelligence (AI).

The AI explosion has been a huge market driver over the period and will likely continue to be a major economic force for years to come. AI is a driver of innovation, and therefore growth, that affects the whole economy, not just the technology sector. It will affect such sectors as health care, food, transportation and more. AI will have significant consequences — as yet unknown — on industries and individuals. This level of change can make investing difficult to navigate. Our position in such an environment is always to first take a long-term view and, using exhaustive research, invest in what makes sense for the long-term well-being of our investors.

The burst of investment in AI mirrors historical surges in investment and productivity, driven by technological innovation: transportation infrastructure in the 19th century, electrification in the early 20th century and the internet in recent decades. Speculative frenzy often fuels such a bubble, which in turn drives up stock prices and lowers the cost of capital. This enables large-scale investment, with wildly varying returns to investors. Sometimes investment returns are spectacular; sometimes investors suffer large losses, even if society as a whole ends up benefiting. So, we use and advise care and caution.

The climate transition is a particular focus in the European Union (EU) now, with a package of measures that target an emissions reduction of at least 55% by 2030 as a legal obligation.² For example, all new cars must have zero CO₂ emissions starting in 2035.³

Businesses globally are affected by climate policy, as EU countries are working on new legislation to achieve this goal and net zero CO₂ emissions by 2050.

Changes enacted as a result of the new measures will have far-reaching effects, redirecting trillions of dollars globally. Because the climate transition has such significant impact on the economy and on the credit quality of affected businesses and assets, it will also affect the conduct of monetary policy and regulation aimed at ensuring the stability of the financial system as a whole. The good news is that the European Central Bank (ECB) still views its policy objectives as feasible and sees climate targets as attainable in a way that is politically, economically and socially acceptable.⁴ In the U.S., the outcomes are more difficult to evaluate because climate discussions continue to be polarized in American politics.

Going forward, as we watch geopolitical forces and crises rising, abating and taking shape, we focus on fundamental research and investor well-being for the long term. To do that, we put tremendous effort into understanding geopolitical risk in different regions and looking at how it affects investment opportunities large and small. Policy and conflict affect everything from supply chains to prices to quality of life for individuals. All of these factors are important to us, and we put these considerations and more into each decision.

Over decades of careful investing, we have learned to avoid quick reactions to headlines. As always, we take our time and dig into what is going on underneath and use the considerable reach of our full global resources as guides.

The stock market

Global stocks rose in the fourth quarter of 2022 and continued through the second quarter of 2023, as investors welcomed signs that inflation may have peaked in key markets around the world. The rallies were also driven by technology stocks that were lifted by rapid development in generative artificial intelligence. Shares of NVIDIA soared 52% during the second quarter and 190% year to date, as of June 30, 2023. Rival chipmakers Broadcom and Advanced Micro Devices also enjoyed double-digit gains. Apple rose 18%, becoming the world’s first $3 trillion company. Other sectors rallied as well. Pharmaceutical giant Eli Lilly climbed 37% in the second quarter of 2023 over optimism regarding its early-stage Alzheimer’s and obesity drugs.

Markets lost ground in the third quarter of 2023, pressured by rising interest rates, slowing growth in some of the world’s

1	CNBC, “U.S. 10 Year Treasury.”
2	Reuters: “EU countries approve 2035 phaseout of CO2-emitting cars,” by Kate Abnett, March 29, 2023.
3	European Council/Council of the European Union: “Fit for 55.”
4	European Central Bank, “CLIMATE-RELATED INDICATORS: Analytical indicators on carbon emissions.”

Past results are not predictive of results in future periods.

2 American Funds Portfolio Series

largest economies and renewed fear that the Fed would keep interest rates higher for longer than previously expected. Consumer price increases — while still high on a historical basis — moderated in the U.S., Europe and many other economies.

The bond market

Global fixed income advanced in the early quarters of the reporting period, on adjusted rate expectations by the Fed and European Central Bank. However, bond markets declined in the second quarter of 2023, as the ECB — along with many other central banks around the world — continued to tighten monetary policy. At its July meeting, the Fed boosted its benchmark federal funds rate to a 22-year high. The 11th hike since March 2022 pushed rates to a target range of 5.25% to 5.50%. Although the central bank held rates steady in September, its projections indicated another hike could come by the end of the year.

General expectations are that the Fed could begin cutting rates in 2024, but there are wide discrepancies in predictions about the timing of such rate cuts.

Inside the series

As we stated above, all funds in the portfolios returned positive results. In general, funds with higher exposure to equities outpaced those with larger positions in fixed income. Over the reporting period, equities with a growth-and-income or equity income focus, switched lead position with those funds with a growth focus. Income funds outpaced growth by the end of the period.

The portfolios benefited from the flexibility to invest in both U.S. and international equities. While equities advanced both at home and abroad, international stocks outpaced those in the U.S. by nearly 200 basis points (2%) in the fiscal year, as measured by the MSCI All Country World Index ex USA and S&P 500 Index, respectively. As income strategies, the portfolios emphasize dividend-paying stocks, and the picture for these equities has been a split-screen — the top quintile of dividend-paying stocks outpaced the lowest quintile in international markets for the 12 months ended September 30, 2023, but the opposite was true in the U.S. Although dividend-paying stocks tend to trail the broader market during periods of strong growth and market exuberance, we believe they should be an integral part of the income-oriented portfolios, as these stocks can provide both income and appreciation potential with less volatility than growth-oriented stocks.

In the first quarter of 2023, bond markets advanced as investors adjusted rate expectations going forward, suggesting that many anticipated rate cuts before the end of the year. Funds with larger holdings in corporate bonds, particularly high-yield debt, outpaced those with more significant investments in government bonds.

As we’ve stated, by the third quarter of 2023, global stocks declined, pressured by rising rates. And even as global inflationary pressures subsided, indications that central banks would keep monetary policy tight weighed on both stock and bond markets.

Looking forward

Our focus continues to be the long-term well-being of our investors. Rapidly changing markets and world circumstances are things we cannot predict. However, through our 90-year history, we have seen that people and markets have shown their ability to endure. Our focus on exhaustive, fundamental research and investor well-being is designed for tough and uncertain times.

Careful securities selection remains at the core of our investment process, whether in times of rapid growth or inevitable decline. We continue to encourage you to take a long-term view on investing.

We thank you for your trust in our efforts and look forward to reporting to you next year.

Cordially,

Samir Mathur
President

December 8, 2023

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

It is with deep sadness that we note the passing of Brad Vogt, who was integral to the creation and management of American Funds portfolio solutions. He served on the board and management committee of The Capital Group Companies, parent company of the investment adviser to the American Funds. Brad also led the Capital Solutions Group, an investment unit created to manage multi-fund portfolios such as target date funds and was the principal investment officer of the Target Date Solutions Committee until January 1, 2023. Brad was a respected colleague, passionate mentor and insightful investor who embodied our firm’s culture and values. We will greatly miss his leadership, which was marked by grace, humility and tireless advocacy of what was in the best interest of our investors.

Past results are not predictive of results in future periods.

American Funds Portfolio Series 3

Results at a glance

For periods ended October 31, 2023, 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		11.09	%		7.13	%		6.89	%		9.25	%
Class A shares		10.74			6.85			6.64			8.99
MSCI All Country World Index*,†		10.50			7.47			6.81			8.90
Lipper Global Large-Cap Growth Funds Index		12.75			7.48			7.49			9.31
American Funds Growth Portfolio
Class F-2 shares		11.01			7.73			8.20			10.45
Class A shares		10.73			7.45			7.95			10.20
S&P 500 Index*		10.14			11.01			11.18			12.96
MSCI All Country World ex USA Index*,†		12.07			3.46			2.54			5.00
Lipper Global Multi-Cap Growth Funds Index		6.04			6.89			6.76			8.82
American Funds Growth and Income Portfolio
Class F-2 shares		8.39			7.14			6.95			8.65
Class A shares		8.10			6.90			6.72			8.41
S&P 500 Index*		10.14			11.01			11.18			12.96
MSCI All Country World ex USA Index*,†		12.07			3.46			2.54			5.00
Bloomberg Global Aggregate Index*		1.72			–1.64			–0.66			–0.43
Lipper Mixed-Asset Target Allocation Growth Funds Index		5.87			6.30			6.26			7.83
American Funds Moderate Growth and Income Portfolio
Class F-2 shares		5.45			5.97			6.04			7.53
Class A shares		5.17			5.73			5.81			7.30
S&P 500 Index*		10.14			11.01			11.18			12.96
MSCI All Country World ex USA Index*,†		12.07			3.46			2.54			5.00
Bloomberg U.S. Aggregate Index*		0.36			–0.06			0.88			0.87
Lipper Mixed-Asset Target Allocation Growth Funds Index		5.87			6.30			6.26			7.83
American Funds Conservative Growth and Income Portfolio
Class F-2 shares		3.02			4.42			4.78			5.85
Class A shares		2.81			4.21			4.55			5.62
S&P 500 Index*		10.14			11.01			11.18			12.96
MSCI All Country World ex USA Index*,†		12.07			3.46			2.54			5.00
Bloomberg U.S. Aggregate Index*		0.36			–0.06			0.88			0.87
Lipper Mixed-Asset Target Allocation Moderate Funds Index		4.37			4.91			4.96			6.18
American Funds Tax-Aware Conservative Growth and Income Portfolio
Class F-2 shares		5.07			4.80			5.65			6.62
Class A shares		4.92			4.58			5.38			6.35
S&P 500 Index*		10.14			11.01			11.18			12.96
MSCI All Country World ex USA Index*,†		12.07			3.46			2.54			5.00
Bloomberg Municipal Bond Index*		2.64			1.00			2.12			1.92
Lipper Mixed-Asset Target Allocation Moderate Funds Index		4.37			4.91			4.96			6.18

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		2.22	%		1.12	%		1.07	%		1.03	%
Class A shares		1.95			0.86			0.81			0.77
Bloomberg 1–5 Year U.S. Government/Credit A+ Index*		2.68			1.02			0.94			0.94
Lipper Short-Intermediate Investment-Grade Debt Funds Index		3.43			1.38			1.38			1.46
American Funds Tax-Exempt Preservation Portfolio
Class F-2 shares		1.69			0.92			1.43			1.42
Class A shares		1.45			0.69			1.17			1.16
Bloomberg Municipal Bond 1–7 Year Blend Index*		2.16			1.06			1.25			1.25
Lipper Short-Intermediate Municipal Debt Funds Index		2.11			0.97			1.08			1.04

*	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, 2023, 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		11.09	%		7.13	%		6.89	%
Class A shares*		4.39			5.59			6.01

* 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		11.01	%		7.73	%		8.20	%
Class A shares*		4.38			6.18			7.30

* 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		8.39	%		7.14	%		6.95	%
Class A shares*		1.88			5.64			6.09

* 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		5.45	%		5.97	%		6.04	%
Class A shares*		–0.86			4.49			5.18

* 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		3.02	%		4.42	%		4.78	%
Class A shares*		–3.07			2.97			3.93

* 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		5.07	%		4.80	%		5.65	%
Class A shares*		0.97			3.77			4.98

* 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		2.22	%		1.12	%		1.07	%
Class A shares*		–0.62			0.35			0.56

* 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, 2023)

	1 year			5 years			10 years
Class F-2 shares		1.69	%		0.92	%		1.43	%
Class A shares*		–1.11			0.17			0.92

* 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 $500,000 or more.
3	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $100,000 or more and eliminated for purchases of $250,000 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. Comments below apply to the 12-month period ended October 31, 2023.

American Funds Global Growth Portfolio

Underlying funds:
5%	New World Fund®
10%	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.

The fund’s Class F-2 shares gained 11.09%. All the underlying funds had positive results for the period, led by The Growth Fund of America and The New Economy fund.

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.

The fund’s Class F-2 shares gained 11.01%. All the underlying funds had positive results for the period, led by The Growth Fund of America and The New Economy fund.

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.

The fund’s Class F-2 shares gained 8.39%. All the underlying funds had positive results for the period, led by The Investment Company of America and Income Fund and The Growth Fund of America.

American Funds Portfolio Series 11

American Funds Moderate Growth and Income Portfolio

Underlying funds:
5%	New Perspective Fund®
5%	SMALLCAP World Fund®
5%	The Bond Fund of America®
5%	American Funds® Strategic Bond Fund
5%	American Funds® Multi-Sector Income Fund
10%	Capital World Growth and Income Fund®
10%	The Income 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.

The fund’s Class F-2 shares gained 5.45%. All the underlying funds had positive results for the period, led by Capital World Growth and Income Fund and New Perspective Fund.

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.

The fund’s Class F-2 shares gained 3.02%. All the underlying funds had positive results for the period, led by Washington Mutual Investors Fund and American High-Income Trust.

12 American Funds Portfolio Series

American Funds Tax-Aware Conservative Growth and Income Portfolio

Underlying funds:
1%	Capital Group Central Cash Fund
5%	Washington Mutual Investors Fund
10%	Limited Term Tax-Exempt Bond Fund of America®
10%	American Mutual Fund®
15%	The Tax-Exempt Bond Fund of America®
15%	Capital Group Dividend Value ETF
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 funds may represent a variety of fund categories such as bond funds and growth-and-income funds.

The fund’s Class F-2 shares gained 5.07%. All the underlying funds had positive results for the period, led by Capital World Growth and Income Fund.

American Funds Preservation Portfolio

Underlying funds:
45%	Intermediate Bond Fund of America®
55%	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.

The fund’s Class F-2 shares gained 2.22%. All the underlying funds had positive results for the period, led by Short-Term Bond Fund of America.

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.

The fund’s Class F-2 shares gained 1.69%. Both the underlying funds had positive results for the period, led by Limited Term Tax-Exempt Bond Fund of America.

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, 2023.

American Funds Portfolio Series 13

American Funds Global Growth Portfolio

Investment portfolio October 31, 2023

 

Growth funds 80%	Shares		Value (000)
New Perspective Fund, Class R-6		19,014,511	$	976,775
The New Economy Fund, Class R-6		15,076,747		740,419
The Growth Fund of America, Class R-6		12,704,754		733,573
SMALLCAP World Fund, Inc., Class R-6		12,289,786		709,981
EuroPacific Growth Fund, Class R-6		9,699,515		482,551
New World Fund, Inc., Class R-6		3,516,688		241,350
				3,884,649
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		18,266,685		983,843
Total investment securities 100% (cost: $4,501,203,000)				4,868,492
Other assets less liabilities 0%				(1,293	)
Net assets 100%			$	4,867,199

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
New Perspective Fund, Class R-6	$	904,150	$	44,158	$	44,567	$	(9,160	)	$	82,194		$	976,775	$	10,812	$	29,737
The New Economy Fund, Class R-6		676,709		2,193		28,175		(6,852	)		96,544			740,419		2,193		—
The Growth Fund of America, Class R-6		674,041		41,144		51,462		(9,421	)		79,271			733,573		4,576		23,573
SMALLCAP World Fund, Inc., Class R-6		680,818		37,699		14,458		(6,444	)		12,366			709,981		2,309		—
EuroPacific Growth Fund, Class R-6		674,770		22,633		291,555		(47,724	)		124,427			482,551		13,167		—
New World Fund, Inc., Class R-6		—		258,476		—		—			(17,126	)		241,350		—		—
														3,884,649
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		906,561		38,349		53,608		(7,128	)		99,669			983,843		23,182		—
Total 100%							$	(86,729	)	$	477,345		$	4,868,492	$	56,239	$	53,310

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.

14 American Funds Portfolio Series

American Funds Growth Portfolio

Investment portfolio October 31, 2023

Growth funds 80%	Shares		Value (000)
The Growth Fund of America, Class R-6		61,277,930	$	3,538,187
AMCAP Fund, Class R-6		81,547,098		2,784,018
SMALLCAP World Fund, Inc., Class R-6		35,881,064		2,072,849
The New Economy Fund, Class R-6		28,601,485		1,404,619
New Perspective Fund, Class R-6		26,898,759		1,381,789
				11,181,462
Growth-and-income funds 20%
Fundamental Investors, Class R-6		43,750,825		2,819,741
Total investment securities 100% (cost: $13,204,582,000)				14,001,203
Other assets less liabilities 0%				(3,948	)
Net assets 100%			$	13,997,255

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
The Growth Fund of America, Class R-6	$	3,088,769	$	189,575	$	53,519	$	(8,067	)	$	321,429	$	3,538,187	$	21,083	$	108,600
AMCAP Fund, Class R-6		2,475,796		28,272		3,737		(784	)		284,471		2,784,018		16,770		—
SMALLCAP World Fund, Inc., Class R-6		1,871,523		246,215		50,050		(24,450	)		29,611		2,072,849		6,356		—
The New Economy Fund, Class R-6		1,227,918		15,373		—		—			161,328		1,404,619		3,980		—
New Perspective Fund, Class R-6		1,231,941		76,145		24,117		(7,017	)		104,837		1,381,789		14,783		40,660
													11,181,462
Growth-and-income funds 20%
Fundamental Investors, Class R-6		2,533,481		187,560		85,406		(7,168	)		191,274		2,819,741		49,548		62,554
Total 100%							$	(47,486	)	$	1,092,950	$	14,001,203	$	112,520	$	211,814

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 15

American Funds Growth and Income Portfolio

Investment portfolio October 31, 2023

Growth funds 15%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6		18,510,315	$	1,069,341
The Growth Fund of America, Class R-6		18,320,875		1,057,847
				2,127,188
Growth-and-income funds 51%
The Investment Company of America, Class R-6		64,056,167		2,915,837
Capital World Growth and Income Fund, Class R-6		53,271,083		2,869,180
Washington Mutual Investors Fund, Class R-6		27,704,442		1,445,064
				7,230,081
Equity-income funds 10%
Capital Income Builder, Class R-6		22,991,254		1,387,292
Balanced funds 10%
American Balanced Fund, Class R-6		47,870,970		1,393,045
Fixed income funds 14%
American Funds Multi-Sector Income Fund, Class R-6		79,250,714		683,141
The Bond Fund of America, Class R-6		63,886,235		682,305
American Funds Strategic Bond Fund, Class R-6		78,196,934		681,878
				2,047,324
Total investment securities 100% (cost: $13,454,860,000)				14,184,930
Other assets less liabilities 0%				(3,750	)
Net assets 100%			$	14,181,180

16 American Funds Portfolio Series

American Funds Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 15%
SMALLCAP World Fund, Inc., Class R-6	$	1,048,644	$	15,051	$	6,088	$	(2,862	)	$	14,596		$	1,069,341	$	3,565	$	—
The Growth Fund of America, Class R-6		913,631		60,099		9,629		(1,904	)		95,650			1,057,847		6,194		31,907
														2,127,188
Growth-and-income funds 51%
The Investment Company of America, Class R-6		2,661,025		134,721		149,224		(14,448	)		283,763			2,915,837		49,103		85,618
Capital World Growth and Income Fund, Class R-6		2,642,702		67,069		112,045		(20,267	)		291,721			2,869,180		67,176		—
Washington Mutual Investors Fund, Class R-6		1,356,958		92,957		10,236		(336	)		5,721			1,445,064		31,394		55,446
														7,230,081
Equity-income funds 10%
Capital Income Builder, Class R-6		1,314,776		95,497		16,707		(58	)		(6,216	)		1,387,292		53,247		—
Balanced funds 10%
American Balanced Fund, Class R-6		1,317,000		34,643		—		—			41,402			1,393,045		27,343		—
Fixed income funds 14%
American Funds Multi-Sector Income Fund, Class R-6		637,296		56,993		—		—			(11,148	)		683,141		42,830		—
The Bond Fund of America, Class R-6		633,004		77,043		—		—			(27,742	)		682,305		26,112		—
American Funds Strategic Bond Fund, Class R-6		632,365		104,930		482		6			(54,941	)		681,878		37,896		—
														2,047,324
Total 100%							$	(39,869	)	$	632,806		$	14,184,930	$	344,860	$	172,971

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 17

American Funds Moderate Growth and Income Portfolio

Investment portfolio October 31, 2023

Growth funds 10%	Shares		Value (000)
New Perspective Fund, Class R-6		11,434,493	$	587,390
SMALLCAP World Fund, Inc., Class R-6		9,762,403		563,974
				1,151,364
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		34,031,394		1,775,078
Capital World Growth and Income Fund, Class R-6		22,012,364		1,185,586
				2,960,664
Equity-income funds 10%
The Income Fund of America, Class R-6		55,281,765		1,188,005
Balanced funds 40%
American Balanced Fund, Class R-6		101,687,820		2,959,115
American Funds Global Balanced Fund, Class R-6		54,573,455		1,776,912
				4,736,027
Fixed income funds 15%
American Funds Multi-Sector Income Fund, Class R-6		69,301,964		597,383
The Bond Fund of America, Class R-6		55,334,392		590,971
American Funds Strategic Bond Fund, Class R-6		67,434,643		588,030
				1,776,384
Total investment securities 100% (cost: $11,223,022,000)				11,812,444
Other assets less liabilities 0%				(2,927	)
Net assets 100%			$	11,809,517

18 American Funds Portfolio Series

American Funds Moderate Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 10%
New Perspective Fund, Class R-6	$	539,257	$	31,090	$	28,657	$	(5,653	)	$	51,353		$	587,390	$	6,505	$	17,893
SMALLCAP World Fund, Inc., Class R-6		545,370		19,748		7,494		(2,927	)		9,277			563,974		1,861		—
														1,151,364
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		1,823,597		112,968		173,886		198			12,201			1,775,078		40,683		71,994
Capital World Growth and Income Fund, Class R-6		1,133,621		28,646		97,324		(12,203	)		132,846			1,185,586		28,647		—
														2,960,664
Equity-income funds 10%
The Income Fund of America, Class R-6		1,215,031		104,924		61,817		(3,137	)		(66,996	)		1,188,005		45,579		42,599
Balanced funds 40%
American Balanced Fund, Class R-6		2,961,082		60,222		158,355		(11,836	)		108,002			2,959,115		60,232		—
American Funds Global Balanced Fund, Class R-6		1,717,750		36,730		68,144		(11,304	)		101,880			1,776,912		36,600		—
														4,736,027
Fixed income funds 15%
American Funds Multi-Sector Income Fund, Class R-6		—		634,895		8,988		(251	)		(28,273	)		597,383		14,055		—
The Bond Fund of America, Class R-6		1,147,546		65,397		614,336		(77,244	)		69,608			590,971		37,302		—
American Funds Strategic Bond Fund, Class R-6		573,870		62,485		615		(34	)		(47,676	)		588,030		33,692		—
														1,776,384
Total 100%							$	(124,391	)	$	342,222		$	11,812,444	$	305,156	$	132,486

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 19

American Funds Conservative Growth and Income Portfolio

Investment portfolio October 31, 2023

Growth-and-income funds 20%	Shares		Value (000)
American Mutual Fund, Class R-6		14,419,843	$	678,886
Washington Mutual Investors Fund, Class R-6		12,923,922		674,112
				1,352,998
Equity-income funds 38%
Capital Income Builder, Class R-6		21,357,081		1,288,687
The Income Fund of America, Class R-6		59,872,812		1,286,667
				2,575,354
Fixed income funds 42%
American Funds Multi-Sector Income Fund, Class R-6		126,261,952		1,088,378
The Bond Fund of America, Class R-6		101,649,474		1,085,616
American High-Income Trust, Class R-6		76,902,477		681,356
				2,855,350
Total investment securities 100% (cost: $7,126,639,000)				6,783,702
Other assets less liabilities 0%				(1,762	)
Net assets 100%			$	6,781,940

20 American Funds Portfolio Series

American Funds Conservative Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 20%
American Mutual Fund, Class R-6	$	708,531	$	36,640	$	38,812	$	(1,056	)	$	(26,417	)	$	678,886	$	16,667	$	19,972
Washington Mutual Investors Fund, Class R-6		708,330		43,857		83,458		(2,965	)		8,348			674,112		15,822		28,035
														1,352,998
Equity-income funds 38%
Capital Income Builder, Class R-6		1,311,608		51,477		73,527		(3,728	)		2,857			1,288,687		51,474		—
The Income Fund of America, Class R-6		1,323,587		101,425		61,510		(4,789	)		(72,046	)		1,286,667		50,343		47,085
														2,575,354
Fixed income funds 42%
American Funds Multi-Sector Income Fund, Class R-6		1,086,423		79,088		60,687		(7,027	)		(9,419	)		1,088,378		71,360		—
The Bond Fund of America, Class R-6		1,074,044		84,646		30,265		(571	)		(42,238	)		1,085,616		43,191		—
American High-Income Trust, Class R-6		685,142		57,100		47,969		(3,825	)		(9,092	)		681,356		49,156		—
														2,855,350
Total 100%							$	(23,961	)	$	(148,007	)	$	6,783,702	$	298,013	$	95,092

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, 2023

Growth-and-income funds 50%	Shares		Value (000)
Capital World Growth and Income Fund, Class R-6		15,670,795	$	844,029
Capital Group Dividend Value ETF		24,392,583		634,695
American Mutual Fund, Class R-6		9,019,431		424,635
Washington Mutual Investors Fund, Class R-6		4,052,967		211,403
				2,114,762
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund, Class R-6		77,500,457		1,061,757
The Tax-Exempt Bond Fund of America, Class R-6		55,214,219		637,724
Limited Term Tax-Exempt Bond Fund of America, Class R-6		27,592,538		404,507
				2,103,988
Short-Term Securities 1%
Money market investments
Capital Group Central Cash Fund 5.45%1		216,687		21,668
Total investment securities 100% (cost: $4,317,084,000)				4,240,418
Other assets less liabilities 0%				(916	)
Net assets 100%			$	4,239,502

22 American Funds Portfolio Series

American Funds Tax-Aware Conservative Growth and Income Portfolio (continued)

Investments in affiliates²

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 50%
Capital World Growth and Income Fund, Class R-6	$	864,469	$	21,791	$	133,040	$	(22,048	)	$	112,857		$	844,029	$	20,852	$	—
Capital Group Dividend Value ETF		—		658,320		7,528		1			(16,098	)		634,695		—		—
American Mutual Fund, Class R-6		662,961		43,888		260,618		12,177			(33,773	)		424,635		15,547		18,539
Washington Mutual Investors Fund, Class R-6		663,123		46,954		510,616		56,076			(44,134	)		211,403		14,774		26,264
														2,114,762
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund, Class R-6		1,030,347		65,006		25,059		(1,118	)		(7,419	)		1,061,757		45,014		—
The Tax-Exempt Bond Fund of America, Class R-6		623,510		33,207		17,919		(1,343	)		269			637,724		19,611		—
Limited Term Tax-Exempt Bond Fund of America, Class R-6		420,444		19,105		33,500		(3,251	)		1,709			404,507		9,688		—
														2,103,988
Short-term securities 1%
Money market investments
Capital Group Central Cash Fund 5.45%1		—		25,927		4,261		—	3		2			21,668		97		—
Total 100%							$	40,494		$	13,413		$	4,240,418	$	125,583	$	44,803

1	Rate represents the seven-day yield at 10/31/2023.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3	Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Portfolio Series 23

American Funds Preservation Portfolio

Investment portfolio October 31, 2023

Fixed income funds 100%	Shares		Value (000)
Short-Term Bond Fund of America, Class R-6		119,827,578	$	1,121,586
Intermediate Bond Fund of America, Class R-6		76,344,541		917,662
				2,039,248
Total investment securities 100% (cost: $2,213,351,000)				2,039,248
Other assets less liabilities 0%				(643	)
Net assets 100%			$	2,038,605

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Fixed income funds 100%
Short-Term Bond Fund of America, Class R-6	$	1,261,094	$	155,688	$	290,976	$	(15,369	)	$	11,149	$	1,121,586	$	39,534	$	—
Intermediate Bond Fund of America, Class R-6		1,134,985		40,626		243,629		(23,324	)		9,004		917,662		36,799		—
American Funds Inflation Linked Bond Fund, Class R-62		126,109		8,574		128,777		(20,431	)		14,525		—		7,577		—
Total 100%							$	(59,124	)	$	34,678	$	2,039,248	$	83,910	$	—

1	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
2	Affiliated issuer during the reporting period but no longer held at 10/31/2023.

Refer to the notes to financial statements.

24 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio

Investment portfolio October 31, 2023

Tax-exempt fixed income funds 100%	Shares		Value (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		18,762,487	$	275,058
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		19,041,749		183,372
				458,430
Total investment securities 100% (cost: $490,078,000)				458,430
Other assets less liabilities 0%				(98	)
Net assets 100%			$	458,332

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 10/31/2023 (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	$	359,963	$	17,838	$	103,922	$	(6,722	)	$	7,901	$	275,058	$	7,145	$	—
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		240,153		12,226		68,492		(3,041	)		2,526		183,372		4,778		—
Total 100%							$	(9,763	)	$	10,427	$	458,430	$	11,923	$	—

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 25

Financial statements

Statements of assets and liabilities
at October 31, 2023 (dollars in thousands)

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	4,868,492	$	14,001,203	$	14,184,930
Cash		—		—		—
Receivables for:
Sales of investments		1,074		—		524
Sales of fund’s shares		1,448		8,261		6,142
Dividends		—		—		6,734
Total assets		4,871,014		14,009,464		14,198,330
Liabilities:
Payables for:
Purchases of investments		—		1,153		6,734
Repurchases of fund’s shares		2,522		7,137		6,663
Services provided by related parties		1,219		3,714		3,595
Trustees’ deferred compensation		35		86		93
Other		39		119		65
Total liabilities		3,815		12,209		17,150
Net assets at October 31, 2023	$	4,867,199	$	13,997,255	$	14,181,180
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,538,333	$	13,068,236	$	13,331,792
Total distributable earnings (accumulated loss)		328,866		929,019		849,388
Net assets at October 31, 2023	$	4,867,199	$	13,997,255	$	14,181,180
Investment securities of affiliated issuers, at cost	$	4,501,203	$	13,204,582	$	13,454,860

Refer to the notes to financial statements.

26 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (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	$	11,812,444	$	6,783,702		$	4,240,418
Cash		—		—			50
Receivables for:
Sales of investments		2,068		2,349			1,283
Sales of fund’s shares		6,005		1,342			2,334
Dividends		5,903		15,176			6,787
Total assets		11,826,420		6,802,569			4,250,872
Liabilities:
Payables for:
Purchases of investments		5,903		15,176			6,788
Repurchases of fund’s shares		7,971		3,691			3,617
Services provided by related parties		2,912		1,695			939
Trustees’ deferred compensation		82		49			26
Other		35		18			—
Total liabilities		16,903		20,629			11,370
Net assets at October 31, 2023	$	11,809,517	$	6,781,940		$	4,239,502
Net assets consist of:
Capital paid in on shares of beneficial interest	$	11,208,462	$	7,056,883		$	4,231,303
Total distributable earnings (accumulated loss)		601,055		(274,943	)		8,199
Net assets at October 31, 2023	$	11,809,517	$	6,781,940		$	4,239,502
Investment securities of affiliated issuers, at cost	$	11,223,022	$	7,126,639		$	4,317,084

Refer to the notes to financial statements.

American Funds Portfolio Series 27

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (continued) (dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	2,039,248		$	458,430
Cash		—			—
Receivables for:
Sales of investments		581			373
Sales of fund’s shares		1,671			159
Dividends		7,354			1,009
Total assets		2,048,854			459,971
Liabilities:
Payables for:
Purchases of investments		7,354			1,009
Repurchases of fund’s shares		2,403			532
Services provided by related parties		463			94
Trustees’ deferred compensation		18			4
Other		11			—
Total liabilities		10,249			1,639
Net assets at October 31, 2023	$	2,038,605		$	458,332
Net assets consist of:
Capital paid in on shares of beneficial interest	$	2,315,536		$	514,994
Total distributable earnings (accumulated loss)		(276,931	)		(56,662	)
Net assets at October 31, 2023	$	2,038,605		$	458,332
Investment securities of affiliated issuers, at cost	$	2,213,351		$	490,078

Refer to the notes to financial statements.

28 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (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	$	2,635,497	$	8,407,116	$	9,394,158
	Shares outstanding		147,587		434,163		602,495
	Net asset value per share	$	17.86	$	19.36	$	15.59
Class C:	Net assets	$	316,882	$	1,006,543	$	1,007,014
	Shares outstanding		18,298		54,191		65,070
	Net asset value per share	$	17.32	$	18.57	$	15.48
Class T:	Net assets	$	12	$	12	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.91	$	19.42	$	15.60
Class F-1:	Net assets	$	44,509	$	90,906	$	174,060
	Shares outstanding		2,487		4,692		11,162
	Net asset value per share	$	17.90	$	19.38	$	15.59
Class F-2:	Net assets	$	513,596	$	1,063,624	$	1,131,702
	Shares outstanding		28,587		54,537		72,441
	Net asset value per share	$	17.97	$	19.50	$	15.62
Class F-3:	Net assets	$	203,628	$	222,669	$	261,537
	Shares outstanding		11,355		11,442		16,765
	Net asset value per share	$	17.93	$	19.46	$	15.60
Class 529-A:	Net assets	$	595,459	$	1,876,278	$	1,033,217
	Shares outstanding		33,436		97,140		66,307
	Net asset value per share	$	17.81	$	19.32	$	15.58
Class 529-C:	Net assets	$	31,217	$	97,699	$	61,018
	Shares outstanding		1,805		5,272		3,933
	Net asset value per share	$	17.30	$	18.53	$	15.52
Class 529-E:	Net assets	$	17,709	$	68,884	$	39,668
	Shares outstanding		1,002		3,610		2,552
	Net asset value per share	$	17.67	$	19.08	$	15.54
Class 529-T:	Net assets	$	16	$	17	$	16
	Shares outstanding		1		1		1
	Net asset value per share	$	17.90	$	19.40	$	15.60
Class 529-F-1:	Net assets	$	10	$	11	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.89	$	19.43	$	15.60
Class 529-F-2:	Net assets	$	112,757	$	288,968	$	141,454
	Shares outstanding		6,312		14,918		9,073
	Net asset value per share	$	17.86	$	19.37	$	15.59
Class 529-F-3:	Net assets	$	11	$	11	$	12
	Shares outstanding		1		1		1
	Net asset value per share	$	17.86	$	19.36	$	15.60
Class ABLE-A:	Net assets	$	2,824	$	10,647	$	8,248
	Shares outstanding		159		552		529
	Net asset value per share	$	17.78	$	19.29	$	15.61
Class ABLE-F-2:	Net assets	$	363	$	426	$	495
	Shares outstanding		20		22		32
	Net asset value per share	$	17.87	$	19.38	$	15.62
Class R-1:	Net assets	$	4,058	$	37,990	$	18,504
	Shares outstanding		232		2,039		1,194
	Net asset value per share	$	17.48	$	18.64	$	15.50
Class R-2:	Net assets	$	97,733	$	211,776	$	195,072
	Shares outstanding		5,662		11,405		12,632
	Net asset value per share	$	17.26	$	18.57	$	15.44

Refer to the notes to financial statements.

American Funds Portfolio Series 29

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (continued) (dollars and shares in thousands, except per-share amounts)

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Class R-2E:	Net assets	$	5,496	$	10,721	$	20,186
	Shares outstanding		313		567		1,300
	Net asset value per share	$	17.58	$	18.89	$	15.53
Class R-3:	Net assets	$	79,479	$	217,890	$	159,680
	Shares outstanding		4,499		11,403		10,286
	Net asset value per share	$	17.67	$	19.11	$	15.52
Class R-4:	Net assets	$	43,336	$	82,886	$	72,234
	Shares outstanding		2,432		4,285		4,633
	Net asset value per share	$	17.82	$	19.34	$	15.59
Class R-5:	Net assets	$	13,873	$	33,304	$	24,074
	Shares outstanding		767		1,697		1,537
	Net asset value per share	$	18.08	$	19.62	$	15.66
Class R-5E:	Net assets	$	22,983	$	58,581	$	30,264
	Shares outstanding		1,289		3,028		1,943
	Net asset value per share	$	17.82	$	19.34	$	15.57
Class R-6:	Net assets	$	125,751	$	210,296	$	408,545
	Shares outstanding		6,936		10,745		26,135
	Net asset value per share	$	18.13	$	19.57	$	15.63

Refer to the notes to financial statements.

30 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (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	$	7,949,545	$	4,952,981	$	3,126,845
	Shares outstanding		524,596		422,244		226,004
	Net asset value per share	$	15.15	$	11.73	$	13.84
Class C:	Net assets	$	855,853	$	477,487	$	300,875
	Shares outstanding		56,867		40,950		21,918
	Net asset value per share	$	15.05	$	11.66	$	13.73
Class T:	Net assets	$	11	$	10	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	15.16	$	11.73	$	13.84
Class F-1:	Net assets	$	96,394	$	77,138	$	232,450
	Shares outstanding		6,357		6,570		16,806
	Net asset value per share	$	15.16	$	11.74	$	13.83
Class F-2:	Net assets	$	1,032,595	$	572,620	$	458,962
	Shares outstanding		68,019		48,727		33,114
	Net asset value per share	$	15.18	$	11.75	$	13.86
Class F-3:	Net assets	$	280,954	$	102,432	$	120,359
	Shares outstanding		18,531		8,730		8,691
	Net asset value per share	$	15.16	$	11.73	$	13.85
Class 529-A:	Net assets	$	548,986	$	270,160
	Shares outstanding		36,233		23,048		Not applicable
	Net asset value per share	$	15.15	$	11.72
Class 529-C:	Net assets	$	36,085	$	22,730
	Shares outstanding		2,390		1,946		Not applicable
	Net asset value per share	$	15.10	$	11.68
Class 529-E:	Net assets	$	17,196	$	7,788
	Shares outstanding		1,138		665		Not applicable
	Net asset value per share	$	15.11	$	11.72
Class 529-T:	Net assets	$	15	$	13
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.16	$	11.73
Class 529-F-1:	Net assets	$	11	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.18	$	11.74
Class 529-F-2:	Net assets	$	87,838	$	49,945
	Shares outstanding		5,797		4,260		Not applicable
	Net asset value per share	$	15.15	$	11.73
Class 529-F-3:	Net assets	$	11	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.15	$	11.73
Class ABLE-A:	Net assets	$	6,900	$	3,585
	Shares outstanding		455		306		Not applicable
	Net asset value per share	$	15.16	$	11.73
Class ABLE-F-2:	Net assets	$	508	$	225
	Shares outstanding		33		19		Not applicable
	Net asset value per share	$	15.18	$	11.74
Class R-1:	Net assets	$	9,579	$	2,360
	Shares outstanding		635		202		Not applicable
	Net asset value per share	$	15.09	$	11.66
Class R-2:	Net assets	$	119,908	$	40,156
	Shares outstanding		7,970		3,446		Not applicable
	Net asset value per share	$	15.04	$	11.65

Refer to the notes to financial statements.

American Funds Portfolio Series 31

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (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	$	8,966	$	2,134
	Shares outstanding		592		182		Not applicable
	Net asset value per share	$	15.15	$	11.72
Class R-3:	Net assets	$	132,719	$	40,130
	Shares outstanding		8,782		3,429		Not applicable
	Net asset value per share	$	15.11	$	11.70
Class R-4:	Net assets	$	68,055	$	30,749
	Shares outstanding		4,489		2,620		Not applicable
	Net asset value per share	$	15.16	$	11.74
Class R-5:	Net assets	$	26,737	$	8,213
	Shares outstanding		1,759		698		Not applicable
	Net asset value per share	$	15.20	$	11.76
Class R-5E:	Net assets	$	22,662	$	7,585
	Shares outstanding		1,494		647		Not applicable
	Net asset value per share	$	15.17	$	11.72
Class R-6:	Net assets	$	507,989	$	113,477
	Shares outstanding		33,432		9,650		Not applicable
	Net asset value per share	$	15.19	$	11.76

Refer to the notes to financial statements.

32 American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (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	$	1,385,006	$	368,576
	Shares outstanding		151,137		39,973
	Net asset value per share	$	9.16	$	9.22
Class C:	Net assets	$	72,684	$	16,467
	Shares outstanding		7,952		1,789
	Net asset value per share	$	9.14	$	9.20
Class T:	Net assets	$	9	$	10
	Shares outstanding		1		1
	Net asset value per share	$	9.17	$	9.22
Class F-1:	Net assets	$	22,010	$	2,127
	Shares outstanding		2,401		230
	Net asset value per share	$	9.17	$	9.23
Class F-2:	Net assets	$	181,273	$	64,530
	Shares outstanding		19,779		6,998
	Net asset value per share	$	9.16	$	9.22
Class F-3:	Net assets	$	60,050	$	6,622
	Shares outstanding		6,554		718
	Net asset value per share	$	9.16	$	9.22
Class 529-A:	Net assets	$	167,398
	Shares outstanding		18,275		Not applicable
	Net asset value per share	$	9.16
Class 529-C:	Net assets	$	9,304
	Shares outstanding		1,018		Not applicable
	Net asset value per share	$	9.14
Class 529-E:	Net assets	$	4,220
	Shares outstanding		461		Not applicable
	Net asset value per share	$	9.16
Class 529-T:	Net assets	$	11
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.17
Class 529-F-1:	Net assets	$	9
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.16
Class 529-F-2:	Net assets	$	41,635
	Shares outstanding		4,542		Not applicable
	Net asset value per share	$	9.17
Class 529-F-3:	Net assets	$	9
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.17
Class ABLE-A:	Net assets	$	1,183
	Shares outstanding		129		Not applicable
	Net asset value per share	$	9.18
Class ABLE-F-2:	Net assets	$	129
	Shares outstanding		14		Not applicable
	Net asset value per share	$	9.21
Class R-1:	Net assets	$	675
	Shares outstanding		74		Not applicable
	Net asset value per share	$	9.14
Class R-2:	Net assets	$	18,907
	Shares outstanding		2,074		Not applicable
	Net asset value per share	$	9.12

Refer to the notes to financial statements.

American Funds Portfolio Series 33

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (continued) (dollars and shares in thousands, except per-share amounts)

		Preservation Portfolio		Tax-Exempt Preservation Portfolio
Class R-2E:	Net assets	$	514
	Shares outstanding		56		Not applicable
	Net asset value per share	$	9.16
Class R-3:	Net assets	$	26,947
	Shares outstanding		2,943		Not applicable
	Net asset value per share	$	9.15
Class R-4:	Net assets	$	11,128
	Shares outstanding		1,214		Not applicable
	Net asset value per share	$	9.17
Class R-5:	Net assets	$	3,971
	Shares outstanding		433		Not applicable
	Net asset value per share	$	9.17
Class R-5E:	Net assets	$	2,804
	Shares outstanding		306		Not applicable
	Net asset value per share	$	9.17
Class R-6:	Net assets	$	28,729
	Shares outstanding		3,133		Not applicable
	Net asset value per share	$	9.17

Refer to the notes to financial statements.

34 American Funds Portfolio Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 2023 (dollars in thousands)

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	56,239		$	112,520		$	344,860
Fees and expenses*:
Distribution services		13,234			39,881			41,173
Transfer agent services		5,839			15,731			10,850
529 and ABLE plan services		457			1,369			762
Reports to shareholders		105			290			300
Registration statement and prospectus		238			772			780
Trustees’ compensation		19			53			55
Auditing and legal		15			36			36
Custodian		7			20			21
Other		5			13			14
Total fees and expenses before waivers		19,919			58,165			53,991
Less waivers of fees and expenses:
ABLE plan services waivers		2			6			5
Total fees and expenses after waivers		19,917			58,159			53,986
Net investment income		36,322			54,361			290,874
Net realized (loss) gain and unrealized appreciation (depreciation):
Net realized (loss) gain on sale of investments in affiliated issuers		(86,729	)		(47,486	)		(39,869	)
Capital gain distributions received from affiliated issuers		53,310			211,814			172,971
		(33,419	)		164,328			133,102
Net unrealized appreciation (depreciation) on investments in affiliated issuers		477,345			1,092,950			632,806
Net realized (loss) gain and unrealized appreciation (depreciation)		443,926			1,257,278			765,908
Net increase in net assets resulting from operations	$	480,248		$	1,311,639		$	1,056,782

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, 2023 (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	$	305,156		$	298,013		$	125,583
Fees and expenses*:
Distribution services		34,456			20,715			13,765
Transfer agent services		7,383			3,898			1,917
529 and ABLE plan services		432			218			—
Reports to shareholders		258			150			93
Registration statement and prospectus		653			399			248
Trustees’ compensation		48			28			17
Auditing and legal		32			20			14
Custodian		18			11			7
Other		12			7			5
Total fees and expenses before waivers		43,292			25,446			16,066
Less waivers of fees and expenses:
ABLE plan services waivers		4			2			—
Total fees and expenses after waivers		43,288			25,444			16,066
Net investment income		261,868			272,569			109,517
Net realized (loss) gain and unrealized appreciation (depreciation):
Net realized (loss) gain on sale of investments in affiliated issuers		(124,391	)		(23,961	)		40,494
Capital gain distributions received from affiliated issuers		132,486			95,092			44,803
		8,095			71,131			85,297
Net unrealized appreciation (depreciation) on investments in affiliated issuers		342,222			(148,007	)		13,413
Net realized (loss) gain and unrealized appreciation (depreciation)		350,317			(76,876	)		98,710
Net increase in net assets resulting from operations	$	612,185		$	195,693		$	208,227

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

Refer to the notes to financial statements.

36 American Funds Portfolio Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 2023 (continued) (dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	83,910		$	11,923
Fees and expenses*:
Distribution services		6,452			1,504
Transfer agent services		1,866			252
529 and ABLE plan services		139			—
Reports to shareholders		48			12
Registration statement and prospectus		112			26
Trustees’ compensation		9			2
Auditing and legal		9			5
Custodian		4			1
Other		3			1
Total fees and expenses before waivers		8,642			1,803
Less waivers of fees and expenses:
ABLE plan services waivers		1			—
Total fees and expenses after waivers		8,641			1,803
Net investment income		75,269			10,120
Net realized (loss) gain and unrealized appreciation (depreciation):
Net realized (loss) gain on sale of investments in affiliated issuers		(59,124	)		(9,763	)
Capital gain distributions received from affiliated issuers		—			—
		(59,124	)		(9,763	)
Net unrealized appreciation (depreciation) on investments in affiliated issuers		34,678			10,427
Net realized (loss) gain and unrealized appreciation (depreciation)		(24,446	)		664
Net increase in net assets resulting from operations	$	50,823		$	10,784

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

Refer to the notes to financial statements.

American Funds Portfolio Series 37

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,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	36,322		$	29,092		$	54,361		$	13,970		$	290,874		$	218,680
Net realized (loss) gain		(33,419	)		345,047			164,328			1,175,190			133,102			608,192
Net unrealized appreciation (depreciation)		477,345			(2,286,997	)		1,092,950			(5,896,923	)		632,806			(3,580,613	)
Net increase (decrease) in net assets resulting from operations		480,248			(1,912,858	)		1,311,639			(4,707,763	)		1,056,782			(2,753,741	)
Distributions paid to shareholders		(339,987	)		(209,663	)		(1,131,607	)		(542,513	)		(851,584	)		(793,796	)
Net capital share transactions		210,953			157,011			1,391,359			1,515,531			822,091			1,343,461
Total increase (decrease) in net assets		351,214			(1,965,510	)		1,571,391			(3,734,745	)		1,027,289			(2,204,076	)
Net assets:
Beginning of year		4,515,985			6,481,495			12,425,864			16,160,609			13,153,891			15,357,967
End of year	$	4,867,199		$	4,515,985		$	13,997,255		$	12,425,864		$	14,181,180		$	13,153,891
	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,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	261,868		$	203,389		$	272,569		$	218,636		$	109,517		$	91,883
Net realized (loss) gain		8,095			485,799			71,131			115,043			85,297			101,447
Net unrealized appreciation (depreciation)		342,222			(2,776,636	)		(148,007	)		(1,087,197	)		13,413			(784,879	)
Net increase (decrease) in net assets resulting from operations		612,185			(2,087,448	)		195,693			(753,518	)		208,227			(591,549	)
Distributions paid to shareholders		(688,760	)		(684,200	)		(369,119	)		(350,341	)		(194,706	)		(123,562	)
Net capital share transactions		232,129			912,404			59,648			675,309			(37,906	)		422,200
Total increase (decrease) in net assets		155,554			(1,859,244	)		(113,778	)		(428,550	)		(24,385	)		(292,911	)
Net assets:
Beginning of year		11,653,963			13,513,207			6,895,718			7,324,268			4,263,887			4,556,798
End of year	$	11,809,517		$	11,653,963		$	6,781,940		$	6,895,718		$	4,239,502		$	4,263,887

Refer to the notes to financial statements.

38 American Funds Portfolio Series

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,
	2023			2022			2023			2022
Operations:
Net investment income	$	75,269		$	44,487		$	10,120		$	6,260
Net realized (loss) gain		(59,124	)		(43,930	)		(9,763	)		(7,117	)
Net unrealized appreciation (depreciation)		34,678			(217,060	)		10,427			(43,262	)
Net increase (decrease) in net assets resulting from operations		50,823			(216,503	)		10,784			(44,119	)
Distributions paid to shareholders		(73,679	)		(46,764	)		(10,027	)		(7,974	)
Net capital share transactions		(460,156	)		(212,877	)		(142,437	)		(129,572	)
Total increase (decrease) in net assets		(483,012	)		(476,144	)		(141,680	)		(181,665	)
Net assets:
Beginning of year		2,521,617			2,997,761			600,012			781,677
End of year	$	2,038,605		$	2,521,617		$	458,332		$	600,012

Refer to the notes to financial statements.

American Funds Portfolio Series 39

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, Tax-Exempt Preservation Portfolio and Tax-Aware Conservative Growth and Income 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.

40 American Funds Portfolio Series

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

2. Significant accounting policies

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

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

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

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 per share of each 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. The net asset value of each share class of each fund is calculated based on the reported net asset values or official closing prices of the underlying funds and exchange-traded funds (“ETFs”) 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. ETFs are generally valued at market prices which are based on the official closing price of, or the last reported sale price on, the principal exchange on which such underlying funds are traded, as of the close of business on the day the ETF is being valued or, lacking any sales, at the last available bid price.

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 “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The 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 Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.

American Funds Portfolio Series 41

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, 2023, all of the investment securities held by each fund were classified as Level 1.

4. Risk factors

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

Allocation risk — Investments in 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 does 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 determining the overall asset allocation of the fund or 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; changes in inflation rates; 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), bank failures 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 the issuer’s 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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.

42 American Funds Portfolio Series

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.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities which may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 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., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. 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.

American Funds Portfolio Series 43

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, more vulnerable to market manipulation, and 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. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. 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.

44 American Funds Portfolio Series

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, 2023, 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 year, none of the funds incurred any significant interest or penalties.

American Funds Portfolio Series 45

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, 2023, were as follows (dollars in thousands):

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio			Moderate Growth and Income Portfolio
Undistributed ordinary income	$	2,378		$	—		$	9,498		$	18,778
Late year ordinary loss deferral1		—			(3,353	)		—			—
Undistributed long-term capital gains		—			149,085			124,801			5,961
Capital loss carryforward2		(33,292	)		—			—			—
Gross unrealized appreciation on investments		504,622			1,052,016			1,367,528			1,127,420
Gross unrealized depreciation on investments		(144,807	)		(268,644	)		(652,346	)		(551,021	)
Net unrealized appreciation (depreciation) on investments		359,815			783,372			715,182			576,399
Cost of investments		4,508,677			13,217,831			13,469,748			11,236,045
Reclassification from total distributable earnings/accumulated loss to capital paid in on shares of beneficial interest		352			13,729			12,559			6,938
		Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
Undistributed ordinary income	$	19,589		$	3,428		$	2,756		$	—
Undistributed tax-exempt income		—			4,855			—			365
Undistributed long-term capital gains		64,919			83,241			—			—
Capital loss carryforward2		—			—			(101,493	)		(23,937	)
Gross unrealized appreciation on investments		317,561			231,172			—			—
Gross unrealized depreciation on investments		(676,963	)		(314,471	)		(178,177	)		(33,088	)
Net unrealized appreciation (depreciation) on investments		(359,402	)		(83,299	)		(178,177	)		(33,088	)
Cost of investments		7,143,104			4,323,717			2,217,425			491,518
Reclassification from total distributable earnings/accumulated loss to capital paid in on shares of beneficial interest		11,878			3,927			4			—

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.

46 American Funds Portfolio Series

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

Global Growth Portfolio
	Year ended October 31, 2023							Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	18,926		$	165,852	$	184,778	$	14,122		$	97,123		$	111,245
Class C		—			22,651		22,651		—			14,710			14,710
Class T		—	3		1		1		—	3		—	3		—	3
Class F-1		337			3,188		3,525		288			2,194			2,482
Class F-2		4,820			31,955		36,775		5,410			23,430			28,840
Class F-3		2,266			13,175		15,441		1,855			7,079			8,934
Class 529-A		3,937			36,125		40,062		2,747			19,788			22,535
Class 529-C		—			2,319		2,319		—			1,657			1,657
Class 529-E		84			1,139		1,223		40			634			674
Class 529-T		—	3		1		1		—	3		1			1
Class 529-F-1		—	3		1		1		—	3		—	3		—	3
Class 529-F-2		986			6,389		7,375		669			3,078			3,747
Class 529-F-3		—	3		1		1		—	3		—	3		—	3
Class ABLE-A		19			148		167		12			60			72
Class ABLE-F-2		3			16		19		1			5			6
Class R-1		—			248		248		—			162			162
Class R-2		—			6,339		6,339		—			3,792			3,792
Class R-2E		17			354		371		3			202			205
Class R-3		337			4,748		5,085		144			2,646			2,790
Class R-4		312			2,581		2,893		211			1,367			1,578
Class R-5E		178			1,188		1,366		116			529			645
Class R-5		133			816		949		112			456			568
Class R-6		1,232			7,165		8,397		1,042			3,978			5,020
Total	$	33,587		$	306,400	$	339,987	$	26,772		$	182,891		$	209,663
Growth Portfolio
	Year ended October 31, 2023							Year ended October 31, 2022
Share class		Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	23,611		$	650,251	$	673,862	$	2,540		$	311,981		$	314,521
Class C		—			90,205		90,205		—			49,137			49,137
Class T		—	3		1		1		—	3		1			1
Class F-1		204			7,435		7,639		—			4,180			4,180
Class F-2		5,402			82,204		87,606		3,173			42,484			45,657
Class F-3		1,544			19,488		21,032		968			9,552			10,520
Class 529-A		4,501			142,854		147,355		64			66,964			67,028
Class 529-C		—			8,955		8,955		—			5,103			5,103
Class 529-E		47			5,394		5,441		—			2,497			2,497
Class 529-T		—	3		1		1		—	3		1			1
Class 529-F-1		—	3		1		1		—	3		—	3		—	3
Class 529-F-2		1,361			20,866		22,227		642			9,885			10,527
Class 529-F-3		—	3		1		1		—	3		—	3		—	3
Class ABLE-A		29			673		702		10			225			235
Class ABLE-F-2		2			22		24		—	3		5			5
Class R-1		—			3,123		3,123		—			1,529			1,529
Class R-2		—			17,705		17,705		—			10,574			10,574
Class R-2E		—			783		783		—			480			480
Class R-3		37			16,198		16,235		—			7,774			7,774
Class R-4		252			6,595		6,847		—			3,084			3,084
Class R-5E		232			3,706		3,938		95			1,372			1,467
Class R-5		197			2,684		2,881		115			1,299			1,414
Class R-6		1,104			13,939		15,043		624			6,155			6,779
Total	$	38,523		$	1,093,084	$	1,131,607	$	8,231		$	534,282		$	542,513

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 47

Growth and Income Portfolio
	Year ended October 31, 2023									Year ended October 31, 2022
Share class		Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	193,472		$	369,150		$	562,622		$	142,571		$	375,301		$	517,872
Class C		14,782			46,384			61,166			10,033			55,352			65,385
Class T		—	3		—	3		—	3		—	3		1			1
Class F-1		3,671			7,391			11,062			2,954			8,104			11,058
Class F-2		25,904			45,449			71,353			21,007			47,928			68,935
Class F-3		6,510			11,272			17,782			5,171			10,681			15,852
Class 529-A		20,747			40,088			60,835			14,983			39,661			54,644
Class 529-C		849			2,760			3,609			550			3,364			3,914
Class 529-E		698			1,519			2,217			467			1,602			2,069
Class 529-T		—	3		1			1			—	3		1			1
Class 529-F-1		—	3		—	3		—	3		—	3		1			1
Class 529-F-2		2,957			4,814			7,771			2,052			4,474			6,526
Class 529-F-3		—	3		—	3		—	3		—	3		1			1
Class ABLE-A		152			256			408			85			193			278
Class ABLE-F-2		10			15			25			5			9			14
Class R-1		253			779			1,032			172			901			1,073
Class R-2		2,710			7,978			10,688			1,399			7,489			8,888
Class R-2E		313			753			1,066			190			808			998
Class R-3		2,717			5,931			8,648			1,856			6,252			8,108
Class R-4		1,475			2,849			4,324			1,188			3,235			4,423
Class R-5E		587			940			1,527			352			689			1,041
Class R-5		585			1,009			1,594			541			1,242			1,783
Class R-6		9,220			14,634			23,854			6,760			14,171			20,931
Total	$	287,612		$	563,972		$	851,584		$	212,336		$	581,460		$	793,796
Moderate Growth and Income Portfolio
	Year ended October 31, 2023									Year ended October 31, 2022
Share class		Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	166,976		$	292,758		$	459,734		$	141,308		$	305,934		$	447,242
Class C		12,647			37,135			49,782			11,052			45,848			56,900
Class T		—	3		—	3		—	3		—	3		1			1
Class F-1		2,077			3,878			5,955			1,968			4,659			6,627
Class F-2		24,134			38,854			62,988			22,127			42,898			65,025
Class F-3		6,959			10,978			17,937			5,922			10,228			16,150
Class 529-A		11,305			20,285			31,590			9,805			21,676			31,481
Class 529-C		531			1,680			2,211			480			2,174			2,654
Class 529-E		322			670			992			273			681			954
Class 529-T		—	3		1			1			—	3		1			1
Class 529-F-1		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-2		2,013			3,143			5,156			1,690			3,165			4,855
Class 529-F-3		—	3		—	3		—	3		—	3		—	3		—	3
Class ABLE-A		125			193			318			79			142			221
Class ABLE-F-2		10			14			24			6			10			16
Class R-1		129			364			493			93			434			527
Class R-2		1,612			4,517			6,129			1,278			5,097			6,375
Class R-2E		146			330			476			101			416			517
Class R-3		2,338			4,886			7,224			1,979			5,781			7,760
Class R-4		1,448			2,659			4,107			1,416			3,613			5,029
Class R-5E		462			684			1,146			329			583			912
Class R-5		642			1,043			1,685			569			1,033			1,602
Class R-6		12,343			18,469			30,812			10,445			18,906			29,351
Total	$	246,219		$	442,541		$	688,760		$	210,920		$	473,280		$	684,200

Refer to the end of the tables for footnotes.

48 American Funds Portfolio Series

Conservative Growth and Income Portfolio
	Year ended October 31, 2023									Year ended October 31, 2022
Share class		Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	196,094		$	74,177		$	270,271		$	159,456		$	95,785		$	255,241
Class C		16,705			8,447			25,152			15,289			12,830			28,119
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		3,023			1,129			4,152			2,373			1,491			3,864
Class F-2		23,981			8,644			32,625			18,797			9,944			28,741
Class F-3		4,523			1,650			6,173			3,519			1,806			5,325
Class 529-A		10,411			3,961			14,372			8,654			5,225			13,879
Class 529-C		755			383			1,138			684			598			1,282
Class 529-E		303			129			432			263			179			442
Class 529-T		1			—	3		1			—	3		—	3		—	3
Class 529-F-1		—	3		—	3		—	3		—	3		—	3		—	3
Class 529-F-2		1,972			683			2,655			1,621			928			2,549
Class 529-F-3		1			—	3		1			—	3		—	3		—	3
Class ABLE-A		126			41			167			72			38			110
Class ABLE-F-2		8			3			11			4			1			5
Class R-1		73			32			105			56			44			100
Class R-2		1,267			603			1,870			992			849			1,841
Class R-2E		52			13			65			19			15			34
Class R-3		1,457			608			2,065			1,172			768			1,940
Class R-4		1,151			416			1,567			1,030			623			1,653
Class R-5E		279			91			370			203			107			310
Class R-5		376			142			518			337			191			528
Class R-6		4,112			1,297			5,409			2,859			1,519			4,378
Total	$	266,670		$	102,449		$	369,119		$	217,400		$	132,941		$	350,341
Tax-Aware Conservative Growth and Income Portfolio
	Year ended October 31, 2023										Year ended October 31, 2022
Share class		Ordinary income4			Long-term capital gains			Total distributions paid			Ordinary income4			Long-term capital gains			Total distributions paid
Class A	$	79,729		$	63,499		$	143,228		$	70,733		$	20,367		$	91,100
Class C		5,918			6,974			12,892			5,452			2,503			7,955
Class T		—	3		—	3		—	3		—	3		—	3		—	3
Class F-1		5,961			4,875			10,836			5,738			1,770			7,508
Class F-2		12,718			9,065			21,783			10,857			2,827			13,684
Class F-3		3,540			2,427			5,967			2,699			616			3,315
Total	$	107,866		$	86,840		$	194,706		$	95,479		$	28,083		$	123,562

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 49

Preservation Portfolio
	Year ended October 31, 2023								Year ended October 31, 2022
Share class		Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	49,333		$	—	$	49,333		$	27,756		$	2,222		$	29,978
Class C		2,202			—		2,202			1,043			158			1,201
Class T		—	3		—		—	3		—	3		—	3		—	3
Class F-1		864			—		864			585			56			641
Class F-2		8,439			—		8,439			6,876			479			7,355
Class F-3		2,149			—		2,149			1,380			92			1,472
Class 529-A		5,667			—		5,667			3,067			247			3,314
Class 529-C		256			—		256			116			19			135
Class 529-E		138			—		138			73			7			80
Class 529-T		—	3		—		—	3		—	3		—	3		—	3
Class 529-F-1		—	3		—		—	3		—	3		—	3		—	3
Class 529-F-2		1,412			—		1,412			766			52			818
Class 529-F-3		—	3		—		—	3		—	3		—	3		—	3
Class ABLE-A		34			—		34			14			1			15
Class ABLE-F-2		4			—		4			1			—	3		1
Class R-1		18			—		18			6			1			7
Class R-2		474			—		474			172			23			195
Class R-2E		19			—		19			7			1			8
Class R-3		829			—		829			368			34			402
Class R-4		376			—		376			218			18			236
Class R-5E		103			—		103			60			4			64
Class R-5		175			—		175			116			7			123
Class R-6		1,187			—		1,187			671			48			719
Total	$	73,679		$	—	$	73,679		$	43,295		$	3,469		$	46,764
Tax-Exempt Preservation Portfolio
	Year ended October 31, 2023								Year ended October 31, 2022
Share class		Ordinary income4			Long-term capital gains		Total distributions paid			Ordinary income4			Long-term capital gains			Total distributions paid
Class A	$	7,832		$	—	$	7,832		$	5,744		$	—		$	5,744
Class C		251			—		251			140			—			140
Class T		—	3		—		—	3		—	3		—			—	3
Class F-1		52			—		52			57			—			57
Class F-2		1,702			—		1,702			1,674			—			1,674
Class F-3		190			—		190			359			—			359
Total	$	10,027		$	—	$	10,027		$	7,974		$	—		$	7,974

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

50 American Funds Portfolio Series

6. Fees and transactions with related parties

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

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

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, 2023, 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		13,000		Not applicable		Not applicable
Preservation Portfolio		1,469,000		—		—
Tax-Exempt Preservation Portfolio		200,000		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.

American Funds Portfolio Series 51

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.

The quarterly fees are 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 $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, 2028, whichever is earlier. For the year ended October 31, 2023, Virginia529 waived total 529 and ABLE plan service fees of $20,000 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 $3,377,000, which were equivalent to an annualized rate of 0.060%, were reduced to $3,357,000, which were equivalent to an annualized rate of 0.059% of the average daily net assets of each 529 and ABLE share class of each fund.

For the year ended October 31, 2023, 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	$6,514	$3,412		Not applicable
Class C	3,428	438		Not applicable
Class T	—	—	*	Not applicable
Class F-1	125	62		Not applicable
Class F-2	Not applicable	562		Not applicable
Class F-3	Not applicable	5		Not applicable
Class 529-A	1,397	699		$358
Class 529-C	346	41		21
Class 529-E	92	14		11
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	51		65
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	5	2		2
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	36	3		Not applicable
Class R-2	755	343		Not applicable
Class R-2E	35	12		Not applicable
Class R-3	394	112		Not applicable
Class R-4	107	42		Not applicable
Class R-5E	Not applicable	31		Not applicable
Class R-5	Not applicable	7		Not applicable
Class R-6	Not applicable	3		Not applicable
Total class-specific expenses	$13,234	$5,839		$457

Growth Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$20,050	$9,757		Not applicable
Class C	10,567	1,265		Not applicable
Class T	—	—	*	Not applicable
Class F-1	230	111		Not applicable
Class F-2	Not applicable	1,058		Not applicable
Class F-3	Not applicable	6		Not applicable
Class 529-A	4,336	2,014		$1,097
Class 529-C	1,039	115		62
Class 529-E	343	41		41
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	133		164
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	19	5		5
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	379	36		Not applicable
Class R-2	1,602	711		Not applicable
Class R-2E	59	20		Not applicable
Class R-3	1,046	292		Not applicable
Class R-4	211	70		Not applicable
Class R-5E	Not applicable	76		Not applicable
Class R-5	Not applicable	16		Not applicable
Class R-6	Not applicable	5		Not applicable
Total class-specific expenses	$39,881	$15,731		$1,369

Refer to the end of the tables for footnote.

52 American Funds Portfolio Series

Growth and Income Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$23,590	$6,811		Not applicable
Class C	10,999	811		Not applicable
Class T	—	—	*	Not applicable
Class F-1	451	206		Not applicable
Class F-2	Not applicable	1,187		Not applicable
Class F-3	Not applicable	6		Not applicable
Class 529-A	2,494	688		$616
Class 529-C	666	45		40
Class 529-E	193	14		23
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	48		78
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	15	2		5
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	195	17		Not applicable
Class R-2	1,493	635		Not applicable
Class R-2E	114	38		Not applicable
Class R-3	782	219		Not applicable
Class R-4	181	62		Not applicable
Class R-5E	Not applicable	38		Not applicable
Class R-5	Not applicable	14		Not applicable
Class R-6	Not applicable	9		Not applicable
Total class-specific expenses	$41,173	$10,850		$762

Moderate Growth and Income Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$20,736	$4,535		Not applicable
Class C	9,632	542		Not applicable
Class T	—	—	*	Not applicable
Class F-1	259	112		Not applicable
Class F-2	Not applicable	1,100		Not applicable
Class F-3	Not applicable	6		Not applicable
Class 529-A	1,355	286		$338
Class 529-C	427	22		25
Class 529-E	91	5		11
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	35		54
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	13	1		4
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	98	8		Not applicable
Class R-2	929	400		Not applicable
Class R-2E	56	18		Not applicable
Class R-3	679	191		Not applicable
Class R-4	181	65		Not applicable
Class R-5E	Not applicable	31		Not applicable
Class R-5	Not applicable	14		Not applicable
Class R-6	Not applicable	12		Not applicable
Total class-specific expenses	$34,456	$7,383		$432

Conservative Growth and Income Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$13,382	$2,527		Not applicable
Class C	5,513	273		Not applicable
Class T	—	—	*	Not applicable
Class F-1	202	90		Not applicable
Class F-2	Not applicable	614		Not applicable
Class F-3	Not applicable	3		Not applicable
Class 529-A	683	123		$166
Class 529-C	253	11		15
Class 529-E	44	2		5
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	16		30
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	7	1		2
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	24	1		Not applicable
Class R-2	311	138		Not applicable
Class R-2E	9	3		Not applicable
Class R-3	210	54		Not applicable
Class R-4	77	26		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	$20,715	$3,898		$218

Tax-Aware Conservative Growth and Income Portfolio

Share class	Distribution services	Transfer agent services
Class A	$ 9,782	$1,009
Class C	3,364	105
Class T	—	—
Class F-1	619	291
Class F-2	Not applicable	509
Class F-3	Not applicable	3
Total class-specific expenses	$13,765	$1,917

Refer to the end of the tables for footnote.

American Funds Portfolio Series 53

Preservation Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$4,636	$1,204		Not applicable
Class C	884	70		Not applicable
Class T	—	—	*	Not applicable
Class F-1	68	35		Not applicable
Class F-2	Not applicable	285		Not applicable
Class F-3	Not applicable	1		Not applicable
Class 529-A	419	129		$105
Class 529-C	105	8		6
Class 529-E	23	2		3
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	12		24
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	138	59		Not applicable
Class R-2E	4	1		Not applicable
Class R-3	138	39		Not applicable
Class R-4	28	11		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	$6,452	$1,866		$139

Tax-Exempt Preservation Portfolio 

Share class	Distribution services	Transfer agent services
Class A	$1,273	$153
Class C	224	8
Class T	—	—
Class F-1	7	4
Class F-2	Not applicable	87
Class F-3	Not applicable	—	*
Total class-specific expenses	$1,504	$252

* Amount less than one thousand.

54 American Funds Portfolio Series

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in 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 increase in the value of the deferred amounts as follows (dollars in thousands):

	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Portfolio	$	16	$	3		$	19
Growth Portfolio		44		9			53
Growth and Income Portfolio		45		10			55
Moderate Growth and Income Portfolio		40		8			48
Conservative Growth and Income Portfolio		23		5			28
Tax-Aware Conservative Growth and Income Portfolio		14		3			17
Preservation Portfolio		7		2			9
Tax-Exempt Preservation Portfolio		2		—	*		2

* Amount less than one thousand.

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

Investment in CCF — The series holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

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, 2023, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	426,769	$	438,534
Growth Portfolio		577,364		195,371
Growth and Income Portfolio		662,432		248,087
Moderate Growth and Income Portfolio		1,141,947		1,075,267
Conservative Growth and Income Portfolio		450,297		261,598
Tax-Aware Conservative Growth and Income Portfolio		868,291		184,764
Preservation Portfolio		204,683		516,797
Tax-Exempt Preservation Portfolio		27,548		103,631

American Funds Portfolio Series 55

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, 2023
Class A	$	296,315		16,156	$	183,834			11,182		$	(370,687	)		(20,296	)	$	109,462			7,042
Class C		44,498		2,500		22,632			1,410			(89,119	)		(5,003	)		(21,989	)		(1,093	)
Class T		—		—		—			—			—			—			—			—
Class F-1		6,340		344		3,520			214			(15,661	)		(853	)		(5,801	)		(295	)
Class F-2		102,178		5,522		36,414			2,206			(124,329	)		(6,848	)		14,263			880
Class F-3		32,223		1,764		15,374			934			(47,280	)		(2,589	)		317			109
Class 529-A		81,041		4,427		40,061			2,443			(65,304	)		(3,545	)		55,798			3,325
Class 529-C		8,665		487		2,318			145			(14,576	)		(817	)		(3,593	)		(185	)
Class 529-E		2,084		115		1,223			75			(2,478	)		(136	)		829			54
Class 529-T		—		—		1			—	†		—			—			1			—	†
Class 529-F-1		—		—		1			—	†		—			—			1			—	†
Class 529-F-2		25,282		1,379		7,374			449			(13,511	)		(732	)		19,145			1,096
Class 529-F-3		—		—		1			—	†		—			—			1			—	†
Class ABLE-A		782		43		168			10			(223	)		(12	)		727			41
Class ABLE-F-2		127		7		19			1			(19	)		(1	)		127			7
Class R-1		509		28		246			15			(538	)		(30	)		217			13
Class R-2		21,350		1,201		6,337			397			(24,073	)		(1,363	)		3,614			235
Class R-2E		1,252		70		371			23			(1,222	)		(65	)		401			28
Class R-3		18,742		1,031		5,081			312			(13,893	)		(768	)		9,930			575
Class R-4		8,506		459		2,888			176			(7,088	)		(387	)		4,306			248
Class R-5E		8,199		455		1,366			83			(3,867	)		(210	)		5,698			328
Class R-5		1,707		92		950			57			(1,304	)		(71	)		1,353			78
Class R-6		28,230		1,506		8,397			504			(20,481	)		(1,098	)		16,146			912
Total net increase (decrease)	$	688,030		37,586	$	338,576			20,636		$	(815,653	)		(44,824	)	$	210,953			13,398
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

Refer to the end of the tables for footnotes.

56 American Funds Portfolio Series

Growth Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	1,272,418		64,695	$	670,423			38,641		$	(1,031,585	)		(52,775	)	$	911,256			50,561
Class C		168,283		8,911		90,094			5,379			(273,303	)		(14,446	)		(14,926	)		(156	)
Class T		—		—		—			—			—			—			—			—
Class F-1		19,374		974		7,610			438			(32,464	)		(1,646	)		(5,480	)		(234	)
Class F-2		233,302		11,722		87,223			5,001			(236,427	)		(12,100	)		84,098			4,623
Class F-3		47,599		2,420		20,981			1,207			(86,849	)		(4,444	)		(18,269	)		(817	)
Class 529-A		283,779		14,433		147,351			8,512			(183,870	)		(9,314	)		247,260			13,631
Class 529-C		23,407		1,236		8,950			535			(36,359	)		(1,919	)		(4,002	)		(148	)
Class 529-E		9,635		500		5,438			317			(6,593	)		(336	)		8,480			481
Class 529-T		—		—		1			—	†		—			—			1			—	†
Class 529-F-1		—		—		1			—	†		—			—			1			—	†
Class 529-F-2		64,466		3,277		22,226			1,283			(33,546	)		(1,691	)		53,146			2,869
Class 529-F-3		—		—		1			—	†		—			—			1			—	†
Class ABLE-A		3,380		173		703			41			(633	)		(32	)		3,450			182
Class ABLE-F-2		255		13		24			1			(44	)		(2	)		235			12
Class R-1		4,228		223		3,123			186			(3,875	)		(206	)		3,476			203
Class R-2		43,887		2,326		17,704			1,058			(48,161	)		(2,566	)		13,430			818
Class R-2E		2,675		138		783			46			(1,414	)		(75	)		2,044			109
Class R-3		58,744		3,027		16,211			945			(39,114	)		(2,032	)		35,841			1,940
Class R-4		14,980		764		6,827			394			(16,299	)		(833	)		5,508			325
Class R-5E		19,394		998		3,938			228			(6,943	)		(354	)		16,389			872
Class R-5		6,925		345		2,880			164			(7,260	)		(372	)		2,545			137
Class R-6		63,182		3,192		15,043			860			(31,350	)		(1,565	)		46,875			2,487
Total net increase (decrease)	$	2,339,913		119,367	$	1,127,535			65,236		$	(2,076,089	)		(106,708	)	$	1,391,359			77,895
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 57

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, 2023
Class A	$	1,235,101		77,242	$	559,234		36,901		$	(1,120,917	)		(70,273	)	$	673,418			43,870
Class C		141,300		8,893		61,026		4,072			(313,477	)		(19,755	)		(111,151	)		(6,790	)
Class T		—		—		—		—			—			—			—			—
Class F-1		22,727		1,412		10,863		717			(37,101	)		(2,322	)		(3,511	)		(193	)
Class F-2		238,673		14,871		70,197		4,619			(271,399	)		(16,973	)		37,471			2,517
Class F-3		52,481		3,300		17,734		1,169			(64,850	)		(4,068	)		5,365			401
Class 529-A		158,823		9,926		60,815		4,014			(126,148	)		(7,846	)		93,490			6,094
Class 529-C		15,322		963		3,607		241			(24,726	)		(1,547	)		(5,797	)		(343	)
Class 529-E		6,092		381		2,208		146			(4,324	)		(270	)		3,976			257
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		—		—		1		—	†		—			—			1			—	†
Class 529-F-2		38,561		2,405		7,771		511			(16,237	)		(1,014	)		30,095			1,902
Class 529-F-3		—		—		1		—	†		—			—			1			—	†
Class ABLE-A		2,757		173		408		27			(596	)		(37	)		2,569			163
Class ABLE-F-2		180		11		25		2			(40	)		(2	)		165			11
Class R-1		2,113		133		1,032		69			(4,705	)		(294	)		(1,560	)		(92	)
Class R-2		37,469		2,370		10,685		714			(40,204	)		(2,551	)		7,950			533
Class R-2E		5,421		340		1,065		70			(2,142	)		(136	)		4,344			274
Class R-3		41,264		2,606		8,636		572			(30,656	)		(1,936	)		19,244			1,242
Class R-4		14,303		892		4,324		285			(16,670	)		(1,044	)		1,957			133
Class R-5E		10,274		641		1,528		100			(3,175	)		(199	)		8,627			542
Class R-5		3,803		237		1,593		105			(5,609	)		(352	)		(213	)		(10	)
Class R-6		115,958		7,244		23,855		1,566			(84,164	)		(5,246	)		55,649			3,564
Total net increase (decrease)	$	2,142,622		134,040	$	846,609		55,900		$	(2,167,140	)		(135,865	)	$	822,091			54,075
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

Refer to the end of the tables for footnotes.

58 American Funds Portfolio Series

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, 2023
Class A	$	946,242		60,214	$	456,731		30,210		$	(1,086,006	)		(69,223	)	$	316,967			21,201
Class C		103,042		6,599		49,667		3,316			(287,729	)		(18,447	)		(135,020	)		(8,532	)
Class T		—		—		—		—			—			—			—			—
Class F-1		11,302		719		5,932		392			(24,896	)		(1,581	)		(7,662	)		(470	)
Class F-2		201,974		12,834		61,830		4,081			(255,996	)		(16,297	)		7,808			618
Class F-3		52,978		3,381		17,886		1,182			(72,742	)		(4,646	)		(1,878	)		(83	)
Class 529-A		87,671		5,580		31,569		2,088			(98,799	)		(6,270	)		20,441			1,398
Class 529-C		10,419		665		2,210		147			(22,149	)		(1,411	)		(9,520	)		(599	)
Class 529-E		2,197		141		992		66			(3,559	)		(226	)		(370	)		(19	)
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		—		—		1		—	†		—			—			1			—	†
Class 529-F-2		17,071		1,085		5,156		341			(16,477	)		(1,045	)		5,750			381
Class 529-F-3		—		—		1		—	†		—			—			1			—	†
Class ABLE-A		2,402		153		318		21			(372	)		(24	)		2,348			150
Class ABLE-F-2		222		14		24		2			(70	)		(5	)		176			11
Class R-1		1,464		94		494		33			(1,600	)		(104	)		358			23
Class R-2		21,994		1,411		6,117		408			(30,778	)		(1,977	)		(2,667	)		(158	)
Class R-2E		2,256		144		475		32			(2,232	)		(143	)		499			33
Class R-3		26,241		1,675		7,215		478			(28,401	)		(1,822	)		5,055			331
Class R-4		13,544		863		4,107		272			(19,469	)		(1,241	)		(1,818	)		(106	)
Class R-5E		6,796		435		1,146		76			(3,473	)		(220	)		4,469			291
Class R-5		3,541		224		1,683		111			(5,536	)		(352	)		(312	)		(17	)
Class R-6		123,804		7,879		30,812		2,031			(127,114	)		(8,040	)		27,502			1,870
Total net increase (decrease)	$	1,635,160		104,110	$	684,367		45,287		$	(2,087,398	)		(133,074	)	$	232,129			16,323
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 59

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, 2023
Class A	$	646,307		52,524	$	266,687		22,055		$	(826,168	)		(67,367	)	$	86,826			7,212
Class C		67,277		5,504		25,045		2,082			(185,839	)		(15,227	)		(93,517	)		(7,641	)
Class T		—		—		—		—			—			—			—			—
Class F-1		22,313		1,813		4,104		339			(21,984	)		(1,791	)		4,433			361
Class F-2		171,154		13,870		31,640		2,612			(189,526	)		(15,393	)		13,268			1,089
Class F-3		26,093		2,119		6,166		510			(33,537	)		(2,725	)		(1,278	)		(96	)
Class 529-A		63,973		5,210		14,370		1,189			(68,764	)		(5,584	)		9,579			815
Class 529-C		7,234		591		1,136		94			(11,300	)		(921	)		(2,930	)		(236	)
Class 529-E		1,760		143		432		36			(3,005	)		(244	)		(813	)		(65	)
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		—		—		1		—	†		—			—			1			—	†
Class 529-F-2		16,876		1,378		2,655		220			(15,190	)		(1,236	)		4,341			362
Class 529-F-3		—		—		1		—	†		—			—			1			—	†
Class ABLE-A		1,292		105		166		14			(266	)		(22	)		1,192			97
Class ABLE-F-2		91		7		11		1			(38	)		(3	)		64			5
Class R-1		548		45		105		9			(300	)		(25	)		353			29
Class R-2		8,818		722		1,869		156			(8,712	)		(712	)		1,975			166
Class R-2E		1,376		113		64		5			(94	)		(8	)		1,346			110
Class R-3		10,075		822		2,063		171			(12,772	)		(1,042	)		(634	)		(49	)
Class R-4		6,969		565		1,559		128			(8,106	)		(657	)		422			36
Class R-5E		2,370		193		370		31			(1,519	)		(124	)		1,221			100
Class R-5		1,669		135		516		43			(3,113	)		(257	)		(928	)		(79	)
Class R-6		51,909		4,223		5,409		446			(22,593	)		(1,840	)		34,725			2,829
Total net increase (decrease)	$	1,108,104		90,082	$	364,370		30,141		$	(1,412,826	)		(115,178	)	$	59,648			5,045
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

Refer to the end of the tables for footnotes.

60 American Funds Portfolio Series

Tax-Aware Conservative Growth and Income Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	387,964		27,004	$	141,664		10,076	$	(538,305	)		(37,557	)	$	(8,677	)		(477	)
Class C		37,949		2,664		12,860		923		(94,569	)		(6,641	)		(43,760	)		(3,054	)
Class T		—		—		—		—		—			—			—			—
Class F-1		37,261		2,599		10,779		767		(57,641	)		(4,013	)		(9,601	)		(647	)
Class F-2		133,893		9,308		21,689		1,540		(136,312	)		(9,492	)		19,270			1,356
Class F-3		35,676		2,489		5,899		419		(36,713	)		(2,565	)		4,862			343
Total net increase (decrease)	$	632,743		44,064	$	192,891		13,725	$	(863,540	)		(60,268	)	$	(37,906	)		(2,479	)
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 61

Preservation Portfolio

	Sales*						Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	312,878			33,418		$	49,166			5,274		$	(626,646	)		(66,992	)	$	(264,602	)		(28,300	)
Class C		9,440			1,010			2,192			236			(42,501	)		(4,553	)		(30,869	)		(3,307	)
Class T		—			—			—			—			—			—			—			—
Class F-1		2,345			250			850			91			(13,505	)		(1,445	)		(10,310	)		(1,104	)
Class F-2		84,552			9,018			8,423			903			(224,294	)		(23,934	)		(131,319	)		(14,013	)
Class F-3		27,101			2,899			2,134			229			(32,090	)		(3,428	)		(2,855	)		(300	)
Class 529-A		45,672			4,880			5,666			608			(63,344	)		(6,777	)		(12,006	)		(1,289	)
Class 529-C		4,025			431			256			28			(6,688	)		(717	)		(2,407	)		(258	)
Class 529-E		1,505			160			138			15			(2,163	)		(232	)		(520	)		(57	)
Class 529-T		—			—			—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—			—			—	†		—	†		—			—			—	†		—	†
Class 529-F-2		16,029			1,713			1,411			151			(14,782	)		(1,581	)		2,658			283
Class 529-F-3		—			—			—	†		—	†		—			—			—	†		—	†
Class ABLE-A		577			61			34			4			(262	)		(28	)		349			37
Class ABLE-F-2		70			7			4			—	†		(34	)		(3	)		40			4
Class R-1		278			29			18			2			(317	)		(33	)		(21	)		(2	)
Class R-2		5,236			564			474			52			(4,911	)		(529	)		799			87
Class R-2E		284			30			19			2			(360	)		(39	)		(57	)		(7	)
Class R-3		7,011			748			829			89			(9,263	)		(990	)		(1,423	)		(153	)
Class R-4		1,209			130			376			40			(3,093	)		(330	)		(1,508	)		(160	)
Class R-5E		598			64			103			11			(1,560	)		(166	)		(859	)		(91	)
Class R-5		457			49			175			19			(2,492	)		(264	)		(1,860	)		(196	)
Class R-6		13,873			1,476			1,187			127			(18,446	)		(1,972	)		(3,386	)		(369	)
Total net increase (decrease)	$	533,140			56,937		$	73,455			7,881		$	(1,066,751	)		(114,013	)	$	(460,156	)		(49,195	)
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	)

Refer to the end of the tables for footnotes.

62 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net decrease
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	96,261		10,198	$	7,776		826	$	(195,043	)		(20,681	)	$	(91,006	)		(9,657	)
Class C		2,632		280		249		27		(11,537	)		(1,227	)		(8,656	)		(920	)
Class T		—		—		—		—		—			—			—			—
Class F-1		581		61		50		5		(1,572	)		(166	)		(941	)		(100	)
Class F-2		26,515		2,816		1,698		180		(61,999	)		(6,564	)		(33,786	)		(3,568	)
Class F-3		3,286		348		186		20		(11,520	)		(1,221	)		(8,048	)		(853	)
Total net increase (decrease)	$	129,275		13,703	$	9,959		1,058	$	(281,671	)		(29,859	)	$	(142,437	)		(15,098	)
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	)

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

American Funds Portfolio Series 63

Financial highlights

Global Growth Portfolio

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class A:
10/31/2023	$	17.43	$	.14		$	1.62		$	1.76		$	(.14	)	$	(1.19	)	$	(1.33	)	$	17.86		10.74	%	$	2,635			.37	%		.37	%		.81	%		.75	%
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
Class C:
10/31/2023		16.92		—	6		1.59			1.59			—			(1.19	)		(1.19	)		17.32		9.97			317			1.13			1.13			1.57			.02
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
Class T:
10/31/2023		17.47		.20			1.62			1.82			(.19	)		(1.19	)		(1.38	)		17.91		11.10	7		—	8		.09	7		.09	7		.53	7		1.07	7
10/31/2022		25.49		.17			(7.32	)		(7.15	)		(.16	)		(.71	)		(.87	)		17.47		(29.02	)7		—	8		.11	7		.11	7		.55	7		.84	7
10/31/2021		18.74		.12			6.84			6.96			(.10	)		(.11	)		(.21	)		25.49		37.36	7		—	8		.13	7		.13	7		.56	7		.50	7
10/31/2020		17.22		.19			2.24			2.43			(.20	)		(.71	)		(.91	)		18.74		14.39	7		—	8		.14	7		.14	7		.58	7		1.11	7
10/31/2019		16.04		.22			1.82			2.04			(.21	)		(.65	)		(.86	)		17.22		13.87	7		—	8		.15	7		.15	7		.58	7		1.35	7
Class F-1:
10/31/2023		17.45		.14			1.63			1.77			(.13	)		(1.19	)		(1.32	)		17.90		10.78			45			.38			.38			.82			.78
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
Class F-2:
10/31/2023		17.52		.19			1.63			1.82			(.18	)		(1.19	)		(1.37	)		17.97		11.09			514			.12			.12			.56			1.02
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
Class F-3:
10/31/2023		17.50		.21			1.62			1.83			(.21	)		(1.19	)		(1.40	)		17.93		11.15			204			.01			.01			.45			1.14
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

Refer to the end of the tables for footnotes.

64 American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class 529-A:
10/31/2023	$	17.38	$	.13		$	1.62		$	1.75		$	(.13	)	$	(1.19	)	$	(1.32	)	$	17.81		10.73	%	$	595			.42	%		.42	%		.86	%		.70	%
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
Class 529-C:
10/31/2023		16.92		(.01	)		1.58			1.57			—			(1.19	)		(1.19	)		17.30		9.84			31			1.19			1.19			1.63			(.03	)
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
Class 529-E:
10/31/2023		17.26		.09			1.60			1.69			(.09	)		(1.19	)		(1.28	)		17.67		10.41			18			.64			.64			1.08			.48
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		—	6		6.78			6.78			(.01	)		(.11	)		(.12	)		25.20		36.73			22			.62			.62			1.05			—	9
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
Class 529-T:
10/31/2023		17.46		.18			1.63			1.81			(.18	)		(1.19	)		(1.37	)		17.90		11.04	7		—	8		.16	7		.16	7		.60	7		.96	7
10/31/2022		25.48		.16			(7.32	)		(7.16	)		(.15	)		(.71	)		(.86	)		17.46		(29.07	)7		—	8		.16	7		.16	7		.60	7		.78	7
10/31/2021		18.73		.10			6.85			6.95			(.09	)		(.11	)		(.20	)		25.48		37.32	7		—	8		.18	7		.18	7		.61	7		.44	7
10/31/2020		17.21		.18			2.24			2.42			(.19	)		(.71	)		(.90	)		18.73		14.36	7		—	8		.19	7		.19	7		.63	7		1.02	7
10/31/2019		16.03		.21			1.82			2.03			(.20	)		(.65	)		(.85	)		17.21		13.80	7		—	8		.19	7		.19	7		.62	7		1.27	7
Class 529-F-1:
10/31/2023		17.46		.17			1.62			1.79			(.17	)		(1.19	)		(1.36	)		17.89		10.94	7		—	8		.19	7		.19	7		.63	7		.92	7
10/31/2022		25.48		.15			(7.32	)		(7.17	)		(.14	)		(.71	)		(.85	)		17.46		(29.07	)7		—	8		.20	7		.20	7		.64	7		.73	7
10/31/2021		18.75		.10			6.86			6.96			(.12	)		(.11	)		(.23	)		25.48		37.32	7		—	8		.19	7		.19	7		.62	7		.43	7
10/31/2020		17.23		.17			2.25			2.42			(.19	)		(.71	)		(.90	)		18.75		14.35	7		—	8		.18	7		.18	7		.62	7		.97	7
10/31/2019		16.06		.19			1.83			2.02			(.20	)		(.65	)		(.85	)		17.23		13.75			40			.20			.20			.63			1.18
Class 529-F-2:
10/31/2023		17.43		.18			1.62			1.80			(.18	)		(1.19	)		(1.37	)		17.86		11.06			113			.11			.11			.55			.98
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
10/31/202010,11		18.70		—			—			—			—			—			—			18.70		—			56			—			—			—			—

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 65

Financial highlights (continued)

Global Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class 529-F-3:
10/31/2023	$	17.43	$	.19		$	1.62		$	1.81		$	(.19	)	$	(1.19	)	$	(1.38	)	$	17.86		11.11	%	$	—	8		.08	%		.08	%		.52	%		1.04	%
10/31/2022		25.44		.17			(7.30	)		(7.13	)		(.17	)		(.71	)		(.88	)		17.43		(29.00	)		—	8		.08			.08			.52			.86
10/31/2021		18.70		.19			6.78			6.97			(.12	)		(.11	)		(.23	)		25.44		37.51			—	8		.11			.07			.50			.79
10/31/202010,11		18.70		—			—			—			—			—			—			18.70		—			—	8		—			—			—			—
Class ABLE-A:
10/31/2023		17.35		.15			1.63			1.78			(.16	)		(1.19	)		(1.35	)		17.78		10.93			3			.31			.25			.69			.80
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
Class ABLE-F-2:
10/31/2023		17.44		.17			1.64			1.81			(.19	)		(1.19	)		(1.38	)		17.87		11.08			—	8		.13			.07			.51			.91
10/31/2022		25.44		.14			(7.26	)		(7.12	)		(.17	)		(.71	)		(.88	)		17.44		(28.96	)		—	8		.12			.06			.50			.70
10/31/2021		18.70		.10			6.87			6.97			(.12	)		(.11	)		(.23	)		25.44		37.51			—	8		.12			.05			.48			.40
10/31/202010,11		18.70		—			—			—			—			—			—			18.70		—			—	8		—			—			—			—
Class R-1:
10/31/2023		17.04		.02			1.61			1.63			—			(1.19	)		(1.19	)		17.48		10.14			4			.98			.98			1.42			.12
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
Class R-2:
10/31/2023		16.87		.01			1.57			1.58			—			(1.19	)		(1.19	)		17.26		9.94			98			1.10			1.10			1.54			.03
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
Class R-2E:
10/31/2023		17.17		.05			1.61			1.66			(.06	)		(1.19	)		(1.25	)		17.58		10.25			5			.81			.81			1.25			.30
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

Refer to the end of the tables for footnotes.

66 American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class R-3:
10/31/2023	$	17.25	$	.08		$	1.61		$	1.69		$	(.08	)	$	(1.19	)	$	(1.27	)	$	17.67		10.46	%	$	79		.65	%		.65	%		1.09	%		.45	%
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
Class R-4:
10/31/2023		17.39		.14			1.62			1.76			(.14	)		(1.19	)		(1.33	)		17.82		10.82			43		.36			.36			.80			.76
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
Class R-5E:
10/31/2023		17.40		.16			1.63			1.79			(.18	)		(1.19	)		(1.37	)		17.82		10.98			23		.15			.15			.59			.88
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
Class R-5:
10/31/2023		17.63		.19			1.64			1.83			(.19	)		(1.19	)		(1.38	)		18.08		11.12			14		.06			.06			.50			1.05
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
Class R-6:
10/31/2023		17.68		.20			1.65			1.85			(.21	)		(1.19	)		(1.40	)		18.13		11.15			126		.01			.01			.45			1.10
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 67

Financial highlights (continued)

Growth Portfolio

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class A:
10/31/2023	$	19.25	$	.09		$	1.77		$	1.86		$	(.06	)	$	(1.69	)	$	(1.75	)	$	19.36		10.73	%	$	8,407			.37	%		.37	%		.75	%		.44	%
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
Class C:
10/31/2023		18.60		(.06	)		1.72			1.66			—			(1.69	)		(1.69	)		18.57		9.91			1,006			1.12			1.12			1.50			(.29	)
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		—	6		2.45			2.45			(.03	)		(.94	)		(.97	)		19.86		13.62			1,099			1.12			1.12			1.48			—	9
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
Class T:
10/31/2023		19.30		.15			1.77			1.92			(.11	)		(1.69	)		(1.80	)		19.42		11.08	7		—	8		.09	7		.09	7		.47	7		.76	7
10/31/2022		27.74		.10			(7.58	)		(7.48	)		(.06	)		(.90	)		(.96	)		19.30		(27.91	)7		—	8		.10	7		.10	7		.47	7		.44	7
10/31/2021		20.34		.13			8.11			8.24			(.15	)		(.69	)		(.84	)		27.74		41.37	7		—	8		.13	7		.13	7		.50	7		.50	7
10/31/2020		18.78		.20			2.51			2.71			(.21	)		(.94	)		(1.15	)		20.34		14.79	7		—	8		.13	7		.13	7		.49	7		1.03	7
10/31/2019		17.92		.21			1.68			1.89			(.20	)		(.83	)		(1.03	)		18.78		11.66	7		—	8		.14	7		.14	7		.52	7		1.19	7
Class F-1:
10/31/2023		19.25		.09			1.78			1.87			(.05	)		(1.69	)		(1.74	)		19.38		10.75			91			.37			.37			.75			.45
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
Class F-2:
10/31/2023		19.38		.14			1.78			1.92			(.11	)		(1.69	)		(1.80	)		19.50		11.01			1,064			.11			.11			.49			.71
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
Class F-3:
10/31/2023		19.35		.17			1.76			1.93			(.13	)		(1.69	)		(1.82	)		19.46		11.12			223			.01			.01			.39			.85
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

Refer to the end of the tables for footnotes.

68 American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class 529-A:
10/31/2023	$	19.21	$	.08		$	1.77		$	1.85		$	(.05	)	$	(1.69	)	$	(1.74	)	$	19.32		10.70	%	$	1,876			.41	%		.41	%		.79	%		.39	%
10/31/2022		27.63		.03			(7.55	)		(7.52	)		—	6		(.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
Class 529-C:
10/31/2023		18.57		(.07	)		1.72			1.65			—			(1.69	)		(1.69	)		18.53		9.87			98			1.18			1.18			1.56			(.35	)
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
Class 529-E:
10/31/2023		18.99		.03			1.76			1.79			(.01	)		(1.69	)		(1.70	)		19.08		10.47			69			.63			.63			1.01			.18
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
Class 529-T:
10/31/2023		19.29		.13			1.77			1.90			(.10	)		(1.69	)		(1.79	)		19.40		10.96	7		—	8		.16	7		.16	7		.54	7		.66	7
10/31/2022		27.73		.08			(7.57	)		(7.49	)		(.05	)		(.90	)		(.95	)		19.29		(27.96	)7		—	8		.15	7		.15	7		.52	7		.38	7
10/31/2021		20.33		.11			8.12			8.23			(.14	)		(.69	)		(.83	)		27.73		41.33	7		—	8		.17	7		.17	7		.54	7		.44	7
10/31/2020		18.78		.18			2.51			2.69			(.20	)		(.94	)		(1.14	)		20.33		14.69	7		—	8		.18	7		.18	7		.54	7		.94	7
10/31/2019		17.91		.20			1.69			1.89			(.19	)		(.83	)		(1.02	)		18.78		11.64	7		—	8		.18	7		.18	7		.56	7		1.12	7
Class 529-F-1:
10/31/2023		19.31		.12			1.78			1.90			(.09	)		(1.69	)		(1.78	)		19.43		10.96	7		—	8		.19	7		.19	7		.57	7		.62	7
10/31/2022		27.76		.08			(7.58	)		(7.50	)		(.05	)		(.90	)		(.95	)		19.31		(27.97	)7		—	8		.20	7		.20	7		.57	7		.34	7
10/31/2021		20.37		.10			8.14			8.24			(.16	)		(.69	)		(.85	)		27.76		41.34	7		—	8		.18	7		.18	7		.55	7		.41	7
10/31/2020		18.82		.17			2.52			2.69			(.20	)		(.94	)		(1.14	)		20.37		14.67	7		—	8		.18	7		.18	7		.54	7		.89	7
10/31/2019		17.95		.18			1.71			1.89			(.19	)		(.83	)		(1.02	)		18.82		11.62			115			.19			.19			.57			1.02
Class 529-F-2:
10/31/2023		19.26		.13			1.78			1.91			(.11	)		(1.69	)		(1.80	)		19.37		11.02			289			.12			.12			.50			.68
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
10/31/202010,11		20.30		—			—			—			—			—			—			20.30		—			165			—			—			—			—

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 69

Financial highlights (continued)

Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class 529-F-3:
10/31/2023	$	19.25	$	.15		$	1.77		$	1.92		$	(.12	)	$	(1.69	)	$	(1.81	)	$	19.36		11.10	%	$	—	8		.07	%		.07	%		.45	%		.74	%
10/31/2022		27.68		.10			(7.55	)		(7.45	)		(.08	)		(.90	)		(.98	)		19.25		(27.90	)		—	8		.07			.07			.44			.46
10/31/2021		20.30		.14			8.10			8.24			(.17	)		(.69	)		(.86	)		27.68		41.48			—	8		.11			.07			.44			.55
10/31/202010,11		20.30		—			—			—			—			—			—			20.30		—			—	8		—			—			—			—
Class ABLE-A:
10/31/2023		19.18		.10			1.78			1.88			(.08	)		(1.69	)		(1.77	)		19.29		10.90			11			.32			.26			.64			.50
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
Class ABLE-F-2:
10/31/2023		19.27		.13			1.79			1.92			(.12	)		(1.69	)		(1.81	)		19.38		11.07			—	8		.12			.06			.44			.64
10/31/2022		27.71		.09			(7.55	)		(7.46	)		(.08	)		(.90	)		(.98	)		19.27		(27.91	)		—	8		.11			.05			.42			.41
10/31/2021		20.30		.09			8.18			8.27			(.17	)		(.69	)		(.86	)		27.71		41.63			—	8		.11			.04			.41			.34
10/31/202010,11		20.30		—			—			—			—			—			—			20.30		—			—	8		—			—			—			—
Class R-1:
10/31/2023		18.66		(.05	)		1.72			1.67			—			(1.69	)		(1.69	)		18.64		9.94			38			1.10			1.10			1.48			(.28	)
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		—	6		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
Class R-2:
10/31/2023		18.59		(.05	)		1.72			1.67			—			(1.69	)		(1.69	)		18.57		9.98			212			1.09			1.09			1.47			(.27	)
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		—	6		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
Class R-2E:
10/31/2023		18.84		—	6		1.74			1.74			—			(1.69	)		(1.69	)		18.89		10.24			11			.81			.81			1.19			(.01	)
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

Refer to the end of the tables for footnotes.

70 American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio (continued)

			Income (loss) from investment operations1									Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income (loss) to average net assets3
Class R-3:
10/31/2023	$	19.01	$	.03		$	1.76		$	1.79		$	—	6	$	(1.69	)	$	(1.69	)	$	19.11		10.45	%	$	218		.65	%		.65	%		1.03	%		.15	%
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
Class R-4:
10/31/2023		19.23		.09			1.77			1.86			(.06	)		(1.69	)		(1.75	)		19.34		10.76			83		.34			.34			.72			.47
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
Class R-5E:
10/31/2023		19.24		.12			1.78			1.90			(.11	)		(1.69	)		(1.80	)		19.34		10.96			58		.15			.15			.53			.62
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
Class R-5:
10/31/2023		19.49		.15			1.79			1.94			(.12	)		(1.69	)		(1.81	)		19.62		11.08			33		.06			.06			.44			.76
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
Class R-6:
10/31/2023		19.45		.15			1.79			1.94			(.13	)		(1.69	)		(1.82	)		19.57		11.11			210		.01			.01			.39			.77
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 71

Financial highlights (continued)

Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class A:
10/31/2023	$	15.38	$	.33	$	.87		$	1.20		$	(.33	)	$	(.66	)	$	(.99	)	$	15.59		8.10	%	$	9,394			.33	%		.33	%		.67	%		2.08	%
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
Class C:
10/31/2023		15.27		.21		.87			1.08			(.21	)		(.66	)		(.87	)		15.48		7.34			1,007			1.08			1.08			1.42			1.35
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
Class T:
10/31/2023		15.38		.38		.88			1.26			(.38	)		(.66	)		(1.04	)		15.60		8.47	7		—	8		.05	7		.05	7		.39	7		2.39	7
10/31/2022		19.63		.32		(3.52	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.38		(17.15	)7		—	8		.07	7		.07	7		.40	7		1.86	7
10/31/2021		15.64		.28		4.43			4.71			(.30	)		(.42	)		(.72	)		19.63		30.75	7		—	8		.09	7		.09	7		.41	7		1.50	7
10/31/2020		15.29		.32		.91			1.23			(.33	)		(.55	)		(.88	)		15.64		8.21	7		—	8		.08	7		.08	7		.40	7		2.10	7
10/31/2019		14.63		.34		1.20			1.54			(.34	)		(.54	)		(.88	)		15.29		11.33	7		—	8		.08	7		.08	7		.40	7		2.35	7
Class F-1:
10/31/2023		15.38		.33		.87			1.20			(.33	)		(.66	)		(.99	)		15.59		8.05			174			.37			.37			.71			2.05
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
Class F-2:
10/31/2023		15.40		.37		.88			1.25			(.37	)		(.66	)		(1.03	)		15.62		8.39			1,132			.11			.11			.45			2.31
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
Class F-3:
10/31/2023		15.39		.39		.86			1.25			(.38	)		(.66	)		(1.04	)		15.60		8.44			262			.01			.01			.35			2.42
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

Refer to the end of the tables for footnotes.

72 American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class 529-A:
10/31/2023	$	15.37	$	.32	$	.88		$	1.20		$	(.33	)	$	(.66	)	$	(.99	)	$	15.58		8.06	%	$	1,033			.38	%		.38	%		.72	%		2.03	%
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
Class 529-C:
10/31/2023		15.30		.20		.88			1.08			(.20	)		(.66	)		(.86	)		15.52		7.32			61			1.14			1.14			1.48			1.28
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
Class 529-E:
10/31/2023		15.33		.29		.87			1.16			(.29	)		(.66	)		(.95	)		15.54		7.84			40			.60			.60			.94			1.80
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
Class 529-T:
10/31/2023		15.38		.37		.88			1.25			(.37	)		(.66	)		(1.03	)		15.60		8.40	7		—	8		.13	7		.13	7		.47	7		2.28	7
10/31/2022		19.63		.31		(3.52	)		(3.21	)		(.30	)		(.74	)		(1.04	)		15.38		(17.19	)7		—	8		.11	7		.11	7		.44	7		1.80	7
10/31/2021		15.64		.27		4.44			4.71			(.30	)		(.42	)		(.72	)		19.63		30.68	7		—	8		.14	7		.14	7		.46	7		1.45	7
10/31/2020		15.29		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.64		8.15	7		—	8		.13	7		.13	7		.45	7		2.02	7
10/31/2019		14.63		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.29		11.26	7		—	8		.14	7		.14	7		.46	7		2.26	7
Class 529-F-1:
10/31/2023		15.38		.36		.88			1.24			(.36	)		(.66	)		(1.02	)		15.60		8.34	7		—	8		.17	7		.17	7		.51	7		2.24	7
10/31/2022		19.64		.30		(3.53	)		(3.23	)		(.29	)		(.74	)		(1.03	)		15.38		(17.29	)7		—	8		.19	7		.19	7		.52	7		1.73	7
10/31/2021		15.65		.23		4.47			4.70			(.29	)		(.42	)		(.71	)		19.64		30.62	7		—	8		.17	7		.17	7		.49	7		1.27	7
10/31/2020		15.30		.30		.92			1.22			(.32	)		(.55	)		(.87	)		15.65		8.14	7		—	8		.14	7		.14	7		.46	7		2.00	7
10/31/2019		14.64		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.30		11.25			56			.15			.15			.47			2.22
Class 529-F-2:
10/31/2023		15.38		.37		.87			1.24			(.37	)		(.66	)		(1.03	)		15.59		8.35			141			.10			.10			.44			2.28
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
10/31/202010,11		15.64		—		—			—			—			—			—			15.64		—			67			—			—			—			—

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 73

Financial highlights (continued)

Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class 529-F-3:
10/31/2023	$	15.38	$	.37	$	.88		$	1.25		$	(.37	)	$	(.66	)	$	(1.03	)	$	15.60		8.45	%	$	—	8		.07	%		.07	%		.41	%		2.34	%
10/31/2022		19.63		.32		(3.52	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.38		(17.15	)		—	8		.07			.07			.40			1.85
10/31/2021		15.64		.28		4.44			4.72			(.31	)		(.42	)		(.73	)		19.63		30.78			—	8		.12			.07			.39			1.52
10/31/202010,11		15.64		—		—			—			—			—			—			15.64		—			—	8		—			—			—			—
Class ABLE-A:
10/31/2023		15.38		.34		.89			1.23			(.34	)		(.66	)		(1.00	)		15.61		8.28			8			.30			.25			.59			2.11
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
Class ABLE-F-2:
10/31/2023		15.39		.37		.89			1.26			(.37	)		(.66	)		(1.03	)		15.62		8.48			—	8		.10			.04			.38			2.33
10/31/2022		19.64		.32		(3.52	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.39		(17.15	)		—	8		.09			.04			.37			1.89
10/31/2021		15.64		.30		4.43			4.73			(.31	)		(.42	)		(.73	)		19.64		30.86			—	8		.09			.03			.35			1.59
10/31/202010,11		15.64		—		—			—			—			—			—			15.64		—			—	8		—			—			—			—
Class R-1:
10/31/2023		15.28		.21		.88			1.09			(.21	)		(.66	)		(.87	)		15.50		7.37			19			1.10			1.10			1.44			1.31
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
Class R-2:
10/31/2023		15.24		.21		.87			1.08			(.22	)		(.66	)		(.88	)		15.44		7.32			195			1.08			1.08			1.42			1.34
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
Class R-2E:
10/31/2023		15.32		.26		.87			1.13			(.26	)		(.66	)		(.92	)		15.53		7.65			20			.81			.81			1.15			1.61
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

Refer to the end of the tables for footnotes.

74 American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class R-3:
10/31/2023	$	15.31	$	.28	$	.87		$	1.15		$	(.28	)	$	(.66	)	$	(.94	)	$	15.52		7.80	%	$	160		.65	%		.65	%		.99	%		1.74	%
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
Class R-4:
10/31/2023		15.37		.33		.88			1.21			(.33	)		(.66	)		(.99	)		15.59		8.16			72		.34			.34			.68			2.06
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
Class R-5E:
10/31/2023		15.36		.36		.87			1.23			(.36	)		(.66	)		(1.02	)		15.57		8.31			30		.15			.15			.49			2.22
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
Class R-5:
10/31/2023		15.44		.38		.88			1.26			(.38	)		(.66	)		(1.04	)		15.66		8.43			24		.06			.06			.40			2.36
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
Class R-6:
10/31/2023		15.41		.38		.88			1.26			(.38	)		(.66	)		(1.04	)		15.63		8.50			409		.01			.01			.35			2.38
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 75

Financial highlights (continued)

Moderate Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class A:
10/31/2023	$	15.28	$	.34	$	.43		$	.77		$	(.32	)	$	(.58	)	$	(.90	)	$	15.15		5.17	%	$	7,949			.32	%		.32	%		.66	%		2.17	%
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		24.79			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
Class C:
10/31/2023		15.17		.22		.45			.67			(.21	)		(.58	)		(.79	)		15.05		4.47			856			1.06			1.06			1.40			1.44
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
Class T:
10/31/2023		15.28		.39		.44			.83			(.37	)		(.58	)		(.95	)		15.16		5.55	7		—	8		.02	7		.02	7		.36	7		2.49	7
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.34	)		(.66	)		(1.00	)		15.28		(14.82	)7		—	8		.05	7		.05	7		.38	7		1.93	7
10/31/2021		15.58		.31		3.55			3.86			(.35	)		(.14	)		(.49	)		18.95		25.09	7		—	8		.06	7		.06	7		.38	7		1.71	7
10/31/2020		15.28		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.58		6.20	7		—	8		.07	7		.07	7		.42	7		2.00	7
10/31/2019		14.29		.33		1.33			1.66			(.32	)		(.35	)		(.67	)		15.28		12.22	7		—	8		.08	7		.08	7		.45	7		2.22	7
Class F-1:
10/31/2023		15.28		.33		.45			.78			(.32	)		(.58	)		(.90	)		15.16		5.18			96			.36			.36			.70			2.13
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
Class F-2:
10/31/2023		15.30		.37		.45			.82			(.36	)		(.58	)		(.94	)		15.18		5.45			1,033			.11			.11			.45			2.38
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
Class F-3:
10/31/2023		15.28		.39		.44			.83			(.37	)		(.58	)		(.95	)		15.16		5.56			281			.01			.01			.35			2.49
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

Refer to the end of the tables for footnotes.

76 American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class 529-A:
10/31/2023	$	15.27	$	.33	$	.45		$	.78		$	(.32	)	$	(.58	)	$	(.90	)	$	15.15		5.20	%	$	549			.36	%		.36	%		.70	%		2.13	%
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
Class 529-C:
10/31/2023		15.22		.22		.43			.65			(.19	)		(.58	)		(.77	)		15.10		4.38			36			1.12			1.12			1.46			1.38
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
Class 529-E:
10/31/2023		15.24		.30		.43			.73			(.28	)		(.58	)		(.86	)		15.11		4.89			17			.60			.60			.94			1.90
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
Class 529-T:
10/31/2023		15.28		.38		.44			.82			(.36	)		(.58	)		(.94	)		15.16		5.50	7		—	8		.07	7		.07	7		.41	7		2.41	7
10/31/2022		18.95		.31		(2.99	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.28		(14.88	)7		—	8		.11	7		.11	7		.44	7		1.85	7
10/31/2021		15.57		.30		3.56			3.86			(.34	)		(.14	)		(.48	)		18.95		25.11	7		—	8		.12	7		.12	7		.44	7		1.65	7
10/31/2020		15.28		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.57		6.07	7		—	8		.13	7		.13	7		.48	7		1.94	7
10/31/2019		14.29		.32		1.34			1.66			(.32	)		(.35	)		(.67	)		15.28		12.16	7		—	8		.13	7		.13	7		.50	7		2.16	7
Class 529-F-1:
10/31/2023		15.30		.36		.45			.81			(.35	)		(.58	)		(.93	)		15.18		5.38	7		—	8		.17	7		.17	7		.51	7		2.31	7
10/31/2022		18.97		.30		(3.00	)		(2.70	)		(.31	)		(.66	)		(.97	)		15.30		(14.92	)7		—	8		.18	7		.18	7		.51	7		1.78	7
10/31/2021		15.59		.26		3.60			3.86			(.34	)		(.14	)		(.48	)		18.97		25.03	7		—	8		.16	7		.16	7		.48	7		1.48	7
10/31/2020		15.29		.30		.62			.92			(.32	)		(.30	)		(.62	)		15.59		6.14	7		—	8		.12	7		.12	7		.47	7		1.93	7
10/31/2019		14.30		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.29		12.16			49			.13			.13			.50			2.15
Class 529-F-2:
10/31/2023		15.27		.37		.45			.82			(.36	)		(.58	)		(.94	)		15.15		5.46			88			.11			.11			.45			2.37
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
10/31/202010,11		15.57		—		—			—			—			—			—			15.57		—			56			—			—			—			—

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 77

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class 529-F-3:
10/31/2023	$	15.27	$	.38	$	.44		$	.82		$	(.36	)	$	(.58	)	$	(.94	)	$	15.15		5.50	%	$	—	8		.07	%		.07	%		.41	%		2.41	%
10/31/2022		18.94		.32		(3.00	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.27		(14.86	)		—	8		.07			.07			.40			1.89
10/31/2021		15.57		.30		3.56			3.86			(.35	)		(.14	)		(.49	)		18.94		25.11			—	8		.12			.07			.39			1.69
10/31/202010,11		15.57		—		—			—			—			—			—			15.57		—			—	8		—			—			—			—
Class ABLE-A:
10/31/2023		15.28		.34		.45			.79			(.33	)		(.58	)		(.91	)		15.16		5.27			7			.30			.24			.58			2.19
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
Class ABLE-F-2:
10/31/2023		15.29		.38		.45			.83			(.36	)		(.58	)		(.94	)		15.18		5.55			1			.09			.03			.37			2.42
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.33	)		(.66	)		(.99	)		15.29		(14.80	)		—	8		.09			.03			.36			1.96
10/31/2021		15.57		.31		3.56			3.87			(.35	)		(.14	)		(.49	)		18.95		25.18			—	8		.09			.02			.34			1.70
10/31/202010,11		15.57		—		—			—			—			—			—			15.57		—			—	8		—			—			—			—
Class R-1:
10/31/2023		15.21		.22		.45			.67			(.21	)		(.58	)		(.79	)		15.09		4.46			9			1.08			1.08			1.42			1.42
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
Class R-2:
10/31/2023		15.17		.22		.44			.66			(.21	)		(.58	)		(.79	)		15.04		4.40			120			1.08			1.08			1.42			1.42
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
Class R-2E:
10/31/2023		15.27		.26		.45			.71			(.25	)		(.58	)		(.83	)		15.15		4.75			9			.81			.81			1.15			1.66
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

Refer to the end of the tables for footnotes.

78 American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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			Ratio of net income to average net assets3
Class R-3:
10/31/2023	$	15.24	$	.29	$	.43		$	.72		$	(.27	)	$	(.58	)	$	(.85	)	$	15.11		4.83	%	$	133		.65	%		.65	%		.99	%		1.84	%
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
Class R-4:
10/31/2023		15.28		.34		.44			.78			(.32	)		(.58	)		(.90	)		15.16		5.20			68		.35			.35			.69			2.14
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
Class R-5E:
10/31/2023		15.29		.36		.45			.81			(.35	)		(.58	)		(.93	)		15.17		5.41			23		.15			.15			.49			2.32
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
Class R-5:
10/31/2023		15.32		.39		.44			.83			(.37	)		(.58	)		(.95	)		15.20		5.50			27		.06			.06			.40			2.45
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
Class R-6:
10/31/2023		15.31		.39		.44			.83			(.37	)		(.58	)		(.95	)		15.19		5.55			508		.01			.01			.35			2.46
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 79

Financial highlights (continued)

Conservative Growth and Income Portfolio

			Income (loss) 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			Ratio of net income to average net assets3
Class A:
10/31/2023	$	12.03	$	.47	$	(.12	)	$	.35		$	(.47	)	$	(.18	)	$	(.65	)	$	11.73		2.81	%	$	4,953			.32	%		.32	%		.60	%		3.86	%
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
Class C:
10/31/2023		11.96		.38		(.13	)		.25			(.37	)		(.18	)		(.55	)		11.66		2.04			478			1.06			1.06			1.34			3.12
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
Class T:
10/31/2023		12.04		.51		(.14	)		.37			(.50	)		(.18	)		(.68	)		11.73		2.99	7		—	8		.05	7		.05	7		.33	7		4.13	7
10/31/2022		14.00		.44		(1.71	)		(1.27	)		(.44	)		(.25	)		(.69	)		12.04		(9.47	)7		—	8		.05	7		.05	7		.34	7		3.34	7
10/31/2021		12.25		.41		2.06			2.47			(.45	)		(.27	)		(.72	)		14.00		20.60	7		—	8		.04	7		.04	7		.31	7		3.00	7
10/31/2020		12.80		.44		(.36	)		.08			(.46	)		(.17	)		(.63	)		12.25		.60	7		—	8		.05	7		.05	7		.32	7		3.55	7
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.15	7		—	8		.05	7		.05	7		.34	7		3.59	7
Class F-1:
10/31/2023		12.04		.47		(.13	)		.34			(.46	)		(.18	)		(.64	)		11.74		2.75			77			.37			.37			.65			3.80
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
Class F-2:
10/31/2023		12.05		.50		(.13	)		.37			(.49	)		(.18	)		(.67	)		11.75		3.02			573			.11			.11			.39			4.07
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
Class F-3:
10/31/2023		12.04		.51		(.14	)		.37			(.50	)		(.18	)		(.68	)		11.73		3.04			102			.01			.01			.29			4.17
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

Refer to the end of the tables for footnotes.

80 American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			Income (loss) 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			Ratio of net income to average net assets3
Class 529-A:
10/31/2023	$	12.03	$	.47	$	(.14	)	$	.33		$	(.46	)	$	(.18	)	$	(.64	)	$	11.72		2.69	%	$	270			.36	%		.36	%		.64	%		3.82	%
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
Class 529-C:
10/31/2023		11.98		.38		(.13	)		.25			(.37	)		(.18	)		(.55	)		11.68		1.99			23			1.11			1.11			1.39			3.07
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
Class 529-E:
10/31/2023		12.02		.44		(.13	)		.31			(.43	)		(.18	)		(.61	)		11.72		2.52			8			.59			.59			.87			3.57
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	)		—	6		(.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
Class 529-T:
10/31/2023		12.04		.50		(.14	)		.36			(.49	)		(.18	)		(.67	)		11.73		2.95	7		—	8		.10	7		.10	7		.38	7		4.07	7
10/31/2022		14.00		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.04		(9.51	)7		—	8		.09	7		.09	7		.38	7		3.29	7
10/31/2021		12.25		.39		2.07			2.46			(.44	)		(.27	)		(.71	)		14.00		20.52	7		—	8		.11	7		.11	7		.38	7		2.92	7
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.54	7		—	8		.11	7		.11	7		.38	7		3.48	7
10/31/2019		12.22		.44		.74			1.18			(.43	)		(.17	)		(.60	)		12.80		10.08	7		—	8		.11	7		.11	7		.40	7		3.51	7
Class 529-F-1:
10/31/2023		12.04		.49		(.13	)		.36			(.48	)		(.18	)		(.66	)		11.74		2.94	7		—	8		.18	7		.18	7		.46	7		3.99	7
10/31/2022		14.00		.42		(1.71	)		(1.29	)		(.42	)		(.25	)		(.67	)		12.04		(9.60	)7		—	8		.18	7		.18	7		.47	7		3.20	7
10/31/2021		12.25		.38		2.07			2.45			(.43	)		(.27	)		(.70	)		14.00		20.47	7		—	8		.16	7		.16	7		.43	7		2.84	7
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.53	7		—	8		.12	7		.12	7		.39	7		3.46	7
10/31/2019		12.23		.43		.74			1.17			(.43	)		(.17	)		(.60	)		12.80		9.99			32			.12			.12			.41			3.46
Class 529-F-2:
10/31/2023		12.03		.50		(.13	)		.37			(.49	)		(.18	)		(.67	)		11.73		3.04			50			.10			.10			.38			4.07
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
10/31/202010,11		12.24		—		—			—			—			—			—			12.24		—			36			—			—			—			—

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 81

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			Income (loss) 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			Ratio of net income to average net assets3
Class 529-F-3:
10/31/2023	$	12.03	$	.50	$	(.12	)	$	.38		$	(.50	)	$	(.18	)	$	(.68	)	$	11.73		3.06	%	$	—	8		.07	%		.07	%		.35	%		4.10	%
10/31/2022		13.99		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.03		(9.50	)		—	8		.07			.07			.36			3.31
10/31/2021		12.24		.40		2.06			2.46			(.44	)		(.27	)		(.71	)		13.99		20.58			—	8		.12			.07			.34			2.95
10/31/202010,11		12.24		—		—			—			—			—			—			12.24		—			—	8		—			—			—			—
Class ABLE-A:
10/31/2023		12.02		.48		(.12	)		.36			(.47	)		(.18	)		(.65	)		11.73		2.93			4			.30			.24			.52			3.89
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			—	8		.39			.32			.61			3.17
Class ABLE-F-2:
10/31/2023		12.04		.51		(.14	)		.37			(.49	)		(.18	)		(.67	)		11.74		3.05			—	8		.09			.03			.31			4.12
10/31/2022		14.00		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.04		(9.49	)		—	8		.08			.03			.32			3.42
10/31/2021		12.24		.40		2.07			2.47			(.44	)		(.27	)		(.71	)		14.00		20.68			—	8		.08			.02			.29			2.91
10/31/202010,11		12.24		—		—			—			—			—			—			12.24		—			—	8		—			—			—			—
Class R-1:
10/31/2023		11.97		.38		(.13	)		.25			(.38	)		(.18	)		(.56	)		11.66		1.97			2			1.07			1.07			1.35			3.09
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
Class R-2:
10/31/2023		11.96		.38		(.14	)		.24			(.37	)		(.18	)		(.55	)		11.65		1.95			40			1.09			1.09			1.37			3.07
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
Class R-2E:
10/31/2023		12.04		.41		(.13	)		.28			(.42	)		(.18	)		(.60	)		11.72		2.24			2			.80			.80			1.08			3.35
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	)		—	8		.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

Refer to the end of the tables for footnotes.

82 American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			Income (loss) 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			Ratio of net income to average net assets3
Class R-3:
10/31/2023	$	12.01	$	.43	$	(.13	)	$	.30		$	(.43	)	$	(.18	)	$	(.61	)	$	11.70		2.40	%	$	40		.64	%		.64	%		.92	%		3.55	%
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	)		—	6		(.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
Class R-4:
10/31/2023		12.04		.47		(.13	)		.34			(.46	)		(.18	)		(.64	)		11.74		2.78			31		.34			.34			.62			3.81
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
Class R-5E:
10/31/2023		12.02		.49		(.12	)		.37			(.49	)		(.18	)		(.67	)		11.72		2.99			8		.14			.14			.42			4.00
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
Class R-5:
10/31/2023		12.07		.51		(.14	)		.37			(.50	)		(.18	)		(.68	)		11.76		2.98			8		.06			.06			.34			4.12
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
Class R-6:
10/31/2023		12.06		.51		(.13	)		.38			(.50	)		(.18	)		(.68	)		11.76		3.12			113		.01			.01			.29			4.13
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 83

Financial highlights (continued)

Tax-Aware Conservative Growth and Income Portfolio

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5			Ratio of net income to average net assets
Class A:
10/31/2023	$	13.80	$	.36	$	.32		$	.68		$	(.35	)	$	(.29	)	$	(.64	)	$	13.84		4.92	%	$	3,127			.34	%		.64	%		2.48	%
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
Class C:
10/31/2023		13.70		.25		.32			.57			(.25	)		(.29	)		(.54	)		13.73		4.13			301			1.04			1.34			1.79
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
Class T:
10/31/2023		13.81		.41		.31			.72			(.40	)		(.29	)		(.69	)		13.84		5.18	7		—	8		.01	7		.31	7		2.82	7
10/31/2022		16.11		.35		(2.19	)		(1.84	)		(.36	)		(.10	)		(.46	)		13.81		(11.65	)7		—	8		.04	7		.33	7		2.33	7
10/31/2021		13.80		.33		2.39			2.72			(.33	)		(.08	)		(.41	)		16.11		19.93	7		—	8		.04	7		.34	7		2.14	7
10/31/2020		14.05		.36		(.05	)		.31			(.36	)		(.20	)		(.56	)		13.80		2.26	7		—	8		.05	7		.36	7		2.58	7
10/31/2019		13.22		.39		1.06			1.45			(.38	)		(.24	)		(.62	)		14.05		11.40	7		—	8		.05	7		.38	7		2.85	7
Class F-1:
10/31/2023		13.80		.35		.32			.67			(.35	)		(.29	)		(.64	)		13.83		4.80			233			.38			.68			2.45
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
Class F-2:
10/31/2023		13.83		.39		.32			.71			(.39	)		(.29	)		(.68	)		13.86		5.07			459			.12			.42			2.70
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
Class F-3:
10/31/2023		13.82		.40		.32			.72			(.40	)		(.29	)		(.69	)		13.85		5.18			120			.01			.31			2.81
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

Refer to the end of the tables for footnotes.

84 American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio

			Income (loss) 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			Ratio of net income (loss) to average net assets3
Class A:
10/31/2023	$	9.28	$	.30		$	(.12	)	$	.18		$	(.30	)	$	—		$	(.30	)	$	9.16		1.95	%	$	1,385			.39	%		.39	%		.66	%		3.26	%
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	)		—	6		(.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
Class C:
10/31/2023		9.26		.24			(.12	)		.12			(.24	)		—			(.24	)		9.14		1.23			73			1.08			1.08			1.35			2.55
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
Class T:
10/31/2023		9.29		.34			(.13	)		.21			(.33	)		—			(.33	)		9.17		2.31	7		—	8		.03	7		.03	7		.30	7		3.63	7
10/31/2022		10.20		.18			(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.12	)7		—	8		.07	7		.07	7		.33	7		1.87	7
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22	7		—	8		.09	7		.09	7		.34	7		.91	7
10/31/2020		10.01		.16			.41			.57			(.18	)		—			(.18	)		10.40		5.70	7		—	8		.10	7		.10	7		.37	7		1.61	7
10/31/2019		9.70		.21			.31			.52			(.21	)		—			(.21	)		10.01		5.38	7		—	8		.10	7		.10	7		.39	7		2.11	7
Class F-1:
10/31/2023		9.28		.30			(.11	)		.19			(.30	)		—			(.30	)		9.17		2.05			22			.38			.38			.65			3.25
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
Class F-2:
10/31/2023		9.28		.33			(.12	)		.21			(.33	)		—			(.33	)		9.16		2.22			181			.12			.12			.39			3.50
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
Class F-3:
10/31/2023		9.28		.34			(.12	)		.22			(.34	)		—			(.34	)		9.16		2.34			60			.01			.01			.28			3.64
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 85

Financial highlights (continued)

Preservation Portfolio (continued)

			Income (loss) 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			Ratio of net income (loss) to average net assets3
Class 529-A:
10/31/2023	$	9.28	$	.31		$	(.13	)	$	.18		$	(.30	)	$	—		$	(.30	)	$	9.16		1.96	%	$	167			.38	%		.38	%		.65	%		3.27	%
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
Class 529-C:
10/31/2023		9.26		.23			(.12	)		.11			(.23	)		—			(.23	)		9.14		1.18			9			1.14			1.14			1.41			2.50
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
Class 529-E:
10/31/2023		9.28		.28			(.12	)		.16			(.28	)		—			(.28	)		9.16		1.73			4			.60			.60			.87			3.05
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
Class 529-T:
10/31/2023		9.29		.33			(.12	)		.21			(.33	)		—			(.33	)		9.17		2.24	7		—	8		.10	7		.10	7		.37	7		3.55	7
10/31/2022		10.20		.18			(.91	)		(.73	)		(.17	)		(.01	)		(.18	)		9.29		(7.19	)7		—	8		.14	7		.14	7		.40	7		1.80	7
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.16	7		—	8		.15	7		.15	7		.40	7		.85	7
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.63	7		—	8		.16	7		.16	7		.43	7		1.54	7
10/31/2019		9.70		.20			.31			.51			(.20	)		—			(.20	)		10.01		5.31	7		—	8		.17	7		.17	7		.46	7		2.04	7
Class 529-F-1:
10/31/2023		9.28		.32			(.12	)		.20			(.32	)		—			(.32	)		9.16		2.13	7		—	8		.21	7		.21	7		.48	7		3.45	7
10/31/2022		10.20		.17			(.91	)		(.74	)		(.17	)		(.01	)		(.18	)		9.28		(7.33	)7		—	8		.19	7		.19	7		.45	7		1.75	7
10/31/2021		10.40		.08			(.06	)		.02			(.21	)		(.01	)		(.22	)		10.20		.13	7		—	8		.19	7		.19	7		.44	7		.81	7
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.64	7		—	8		.15	7		.15	7		.42	7		1.52	7
10/31/2019		9.69		.20			.32			.52			(.20	)		—			(.20	)		10.01		5.42			29			.17			.17			.46			2.05
Class 529-F-2:
10/31/2023		9.29		.33			(.12	)		.21			(.33	)		—			(.33	)		9.17		2.25			42			.10			.10			.37			3.56
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
10/31/202010,11		10.40		—			—			—			—			—			—			10.40		—			40			—			—			—			—

Refer to the end of the tables for footnotes.

86 American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			Income (loss) 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			Ratio of net income (loss) to average net assets3
Class 529-F-3:
10/31/2023	$	9.29	$	.33		$	(.12	)	$	.21		$	(.33	)	$	—		$	(.33	)	$	9.17		2.26	%	$	—	8		.09	%		.09	%		.36	%		3.57	%
10/31/2022		10.20		.18			(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.13	)		—	8		.08			.08			.34			1.86
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22			—	8		.15			.09			.34			.90
10/31/202010,11		10.40		—			—			—			—			—			—			10.40		—			—	8		—			—			—			—
Class ABLE-A:
10/31/2023		9.29		.32			(.12	)		.20			(.31	)		—			(.31	)		9.18		2.14			1			.31			.25			.52			3.41
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			—	8		.39			.33			.60			1.30
10/31/2019		9.69		.19			.31			.50			(.18	)		—			(.18	)		10.01		5.21			—	8		.40			.34			.63			1.89
Class ABLE-F-2:
10/31/2023		9.32		.34			(.12	)		.22			(.33	)		—			(.33	)		9.21		2.35			—	8		.10			.04			.31			3.60
10/31/2022		10.21		.19			(.89	)		(.70	)		(.18	)		(.01	)		(.19	)		9.32		(6.94	)		—	8		.09			.03			.29			1.93
10/31/2021		10.40		.10			(.06	)		.04			(.22	)		(.01	)		(.23	)		10.21		.32			—	8		.09			.03			.28			.96
10/31/202010,11		10.40		—			—			—			—			—			—			10.40		—			—	8		—			—			—			—
Class R-1:
10/31/2023		9.26		.24			(.12	)		.12			(.24	)		—			(.24	)		9.14		1.28			1			1.05			1.05			1.32			2.59
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			—	8		1.18			1.18			1.47			1.02
Class R-2:
10/31/2023		9.24		.24			(.12	)		.12			(.24	)		—			(.24	)		9.12		1.26			19			1.08			1.08			1.35			2.58
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
Class R-2E:
10/31/2023		9.28		.27			(.13	)		.14			(.26	)		—			(.26	)		9.16		1.49			1			.82			.82			1.09			2.86
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 87

Financial highlights (continued)

Preservation Portfolio (continued)

			Income (loss) 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			Ratio of net income (loss) to average net assets3
Class R-3:
10/31/2023	$	9.27	$	.28	$	(.12	)	$	.16		$	(.28	)	$	—		$	(.28	)	$	9.15		1.69	%	$	27		.64	%		.64	%		.91	%		3.01	%
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
Class R-4:
10/31/2023		9.29		.31		(.12	)		.19			(.31	)		—			(.31	)		9.17		2.00			11		.34			.34			.61			3.32
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	)		—	6		(.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
Class R-5E:
10/31/2023		9.29		.32		(.12	)		.20			(.32	)		—			(.32	)		9.17		2.17			3		.17			.17			.44			3.45
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
Class R-5:
10/31/2023		9.29		.33		(.12	)		.21			(.33	)		—			(.33	)		9.17		2.28			4		.06			.06			.33			3.56
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
Class R-6:
10/31/2023		9.29		.34		(.12	)		.22			(.34	)		—			(.34	)		9.17		2.34			29		.01			.01			.28			3.63
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

Refer to the end of the tables for footnotes.

88 American Funds Portfolio Series

Financial highlights (continued)

Tax-Exempt Preservation Portfolio

			Income (loss) from investment operations1
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)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
10/31/2023	$	9.26	$	.18		$	(.04	)	$	.14		$	(.18	)	$	9.22		1.45	%	$	369			.34	%		.34	%		.58	%		1.86	%
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
Class C:
10/31/2023		9.24		.11			(.04	)		.07			(.11	)		9.20		.73			16			1.04			1.04			1.28			1.15
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		—	6		—	6		—	6		(.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
Class T:
10/31/2023		9.26		.21			(.04	)		.17			(.21	)		9.22		1.79	7		—	8		.01	7		.01	7		.25	7		2.20	7
10/31/2022		9.99		.12			(.71	)		(.59	)		(.14	)		9.26		(5.97	)7		—	8		.05	7		.05	7		.32	7		1.21	7
10/31/2021		10.03		.10			(.01	)		.09			(.13	)		9.99		.89	7		—	8		.05	7		.05	7		.33	7		1.00	7
10/31/2020		9.88		.16			.16			.32			(.17	)		10.03		3.28	7		—	8		.07	7		.07	7		.37	7		1.58	7
10/31/2019		9.57		.20			.31			.51			(.20	)		9.88		5.34	7		—	8		.08	7		.07	7		.40	7		2.01	7
Class F-1:
10/31/2023		9.27		.17			(.04	)		.13			(.17	)		9.23		1.40			2			.39			.39			.63			1.80
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
Class F-2:
10/31/2023		9.26		.20			(.04	)		.16			(.20	)		9.22		1.69			64			.11			.11			.35			2.08
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
Class F-3:
10/31/2023		9.26		.20			(.03	)		.17			(.21	)		9.22		1.80			7			.01			.01			.25			2.16
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 89

Financial highlights(continued)

	Year ended October 31,
Portfolio turnover rate for all share classes12	2023			2022			2021			2020			2019
Global Growth Portfolio		9	%		5	%		5	%		27	%		3	%
Growth Portfolio		1			2			5			30			—	13
Growth and Income Portfolio		2			7			18			13			1
Moderate Growth and Income Portfolio		9			2			11			17			1
Conservative Growth and Income Portfolio		4			4			30			23			1
Tax-Aware Conservative Growth and Income Portfolio		4			4			—	13		14			1
Preservation Portfolio		9			20			17			1			4
Tax-Exempt Preservation Portfolio		5			20			5			7			15

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred 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	Amount less than $.01.
7	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.
8	Amount less than $1 million.
9	Amount less than .01%.
10	Based on operations for a period that is less than a full year.
11	Class 529-F-2, 529-F-3 and ABLE-F-2 shares began investment operations on October 30, 2020.
12	Rates do not include the fund’s portfolio activity with respect to any Central Funds.
13	Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

90 American Funds Portfolio Series

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 American Funds Portfolio Series 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 (the “Funds”), including the investment portfolios as of October 31, 2023, 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 each of the funds constituting the American Funds Portfolio Series as of October 31, 2023, 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, 2023, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California
December 8, 2023

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

American Funds Portfolio Series 91

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, 2023, through October 31, 2023).

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.

92 American Funds Portfolio Series

Expense example (continued)

Global Growth Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	974.89	$	1.84		.37	%	$	4.03		.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		970.86		5.61		1.13			7.80		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		976.02		.65		.13			2.84		.57
Class T – assumed 5% return		1,000.00		1,024.55		.66		.13			2.91		.57
Class F-1 – actual return		1,000.00		974.94		1.89		.38			4.08		.82
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94		.38			4.18		.82
Class F-2 – actual return		1,000.00		976.09		.55		.11			2.74		.55
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.80		.55
Class F-3 – actual return		1,000.00		976.06		.05		.01			2.24		.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		974.30		2.04		.41			4.23		.85
Class 529-A – assumed 5% return		1,000.00		1,023.14		2.09		.41			4.33		.85
Class 529-C – actual return		1,000.00		970.82		5.86		1.18			8.05		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		973.02		3.18		.64			5.37		1.08
Class 529-E – assumed 5% return		1,000.00		1,021.98		3.26		.64			5.50		1.08
Class 529-T – actual return		1,000.00		976.02		.95		.19			3.14		.63
Class 529-T – assumed 5% return		1,000.00		1,024.25		.97		.19			3.21		.63
Class 529-F-1 – actual return		1,000.00		975.47		1.00		.20			3.19		.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		975.42		.70		.14			2.89		.58
Class 529-F-2 – assumed 5% return		1,000.00		1,024.50		.71		.14			2.96		.58
Class 529-F-3 – actual return		1,000.00		976.50		.35		.07			2.54		.51
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			2.60		.51
Class ABLE-A – actual return		1,000.00		975.32		1.29		.26			3.49		.70
Class ABLE-A – assumed 5% return		1,000.00		1,023.89		1.33		.26			3.57		.70
Class ABLE-F-2 – actual return		1,000.00		975.97		.40		.08			2.59		.52
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.80		.41		.08			2.65		.52
Class R-1 – actual return		1,000.00		971.64		4.92		.99			7.11		1.43
Class R-1 – assumed 5% return		1,000.00		1,020.21		5.04		.99			7.27		1.43
Class R-2 – actual return		1,000.00		970.75		5.41		1.09			7.60		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		972.35		4.03		.81			6.21		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		973.55		3.23		.65			5.42		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		974.84		1.84		.37			4.03		.81
Class R-4 – assumed 5% return		1,000.00		1,023.34		1.89		.37			4.13		.81
Class R-5E – actual return		1,000.00		975.38		.75		.15			2.94		.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		976.25		.30		.06			2.49		.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		976.30		.05		.01			2.24		.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.

  American Funds Portfolio Series 93

Expense example (continued)

Growth Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	997.93	$	1.81		.36	%	$	3.73		.74	%
Class A – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.77		.74
Class C – actual return		1,000.00		994.11		5.63		1.12			7.54		1.50
Class C – assumed 5% return		1,000.00		1,019.56		5.70		1.12			7.63		1.50
Class T – actual return		1,000.00		999.49		.60		.12			2.52		.50
Class T – assumed 5% return		1,000.00		1,024.60		.61		.12			2.55		.50
Class F-1 – actual return		1,000.00		998.46		1.86		.37			3.78		.75
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.82		.75
Class F-2 – actual return		1,000.00		999.49		.50		.10			2.42		.48
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51		.10			2.45		.48
Class F-3 – actual return		1,000.00		999.99		.05		.01			1.97		.39
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.99		.39
Class 529-A – actual return		1,000.00		998.46		2.07		.41			3.98		.79
Class 529-A – assumed 5% return		1,000.00		1,023.14		2.09		.41			4.02		.79
Class 529-C – actual return		1,000.00		994.10		5.88		1.17			7.79		1.55
Class 529-C – assumed 5% return		1,000.00		1,019.31		5.96		1.17			7.88		1.55
Class 529-E – actual return		1,000.00		996.87		3.12		.62			5.03		1.00
Class 529-E – assumed 5% return		1,000.00		1,022.08		3.16		.62			5.09		1.00
Class 529-T – actual return		1,000.00		998.96		.86		.17			2.77		.55
Class 529-T – assumed 5% return		1,000.00		1,024.35		.87		.17			2.80		.55
Class 529-F-1 – actual return		1,000.00		998.97		.96		.19			2.87		.57
Class 529-F-1 – assumed 5% return		1,000.00		1,024.25		.97		.19			2.91		.57
Class 529-F-2 – actual return		1,000.00		999.49		.71		.14			2.62		.52
Class 529-F-2 – assumed 5% return		1,000.00		1,024.50		.71		.14			2.65		.52
Class 529-F-3 – actual return		1,000.00		999.48		.35		.07			2.27		.45
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			2.29		.45
Class ABLE-A – actual return		1,000.00		998.97		1.31		.26			3.22		.64
Class ABLE-A – assumed 5% return		1,000.00		1,023.89		1.33		.26			3.26		.64
Class ABLE-F-2 – actual return		1,000.00		999.48		.30		.06			2.22		.44
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.90		.31		.06			2.24		.44
Class R-1 – actual return		1,000.00		994.67		5.53		1.10			7.44		1.48
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60		1.10			7.53		1.48
Class R-2 – actual return		1,000.00		994.65		5.38		1.07			7.29		1.45
Class R-2 – assumed 5% return		1,000.00		1,019.81		5.45		1.07			7.37		1.45
Class R-2E – actual return		1,000.00		995.79		4.02		.80			5.94		1.18
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08		.80			6.01		1.18
Class R-3 – actual return		1,000.00		996.87		3.22		.64			5.13		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.98		3.26		.64			5.19		1.02
Class R-4 – actual return		1,000.00		997.94		1.71		.34			3.63		.72
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.67		.72
Class R-5E – actual return		1,000.00		998.97		.71		.14			2.62		.52
Class R-5E – assumed 5% return		1,000.00		1,024.50		.71		.14			2.65		.52
Class R-5 – actual return		1,000.00		999.48		.25		.05			2.17		.43
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26		.05			2.19		.43
Class R-6 – actual return		1,000.00		1,000.01		.05		.01			1.97		.39
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.99		.39

Refer to the end of the tables for footnotes.

94 American Funds Portfolio Series

Expense example (continued)

Growth and Income Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	982.79	$	1.65		.33	%	$	3.35		.67	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68		.33			3.41		.67
Class C – actual return		1,000.00		979.53		5.39		1.08			7.09		1.42
Class C – assumed 5% return		1,000.00		1,019.76		5.50		1.08			7.22		1.42
Class T – actual return		1,000.00		984.17		.35		.07			2.05		.41
Class T – assumed 5% return		1,000.00		1,024.85		.36		.07			2.09		.41
Class F-1 – actual return		1,000.00		982.58		1.85		.37			3.55		.71
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.62		.71
Class F-2 – actual return		1,000.00		983.89		.55		.11			2.25		.45
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.29		.45
Class F-3 – actual return		1,000.00		984.38		.05		.01			1.75		.35
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.79		.35
Class 529-A – actual return		1,000.00		982.57		1.85		.37			3.55		.71
Class 529-A – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.62		.71
Class 529-C – actual return		1,000.00		979.27		5.64		1.13			7.33		1.47
Class 529-C – assumed 5% return		1,000.00		1,019.51		5.75		1.13			7.48		1.47
Class 529-E – actual return		1,000.00		981.43		3.00		.60			4.69		.94
Class 529-E – assumed 5% return		1,000.00		1,022.18		3.06		.60			4.79		.94
Class 529-T – actual return		1,000.00		983.78		.70		.14			2.40		.48
Class 529-T – assumed 5% return		1,000.00		1,024.50		.71		.14			2.45		.48
Class 529-F-1 – actual return		1,000.00		983.50		.90		.18			2.60		.52
Class 529-F-1 – assumed 5% return		1,000.00		1,024.30		.92		.18			2.65		.52
Class 529-F-2 – actual return		1,000.00		983.87		.55		.11			2.25		.45
Class 529-F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.29		.45
Class 529-F-3 – actual return		1,000.00		984.08		.35		.07			2.05		.41
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			2.09		.41
Class ABLE-A – actual return		1,000.00		983.59		1.20		.24			2.90		.58
Class ABLE-A – assumed 5% return		1,000.00		1,024.00		1.22		.24			2.96		.58
Class ABLE-F-2 – actual return		1,000.00		983.94		.20		.04			1.90		.38
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.00		.20		.04			1.94		.38
Class R-1 – actual return		1,000.00		979.49		5.44		1.09			7.13		1.43
Class R-1 – assumed 5% return		1,000.00		1,019.71		5.55		1.09			7.27		1.43
Class R-2 – actual return		1,000.00		979.02		5.34		1.07			7.03		1.41
Class R-2 – assumed 5% return		1,000.00		1,019.81		5.45		1.07			7.17		1.41
Class R-2E – actual return		1,000.00		980.50		3.99		.80			5.69		1.14
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08		.80			5.80		1.14
Class R-3 – actual return		1,000.00		981.21		3.20		.64			4.89		.98
Class R-3 – assumed 5% return		1,000.00		1,021.98		3.26		.64			4.99		.98
Class R-4 – actual return		1,000.00		982.75		1.70		.34			3.40		.68
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.47		.68
Class R-5E – actual return		1,000.00		983.70		.70		.14			2.40		.48
Class R-5E – assumed 5% return		1,000.00		1,024.50		.71		.14			2.45		.48
Class R-5 – actual return		1,000.00		984.18		.30		.06			2.00		.40
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			2.04		.40
Class R-6 – actual return		1,000.00		984.41		.05		.01			1.75		.35
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.79		.35

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 95

Expense example (continued)

Moderate Growth and Income Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	968.66	$	1.59		.32	%	$	3.27		.66	%
Class A – assumed 5% return		1,000.00		1,023.59		1.63		.32			3.36		.66
Class C – actual return		1,000.00		965.34		5.25		1.06			6.94		1.40
Class C – assumed 5% return		1,000.00		1,019.86		5.40		1.06			7.12		1.40
Class T – actual return		1,000.00		970.09		.15		.03			1.84		.37
Class T – assumed 5% return		1,000.00		1,025.05		.15		.03			1.89		.37
Class F-1 – actual return		1,000.00		968.41		1.79		.36			3.47		.70
Class F-1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.57		.70
Class F-2 – actual return		1,000.00		969.71		.55		.11			2.23		.45
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.29		.45
Class F-3 – actual return		1,000.00		970.16		.05		.01			1.74		.35
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.79		.35
Class 529-A – actual return		1,000.00		968.48		1.74		.35			3.42		.69
Class 529-A – assumed 5% return		1,000.00		1,023.44		1.79		.35			3.52		.69
Class 529-C – actual return		1,000.00		965.03		5.55		1.12			7.23		1.46
Class 529-C – assumed 5% return		1,000.00		1,019.56		5.70		1.12			7.43		1.46
Class 529-E – actual return		1,000.00		967.16		2.93		.59			4.61		.93
Class 529-E – assumed 5% return		1,000.00		1,022.23		3.01		.59			4.74		.93
Class 529-T – actual return		1,000.00		969.94		.40		.08			2.09		.42
Class 529-T – assumed 5% return		1,000.00		1,024.80		.41		.08			2.14		.42
Class 529-F-1 – actual return		1,000.00		969.38		.89		.18			2.58		.52
Class 529-F-1 – assumed 5% return		1,000.00		1,024.30		.92		.18			2.65		.52
Class 529-F-2 – actual return		1,000.00		969.63		.55		.11			2.23		.45
Class 529-F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			2.29		.45
Class 529-F-3 – actual return		1,000.00		969.86		.35		.07			2.04		.41
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			2.09		.41
Class ABLE-A – actual return		1,000.00		968.78		1.19		.24			2.88		.58
Class ABLE-A – assumed 5% return		1,000.00		1,024.00		1.22		.24			2.96		.58
Class ABLE-F-2 – actual return		1,000.00		970.43		.15		.03			1.84		.37
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.05		.15		.03			1.89		.37
Class R-1 – actual return		1,000.00		964.95		5.30		1.07			6.98		1.41
Class R-1 – assumed 5% return		1,000.00		1,019.81		5.45		1.07			7.17		1.41
Class R-2 – actual return		1,000.00		964.77		5.30		1.07			6.98		1.41
Class R-2 – assumed 5% return		1,000.00		1,019.81		5.45		1.07			7.17		1.41
Class R-2E – actual return		1,000.00		966.89		3.97		.80			5.65		1.14
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08		.80			5.80		1.14
Class R-3 – actual return		1,000.00		966.99		3.17		.64			4.86		.98
Class R-3 – assumed 5% return		1,000.00		1,021.98		3.26		.64			4.99		.98
Class R-4 – actual return		1,000.00		968.50		1.69		.34			3.37		.68
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.47		.68
Class R-5E – actual return		1,000.00		969.55		.70		.14			2.38		.48
Class R-5E – assumed 5% return		1,000.00		1,024.50		.71		.14			2.45		.48
Class R-5 – actual return		1,000.00		970.03		.25		.05			1.94		.39
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26		.05			1.99		.39
Class R-6 – actual return		1,000.00		970.23		.05		.01			1.74		.35
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.79		.35

Refer to the end of the tables for footnotes.

96 American Funds Portfolio Series

Expense example (continued)

Conservative Growth and Income Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	961.31	$	1.58		.32	%	$	2.97		.60	%
Class A – assumed 5% return		1,000.00		1,023.59		1.63		.32			3.06		.60
Class C – actual return		1,000.00		958.16		5.23		1.06			6.61		1.34
Class C – assumed 5% return		1,000.00		1,019.86		5.40		1.06			6.82		1.34
Class T – actual return		1,000.00		962.60		.25		.05			1.63		.33
Class T – assumed 5% return		1,000.00		1,024.95		.26		.05			1.68		.33
Class F-1 – actual return		1,000.00		961.10		1.83		.37			3.21		.65
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.31		.65
Class F-2 – actual return		1,000.00		962.38		.54		.11			1.93		.39
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			1.99		.39
Class F-3 – actual return		1,000.00		962.82		.05		.01			1.43		.29
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.48		.29
Class 529-A – actual return		1,000.00		961.10		1.78		.36			3.16		.64
Class 529-A – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.26		.64
Class 529-C – actual return		1,000.00		957.99		5.48		1.11			6.86		1.39
Class 529-C – assumed 5% return		1,000.00		1,019.61		5.65		1.11			7.07		1.39
Class 529-E – actual return		1,000.00		960.66		2.92		.59			4.30		.87
Class 529-E – assumed 5% return		1,000.00		1,022.23		3.01		.59			4.43		.87
Class 529-T – actual return		1,000.00		962.36		.49		.10			1.88		.38
Class 529-T – assumed 5% return		1,000.00		1,024.70		.51		.10			1.94		.38
Class 529-F-1 – actual return		1,000.00		962.75		.89		.18			2.28		.46
Class 529-F-1 – assumed 5% return		1,000.00		1,024.30		.92		.18			2.35		.46
Class 529-F-2 – actual return		1,000.00		963.13		.54		.11			1.93		.39
Class 529-F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			1.99		.39
Class 529-F-3 – actual return		1,000.00		963.30		.35		.07			1.73		.35
Class 529-F-3 – assumed 5% return		1,000.00		1,024.85		.36		.07			1.79		.35
Class ABLE-A – actual return		1,000.00		962.26		1.19		.24			2.57		.52
Class ABLE-A – assumed 5% return		1,000.00		1,024.00		1.22		.24			2.65		.52
Class ABLE-F-2 – actual return		1,000.00		962.47		.15		.03			1.53		.31
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.05		.15		.03			1.58		.31
Class R-1 – actual return		1,000.00		957.52		5.23		1.06			6.61		1.34
Class R-1 – assumed 5% return		1,000.00		1,019.86		5.40		1.06			6.82		1.34
Class R-2 – actual return		1,000.00		957.35		5.33		1.08			6.71		1.36
Class R-2 – assumed 5% return		1,000.00		1,019.76		5.50		1.08			6.92		1.36
Class R-2E – actual return		1,000.00		958.85		3.90		.79			5.28		1.07
Class R-2E – assumed 5% return		1,000.00		1,021.22		4.02		.79			5.45		1.07
Class R-3 – actual return		1,000.00		959.72		3.11		.63			4.50		.91
Class R-3 – assumed 5% return		1,000.00		1,022.03		3.21		.63			4.63		.91
Class R-4 – actual return		1,000.00		962.05		1.68		.34			3.07		.62
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.16		.62
Class R-5E – actual return		1,000.00		962.17		.69		.14			2.08		.42
Class R-5E – assumed 5% return		1,000.00		1,024.50		.71		.14			2.14		.42
Class R-5 – actual return		1,000.00		962.66		.30		.06			1.68		.34
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.73		.34
Class R-6 – actual return		1,000.00		962.91		.05		.01			1.43		.29
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.48		.29

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 97

Expense example (continued)

Tax-Aware Conservative Growth and Income Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3			Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	970.11	$	1.69			.34	%	$	3.18			.64	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73			.34			3.26			.64
Class C – actual return		1,000.00		966.37		5.15			1.04			6.64			1.34
Class C – assumed 5% return		1,000.00		1,019.96		5.30			1.04			6.82			1.34
Class T – actual return		1,000.00		971.71		—	5		—	6		1.49	5		.30	6
Class T – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.53	5		.30	6
Class F-1 – actual return		1,000.00		969.86		1.89			.38			3.38			.68
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.47			.68
Class F-2 – actual return		1,000.00		971.23		.55			.11			2.04			.41
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56			.11			2.09			.41
Class F-3 – actual return		1,000.00		971.73		.05			.01			1.54			.31
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05			.01			1.58			.31

Refer to the end of the tables for footnotes.

98 American Funds Portfolio Series

Expense example (continued)

Preservation Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	983.15	$	1.95		.39	%	$	3.30		.66	%
Class A – assumed 5% return		1,000.00		1,023.24		1.99		.39			3.36		.66
Class C – actual return		1,000.00		980.61		5.44		1.09			6.79		1.36
Class C – assumed 5% return		1,000.00		1,019.71		5.55		1.09			6.92		1.36
Class T – actual return		1,000.00		986.13		.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		984.18		1.95		.39			3.30		.66
Class F-1 – assumed 5% return		1,000.00		1,023.24		1.99		.39			3.36		.66
Class F-2 – actual return		1,000.00		984.47		.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		985.07		.05		.01			1.40		.28
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.43		.28
Class 529-A – actual return		1,000.00		984.30		1.90		.38			3.25		.65
Class 529-A – assumed 5% return		1,000.00		1,023.29		1.94		.38			3.31		.65
Class 529-C – actual return		1,000.00		980.39		5.69		1.14			7.04		1.41
Class 529-C – assumed 5% return		1,000.00		1,019.46		5.80		1.14			7.17		1.41
Class 529-E – actual return		1,000.00		983.13		3.00		.60			4.35		.87
Class 529-E – assumed 5% return		1,000.00		1,022.18		3.06		.60			4.43		.87
Class 529-T – actual return		1,000.00		985.79		.65		.13			2.00		.40
Class 529-T – assumed 5% return		1,000.00		1,024.55		.66		.13			2.04		.40
Class 529-F-1 – actual return		1,000.00		984.05		1.05		.21			2.40		.48
Class 529-F-1 – assumed 5% return		1,000.00		1,024.15		1.07		.21			2.45		.48
Class 529-F-2 – actual return		1,000.00		985.70		.60		.12			1.95		.39
Class 529-F-2 – assumed 5% return		1,000.00		1,024.60		.61		.12			1.99		.39
Class 529-F-3 – actual return		1,000.00		985.78		.40		.08			1.75		.35
Class 529-F-3 – assumed 5% return		1,000.00		1,024.80		.41		.08			1.79		.35
Class ABLE-A – actual return		1,000.00		984.63		1.30		.26			2.65		.53
Class ABLE-A – assumed 5% return		1,000.00		1,023.89		1.33		.26			2.70		.53
Class ABLE-F-2 – actual return		1,000.00		985.70		.20		.04			1.55		.31
Class ABLE-F-2 – assumed 5% return		1,000.00		1,025.00		.20		.04			1.58		.31
Class R-1 – actual return		1,000.00		979.78		5.14		1.03			6.49		1.30
Class R-1 – assumed 5% return		1,000.00		1,020.01		5.24		1.03			6.61		1.30
Class R-2 – actual return		1,000.00		980.81		5.34		1.07			6.69		1.34
Class R-2 – assumed 5% return		1,000.00		1,019.81		5.45		1.07			6.82		1.34
Class R-2E – actual return		1,000.00		980.78		3.99		.80			5.34		1.07
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08		.80			5.45		1.07
Class R-3 – actual return		1,000.00		981.95		3.15		.63			4.50		.90
Class R-3 – assumed 5% return		1,000.00		1,022.03		3.21		.63			4.58		.90
Class R-4 – actual return		1,000.00		984.50		1.70		.34			3.05		.61
Class R-4 – assumed 5% return		1,000.00		1,023.49		1.73		.34			3.11		.61
Class R-5E – actual return		1,000.00		984.29		.80		.16			2.15		.43
Class R-5E – assumed 5% return		1,000.00		1,024.40		.82		.16			2.19		.43
Class R-5 – actual return		1,000.00		985.88		.30		.06			1.65		.33
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.68		.33
Class R-6 – actual return		1,000.00		986.14		.05		.01			1.40		.28
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.43		.28

Refer to the end of the tables for footnotes.

American Funds Portfolio Series 99

Expense example (continued)

Tax-Exempt Preservation Portfolio

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	979.55	$	1.70		.34	%	$	2.89		.58	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73		.34			2.96		.58
Class C – actual return		1,000.00		975.89		5.18		1.04			6.37		1.28
Class C – assumed 5% return		1,000.00		1,019.96		5.30		1.04			6.51		1.28
Class T – actual return		1,000.00		981.24		.05		.01			1.25		.25
Class T – assumed 5% return		1,000.00		1,025.16		.05		.01			1.28		.25
Class F-1 – actual return		1,000.00		979.22		1.95		.39			3.14		.63
Class F-1 – assumed 5% return		1,000.00		1,023.24		1.99		.39			3.21		.63
Class F-2 – actual return		1,000.00		980.68		.55		.11			1.75		.35
Class F-2 – assumed 5% return		1,000.00		1,024.65		.56		.11			1.79		.35
Class F-3 – actual return		1,000.00		981.21		.05		.01			1.25		.25
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.28		.25

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. The annualized weighted average expense ratio of the underlying funds for the period reflects the net actual expense ratio of each underlying fund for the period, annualized and weighted for the fund’s relative average investment therein during the period.
5	Amount less than $.01.
6	Amount less than .01%.

100 American Funds Portfolio Series

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, 2023:

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio		Moderate Growth and Income Portfolio
Long-term capital gains	$	306,388,000		$	1,106,782,000		$	576,423,000	$	449,469,000
Foreign taxes (per share)	$	0.0150		$	0.0039		$	0.0054	$	0.0029
Foreign source income (per share)	$	0.1233		$	0.0076		$	0.0581	$	0.0293
Qualified dividend income		100	%		100	%	$	240,124,000	$	199,013,000
Section 199A dividends		—			—		$	2,194,000	$	3,557,000
Section 163(j) interest dividends	$	2,316,000			—		$	113,031,000	$	122,537,000
Corporate dividends received deduction	$	27,864,000			100	%	$	168,912,000	$	140,239,000
U.S. government income that may be exempt from state taxation	$	758,000		$	881,000		$	33,807,000	$	43,878,000
	Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio			Preservation Portfolio		Tax-Exempt Preservation Portfolio
Long-term capital gains	$	114,319,000		$	90,756,000			—		—
Foreign taxes (per share)		—		$	0.0034			—		—
Foreign source income (per share)		—		$	0.0505			—		—
Qualified dividend income	$	116,029,000			100	%*	$	11,000		—
Section 199A dividends	$	3,653,000			—			—		—
Section 163(j) interest dividends	$	191,607,000		$	1,626,000		$	81,037,000		—
Corporate dividends received deduction	$	81,532,000		$	41,208,000		$	11,000		—
Exempt interest dividends		—		$	63,826,000			—	$	10,028,000
U.S. government income that may be exempt from state taxation	$	29,374,000		$	896,000		$	35,385,000		—

* 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 2024, to determine the calendar year amounts to be included on their 2023 tax returns. Shareholders should consult their tax advisors.

American Funds Portfolio Series 101

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	88	None
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	93	None
Jennifer C. Feikin, 1968	2022	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California	102	Hertz Global Holdings, Inc.
Leslie Stone Heisz, 1961	2022	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	102	Edwards Lifesciences; Public Storage, Inc.
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)	89	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	99	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2012	President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina	93	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	88	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	88	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); 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 Trustee	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; President, Chief Executive Officer and Director, The Capital Group Companies, Inc.6; Vice Chairman and Director, Capital Research and Management Company	88	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 103 for footnotes.

102 American Funds Portfolio Series

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	General Counsel — Fund Business Management Group, Capital Research and Management Company; General Counsel and Secretary, The Capital Group Companies, Inc.6; Director, Capital Research Company 6; 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 Company 6; Director, The Capital Group Companies, Inc.6
Michelle J. Black, 1971 Senior Vice President	2020	Partner — Capital Solutions Group, Capital Research and Management Company Partner — Capital Solutions Group, Capital Bank and Trust Company 6
Wesley K. Phoa, 1966 Senior Vice President	2012	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; Partner — Capital Fixed Income Investors, Capital Bank and Trust Company 6; Senior Vice President, Capital Group Private Client Services, Inc. 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 Company 6; 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 Company 6
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
Courtney R. Taylor, 1975 Secretary	2023	Assistant 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
Randall F. Buonviri, 1988 Assistant Treasurer	2023	Assistant Vice President — Investment Operations, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	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.

American Funds Portfolio Series 103

This page was intentionally left blank.

104 American Funds Portfolio Series

This page was intentionally left blank.

American Funds Portfolio Series 105

This page was intentionally left blank.

106 American Funds Portfolio Series

This page was intentionally left blank.

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.

Capital Group exchange-traded funds (ETFs) are actively managed and do not seek to replicate a specific index. ETF shares are bought and sold through an exchange at the then current market price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns. There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF’s listing will continue or remain unchanged.

“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, 2023, 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 © 2023 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.

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 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

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

American Funds’ superior outcomes

Equity-focused funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.² Relative to their peers, our fixed income funds have helped investors achieve better 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, 2022.
2	Based on Class F-2 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2022. 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. Past results are not predictive of results in future periods.
3	Based on Class F-2 share results as of December 31, 2022. Sixteen of the 18 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. 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 mutual fund management fees were in the lowest quintile 62% of the time, based on the 20-year period ended December 31, 2022, 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. Refer to 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 Paul S. Williams, 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	2022	70,000
	2023	75,000
b)  Audit-Related Fees:
	2022	11,000
	2023	10,000
c)  Tax Fees:
	2022	32,000
	2023	33,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2022	None
	2023	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:
	2022	2,221,000
	2023	2,183,000
	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:

	2022	394,000
	2023	None
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2022	None
	2023	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 $2,658,000 for fiscal year 2022 and $2,226,000 for fiscal year 2023. 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 29, 2023

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 29, 2023

By ___/s/ Gregory F. Niland__________________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: December 29, 2023

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 29, 2023

_/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 29, 2023

___/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, 2023 (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 29, 2023	Date: December 29, 2023

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.